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New York

  • December 12, 2018

    Activist Elliott Slams 'Lack Of Outside' Voices At Pernod

    Activist hedge fund Elliott Management Corp. revealed its latest campaign Wednesday, calling on French wine and spirits maker Pernod Ricard SA to remedy the family-backed company’s poor performance by addressing corporate governance issues and its “lack of outside perspective.”

  • December 12, 2018

    Sports Magnate Facing US Soccer Subpoena In Antitrust Row

    The U.S. Soccer Federation says it plans to subpoena a former North American Soccer League board member who owns the league's Miami team to testify in an antitrust dispute in New York federal court, continuing its crusade to depose the sports magnate in the face of staunch pushback from the league.

  • December 12, 2018

    2nd Circ. Rules Digital Music Resales Are Illegal

    Online services can’t resell digital music the same way used record stores resell albums, the Second Circuit ruled Wednesday, saying such resales involve illegally reproducing copyrighted works.

  • December 12, 2018

    National Enquirer Co. Admits Covering Up Trump Affair Story

    American Media Inc., which publishes the National Enquirer, has admitted to paying a woman $150,000 in order to help President Donald Trump hide his alleged affairs and bolster his chances of being elected president, federal prosecutors revealed on Wednesday.

  • December 12, 2018

    Cohen Gets 3 Years For Russia Lies, Paying Trump Women

    A Manhattan federal judge sentenced Michael Cohen, President Donald Trump's former lawyer, to three years in prison Wednesday for a “smorgasbord” of crimes, including paying off two women who said they had affairs with the president, lying to Congress about Russia, and dodging taxes on $4.1 million of income.

  • December 11, 2018

    Barclays Prevails In Hedge Fund's Breach-Of-Contract Suit

    More than a year after taking the matter up in a bench trial, a Manhattan judge has found in favor of Barclays PLC in a decade-old suit brought by a unit of hedge fund Black Diamond Capital Management LLC over whether the bank defaulted on a derivatives contract in the height of the 2008 financial crisis.

  • December 11, 2018

    2nd Circ. Gives Goldman 2nd Shot At Class Cert. Appeal

    The Second Circuit on Tuesday granted Goldman Sachs' petition — for a second time — to appeal a New York federal judge's decision to grant class certification to investors claiming the Wall Street giant lied about its ethical compliance efforts just before losing $1 billion in securities known as collateralized debt obligations.

  • December 11, 2018

    Subway Franchisee Gets OK For $80K Sex-For-Hire Suit Deal

    A Subway restaurant franchisee will pay $80,000 to end the U.S. Equal Employment Opportunity Commission’s suit alleging that one of its general managers sent two teenage girls texts offering to hire them in exchange for sex, with a New York federal judge approving the deal on Monday, six months after sending the case to trial.

  • December 11, 2018

    NYC Schools Beat $100M Bus Driver Pension Row In 2nd Circ.

    The New York City Department of Education has beaten claims that it owed school bus drivers $100 million in pension payments, with the Second Circuit upholding a New York federal judge’s ruling that the agency had no obligation to contribute to the drivers’ retirement fund.

  • December 11, 2018

    Final Parties In Aussie Benchmark Suit Want Dismissals Redo

    An investor, Morgan Stanley and RBC Capital Markets LLC, the only remaining parties in a lawsuit accusing 15 major banks and two brokers of conspiring to manipulate the price of derivatives based on an Australian benchmark interest rate, each separately asked a New York federal judge Monday to reconsider his recent decision to dismiss most of the claims.

  • December 11, 2018

    US Trustee Objects To Pay Request For Level Solar Atty

    The U.S. Trustee objected Tuesday to a nearly $260,000 fee request by the attorney of defunct residential solar company Level Solar Inc., telling a New York bankruptcy court it should hold off on making a decision given the estate's limited funds and "the uncertain outcome of this case."

  • December 11, 2018

    Port Authority Accused Of Collusion In Bid To Fix JFK Taxiway

    The Port Authority of New York & New Jersey colluded with Walsh Construction Company LLC in awarding it a contract for taxiway repair at John F. Kennedy International Airport even though the firm missed the bidding deadline, a rival contractor alleged in New York state court Monday.

  • December 11, 2018

    NYC Construction Co. Files For Ch. 11 Amid Unpaid $122M

    A New York-based mechanical construction company has filed for Ch. 11 protection, citing more than $122 million in outstanding payments and damages owed to it by project owners and an equipment maker, including the New York City Department of Environmental Protection.

  • December 11, 2018

    Ex-Bloomberg, Turner Execs Charged In $15M Bribery Case

    Former Bloomberg LP and Turner Construction executives helped steal $15 million from the media giant by rigging bids and handling bribes — sometimes code-named “sandwiches” — linked to interior construction work at two Bloomberg offices, Manhattan’s district attorney alleged Tuesday.

  • December 11, 2018

    Judge Knocks Cambridge Analytica Exec's Ch. 7 Escape Bid

    The New York bankruptcy judge overseeing Cambridge Analytica LLC's Chapter 7 case Tuesday said he will likely continue to hold the company director who signed the bankruptcy papers responsible for Cambridge’s part in the case.

  • December 11, 2018

    Insurer Says It Doesn't Owe USC Coverage In Abuse Suits

    United Educators Insurance has sued the University of Southern California in New York state court in a bid for a declaration that the insurer doesn't have to cover a $215 million class action settlement and multiple other lawsuits pending against the university over a former school gynecologist's sex abuse scandal.

  • December 11, 2018

    2nd Circ. Won’t Rehear Monster.com CEO's $41M Tax Row

    The Second Circuit won’t rethink its reversal of a U.S. Tax Court decision that had allowed the estate of the deceased founder of Monster.com to escape a $41 million tax deficiency over his contracts with two investment banks.

  • December 11, 2018

    Climate Report Proves Carbon Regs Must Stick, EPA Told

    The dire conclusions in the blockbuster climate change report recently released by the Trump administration contradict White House efforts to roll back greenhouse gas emissions standards for vehicles and power plants and the proposals should be yanked immediately, dozens of state attorneys general and city and county attorneys said Tuesday.

  • December 11, 2018

    Ex-FDIC Staffer Found Guilty Of Stealing Banks' Living Wills

    A former senior employee at the Federal Deposit Insurance Corp. was convicted by a Brooklyn federal jury on Tuesday of stealing banks’ confidential regulatory filings known as “living wills” that the government claims she copied so she could prepare for job interviews.

  • December 11, 2018

    'Guy With IPhone' Beats Hearst In Trump Pic Copyright Suit

    A New York federal judge Monday found Hearst Communications Inc. liable for stealing a photo of President Donald Trump crashing a wedding that Esquire magazine pulled from Instagram, rejecting the company's fair-use defense and leaving a jury to find whether the infringement was willful.

Expert Analysis

  • 2nd Circ. Opines On Variable Prepaid Forward Contract Gains

    Lawrence Hill

    Reversing the U.S. Tax Court, the Second Circuit recently found that the late Monster.com founder’s estate potentially owed $41 million in taxes for variable prepaid forward contract extensions and remanded calculation to the Tax Court. Lawrence Hill and Kevin Platt of Winston & Strawn LLP discuss Estate of McKelvey v. Commissioner.

  • State Net

    State Lawmakers Face Familiar Challenges In 2019

    Korey Clark

    Many of the issues that are most likely to draw the attention of state lawmakers next year — including cybersecurity, internet and data privacy, blockchain and cryptocurrencies, sales taxes on remote sellers, transportation and telecommunications infrastructure, and marijuana — are already familiar, says Korey Clark of State Net Capitol Journal.

  • Société Générale: Sanctions Enforcement Is Alive And Well

    Ama Adams

    The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.

  • NY Tax Minutes: November

    Timothy Noonan

    This month in NY Tax Minutes, Timothy Noonan and K. Craig Reilly of Hodgson Russ LLP discuss New York’s Amazon tax package, check in with the SALT deduction cap suit, brief the Apple sales tax matter and focus on statutory residency cases in New York state courts.

  • Taberna Bankruptcy Ruling Brings Relief For CDO Investors

    James Bentley

    A New York bankruptcy court's recent dismissal of Taberna Preferred Funding's involuntary Chapter 11 case reinforces the accepted principle that contractual terms are the best means for liquidating a nonrecourse securitization vehicle — good news for those interested in the stability of the collateralized debt obligation model, says James Bentley of Schulte Roth & Zabel LLP.

  • FinCEN Tightens The Net On Illicit Real Estate Deals

    Thomas Delaney

    Geographic targeting orders released this month indicate that the Financial Crimes Enforcement Network remains concerned about money laundering risks in the real estate sector — and the anonymity of transactions that use virtual currency, say attorneys with Mayer Brown LLP.

  • In Hip Implant MDL, Preemption Cuts Across State Lines

    Michelle Hart Yeary

    Plaintiffs in the Smith & Nephew Birmingham Hip Resurfacing multidistrict litigation were subject to different states' statutes of limitations. But whether you bleed Michigan blue or you live where a grizzly bear is your only neighbor, preemption unites us all, says Michelle Hart Yeary of Dechert LLP.

  • Climate Change Lawsuits Face Crucial Hurdles

    John Lee

    The close of 2018 brings a chance to look at the state of climate change lawsuits filed in the last few years by both government entities and groups of young Americans. While each case type employs different legal strategies, both face similar challenges, says John Lee of Goldberg Segalla.

  • And Now A Word From The Panel: It's Not Just MDLs

    Alan Rothman

    The Judicial Panel on Multidistrict Litigation is best known for its handling of MDLs, but it has another important role. When challenges to federal agency action are made in multiple courts of appeal, the panel is responsible for consolidating them into a single circuit, says Alan Rothman of Arnold & Porter.

  • Jurors Should Ask More Questions During Trials

    Matthew Wright

    Permitting jurors to submit written questions, or even to pose questions orally to witnesses on the stand, advances several important goals and promotes both fairness and efficiency, says Matthew Wright of McCarter & English LLP.