New York

  • March 22, 2017

    Real Estate Rumors: Goldman, L3 Capital, Medallion

    Goldman Sachs and Wells Fargo have reportedly loaned $150 million for a Midtown Manhattan property, L3 Capital is said to have bought a Chicago retail building from Thor Equities for $10.2 million, and Medallion Corp. has reportedly bought a Bronx rental building for $38 million.

  • March 22, 2017

    2nd Circ. Panel Upholds Louis CK's Loss In Pension Row

    A Second Circuit panel on Tuesday affirmed a district court decision that put Louis C.K.’s production company on the hook for unpaid contributions to union-affiliated pension and health plans for the comedian’s work editing his FX series “Louie,” saying the company agreed to be bound by agreements that impose special contribution obligations.

  • March 22, 2017

    Chadbourne M&A Tax Partner Joins Holland & Knight

    A former Chadbourne & Parke LLP tax partner with experience representing companies in mergers, including private equity fund I Squared Capital in its $1.2 billion acquisition of Latin American energy interests, has joined Holland & Knight LLP in New York.

  • March 22, 2017

    Zohar Funds Say Tilton 'Pillaged' Them, Can't Escape Suit

    Three collateralized loan obligation funds known as the Zohar Funds urged a New York federal court Monday to keep intact their suit alleging Patriarch Partners LLC magnate Lynn Tilton "pillaged" more than $1 billion from them, saying she is deliberately mischaracterizing the claims in a baseless attempt to preclude them.

  • March 22, 2017

    VimpelCom Investors Say Foreign Bribery Suit Has Mettle

    VimpelCom Ltd. shareholders asked a New York federal judge on Tuesday not to dismiss their securities fraud case, saying their claims that the multinational mobile phone giant hid its multiyear bribery scheme in Uzbekistan to inflate the company stock price pass legal muster.

  • March 22, 2017

    New York Launches $70M Electric Car Rebate Initiative

    New York is launching a $70 million electric car rebate program intended to get more electric cars on the road and slash carbon emissions in the transportation sector, Gov. Andrew M. Cuomo has announced.

  • March 22, 2017

    NY Firm Says Luv N' Care Admitted To Fees Obligation

    Goldberg Cohen LLP urged a New York federal court Tuesday to force ex-client Luv n’ Care Ltd. to pay over $1.4 million for breaching a fee contract that the baby products company is allegedly bound to by admissions its general counsel made in a related intellectual property case.

  • March 22, 2017

    Financial Firm Slams Broker's Challenge To $20M Award

    A stockbroker’s effort to remove to state court its challenge to a $20 million arbitration award hinges on a faulty reading of federal arbitration law, trading company BTIG LLC told a New York federal court.

  • March 21, 2017

    Royal Park Loses Cert. Bid In $3.1B Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV lost its bid for class certification in a suit against Deutsche Bank National Trust Co. over $3.1 billion in residential mortgage-backed securities losses on Tuesday when a New York federal judge told the investors they needed to better define their proposed class.

  • March 21, 2017

    NY AG Slams Exxon Again Over Order For Climate Emails

    New York Attorney General Eric Schneiderman called out Exxon Mobil Corp. on Monday for refusing “more dramatically than ever” to comply with a court order for climate change documents, telling a state judge the unarchived emails that ex-CEO Rex Tillerson sent from an alias account raises new concerns about the preservation and production of the subpoenaed documents.

  • March 21, 2017

    Big Internet Cos. Fell For $100M Email Scam, DOJ Says

    The U.S. Attorney’s Office for the Southern District of New York announced Tuesday that it has brought criminal charges against a Lithuanian man who used an email scam to successfully defraud two multinational internet companies out of $100 million.

  • March 21, 2017

    Debt Collector SquareTwo Gets Nod For $10M Interim Infusion

    SquareTwo Financial Services Corp. can tap $10 million in initial Chapter 11 interim financing once it makes a few tweaks to a proposed order, a New York bankruptcy judge told the consumer and commercial debt collector Tuesday during its first-day motions hearing.

  • March 21, 2017

    Sabre Can't Overturn $15M Loss In US Airways Antitrust Row

    A New York federal judge on Tuesday denied Sabre’s bid to dismantle a $15 million jury verdict handed to US Airways that found the travel technology company restrained trade through unfavorable contract terms, saying Sabre had not presented sufficient facts to undermine the evidence that led to the verdict.

  • March 21, 2017

    Ex-Dean Foods Chair Lists Years Of Insider Tips To Gambler

    New York federal prosecutors in the insider trading trial of prominent gambler Billy Walters led their star witness, a former Dean Foods chairman and current government cooperator, through his litany of shame as he told the jury he had tipped inside information to Walters so many times that he couldn’t count.

  • March 21, 2017

    Ex-Dewey Atty Tells Jury Of $6.9M Fee Error On Firm's Books

    A former Dewey & LeBoeuf LLP lawyer and current Barnes & Thornburg LLP partner on Tuesday told a Manhattan jury of his discovery of a $6.9 million discrepancy on the law firm’s books, while a defense attorney jabbed at his credibility over Twitter-related sanctions in a separate action.

  • March 21, 2017

    Mobil Cerro Negro Suit Can't Be Unfrozen Yet, Court Told

    Venezuela urged a New York federal court Tuesday to hold off on allowing an Exxon Mobil Corp. subsidiary to forge ahead with enforcing $188 million of a $1.6 billion award issued following the expropriation of its oil investments, saying issues remain with regard to how the litigation was filed.

  • March 21, 2017

    2nd Circ. Upholds Tax Ruling, Nixes Penalty Over Paperwork

    The Second Circuit on Monday upheld a U.S. Tax Court decision regarding a tax on $2 million in income but negated a penalty and enhanced the burden of proof on the IRS to secure written supervisory approval while assessing tax penalties.

  • March 21, 2017

    Commerzbank’s $1B BNY Mellon RMBS Case Clears Hurdle

    A New York federal judge declined on Tuesday to dismiss Commerzbank AG’s billion-dollar suit against Bank of New York Mellon Corp. for allegedly failing to vet residential mortgage-backed securities it was supposed to oversee, finding several of the claims have legs.

  • March 21, 2017

    Holland & Knight Nabs Nixon Peabody Real Estate Pro In NY

    A former Nixon Peabody LLP partner and veteran real estate attorney with an expertise in tax-advantaged transactions has joined Holland & Knight LLP as a partner in its New York office, according to the firm.

  • March 21, 2017

    Caribbean Bank Says Regulator Used It Like A ‘Piggy Bank’

    Failed National Bank of Anguilla and a Caribbean financial regulator were sued Monday by a bank subsidiary for allegedly raiding $175 million from the unit's private deposits to prop up NBA before its bankruptcy, then illegally transferring the money to Bank of America NA.

Expert Analysis

  • 4th Circ. Uranium Mining Ruling Narrows Federal Preemption

    Michael K. Murphy

    The Fourth Circuit's recent decision in Virginia Uranium v. John Warren demonstrates a narrowing of preemption in areas that were traditionally held to the dominion of federal law: federal regulation of radiological safety under the Atomic Energy Act, and of federal lands under the Mining Act and the U.S. Constitution’s property clause, says Michael Murphy of Gibson Dunn & Crutcher LLP.

  • Shining A Light On GOP Plan For Health Care Reform

    Andrew Bab

    Since the election of President Trump and Republican majorities in the House and the Senate, there has been a strong push to repeal and replace the Affordable Care Act. However, there has been little detail as to what “repeal” or “replace” actually mean. Recent developments provide some clarity, say members of Debevoise & Plimpton LLP.

  • NY Employers Can't Avoid Overtime And Minimum Wage Regs

    Joshua Zuckerberg

    When a district court judge in Texas enjoined the U.S. Department of Labor’s federal overtime rule last year many employers breathed a sigh of relief. However, there are many states, like New York, that have expressed a real intent to fill the void and make sure that labor protections continue, say Joshua Zuckerberg and LaKeisha Caton of Pryor Cashman LLP.

  • Environmental Impairment Liability Issues To Consider

    Wm. Gerald McElroy Jr.

    One common limitation of environmental impairment liability policies is that they require claims to be submitted during the policy period or the extended reporting period. This requirement, among others, gives insurers tools with which to deny coverage despite the EIL policies' broad scope, says Wm. Gerald McElroy Jr. of Zelle LLP.

  • Consumer Financial Services Cos., Prepare For New Dynamic

    Melanie Brody

    Appointment of a new, more industry-friendly Consumer Financial Protection Bureau director by President Donald Trump would most likely reduce the number of enforcement actions brought by the bureau. Nevertheless, providers of consumer financial services should not assume that their enforcement risk will disappear along with current CFPB Director Richard Cordray, say attorneys with Mayer Brown LLP.

  • 2nd Circ.'s Stunning Assault On The Fraud Guidelines

    Daniel Wenner

    Ever since the U.S. Supreme Court freed sentencing judges from the bonds of the previously mandatory U.S. Sentencing Guidelines in Booker, defense lawyers have been on the attack. The Second Circuit's recent decision in Algahaim undoubtedly will provide more ammunition for white collar defendants and their lawyers at sentencing, says Daniel Wenner, a partner at Day Pitney LLP and former federal prosecutor.

  • Data Analytics Now Cost-Effective For Smaller Firms

    Chris Paskach

    A recent survey found that nearly two-thirds of Am Law 200 firms are now using data analytics, compared to only about a tenth of regional and boutique firms. Yet the exploding market for data analytics technology in business is making these productivity tools available for any size matter or firm, say Christopher Paskach of The Claro Group and Douglas Johnston Jr. of Five Management LLC.

  • Takeaways From Latest Ruling In Madden V. Midland Funding

    Henry G. Morriello

    A New York federal judge’s holding last week in Madden v. Midland Funding will, if followed by other courts, significantly narrow the ability of nonbank lenders and debt buyers to rely on a loan agreement’s choice-of-law provision. Institutions that acquire defaulted or undefaulted debt are accordingly confronted with the need to consider strategies in two different contexts, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • How M&A Buyers Can Guard Against Extracontractual Fraud

    Timothy A. Miller

    Buyers routinely agree to reliance disclaimers in M&A agreements and, at the same time, increasingly demand fraud carveouts, but how will courts interpret these provisions when they conflict? And, in accepting reliance disclaimers, is a buyer agreeing in advance to be defrauded despite the existence of a fraud carveout? Timothy Miller of Valle Makoff LLP examines Delaware and New York law and offers proactive steps to tip the balan... (continued)

  • Using The SAFETY Act To Comply With NY Cyber Rules

    Finch_Brian_Pillsbury.jpg

    There is a way for banks, investment firms and insurers to reduce the chance that their risk assessment will be deemed "inadequate" under New York's new cybersecurity regulations — by having their policies and procedures vetted through the U.S. Department of Homeland Security's SAFETY Act, says Brian Finch of Pillsbury Winthrop Shaw Pittman LLP.