New York

  • October 12, 2017

    Doors Open For Russia Bank Trustee In NYC Embezzle Probe

    The trustee for an insolvent Russian bank investigating a purported link between funds embezzled by the bank’s former president and New York City real estate purchases won a bankruptcy court fight Thursday with the property buyers over the right to look deeper into past transactions.

  • October 12, 2017

    Racer In $2B Loan Fraud Says Atty Advice Drove Tribal Ties

    A race car driver's strategy to beat charges that he ran a $2 billion criminal payday loan empire came into focus Thursday as he told a Manhattan jury that his ties with Native American tribes were the product of good faith legal advice, but prosecutors countered that he was trying to distract jurors from a mountain of lies.

  • October 12, 2017

    NY Auto Dealers Pay $1M To End Probe Of Padded Prices

    Five metro New York car dealerships have agreed to pay more than $1 million in restitution and penalties for bundling credit repair and other services into vehicle sale prices and sticking buyers with thousands in hidden fees, according to an agreement announced Wednesday.

  • October 12, 2017

    UK Ex-Traders Have Info They Need On Charges, Judge Says

    A New York federal judge said Thursday the government doesn’t need to hand over any more trading data than it has already promised to three British former foreign exchange traders scheduled to go on trial for conspiring to fix the price of U.S. dollars and euros in the foreign currency exchange spot market.

  • October 12, 2017

    Pipeline Co. Urges FERC To Override NY Permit Denial

    Constitution Pipeline Co. LLC on Wednesday urged the Federal Energy Regulatory Commission to overrule New York's denial of a Clean Water Act permit for a $683 million natural gas pipeline, arguing the state had waived its authority by blowing a one-year statutory deadline to act on the permit request.

  • October 12, 2017

    Deutsche Says It Can Fund Defense From Disputed Trusts

    Deutsche Bank National Trust Co. on Tuesday urged a New York federal judge to toss a proposed class action alleging that it’s improperly dipping into 10 residential mortgage-backed securities trusts it oversees to pay for its defense in a separate suit brought over its handling of those same trusts.

  • October 12, 2017

    Marcel Asks 2nd Circ. To Revive 'Lucky' Trademark Claims

    Marcel Fashions Group Inc. on Thursday asked the Second Circuit to revive for a second time its 2011 trademark infringement suit against Lucky Brand Dungarees for use of the word “lucky” on clothing, saying Lucky Brand waived its defense of a 2003 release when it didn’t raise it at an earlier trial.

  • October 12, 2017

    Proskauer Atty Says Judge Undercut Gender Bias Case

    A Proskauer Rose LLP attorney locked in a gender discrimination battle with the firm told the Second Circuit on Wednesday that a federal judge undermined her ability to prove her claims when she refused to order mediation services provider JAMS Inc. to turn over pre-suit mediation notes that purportedly documented a Proskauer representative’s retaliatory threat to fire her. 

  • October 12, 2017

    American Securities Sets $6B Target For 8th PE Fund

    New York-based private equity firm American Securities LLC is aiming to raise $6 billion for its eighth fund, after strong demand for its last fund pushed it beyond its target, according to a Wednesday regulatory filing.

  • October 12, 2017

    Breitburn Urges NY Judge To Approve New Ch. 11 Plan

    Breitburn Energy Partners LP unveiled its long-awaited Chapter 11 plan before a New York bankruptcy court on Thursday, pacifying some creditors who’d been on the verge of mutiny over the summer and angering others who say the plan shortchanges them for the sake of expediency.

  • October 12, 2017

    Atty, Ex-NY Democratic Leader Cops To $1M Tax Evasion Plot

    A licensed attorney and former New York Democratic Party leader copped Thursday in New York federal court to not paying nearly $1 million in income taxes while getting paid for legal services provided to various entities, authorities announced.

  • October 12, 2017

    Investors Want $152M In Libor Settlements Approved

    Exchange-based investors told a New York federal judge on Wednesday that they want approval of $151.9 million in settlements reached with several banks in multidistrict litigation that alleges a sprawling scheme to manipulate the London Interbank Offered Rate benchmark.

  • October 12, 2017

    Ex-Trader Asks 2nd Circ. To Renew Fight Against $20M Award

    A former Canadian securities trader has urged the Second Circuit to clear the way for his battle to overturn a $20 million arbitration award against him and his previous employer for allegedly tricking a trading company into buying doomed stock, arguing that the case must be remanded to a state court because he has dropped all federal claims.

  • October 12, 2017

    Atty Pleads Guilty In $3.4M Tax Evasion Scheme

    A personal injury and medical malpractice attorney pled guilty in a New York federal court on Thursday to one count of tax evasion after cheating the Internal Revenue Service out of nearly $3.4 million over 15 years.

  • October 11, 2017

    Judge OKs $28.5M Deal To End Cnova Shareholder Action

    A New York federal judge gave preliminary approval Wednesday to a $28.5 million deal settling claims by Cnova shareholders that company executives and directors tanked the e-commerce firm's value by hiding inventory issues and overstating net sales.

  • October 11, 2017

    Patients Fault Cancer Center Over Ch. 11 Plan Info Omissions

    A putative class of 2.2 million patients suing bankrupt cancer treatment center operator 21st Century Oncology over a data breach that exposed their personal information said the company has unacceptably omitted any mention of their claims in its Chapter 11 plan disclosures.

  • October 11, 2017

    Ex-HSBC Exec Tells Jury $3.5B Forex Deal Was Aboveboard

    A former HSBC foreign exchange executive took the witness stand Wednesday at his trial over claims that he used a $3.5 billion forex transaction to enrich the bank at the expense of Scottish oil and gas developer Cairn Energy PLC, telling a New York federal jury that there was nothing improper about the execution of the deal.

  • October 11, 2017

    'Wizard Of Oz' Reference Caps $2B Tribal Payday Loan Trial

    Attorney Timothy Muir insisted Wednesday that tribal leaders were the top dogs in Scott Tucker's $2 billion payday loan empire, but the Manhattan jury tasked with deciding if Tucker and Muir built a criminal operation on the backs of tribes saw an email that said Tucker was “the man behind the curtain.”

  • October 11, 2017

    Barclays Seeks Toss Of Feds' Fraud Suit Over $31B RMBS

    Barclays PLC and federal prosecutors traded blows in papers filed in New York federal court on Tuesday over the government’s use of a law passed in the aftermath of the 1980s savings and loan crisis to seek civil penalties from the British bank for allegedly deceiving investors about the quality of $31 billion worth of residential mortgage-backed securities.

  • October 11, 2017

    Feds, SEC Accuse Snack Co. Of Defrauding Investors Of $2M

    Federal prosecutors and the U.S. Securities and Exchange Commission on Wednesday filed fraud charges against a trio of business associates accused of raising approximately $2 million for a caffeinated chocolate snack company under false pretenses, including a made-up proposed acquisition by Monster Energy.

Expert Analysis

  • The Foreign Sovereign Immunities Act: 'Bedlam' Redux

    Robert W. Ludwig

    After four decades attempting to apply the commercial-activity exception of the Foreign Sovereign Immunities Act — the most significant exception to sovereign immunity — no court has ever decided the meaning of the heart of the exception, and with it the FSIA, says Robert W. Ludwig, a founding member of Ludwig & Robinson PLLC.

  • The Role Legal Finance Can Play In Firm Year-End Collections

    Travis Lenkner

    Payment collection delays have caused law firms to seek new options, one of which is litigation finance. In this context, litigation finance can offer alternative avenues to firms as they approach the end of a fiscal year or partnership distribution dates, says Travis Lenkner of Burford Capital LLC.

  • When Can LLCs Appoint A Special Litigation Committee?

    Muhammad Faridi

    A New York state court’s recent decision in LNYC Loft v. Hudson Opportunity Fund regarding the authority of a limited liability company to appoint a special litigation committee represents a departure in the trend of courts using statutory and common law to address questions that are not directly addressed by an LLC operating agreement, say Muhammad Faridi and Elizabeth Quirk of Patterson Belknap Webb & Tyler LLP.

  • 'Per-Doc' Pricing Can Improve Document Review

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    Imagine going to a restaurant and ordering your steak medium-rare. The steak arrives burned. You expect the kitchen to bring you another one properly done, right? And you don’t expect to pay for two steaks, do you? Paying a vendor for document review should be no different, says Lisa Prowse, an attorney and vice president at e-discovery firm BIA Inc.

  • Opinion

    We Must Protect Consumers From Illegal Debt Collectors

    Maura Healey

    Companies are allowed to collect the money they are owed, but they cannot break the law or cheat people in the process. Some of the biggest players in the debt collection industry are not focused on getting it right, says Massachusetts Attorney General Maura Healey.

  • Insider Trading After Martoma: Benefits Without Friends?

    Nathan Bull

    The Second Circuit's recent Martoma decision potentially expands the category of persons that, upon the disclosure of confidential information without pecuniary or tangible benefit, may constitute tippers or tippees subject to insider trading liability, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Are Opioids The New Tobacco?

    Richard Scruggs

    Is the rising spate of opioid litigation comparable to the litigation that led to the mega-billion dollar settlement with Big Tobacco? According to ex-trial lawyer Richard Scruggs, who helped engineer the $248 billion tobacco settlement in the 1990s, the answer is "sort of."

  • A Guide To The Executive Branch Official Nomination Process

    Adam Raviv

    Although the Trump administration has completed the vetting and confirmation of a cabinet and White House staff, thousands of senior positions remain unfilled throughout the executive branch. More than ever, people selected for those posts find themselves under close scrutiny, say Adam Raviv and Reginald Brown of WilmerHale.

  • Courts Focus On Insurance Policy Language, Not Case Law

    Syed Ahmad

    A Pennsylvania appeals court's decision in Century v. OneBeacon this month found that OneBeacon owed reinsurance coverage to two insurers for asbestos claims. This decision is the latest in a line of rulings that examines each contract based on its unique terms and rejects reinsurers' prior case law arguments, say attorneys with Hunton & Williams LLP.

  • What Beer Marketers Should Know About State False Ad Laws

    Christian Foote

    Recently, several class actions have sprung up alleging consumers were deceived as to where beer they purchased was produced. These complaints are uniformly met with a motion to dismiss, and in the opinions there are branding insights that all marketers, not just beer makers, can use, says Christian Foote of Carr McClellan PC.