New York

  • March 22, 2017

    Nursing Home Subcontracted To Skirt Union, NLRB Says

    The National Labor Relations Board let stand Tuesday a ruling that a New York nursing home illegally fired certain union supporters, subcontracted work to avoid having to collectively bargain with an SEIU local the provider did not want to recognize, and steered support toward a preferred union.

  • March 22, 2017

    US, Investors Ask 9th Circ. To Toss Malaysian Hotel Appeal

    The U.S. government and investors in a midtown Manhattan hotel that allegedly was partly financed with money embezzled from a Malaysian investment fund have told the Ninth Circuit that a court-approved agreement only sets the framework for a potential sale and isn’t subject to appeal.

  • 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.

Expert Analysis

  • 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.

  • Don’t Underestimate The Value Of An Internal Audit

    Justin Gwin

    Most legal and business leaders know that internal culture — including tone, operating style, standard of behavior and shared values that guide employee decisions — can make or break a firm. An internal audit can assess a firm's culture and identify potential issues within the organization, says Justin Gwin of Kaufman Rossin PA.

  • New Business Opportunities In Shared Workspaces

    Philippe Houdard

    For decades, law firms have taken on considerable expense to acquire or rent opulent office space, often with the intention of signaling seriousness and reliability to their clients. But more recently, solo practitioners and established firms alike have started breaking tradition, says Philippe Houdard, co-founder of Pipeline Workspaces.

  • Calif. Courts Are Moving Away From NY Jury Trial Waivers

    Chauncey M. Swalwell

    A California Court of Appeal recently decided in Rincon EV v. CP III Rincon Towers that predispute jury trial waivers in agreements governed by New York law and involving Californian real property are unenforceable in California courts. We can expect to see parties seeking to void their jury trial waivers and attempts to bolster loan documents and other such agreements, say Chauncey Smalwell and Taylor Senske of Goodwin Procter LLP.

  • Cutting Labeling Regs May Harm Companies' Bottom Lines

    Jill Hutchison

    President Donald Trump recently signed an executive order on reducing regulations, with the goal of creating a less burdensome, lower-cost regulatory environment for businesses. However, some federal regulations — for example, those related to food labeling — can actually smooth the operation of nationwide consumer products businesses, and aid the expansion of smaller companies into additional markets, says Jill Hutchison of Jenner & Block LLP.

  • The Stakes Are High In Ambac Assurance V. JP Morgan

    Anthony T. Caso

    Ambac Assurance v. J.P. Morgan Investment Management, a case that is playing out in a New York state court and concerns the infamous subprime mortgage-backed securities that caused the Great Recession, likely affects the safety of your retirement portfolio, the financial stability of your bank, and the solvency of your insurance company, says Anthony Caso of Chapman University Fowler School of Law.

  • How 401(k) Benefits Can Attract Millennial Legal Talent

    Nathan Fisher

    If today’s law firms are willing to rethink their perceptions of millennials, they may see greater success in attracting and retaining new talent by giving the younger generation the kind of retirement planning benefits they want and need, says Nathan Fisher of Fisher Investments.

  • NY High Court Expands Protections For Financial Traders

    David Parker

    The New York high court’s decision in Stonehill Capital Management v. Bank of the West clarifies the extent to which an agreement to buy or sell a financial instrument for which additional written documentation is expected may be enforceable. The decision should give comfort to participants in markets where trading via telephone or other informal means is common, say David Parker and Joshua Bromberg of Kleinberg Kaplan Wolff & Cohen PC.

  • The Loss Of Confidentiality In NY Arbitral Enforcement Cases

    Jonathan J. Tompkins

    A sobering series of decisions from New York federal courts has made clear that the valued benefits of confidentiality attendant to arbitration will almost assuredly be rendered ineffectual if and when recognition and enforcement is sought in New York, says Jonathan Tompkins of Shearman & Sterling LLP.