The engagement partner at the firm responsible for auditing American Realty Capital Properties’s SEC filing was asleep while a 26-year-old staffer used his “professional judgment” to clear a last-minute $13 million unsupported adjustment, the jury heard Wednesday in the New York federal fraud trial of ARCP’s ex-Chief Financial Officer Brian Block.
A New York federal judge dismissed an insider trading suit Tuesday against Liberty Media, one of Live Nation’s largest shareholders, over a $400 million purchase of Live Nation stock, ruling the allegations didn’t support a claim that Liberty made an illegal “short swing” trade in violation of securities laws.
The convicted ringleader of a crooked tax preparation shop asked the Second Circuit on Wednesday to vacate his nine-year prison term for running a $3.5 million tax fraud scheme that made thousands of illegal claims based on information gleaned from a corrupt New York City official, saying prosecutors breached the terms of his plea deal.
The New York State Senate voted Wednesday to confirm Associate Judge Paul G. Feinman to the New York Court of Appeals, making him the first openly LGBT judge to sit on the bench of the Empire State’s highest court.
New York federal prosecutors Tuesday sought a 10-year minimum prison term for Coin.mx operator Anthony Murgio after he pled guilty to bank fraud and other charges, ripping his “self-serving gloss” on his misdeeds and saying a lesser sentence would send a bad signal.
Real estate investment trust Pebblebrook Hotel Trust said Tuesday it has closed on the sale of the “upper upscale” Affinia Dumont NYC in New York for $118 million to an unnamed buyer following an earlier agreement to divide a portfolio of hotels with joint venture partner Denihan Hospitality Group.
A longtime financial manager for the Alavi Foundation, the Iran-linked charity being targeted by the U.S. in a billion-dollar asset forfeiture trial, asserted Wednesday that the Mideast power had no influence over the charity's management of the 36-story Manhattan office tower at the heart of the case.
A tax litigator who once brokered a deal with the government of Switzerland to resolve Swiss banks’ potential criminal liabilities has joined Jones Day as a partner in New York after a three-year stint at DLA Piper.
A group of publishers hit educational products provider Follett Corp. and related companies with a copyright and trademark infringement suit in New York federal court Wednesday, alleging that they don't do enough to weed out counterfeit books, leading to them regularly buying and selling fakes.
The Second Circuit on Wednesday declined to adopt the First Circuit’s standard for assessing the materiality of companies’ alleged omissions in their interim financial information, saying its sister court’s test can be “analytically counterproductive” and unsound.
A Second Circuit panel on Wednesday affirmed the fraud conviction of the former CEO of a defunct vending machine sales company, finding that lies told by the company’s sales team about the money-making potential of the machines were not undone by the disclaimers in contracts signed by customers.
The Second Circuit declined Wednesday to revive MGM Resorts International’s challenge to a Connecticut law that kicked off a process for the tribes behind Foxwoods Resort and Mohegan Sun to open a third casino in the state, finding the allegations that the law put the company at a competitive disadvantage were too abstract.
Landesbank Baden-Württemberg has reportedly loaned $250 million for a Park Avenue property; YouTube is said to be eyeing 400,000 square feet of additional development at its Bay Area campus; and Rockrose Development is said to have recently leased out more than 27,000 square feet of space on Park Avenue.
A man who live-streamed his son’s birth on Facebook has been ordered to pay the attorneys' fees of ABC, NBC and several other media outlets he unsuccessfully sued for using it — lawsuits that a federal judge says "no reasonable lawyer with any familiarity with the law of copyright" should have filed.
A New York federal judge on Wednesday reluctantly ordered the estates of the original Lynyrd Skynyrd band members to release any more information they have about who participated in reunion tours amid a copyright dispute over an in-production biopic, even though it said the film company’s bid for the information is “kind of thin soup.”
A social media marketing pioneer joined Fox News Network LLC in moving for sanctions against former on-air personality Andrea Tantaros and her attorney in New York federal court Tuesday, accusing the pair of concocting false cyberstalking accusations to pressure him into accepting an “exorbitant” settlement.
Marblegate Asset Management LLC, a lender to Education Management Corp. whose challenge to the troubled for-profit education firm’s restructuring plan was thwarted by the Second Circuit, has filed a new suit to make the borrower pay its debts under an alternate legal theory.
A New York appeals court on Tuesday turned down a request from famed New York plaintiffs lawyer Paul Napoli to add defamation counterclaims against an attorney suing him and his now-defunct firm, Napoli Bern Ripka Shkolnik LLP, for gender discrimination.
The Second Circuit on Tuesday tossed an Iraqi contractor’s suit against the International Centre for Dispute Resolution and Kellogg Brown & Root Services Inc. over alleged misconduct in an underlying arbitration stemming from a U.S. State Department project, finding his appeal lacks an arguable basis.
A former partner at Faruqi & Faruqi LLP trying to revive claims on a piece of a $4 million settlement for clients she brought to the firm wants to "rewrite the terms" of an alleged fee commission deal, according to a brief the firm filed Monday with the Second Circuit.
The recent class actions faced by the Fyre Festival and its organizers raise a number of legal issues, which have rarely been coupled with a prompt apology and admission of responsibility in the age of social media. While there is some precedent, the scale and international scope of the Fyre Festival presents new legal challenges, says Brad Hancock of Holland & Knight LLP.
Often, the U.S. Securities and Exchange Commission’s enforcement priorities only become apparent once the commission begins to crack down on a particular practice. A recent decision in the case of Revelation Capital highlights the need for firms, when faced with a new SEC priority, to be able to quickly pivot toward a defensive approach, say Jack Yoskowitz and Laura Miller of Seward & Kissel LLP.
The Eleventh Circuit has made clear that it will strictly construe the U.S. Supreme Court's Affiliated Ute decision as well as the omission language of Rule 10b-5(b). This will continue to present challenges to the plaintiffs bar in this circuit, say Brian Miller and Samantha Kavanaugh of Akerman LLP.
In the second installment of this two-part series on disruptive innovation among mid-size law firms, Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former senior vice president at McKesson Corp., explores a number of ideas for keeping clients and maintaining market position.
Compared with many other areas of employment law, the law of noncompetition agreements has been relatively static. More recently, however, many states have turned their attention to noncompetes and considered significant changes in how they are used and enforced, say attorneys with Paley Rothman.
The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.
As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.
Most of the jury consulting on this show has consisted of illegal and unethical behavior amid nonsensical trial practices, but at the end of the day, it has probably not done permanent damage to the U.S. legal system — so far, says jury consultant Roy Futterman as the debut season of the CBS show "Bull" comes to a close.
The U.S. Supreme Court recently ruled that a New York statute that prohibits identifying a surcharge for credit card users regulates speech and is therefore subject to heightened scrutiny. The impact on how businesses collect or seek reimbursement for the costs of state and local taxes from their customers could be significant, say Eric Tresh and Alla Raykin of Eversheds Sutherland.
Given the perceived higher hurdles to class certification, it is likely that counsel for plaintiffs in securities cases will seek to recharacterize their claims as omission claims to take advantage of the 45-year-old Affiliated Ute presumption. In the Fifth Circuit, that will be a challenging task, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.