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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.