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BANKRUPTCY |
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TOP NEWS Gymboree Hits 2nd Ch. 11, Will Liquidate Most Stores
Less than a year and a half after leaving Chapter 11, children’s clothing retailer Gymboree Group Inc. reentered bankruptcy Thursday with $212 million in debt, saying this time it will not be coming out the other side.
Court Fight Over Puerto Rico Sales Tax Deal Wraps Up
The fate of a closely-watched deal designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, hangs in the balance as a two-day hearing on the matter came to a close Thursday with opponents complaining it amounts to an unjust taking.
Deal With Rajaratnam, Ex-Galleon Execs Signals End To Ch. 7
The trustee tasked with winding down convicted insider trader Raj Rajaratnam’s defunct Galleon Group hedge fund told a New York bankruptcy court on Thursday he’d reached a nearly $450,000 settlement with Rajaratnam and two former executives being sued for fraud, and that money should be enough to pay off the fund’s remaining creditors.
Weinstein, Lawyer Officially ‘Part Ways’ After Split Rumors
Less than a week after rumors of a split emerged, Harvey Weinstein and his criminal defense lawyer Benjamin Brafman formally announced Thursday that Brafman will be withdrawing as counsel for the disgraced movie mogul in the sexual assault case playing out in New York state court.
2nd Circ. Won't Resurrect Union Suit Over Platinum Fraud
The Second Circuit on Thursday refused to revive a derivative suit brought by New York correctional union members against the top brass of the Correction Officers' Benevolent Association over the alleged Platinum Partners bribery scheme, calling it inadequately pled.
Beauty Brands Del. Ch. 11 Sale Plan Draws Creditor Fire
Unsecured creditors of bankrupt cosmetics retailer Beauty Brands LLC called Thursday for rejection of the retailer's Delaware Chapter 11 sale plan, arguing for an open auction in lieu of a stalking horse sale led by a liquidation company.
Catalina Marketing Reaches Deal On $275M DIP Loan
Coupon and customer data firm Catalina Marketing Corp. received final approval of its $275 million debtor-in-possession financing Thursday in Delaware after resolving the objection of joint venture partner The Nielsen Company.
Appeal In $80M Brazil Oil Co. Suit Was Premature: 11th Circ.
The Eleventh Circuit on Wednesday agreed to send an $80 million fraud and racketeering case against Banco Itaú International and EFG Capital International Corp. back to Florida federal court, finding the appeal in an oil investments dispute had been filed too soon.
Diversity's Next Step: Developing Minority Partners
The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.
Analysis Skadden First In BigLaw To Be Hit As DOJ Dusts Off FARA
There’s an old joke among attorneys who have specialized in the Foreign Agents Registration Act: The only people who ever get hit with violations are KGB officers and Washington, D.C., lawyers. Yet BigLaw powerhouse Skadden may have ruined the punchline Thursday with news it had settled FARA allegations brought by the government. Skadden To Pay $4.6M Over Ukraine Lobbying
Skadden Arps Slate Meagher & Flom LLP has settled claims by the U.S. Department of Justice over the firm's failure to register lobbying work for the Ukrainian government and agreed to pay more than $4.6 million in fees from the engagement, the DOJ announced on Thursday. How Skadden's Ukrainian Job Went Up In Flames
Skadden Arps Slate Meagher & Flom LLP's risky plunge into the Ukrainian criminal justice system ended Thursday with a $4.6 million fine from the U.S. Department of Justice over the firm's failure to register as a foreign agent. Here, Law360 examines how the seven-year episode went down. Quinn Emanuel Co-Founder Emanuel Retires After 3 Decades
Eric J. Emanuel, who co-founded Quinn Emanuel Urquhart & Sullivan LLP in 1986, has retired from the firm, leaving John B. Quinn as the only active founding member, a firm spokesperson told Law360 on Thursday. Analysis 'Dark Overlord' Hack Another Cautionary Tale For Law Firms
A hacking group calling itself "The Dark Overlord" has released a cache of confidential files it says it stole from a law firm involved in litigation stemming from the 9/11 attacks, and is now offering more sensitive documents to the highest bidder in the latest frightening example of how the legal industry is a prime target for cyberattacks. Ill. Atty Admits To Overbilling Clients At Kirkland, Boutique
A partner at a boutique Chicago law firm admitted that he overbilled clients there and at his previous job at Kirkland & Ellis LLP, according to a complaint made public Thursday by the body in charge of registering and disciplining Illinois attorneys. Del. Court Says It Will Stay Open During Shutdown
The U.S. District Court of Delaware issued an order Wednesday announcing that it will stay open and all staff will be required to keep working without pay, even if the court runs out of funds on Jan. 25 due to what has become the longest federal government shutdown in history. With Co-Founder Gone, Buckley Revamps Name, Leadership
Financial services law firm Buckley Sandler LLP has shortened its name to Buckley LLP and reorganized its governance structure and leadership team, according to a news release Thursday, almost a year after one of its co-founders left the shop. StubHub GC Lands On Twitter's Legal Team
Tod Cohen, the former general counsel at StubHub Inc., will join the in-house legal team at Twitter Inc. as vice president and deputy general counsel, overseeing the social media giant's teams focusing on litigation, regulation, employment, law enforcement and safety, the company announced on Wednesday. King & Spalding, Ex-Atty Spar Over Experts In Firing Suit
King & Spalding LLP and a former attorney suing the firm for wrongful termination traded blows Wednesday in a flurry of filings seeking to discredit each other's expert witnesses, with King & Spalding saying one expert's estimate that the attorney suffered $21 million to $49 million in damages was not backed up by evidence. Law360's Weekly Verdict: Legal Lions & Lambs
Gibson Dunn, McGuireWoods and Sidley Austin top this week’s legal lions list with a Federal Circuit patent win for mobile phone companies, while Armstrong Teasdale was among the legal lambs after a court tacked interest onto a $29 million medical malpractice verdict against its client.
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