The Second Circuit ordered U.S. District Judge Analisa Torres on Tuesday to further detail her thinking in slapping Morris E. Zukerman with a $10 million fine for decades of tax evasion, after counsel for the incarcerated financier argued the penalty was orders of magnitude higher than any other.
Walter Investment Management Corp. CEO Anthony Renzi is stepping away from the bankrupt mortgage lender and servicer at some point this year, the company announced Friday, the same day it said it will likely end 2018 with $50 million less than predicted in its confirmed Chapter 11 plan.
A male comic accused improv comedy group Upright Citizens Brigade of gender bias in a New York federal court suit Sunday, claiming it conducted a faulty investigation of rape allegations against him and eventually fired him based on predetermined findings.
Madelaine Chocolate Novelties Inc. urged the Second Circuit on Friday to revive its bid for an additional $49 million in coverage from a Chubb Ltd. unit to pay property damage and business interruption losses caused by Superstorm Sandy, arguing that a lower court ignored key policy terms.
An investigation into accusations that former U.S. Circuit Judge Alex Kozinski exhibited sexual misconduct toward multiple former staffers has been called off, as the Second Circuit Judicial Council said Monday that Judge Kozinski's resignation removes him from the scope of judicial conduct proceedings.
An investor sued MetLife in New York federal court Monday, alleging that two stock drops followed reports that the insurer didn't set aside enough money in its reserves for annuity and pension payments.
A Canadian businessman urged a New York federal court to toss a U.S. Securities and Exchange Commission suit over an alleged $17 million pump-and-dump scheme tied to a silver exploration shell company, saying Friday the agency didn’t show how he intended to harm his clients.
Shareholders of Breitburn Energy Partners LP will get the opportunity next week to potentially reopen the court record and further challenge the company’s pending Chapter 11 plan after arguing a recent unsolicited $1.8 billion bid for the oil and gas enterprise should alter asset valuations, a judge decided Monday.
A New York federal judge has declined to certify two proposed classes of investors in suits accusing HSBC Bank USA NA of bungling its duties as trustee to more than 200 residential mortgage-backed securities trusts, ruling that would-be class members face too many individual questions around standing and statutes of limitations to warrant class treatment.
The National Labor Relations Board on Friday undid the results of an election in which workers at a New York lobster and seafood supplier voted in favor of unionization, saying a board agent’s seven-minute delay in opening the polls potentially disenfranchised enough voters to sway the results.
Todd Howe, the disgraced lobbyist whose testimony prosecutors hope will lead to the corruption convictions of a former top aide to New York Gov. Andrew Cuomo and three businessmen, told a Manhattan jury Monday that he stole roughly $1 million from Whiteman Osterman & Hanna LLP before he was fired in 2016.
A New York federal judge on Monday shut down attempts to end a proposed class action alleging Henkel Consumer Goods Inc. misleadingly labels its Purex “Natural Elements” laundry detergents, saying whether it does or not depends on if a fact-finder would consider water a natural element.
The wife of an attorney who helped set up illegal tax shelters sought Monday to convince a Second Circuit panel to overturn a lower judge’s ruling that allowed the feds to seize funds he gave to her, but the judges gave little hint as to how they might rule.
Arnold & Porter has bolstered its media and entertainment and intellectual property practice in New York, the firm announced Monday, with the addition of two former Hogan Lovells partners whose experience includes protecting a journalist from having to reveal sources and representing a news anchor in a suit over a hamster doll.
A U.K. high court ruled Monday that Lauri Love, a British student charged with a series of hacks into U.S. government websites, will not be extradited, citing the risk that the accused hacker would kill himself if he were to face trial in America.
Texas-based oil and gas production company Double Eagle Energy Holdings III LLC has raised more than $1 billion in equity commitments, which will go toward acquisition and development in the Permian Basin, the company said Monday.
Private equity firm Warburg Pincus LLC is providing $300 million of equity financing to oil and gas exploration and production company Ridge Runner Resources LLC, the company said Monday.
Recent efforts by 20 finalist cities to entice Amazon to build its new headquarters in their community and by Wisconsin to lure Foxconn have sparked a trend of heightened awareness and scrutiny over using tax dollars to woo and keep businesses and to create jobs.
Beazley Insurance Co. Inc. asked a New York court Friday to find that Take-Two Interactive Software Inc. is not entitled to coverage for a lawsuit brought by a former top-level video game producer who claims he was cheated out of profits made from the "Grand Theft Auto" franchise, saying the underlying action doesn't seek any covered damages.
A New York hedge fund manager illegally raised at least $4 million from investors by lying about his professional background, allegedly saying he once worked in top positions at both Goldman Sachs and Bear Stearns, and by concealing an extensive criminal history, federal prosecutors said Friday in a complaint unsealed in Manhattan federal court.
Gary Ford's new book, "Constance Baker Motley: One Woman’s Fight for Civil Rights and Equal Justice Under Law," is more than a biography of the first African-American woman to become a federal judge. It presents in vivid detail how her work altered the legal landscape of the United States, says U.S. District Judge Marcia Cooke of the Southern District of Florida.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC.
Last month, a New York district court ruled in Cohen v. G&M that a real estate developer's demolition of famous graffiti space 5Pointz violated an obscure federal statute. This ruling may represent an expanded conception of what visual art qualifies for protection under the Visual Artists Rights Act, says Roberta Jacobs-Meadway of Eckert Seamans Cherin & Mellott LLC.
This year has seen significant developments in the field of class action litigation. The impact of the U.S. Supreme Court’s Spokeo decision continued to work its way through the courts, the appeals courts have made strides on issues like ascertainability and standing to pursue injunctive relief, and Congress is considering legislation that would alter the class action landscape, say attorneys with Akin Gump Strauss Hauer & Feld LLP.
Having defended some of the most notorious defendants in 40 years of practice as a criminal defense lawyer, I thought I was prepared for everything. That was until jury selection commenced last summer in “pharma bro” Martin Shkreli’s trial, says Benjamin Brafman of Brafman & Associates PC.
The recent conviction of former HSBC foreign exchange executive Mark Johnson has shocked market participants and could lead to a reduction in liquidity for block trades in the foreign exchange and other over-the-counter markets, say members of The Brattle Group and AGN Advisory.
At the behest of the U.S. Department of Energy, the Federal Energy Regulatory Commission is soon expected to release an interim rule that subsidizes power plants that hold 90 days of fuel supply on site — i.e., coal-fired and nuclear plants — and effectively penalizes gas-fired plants. But FERC has an opportunity to mitigate the threat to gas-fired generators, says Chip Moldenhaeur of LawIQ.
The New York high court’s recent holding in Davis v. Scottish Re Group removes a significant practical hurdle to bringing derivative claims involving Cayman Islands corporations. With the Cayman leave-of-court rule out of the picture, shareholders need not arrive at the courthouse door already equipped with evidence to support their claim, say Rob Quirk and Stephen Younger of Patterson Belknap Webb & Tyler LLP.
When Cumulus Media filed for Chapter 11 protection last week, its market capitalization fell to under $3 million, but $3 million is still greater than zero. Was Cumulus solvent when it filed bankruptcy? The answer is almost surely no, and it is important that lawyers have a good understanding of the reasons why, says attorney J.B. Heaton.