The restructuring of defunct ticket reseller and possible Ponzi scheme vehicle National Events Holdings LLC was again put on pause Tuesday when a New York bankruptcy court concluded there simply wasn’t enough information to make a major ruling in the hopelessly tangled case just yet.
The federal government’s star witness in a New York fraud trial against a former American Realty executive was prodded Tuesday about her inexperience with a key earnings metric and grilled for lying in a lawsuit and to OSHA about her exit from the company.
Three securities industry groups have urged a New York federal judge to uphold a bankruptcy court decision dismissing a Lehman Brothers unit’s bid to recover $1 billion from swaps transactions the firm says were wrongfully terminated, saying the terminations are protected by bankruptcy law.
A New York federal judge on Tuesday called out the Consumer Financial Protection Bureau for its seeming "indifference" over how to distribute leftover funds from its $50 million settlement with Sprint Corp.
Attorneys who secured a tentative $210 million settlement to end a proposed class action by Salix Pharmaceuticals Ltd. shareholders claiming the company misrepresented inventory levels to falsely inflate its stock price asked a New York federal judge Monday for $44.6 million in fees.
Reed Smith LLP filed suit against Wohl & Fruchter LLP in New York state court Monday over a $135 million settlement between Elan Corp. shareholders and SAC Capital Advisors LP, saying the firm blocked Reed Smith from participating in the case in order to keep the attorneys' fees for itself.
Manhattan prosecutors charged a United Nations official Tuesday with visa fraud and identity theft for allegedly hiring a domestic worker from Bangladesh, then refusing to pay her the wages he promised and telling her she would go to jail if she worked for anyone else.
Food giant Nestlé USA Inc. said Tuesday it is taking a minority interest in New York-based Freshly Inc. after leading investors in the meal delivery service’s $77 million series C funding round.
Groups of bondholders are accusing the Puerto Rico government of impermissibly attempting to protect government officials and conceal information that should be open to legal discovery by expanding the automatic litigation shield enabled by its court-monitored financial restructuring.
Cohen Clair Lans Greifer Thorpe & Rottenstreich LLP is said to have renewed its lease for space in New York's Lipstick Building, PGIM Real Estate has reportedly bought a Trader Joe's-anchored Florida shopping center for $49.2 million with financing from New York Life, and Sentinel Real Estate is said to have sold a Brooklyn rental building for $33 million.
The New York federal judge overseeing GM ignition switch litigation on Tuesday axed fraud claims in a driver’s upcoming bellwether trial, since he bought his 2009 Chevrolet HHR secondhand from a dealership, but declined to nix his claims that the automaker failed to warn of the alleged defect.
A former African-American CBS Radio worker’s supervisors called her a “bitch” nearly every day, taunted her because of her race and threatened her ahead of her being fired, ostensibly for being late and forgetting to respond to an email, the worker alleged Tuesday in a discrimination suit filed in New York federal court.
Workers who earn income in multiple states could have their taxes simplified under a bill passed Tuesday by the U.S. House of Representatives, setting rules on how long an employee has to work in a state to have to pay income tax there.
The former chief digital officer of premium TV network Epix on Tuesday admitted defrauding his old employer, in what prosecutors say was a false invoice scheme that netted more than $7 million for services largely never performed for the network.
New Source Energy Partners LP investors asked a New York federal judge Monday to preliminarily sign off on a $2.85 million settlement that would resolve a shareholder disclosure suit over the bankrupt oil and gas company’s 2015 preferred-share offering.
Cassin & Cassin LLP represented First Republic Bank in connection with its $62 million loan for a hotel in Lower Manhattan, according to records made public in New York on Tuesday.
Patheon NV’s proposed $7.2 billion acquisition by Thermo Fisher leaves investors out to dry, they alleged Monday in a proposed class action in New York federal court accusing the company and directors of withholding key metrics and agreeing to unsatisfactory deal terms.
A 29-year-old Nigerian national copped to two conspiracy counts Tuesday after prosecutors charged him with sending thousands of emails to businesses, which appeared to be legitimate demands for payment, in an alleged large-scale scam.
The Federal Reserve on Tuesday ended a 2011 enforcement action it imposed on JPMorgan Chase & Co. as part of a broader, $211 million settlement over alleged bid-rigging in municipal bond reinvestment contracts.
Shareholders in a helicopter services company took a second shot Monday at gaining approval of a $3.9 million settlement, one month after a New York federal judge said preliminary approval of the deal could cause absent class members to think “the deck is stacked against them.”
While there are still very few district court decisions within the Ninth Circuit to have analyzed the relationship between the Affiliated Ute and the fraud-on-the-market presumptions of reliance since the U.S. Supreme Court’s 2014 Halliburton decision, plaintiffs are increasingly attempting to plead both theories, as demonstrated by several recent decisions, say Michele Johnson and Colleen Smith of Latham & Watkins LLP.
Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.
In the 45 years since the U.S. Supreme Court's ruling in Affiliated Ute, the Seventh Circuit has cited it 145 times. The most significant of these decisions was the court's rejection of the “fraud created the market” theory as an extension of Affiliated Ute, says Julie Goldsmith Reiser of Cohen Milstein Sellers & Toll PLLC.
Over the last 45 years, Affiliated Ute has, in the Third Circuit, spawned primarily four lines of cases, each addressing a distinct issue raised by that ruling. The most vexing issue, particularly in cases that involve misrepresentations and omissions, is when the presumption applies and when it does not, says John Harnes of Chitwood Harley Harnes LLP.
As the number of states legalizing marijuana use continues to grow, the federal government maintains — and indeed perhaps may soon begin to strengthen — its stance of illegality. Therefore, employers will continue to face more issues and uncertainties, say Ruth Rauls and Jason Ross of Saul Ewing LLP.
Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.
The rebuttable presumption of reliance adopted by the U.S. Supreme Court 45 years ago in Affiliated Ute threatens to supersize the expanded basis for omission liability signaled by Leidos v. Indiana Public Retirement System, which the court will review next term, say attorneys with Murphy & McGonigle PC.
Following a recent California appellate court decision in Rincon EV v. CP III Rincon, it's likely that sophisticated parties will be discouraged from participating in the California court system in favor of jurisdictions that will enforce contractual provisions such as jury trial waivers, say Jerrold Bregman and Racey Cohn of Brutzkus Gubner Rozansky Seror Weber LLP.
In the penultimate episode of the CBS show "Bull," the team wrestles with a real issue in jury consulting and the legal professions in general: Should we work with an unsavory client? This is an interesting question that plays out in jury consulting firms on a regular basis, says jury consultant and psychologist Roy Futterman of Doar Inc.
The U.S. Supreme Court has reduced the giant oak that is Rule 10b-5 to a stump with one withered branch — the narrow scope of liability under Rule 10b-5(b). The court must retrace its steps back to Affiliated Ute, which recently turned 45 and was the court's last decision before it adopted the false star Blue Chip Stamps, says Gary Aguirre, a former staff attorney at the U.S. Securities and Exchange Commission.