BigLaw and the federal bench turned out in force Friday to witness history's first attempt to transform U.S. District Judge Jed Rakoff's West Coast end-run around the Second Circuit's Newman insider trading decision into the stuff of legend.
Moody’s Corp. said Friday it has agreed to pay $864 million in a settlement with the U.S. Department of Justice and 21 states over the ratings agency’s work on residential mortgage backed securities and other products whose crashes led to the financial crisis.
An investment manager on Friday pled guilty in a New York federal court to one count of commodities fraud after losing about $20 million in investment funds, much of it from family, friends and fellow Harvard alumni, and then generating phony account statements to keep the investors sweet.
The U.S. Supreme Court agreed Friday to hear an appeal of a Second Circuit decision that did not allow the California Public Employees' Retirement System to spin off its own claims from a larger class action because the claims were filed late.
The Manhattan district attorney’s office pushed back Friday at requests by attorneys for two former Dewey & LeBoeuf LLP executives for wide latitude in their cross-examination of the star cooperating witness in the upcoming retrial over alleged accounting fraud at the defunct law firm, saying the defense aims to mislead the upcoming jury.
U.S. Securities and Exchange Commission whistleblower Jason Thorell sparred Friday over the extent of his wrongdoing at Visium Asset Management LP with the counsel for Stefan Lumiere, a former portfolio manager at the hedge fund being tried on criminal charges of scheming to overvalue a $480 million debt fund.
The U.S. Supreme Court could decide as early as Tuesday whether it will review allegations of a conspiracy by banks to rig the London Interbank Offered Rate in a case that could test whether financial institutions will be liable for costly antitrust damages in a slew of other rate-fixing actions, experts said.
The federal government on Friday urged the U.S. Supreme Court to deny a bid by a former Dick's Sporting Goods attorney for review of the Second Circuit’s affirmation of a $1.3 million forfeiture order arising from his conviction for sending kickbacks to another lawyer.
A New York state judge has certified a class of people who say they were held by the New York City Department of Correction after they were supposed to have been released from prison because U.S. Immigration and Customs Enforcement was investigating them.
Photographers alleging that the National Football League forced them into a raw deal with the Associated Press asked a New York federal judge to amend his judgment and allow an appeal of some of their claims, arguing that they are distinct from the claims that are scheduled for arbitration.
Serial fraudster Jason Galanis is expected to plead guilty to his role in a scheme to induce a tribal entity to issue more than $60 million in bonds so he could steal the proceeds to finance previous criminal defense costs, his attorney revealed Friday in a New York federal court.
The beginning of 2017 has seen Squire Patton Boggs LLP, Orrick Herrington & Sutcliffe LLP and Fenwick & West LLP grow their life sciences teams, and Dinsmore & Shohl LLP, Mandelbaum Salsburg PC, Saul Ewing LLP and Buchanan Ingersoll & Rooney PC expand their health care groups.
The New York attorney general's office has moved to toss a lawsuit that challenges legislation regulating daily fantasy sports in the state as an unconstitutional gambling expansion, saying the Legislature rationally exercised its authority in passing the law.
The U.S. Securities and Exchange Commission announced on Thursday that a New York venture capital fund manager agreed to pay it $8 million in disgorgement for allegedly operating a $5 million Ponzi scheme involving fake purchases of Twitter and Uber shares.
A former Mintz Levin Cohn Ferris Glovsky & Popeo PC bankruptcy attorney whose work has included a settlement for bondholders in the Caesars Entertainment Operating Corp. Chapter 11 has joined Baker Botts LLP as a partner in New York.
Buffalo Trace Distillery Inc. urged a New York federal court Thursday to toss a proposed class action alleging that its Old Charter bourbon misleadingly states how long the product has been aged, saying the dispute is based on a faulty premise.
Hines Interests has reportedly pre-leased 15,000 square feet at a Houston trophy tower to Russell Reynolds, pot magazine High Times is said to be leaving New York for Los Angeles, and the Trump International Hotel & Tower Toronto is for sale and could fetch $227 million.
A Puerto Rico-based drug wholesaler sued Actavis, Sandoz and other pharmaceutical companies on Thursday in New York federal court, accusing them of colluding in selling generic versions of the skin care drug Desonide at artificially high prices.
A group of investors urged a New York judge Thursday to ignore recent correspondence from bank defendants including Deutsche Bank AG over a London Interbank Offered Rate rigging scandal, arguing that the banks are fighting a losing battle following a recent landmark decision involving foreign exchange rates.
Private equity giants Advent International and Bain Capital have teamed up to buy German payments company Concardis GmbH, the companies confirmed Friday, in a move meant to boost Concardis’ growth and accelerate its international expansion.
Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.
Both the U.S. Department of Justice and the Financial Crimes Enforcement Network have provided guidance for brokers and firms doing business with the cannabis industry, concerning how to avoid prosecution for violating the law. However, even 100 percent compliance does not guarantee total safety from investigation, says Neda Ghomeshi of Hunter Taubman Fischer & Li LLC.
Court rulings in the six months since the U.S. Supreme Court's Halo decision reveal a trend — defendants are more incentivized to seek and rely on timely advice from counsel on noninfringement and invalidity. In 2017, more clients will be seeking formal opinion letters and taking remedial actions early on, says Matthew Werber of SpencePC.
Although the revised version of New York's proposed cybersecurity regulations addresses several areas of concern or confusion for financial services firms, certain questions of scope and liability remain. In addition, the revised proposal's requirements remain extensive, say attorneys with Arnold & Porter Kaye Scholer LLP.
Construction, repairs and renovations in New York City often require access to neighbors' property. Co-op and condo building boards should take the time to fully understand the different types of access that developers might request, say Laurie Stanziale and Steven Troup of Tarter Krinsky & Drogin LLP.
As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.
A New York state court’s recent decision in Ace Decade Holdings v. UBS, dismissing a $500 million fraud suit against Swiss bank UBS, highlights the nuanced issues involved in personal-jurisdiction disputes and demonstrates that Daimler has significantly limited general “doing business” jurisdiction over out-of-state defendants, say Muhammad Faridi and Jordan Engelhardt of Patterson Belknap Webb & Tyler LLP.
Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.
In the recent American Realty class action, the Southern District of New York ruled that confidential information could not be shared with insurers. When courts prevent such disclosure, they significantly hamper insurers' ability to be meaningfully involved in the defense and settlement of claims, say Jason Cronic and Leland Jones IV of Wiley Rein LLP.
District courts within the Second Circuit have issued at least 15 decisions in which a discovery ruling was based, at least in part, on the proportionality factors set forth in amended Federal Rule 26(b)(1). In more than half those decisions, courts denied discovery requests on proportionality grounds. Elizabeth Del Cid and Soren Packer of Murphy & McGonigle PC discuss seven takeaways for litigants as the amended rule turns two.