As the U.S. Department of Labor begins its investigation into Northwest Airlines’ pension plans, the controversy surrounding the bankrupt carrier’s alleged “systematic shortchanging” highlights a deeper problem: how to insure pension plans remain adequately funded in the face of financial difficulties.
Operating on borrowed cash after filing for Chapter 11, Delta Air Lines Inc. needs to cut costs or face the looming prospect of liquidation or being sold, a financial expert warned an arbitration panel on Wednesday.
On Tuesday, a federal court told the embattled commodities firm Refco that one of its offshore broker-dealer units must liquidate its assets separately from the company in order to expedite the company’s bankruptcy plan.
Marsh & McLennan Cos., the globe’s biggest insurance brokerage, has reached a deal with California investigators concerning the company’s controversial commission practices and alleged fraudulent activity.
Morgan & Finnegan had been toying with the idea of setting up shop in China. And when two of the firm’s partners originally from China talked about moving back, it seemed the perfect opportunity for one of the oldest intellectual property law firms to open its doors in Shanghai.
A pension fund filed a class action suit against Bausch & Lomb, Inc. on Monday, claiming that the eye health company and its top executives created a misleading “façade of success” and that directors illegally reaped more than $29 million in insider trading profits.
One of the biggest U.S. securities firms, Bear Stearns Cos., has reportedly reached a $250 million settlement with regulators over charges that the firm deceived investors by assisting hedge funds in illegally trading mutual fund shares.
Siding with Northwest Airlines Corp., a federal bankruptcy judge has stayed a long-standing antitrust class action lawsuit brought against the struggling carrier, unconvinced that the litigation merits the disruption of Northwest’s ongoing reorganization efforts.
Hedge fund manager Jeffrey Thorp and three New York-based hedge funds he oversees reached an agreement to shell out $15.8 million to resolve claims brought on by the U.S. Securities and Exchange Commission that they made millions of dollars through illegal “PIPE” deals and naked short sales.
Just a little over a week after slipping into bankruptcy, Dana Corp. announced Friday that it hopes to shake off the dust and stand back up on its feet within 18 months.
New York State Attorney General Eliot Spitzer is apparently close to wrapping up discussions with U.S. and foreign insurers and brokers who have come under scrutiny during a two-year fraud and bid-rigging investigation.
Promoting from within, general practice law firm Orrick, Herrington & Sutcliffe LLP has appointed seasoned intellectual property attorney Gary Weiss as the new group leader for the firm's global IP practice.
Firing off the first day of arbitration hearings, a lawyer representing Delta Air Lines Inc. wasted no time in asking the panel to void the collective bargaining deal of Delta’s pilots and to allow Delta to impose its long-term pay and benefits cuts of up to $325 million.
In the latest step in its litigation practice expansion, Gibson, Dunn & Crutcher LLP has netted seasoned litigator Jim Walden to join its New York office as a partner in the firm's Business Crimes and Investigations Practice Group and Antitrust and Trade Regulation Practice Group.
Chicago Bridge & Iron Co. N.V., the global engineering and construction firm, has been slammed with a class action lawsuit for accounting chicanery and misleading investors about its true financial status.
Australian biotechnology company Novogen Research Party Ltd. has slammed Chattem Inc. with a lawsuit, accusing the health manufacturer of infringing on a patented method used to treat breast cancer, pre-menstrual syndrome and menopause.
As courts struggle to cope with the vague provision of last October’s new bankruptcy law on information-sharing, a federal judge overseeing G+G Retail Inc.'s Chapter 11 case has ruled that members of the creditors committee won't have to share confidential information with the creditors they represent.
Hedge fund PlusFunds Group Inc., which slid into bankruptcy after Refco Inc.’s demise, received interim court approval this week to dip into a $1 million debtor-in-possession loan.
The underwriters for Refco Inc. are fighting creditors’ attempts to investigate the lending institutions that backed the company’s public offering just two months before it buckled under massive financial strain.
Banished to Chapter 7 liquidation two months ago, Veritec’s contentious bankruptcy case has landed once again in the Chapter 11 arena, after the bar code manufacturer reached a new deal with Mitsubishi Corp. and other creditors this week.