New York

  • January 15, 2017

    How Jed Rakoff, One-Man Circuit Split, Saved Bharara's Bacon

    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.

  • January 13, 2017

    Moody's To Pay $864M To US, States Over Crisis-Era Conduct

    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.

  • January 13, 2017

    Fund Manager Pleads Guilty To $23M Commodities Fraud

    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.

  • January 13, 2017

    High Court To Hear CalPERS' Argument Over American Pipe

    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.

  • January 13, 2017

    Dewey Execs Trying To Mislead Jury, Prosecutors Say

    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.

  • January 13, 2017

    SEC Whistleblower Prodded On Misconduct At Fund Fraud Trial

    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.

  • January 13, 2017

    High Court Libor Appeal Tests Bedrock Of Rate-Fixing Suits

    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.

  • January 13, 2017

    Feds Tell Justices To Deny Ex-Dick's Atty's Forfeiture Appeal

    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.

  • January 13, 2017

    ICE Detainees Win Class Cert. In NY False Imprisonment Row

    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.

  • January 13, 2017

    Photogs Ask To Appeal NFL, AP Contract Claims Dismissal

    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.

  • January 13, 2017

    Jason Galanis To Plead Guilty In $60M Tribal Bond Scheme

    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.

  • January 13, 2017

    Health Hires: 7 New Life Sciences, Health Additions

    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.

  • January 13, 2017

    NY Says Daily Fantasy Law Was Passed Constitutionally

    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.

  • January 13, 2017

    NY Fund Manager Shells Out $8M To SEC Over Ponzi Scheme

    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.

  • January 13, 2017

    Baker Botts Adds Ex-Mintz Levin Bankruptcy Atty In NY

    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.

  • January 13, 2017

    Bourbon Maker Wants False Ad Suit Over Drink Age Nixed

    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.

  • January 13, 2017

    Real Estate Rumors: Hines, High Times, Trump Tower

    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.

  • January 13, 2017

    Actavis, Sandoz Hit With Antitrust Suit Over Skin Drug

    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.

  • January 13, 2017

    Investors Say Forex Ruling Leaves Banks Luckless On Libor

    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.

  • January 13, 2017

    Advent, Bain Team To Buy German Payments Firm Concardis

    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.

Expert Analysis

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    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.

  • Dabbing Into The Financial Side Of Marijuana

    Neda Ghomeshi

    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.

  • The Return Of Patent Opinion Letters

    Matthew A. Werber

    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.

  • New York Revises Cybersecurity Proposal: A Closer Look

    Michael A. Mancusi

    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.

  • How NY Developers Request Access To Neighboring Property

    Stanziale_Laurie_TarterKrinsky.jpg

    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.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    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.

  • Long-Arm Jurisdiction In A Post-Daimler Era

    Muhammad U. Faridi

    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.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    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.

  • The Prudential Need For Insurer Access To Information

    Jason P. Cronic

    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.

  • Proportionality Takes Hold In 2nd Circ.: Takeaways For 2017

    Elizabeth Del Cid

    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.