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New York

  • August 10, 2018

    Funders Decry NYC Bar's Litigation Finance Warning

    An ethics broadside from the New York City bar against a common litigation financing strategy in which lawyers pledge cuts of expected fees in exchange for upfront cash has riled major legal investors, some of whom are promising to oppose the opinion or change their deals to avoid the fee-splitting ban.

  • August 10, 2018

    Schwab Pushes Back On Banks' Latest Bid To Ax Libor Claims

    Charles Schwab Corp. on Thursday defended its revived and amended claims against a slew of the world’s largest banks over their alleged manipulation of the London Interbank Offered Rate, telling a New York federal judge that it’s tightened up its complaint enough for the case to proceed.

  • August 10, 2018

    Cohen Milstein Serves WikiLeaks With DNC Suit Via Tweet

    After getting no response through traditional methods, Cohen Milstein Sellers & Toll PLLC served WikiLeaks via tweet on Friday, posting a complaint by its client, the Democratic National Committee, that alleges a conspiracy by Russians, the Trump campaign and WikiLeaks to hack and sabotage the party during the 2016 election.

  • August 10, 2018

    Insurer Breached Defense Duty In Defect Suit, NY Judge Says

    American Western Home Insurance Co. breached its duty to defend a carpentry subcontractor on a New York apartment complex in a construction defect action, so it must pick up the tab for half the costs another insurance company incurred defending and settling the suit on the subcontractor's behalf, a federal judge has ruled.

  • August 10, 2018

    Canadian ICO Promoter Can't Escape SEC Fraud Suit

    A Brooklyn federal judge denied a Canadian man’s bid to toss for lack of jurisdiction a U.S. Securities and Exchange Commission suit alleging his company orchestrated a fraudulent $15 million initial coin offering, concluding that regulators established that his company conducted significant dealings in the United States.

  • August 10, 2018

    Publisher's $2.1M Tax Refund Claim Tossed By 2nd Circ.

    The Second Circuit rejected a tax claim for an overpayment of $2.1 million by the publisher of Reader’s Digest Friday, saying the suit was time-barred because the deduction the publisher was trying to claim could not utilize a 10-year statute of limitation period.

  • August 10, 2018

    Ex-Tennis Star Says Claims Outside Arbitration Agreement

    Romanian billionaire and former tennis star Ion Tiriac told a New York federal court on Thursday that he doesn't have to take his lawsuits against the CEO of the Women's Tennis Association into arbitration, saying the parties and the issues are outside the cited arbitration agreement.

  • August 10, 2018

    Monster Beats $8.9M Fees Suit From Investment Bank

    A New York federal judge said Friday that Monster Worldwide Inc. does not owe Stone Key Partners LLC about $8.9 million in fees and costs for the boutique investment bank's role in evaluating strategic alternatives because the transactions that the job-search site ultimately completed were either too small or too late.

  • August 10, 2018

    Apollo-Backed Blank-Check Co. Prices Upsized $480M IPO

    An energy-focused blank-check company backed by funds affiliated with Apollo Global Management LLC on Thursday raised $480 million in an upsized initial public offering guided by Vinson & Elkins LLP.

  • August 10, 2018

    Seneca Tribe Wants NY Highway Easement Spat Kept Alive

    The Seneca Nation of Indians asked a New York federal court on Friday to deny state officials' bid to toss its suit alleging an easement for the New York State Thruway that runs through the tribe’s reservation is invalid, saying a previous action on the matter was dismissed without having been adjudicated by the court.

  • August 10, 2018

    SEC Gets $9.6M Judgment Against Galanis For Gerova Fraud

    The U.S. Securities and Exchange Commission nabbed a final judgment against convicted fraudster Jason Galanis that orders him to disgorge more than $9.6 million from proceeds he received through a scheme to illegally procure and then sell off stock in Gerova Financial Group Ltd.

  • August 10, 2018

    Port Authority Workers Win Benefits Suit At NY Appeals Court

    A split New York appellate court has ruled that the state comptroller wrongly excluded certain biweekly payments when calculating the retirement benefits for several Port Authority of New York and New Jersey employees, finding that the main purpose of the compensation was to delay the workers’ retirement after 9/11.

  • August 10, 2018

    Ex-Municipal Credit Union CEO Discussing Plea In Fraud Case

    Kam Wong, the former CEO of New York's 500,000-member Municipal Credit Union who was charged in May with pilfering $7 million from the $2.9 billion lender, is discussing a plea deal, a prosecutor has told a Manhattan federal judge.

  • August 10, 2018

    Aralez Sheds Assets For $250M As Bankruptcy Cases Begin

    Aralez Pharmaceuticals Inc. on Friday said it will sell $250 million worth of assets in separate deals with Canada’s Nuvo Pharmaceuticals Inc. and funds controlled by investment firm Deerfield Management as the company begins bankruptcy proceedings in the U.S. and Canada.

  • August 10, 2018

    Investors Want Affiliate-Bank Claims To Stay In Libor MDL

     A class of over-the-counter investors urged a New York federal court Thursday to keep alive its antitrust claims against affiliates of Bank of America N.A. and JPMorgan Chase Bank N.A. in sprawling multidistrict litigation over alleged manipulation of the London Interbank Offered Rate.

  • August 9, 2018

    Big3-Champions Feud Heats Up With Dueling Letters

    The legal feud between rival startup basketball leagues Big3 Basketball LLC and Champions League Inc. reached a fever pitch Wednesday, as Champions complained to the federal judge overseeing the case that Big3 has improperly threatened “criminal-regulatory sanctions” while Big3 reiterated accusations that Champions is nothing but a fraud.

  • August 9, 2018

    Goodyear Seeks New Trial After $40M Asbestos Verdict

    A New York jury has awarded $40.1 million to a man with mesothelioma, placing the bulk of the blame for his asbestos exposure on Goodyear Tire, which has asked for a new trial because of “outrageous remarks” made by the man’s counsel during closing arguments.

  • August 9, 2018

    Exploration Co.'s Suit Laying Claim To WWI Wreck Sails On

    A New York federal judge rejected a British agency’s bid to nix an underwater exploration company’s suit claiming ownership over a sunken World War I-era ship based on its salvage work on the wreck, saying it makes no difference at this stage that most of the valuable cargo has allegedly already been removed.

  • August 9, 2018

    2nd Circ. Strict On FCA First-To-File Bar In Allergan Case

    A Second Circuit panel ruled Thursday that a False Claims Act relator cannot avoid the FCA's first-to-file bar by filing an amended complaint after a similar earlier suit had been dismissed, in a case accusing drugmaker Allergan Inc. of providing kickbacks to doctors who prescribed its cataract treatments.

  • August 9, 2018

    2nd Circ. Says FARC Victim Can't Get JPMorgan-Blocked EFTs

    A Second Circuit panel ruled Thursday that a victim of Colombia’s FARC guerillas can’t go after intercepted wire transfers held at JPMorgan to collect on a nearly $37 million judgment against the group, finding that the frozen money doesn’t belong anymore to the allegedly FARC-linked entities that originally sent it.

Expert Analysis

  • Another Decision In Goldman Code Theft Case

    Jonathan Waisnor

    The Aleynikov case demonstrates that employees who attempt to use the proprietary source code of their former employers without authorization may face not only the risk of civil liability, but also prosecution under local criminal statutes. And they could also face liability under the recently expanded federal Economic Espionage Act, says Jonathan Waisnor of Willkie Farr & Gallagher LLP. 

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • 'Disgorgement' Payments May Be Insurable In NY

    James Westerlind

    New York generally prohibits the insurability of awards against insureds that represent the disgorgement of ill-gotten gains. However, if an insured can show that the disgorgement represents profits realized by other third parties, then directors and officers insurance could possibly provide coverage, say James Westerlind and Christopher Koenig of Arent Fox LLP.

  • New Bill Addresses Systemic Risk In Cannabis Banking

    Lance Boldrey

    The newly introduced STATES Act would alleviate most of the issues that financial institutions face in providing services to marijuana-related businesses, say attorneys with Dykema Gossett PLLC.

  • Making Use Of NYC's Voluntary Inclusionary Housing Program

    Patrick O'Sullivan Jr.

    New York City's Voluntary Inclusionary Housing Program can help create or preserve affordable housing, but it requires careful coordination between an affordable housing owner, the NYC Department of Housing Preservation and Development, the preservation project lender and air rights purchasers, say Patrick O'Sullivan Jr. and Michael Smith of Herrick Feinstein LLP.

  • Myths And Facts About Using TAR Across Borders

    John Tredennick

    Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.

  • Life Insurance Contestability Period Remains Steadfast In NY

    John Vales

    Last month, the Second Circuit ruled in AEI Life v. Lincoln that insurers cannot challenge the validity of a stranger-originated life insurance policy after its contestability period expires. This opinion reaffirms the two-year contestability period's continuing vitality in New York but leaves some important questions, say John Vales and Stephen Fera of Dentons.

  • Lax Regulations Make Scooters A Perfect Liability Storm

    Neama Rahmani

    Scooters and mopeds are all the rage across the country, but these cheap rides can be costly in terms of public safety. It’s a perfect storm from a safety and liability standpoint. States and cities must enact laws that protect drivers and pedestrians, including licensing and insurance requirements, says Neama Rahmani of West Coast Trial Lawyers.

  • Roundup

    From Lawmaker To Lawyer

    From Lawmaker To Lawyer

    Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. ​​In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.

  • Potential Risks Of Boilerplate NY Choice Of Law Clauses

    Glenn West

    Recently, a New York appellate court ruled in 2138747 Ontario v. Samsung that a breach of contract claim arising from a New York choice of law clause was time-barred pursuant to Ontario's statute of limitations. This decision presents an opportunity to re-examine standard boilerplate New York choice of law clauses, says Glenn West of Weil Gotshal & Manges LLP.