Financier Lynn Tilton on Wednesday accused three collateralized loan obligation funds she founded of playing “tactical games” when they filed a fraud lawsuit seeking judgment on their ownership after convincing her to drop a similar case in New York federal court, prompting the funds to fire back in a letter Thursday, calling her accusations “unfounded and irrelevant.”
A JPMorgan Chase & Co. unit agreed to pay $53 million to settle the government’s claims it charged black and Hispanic customers more for their mortgages for three years after the housing crisis, according to a finalized deal filed in New York federal court Friday.
Former Michaels Stores Inc. chair Sam Wyly and his late brother's estate urged a Second Circuit judge Friday to allow oral arguments in their appeal of the U.S. Securities and Exchange Commission's $299.3 million securities fraud victory over the pair, citing “significant legal questions.”
A New York federal judge on Thursday freed Home Depot from a lawsuit attempting to hold the company liable, as Whirlpool's agent, for selling washing machines that Whirlpool allegedly falsely labeled as energy-efficient, ultimately ruling any breach of warranty claims are not Home Depot’s fight.
A New York federal judge found Thursday that Petroterminal de Panama has shown that its all-risk insurance policy should cover its $5 million-plus claim for costs tied to the collapse of a support at one of its piers, shifting the burden to the company's insurers to try to prove at trial that an exclusion applies to ax coverage.
The NFL Players Association asked an Ohio federal court on Thursday to send to New York a case against it and the NFL by Philadelphia Eagles right tackle Lane Johnson alleging he was denied due process under the collective bargaining agreement in being subjected to a 10-game drug policy suspension.
The maker of an NBA video game asked a New York federal judge on Friday to toss a putative class action claiming the company collected and retained facial scans of gamers because the players didn’t suffer any actual harm.
Indonesian coal miner PT Bumi Resources Tbk on Friday petitioned a Manhattan bankruptcy court for Chapter 15 recognition to stop bondholders from potentially disrupting its efforts to reorganize $4.2 billion in debt in Indonesian courts.
Consumer technology company Samsung Electronics Co. Ltd. is seeking $429 million in arbitration from three companies for cutting off supplies of LCD panels for televisions, a Japanese electronics trader said Thursday.
Paris-based bank Societe Generale will pay $50 million to settle claims that it lied to investors about $780 million in residential mortgage-backed securities, the U.S. Department of Justice said Friday.
A Chinese immigrant and an EB-5 investor fund have lodged a complaint against the U.S. Department of Homeland Security's U.S. Citizenship and Immigration Services, accusing the agency of delaying a green card application so severely that it’s hurting the business.
Investors this week continued to spar with the banks they accuse of manipulating the London Interbank Offered Rate over the dismissal of investor claims last year, while the court ordered another plaintiff to resubmit its complaint.
Fiat Chrysler investors on Thursday launched a proposed class action lawsuit in New York federal court accusing the automaker of inflating its stock price by making false statements related to the use of emissions software and failing to implement recalls and mandated safety compliance protocols.
Bank of China is said to have provided a $60 million loan for a Times Square retail property, Chiquita Brands International is reportedly trying to end a lease in South Florida, and Wharton Equity has reportedly bought a Long Island City office and retail property for $24 million.
Insurer Anthem Inc. has agreed to stop requiring that doctors answer questions about specific patients to obtain coverage for medication-assisted treatment for opioid abuse, removing an impediment to the therapy, New York Attorney General Eric T. Schneiderman said Thursday.
A Manhattan federal judge on Friday hit a Chinese-born ex-FBI technician with two years in prison and a $10,000 fine for providing the Chinese government details about the FBI's internal workings, characterizing the crime as "treachery" against his former employer.
The U.S. Equal Employment Opportunity Commission and a gay ad executive seeking to revive his bias suit each urged the Second Circuit Friday to reconsider its precedent that sexual orientation discrimination is not covered under Title VII, but the appellate panel signaled that it may first send the case back to the lower court to settle procedural issues.
A New York magistrate judge on Friday refused to remove herself from an employment case accusing First Unum Life Insurance of improperly terminating disability coverage and denied that she represented the insurer during her time as an attorney at Proskauer Rose.
A New York federal judge on Friday ordered BNP Paribas, ICAP, Morgan Stanley and UBS to hand over documents they provided to government investigators regarding fixing the ISDAfix benchmark rate, which is used to set terms for swaps transactions, to a pension fund bringing a potential class action over the alleged manipulation.
A federal judge in New York on Friday refused to stay a class action suit by Uber drivers demanding to be classified as employees, saying that it would take too long for the Supreme Court to decide whether the National Labor Relations Act precludes enforcement of class action waivers in mandatory arbitration agreements.
Last year saw several large portfolio trades in the tertiary life settlements market, and the industry faced cost of insurance increases by several major companies. Brian Casey and Thomas Sherman of Locke Lord LLP discuss 2016's most important life settlements court cases from all around the country.
By not allowing Section 316(b) to be used to disrupt an out-of-court restructuring, the Second Circuit in Marblegate recognized the clear importance of business-oriented consensual restructurings to the detriment of nonconsenting bondholders. The court’s recent ruling also has the potential to be a trap for the unwary indenture trustee, says Karol Denniston of Squire Patton Boggs LLP.
While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.
Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.
The beginning of 2017 brings with it significant changes to the government as a whole and the U.S. Department of Justice in particular, but one constant in this time of change is the U.S. Attorney’s Office for the Southern District of New York. Recent developments reflect a seal of approval for that office’s aggressive enforcement approach under Preet Bharara, says Nicholas Lewis of McGuireWoods LLP.
Trying to prognosticate what President-elect Donald Trump will do is very difficult. But assuming he does seek to implement change at the U.S. Environmental Protection Agency, if it's perceived as backing off of environmental enforcement, private parties will step in and cases will likely be even more expensive, more problematic and more unreasonable than those brought by the EPA and the states, says Mitchell Klein of Snell & Wilmer LLP.
Nuclear energy has fallen on hard times in the United States. Operating costs are high, while natural gas is abundant and cheap. So what will the Trump administration mean for nuclear generation? The president-elect seems uninterested in carbon-free nuclear power as a means to fight climate change, but job creation could justify the construction of new nuclear plants, say David Repka and Tyson Smith of Winston & Strawn LLP.
In this weekly column, real-life New York City jury consultant and psychologist Roy Futterman parses fact from fiction in "Bull," the new TV series airing on CBS about a fictional NYC jury consultant/psychologist. Spoiler alert ...
As home to high art auction prices and hefty sales and use taxes, New York City has seen its share of art-related tax fraud. Now, as law enforcement scrutinizes tax compliance in the art world, collectors may wish to avoid New York sales taxes legally, by shipping their purchases to a domestic freeport, say Desiree Moore and Blaise Niosi of K&L Gates LLP.
Every year, statistics reveal very little change in the number of women and minorities in the ranks of partnership. So how do law firms change this painfully slow rate of progress? It takes more than adding a diversity policy or a women’s leadership program to the current law firm business model, says Lucia Chiocchio, co-chair of Cuddy & Feder LLP's telecommunications and land use, zoning & development groups.