Activist shareholder Carl Icahn hit AmTrust Financial Services Inc. with a suit in Delaware Chancery Court on Monday claiming its proposed $2.7 billion go-private deal undervalues the insurance giant while financially benefiting the family at its helm, saying the record backing the merger price has been manipulated.
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TOP NEWS

Icahn Cries Foul On AmTrust's $2.7B Go-Private Deal

Activist shareholder Carl Icahn hit AmTrust Financial Services Inc. with a suit in Delaware Chancery Court on Monday claiming its proposed $2.7 billion go-private deal undervalues the insurance giant while financially benefiting the family at its helm, saying the record backing the merger price has been manipulated. Read more »

Jevic Ch. 11 To Convert To Ch. 7 After Denial Of Settlement

The long-running bankruptcy case of trucking firm Jevic Holding Corp. will convert to a Chapter 7 liquidation after a Delaware judge denied approval Monday of the latest proposed settlement floated by the company and its creditors to dismiss the case. Read more »

High Court Won't Look At 3rd Circ. Ruling On Eyedrop Size

The U.S. Supreme Court on Monday refused to review a Third Circuit ruling that revived a proposed class action accusing Allergan Inc., Pfizer Inc. and other drugmakers of ripping off consumers by selling eyedrops in wasteful dispensers. Read more »

Chancery Judge Denies Bid For Redo In HP-Aruba Appraisal

A Delaware Chancery Court judge on Monday denied a bid for reargument from investors of Aruba Networks Inc., who claimed he misapplied state law by shaving 30 percent off the deal price in an appraisal action over Hewlett-Packard Co.’s $2.8 billion acquisition of the company. Read more »

ENFORCEMENT

ITC To Probe NEC Infringement Claims Over Telecom Tech

The U.S. International Trade Commission has opened an investigation into the importation of underwater telecommunications equipment by Texas-based Xtera Inc. and Florida-based MC Assembly LLC after Japanese consumer electronics firm NEC Corp. alleged the companies infringed its patent. Read more »

BANKRUPTCY COURT

Zohar Deal Stays Litigation, Appoints Independent Director

A settlement reached among key players Monday in the Delaware Chapter 11 cases of the Zohar Funds will pause active litigation between the parties for 15 months and will see founder Lynn Tilton largely step aside from running the funds in favor of an independent director. Read more »

Woodbridge Noteholders Want To File Own Ch. 11 Plan

Investors in the Woodbridge Ponzi scheme have asked the Delaware bankruptcy court overseeing Woodbridge's liquidation to let them propose their own Chapter 11 plan, which they say will address head-on “the $800 million question” of whether they are secured. Read more »

Lender, Creditors Blast Gibson $135M Financing Plan

A lender to and the unsecured creditors of bankrupt guitar and piano maker Gibson Brands Inc. Monday asked a Delaware bankruptcy court to reject the company’s plan to tap into $135 million in debtor-in-possession financing, saying the proposal would rack up millions in fees. Read more »

Creditor Wants IBRC Ch. 15 Left Open For $12.6M Claim

An Irish-American businessman has asked the Delaware bankruptcy court overseeing Irish Bank Resolution Corp.’s Chapter 15 proceedings to let him subpoena the debtor for documents, claiming the government-run “bad bank” cheated him out of $12.6 million. Read more »

DISTRICT COURT

Gilead Again Pushes To Block Truvada Generic

Gilead Sciences Inc. and Emory University accused Aurobindo Pharma Ltd. in Delaware federal court Friday of infringing two of their patents covering the HIV treatment Truvada, the latest in a series of lawsuits attempting to block a generic version of the blockbuster drug. Read more »

EXPERT ANALYSIS

Fed. Circ. Continues To Clarify Venue Post-TC Heartland

Tuesday marks one year since the U.S. Supreme Court fundamentally narrowed patent venue in its TC Heartland decision. This month, three Federal Circuit decisions addressed a number of outstanding questions on patent venue, but none of the court's positions was unexpected, say attorneys with Eversheds Sutherland LLP. Read more »

Introducing The Legal Industry To Millennial Business Owners

​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC. Read more »

LEGAL INDUSTRY

Feature

Why Smaller Firms Are More Keen To Enter The Cloud

Law offices adopted cloud-based solutions in greater numbers last year, but for the most part, smaller firms are leading the charge, with BigLaw's relative slowness attributable to a reluctance to abandon large IT infrastructures already in place and lingering concerns about security and cost. Read more »

Law Firms Are Doing Just Fine, And That's The Problem

Ten years after the Great Recession sent the legal industry reeling, the majority of law firms have stabilized, but by focusing more on survival than on innovation, firms have left themselves open to newer, less obvious threats to this tentative status quo, a new report says. Read more »

After Kozinski, 9th Circ. Sets New Workplace Policies

Months after the resignation of Ninth Circuit Judge Alex Kozinski following allegations of sexual harassment, the appellate circuit on which he sat rolled out a series of policy changes aimed at preventing workplace harassment for court employees, according to a statement Monday. Read more »

Feature

Atty Hopefuls With Criminal Records Face Hazy Paths Forward

Tarra Simmons had the sort of resume that might seem like she could sail through the bar application process, but her application was nearly denied because she also has a criminal record. Different states have a range of views on admitting attorneys with criminal records, and thanks to a lack of data and lack of transparency, such applicants can face an uncertain path forward. It’s an issue that’s getting increasing attention and leading some to seek reforms. Read more »

Ogletree Sex Harassment Row Likely Headed To Arbitration

A California judge on Monday tentatively ruled a Lewis Brisbois Bisgaard & Smith LLP partner must arbitrate his suit alleging he was sexually harassed by a shareholder at his former firm, Ogletree Deakins Nash Smoak & Stewart PC, saying Ogletree’s arbitration agreement holds up even if the suing attorney never signed it. Read more »

Calif. Bar Exam Pass Rate Still Falling, Hits Record Low

Only 27.3 percent of attorney hopefuls who took the California bar exam earlier this year passed, a record low, according to data released Friday by the State Bar of California. Read more »

Interview

15 Minutes With PepsiCo’s General Counsel

Dave Yawman didn’t give much thought to becoming the general counsel at PepsiCo, where he has worked for nearly 20 years, until the day after he was asked to fill the position in November. Here, he discusses the changes at the global food and beverage corporation during his tenure and the way discontent can lead to success. Read more »

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COMPANIES

Akorn Inc.

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Alvarez & Marsal LLC

AmTrust Financial Services, Inc.

American Bar Association

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Merck & Co Inc.

Micron Technology Inc.

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Nationwide Building Society

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Pfizer Inc.

State Bar of California

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Sun Capital Partners Inc.

Teva Pharmaceutical Industries Limited

Valeant Pharmaceuticals International

Washington Post Co.

Wells Fargo & Co.

Woodbridge Group of Cos. LLC

YouTube Inc.

ZTE Corp.

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