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June 02, 2023
Kwok Ch. 11 Trustee Disputes $76M Claim By Son's Co.
The Chapter 11 trustee overseeing the sprawling Connecticut bankruptcy of alleged fraudster and Chinese billionaire Ho Wan Kwok is objecting to claims surrounding the ownership of three posh New York City apartments or, in the alternative, more than $76 million that have been filed against the estate by a company allegedly owned by Kwok's own son.
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June 02, 2023
2nd Circ. Perplexed At Lack Of Recusal In Platinum Case
A Second Circuit panel seemed baffled Friday that a federal judge did not recuse himself from the case against a New York developer-turned star witness in Platinum Partners cases and other actions, given his ties to one of the other defendants and an undisclosed ex parte conversation he had with a prosecutor.
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June 02, 2023
Trump Says NY Judge's Liberal 'Bias' Requires Recusal
Donald Trump demanded the New York state judge overseeing his hush money conspiracy case recuse himself due to his daughter's liberal activism, his anti-Republican campaign donations, and his alleged pushing of Trump Organization CFO Allen Weisselberg to flip on his boss, according to a filing unsealed Friday.
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June 02, 2023
Ex-Worker Seeks Class Status In Media Giant 401(k) Fund Suit
A former employee who accused the holding company behind Conde Nast of violating federal benefits law by retaining poorly performing BlackRock funds in its 401(k) plan asked a New York federal judge for class certification, saying group treatment is warranted.
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June 02, 2023
Deal Reached In Trademark Case Over Iranian Encyclopedias
Columbia University and a Dutch academic publisher say they have settled their nearly four-year feud with a foundation started by late Iranian historian Ehsan Yarshater, now run by a former Goldman Sachs investor, over the school's efforts to take over the encyclopedia Yarshater ran until his death.
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June 02, 2023
MultiPlan Stockholder Sues In Del. To Void Elections, Stocks
A stockholder has sued the health care cost management platform MultiPlan Corp. and its board in Delaware Chancery Court to invalidate the election of certain board members and an employee stock purchase plan, saying they were approved at annual meetings that were improperly held.
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June 02, 2023
TDS Investor Dissatisfied With Company's Poor Performance
GAMCO Asset Management Inc., a shareholder of Telephone and Data Systems Inc., sent a letter to the president and CEO of the telecommunications company on Friday saying it was considering nominating directors to its board at the next shareholder meeting in light of "extraordinarily poor performance."
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June 02, 2023
JetBlue Inks Deal To Sell NYC Slots For Spirit Merger
JetBlue has inked a deal to unload slots at New York's LaGuardia Airport currently owned by Spirit Airlines to Frontier Airlines, making good on part of its promise to divest all of Spirit's holdings in Boston and New York ahead of its $3.8 billion purchase of the airline.
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June 02, 2023
Oat Milk Co. Avoids Investors' Greenwashing Suit, For Now
A New York federal judge threw out a putative securities class action accusing Swedish alternative milk manufacturer Oatly of pitching its business as more environmentally friendly than it is, saying the investors can amend their complaint but urging them to avoid "mere puffery."
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June 02, 2023
Sabre Owes Atty Fees After US Airways' $1 Antitrust Win
A New York federal judge on Thursday said US Airways Inc. is entitled to reasonable attorney fees from airline booking giant Sabre in antitrust litigation that ended with a jury awarding the airline $1 in damages, rejecting Sabre's argument that the attorney fees awarded in cases with "nominal" damages awards should be zero.
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June 02, 2023
Giuliani Defamation Atty Bows Out After Clients Ignored Him
A Philadelphia judge let former Montgomery County prosecutor and Donald Trump impeachment lawyer Bruce L. Castor Jr. out of representing Trump ally Rudy Giuliani in a Pennsylvania defamation lawsuit Friday, after Castor said the former New York mayor had repeatedly ghosted him — failing to cooperate in discovery or to pay him for his work on the suit.
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June 02, 2023
AGs Cut $102M Deal With Indivior In Suboxone Antitrust Case
More than three dozen state-level enforcers reached a $102.5 million deal on Friday with Indivior Inc. to resolve claims that the drugmaker monopolized the market for the opioid addiction treatment Suboxone ahead of a looming September trial.
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June 02, 2023
2nd Circ. OKs Union Boss's Bribe Verdict Despite Atty's Injury
The Second Circuit let stand former United Brotherhood of Carpenters president Salvatore Tagliaferro's bribery conviction Friday, ruling that a district judge did not abuse his discretion by refusing a further trial delay when the labor boss's lead counsel was hospitalized.
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June 02, 2023
YouTuber Settles With FTX Investors, More Deals Expected
A Florida federal judge on Thursday paused FTX investors' proposed class action against YouTube "landlord influencer" Kevin Paffrath after they told the court they had tentatively agreed to the terms of a settlement ending claims Paffrath misled investors into buying unregistered securities on the now-bankrupt cryptocurrency platform.
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June 02, 2023
Ocwen, Wells Fargo Beat ERISA Suit Over Mortgages
Ocwen Financial Corp. and Wells Fargo defeated a union pension fund's suit claiming the companies violated the Employee Retirement Income Security Act by exploiting homeowners during the financial crisis, as a New York federal judge ruled the mortgage-backed securities at issue weren't plan assets.
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June 02, 2023
Lithium Extraction Biz To Merge With SPAC At $225M Value
Lithium extraction company American Battery Materials and blank-check company Seaport Global Acquisition II announced on Friday they would merge, taking American Battery Materials public at a pro forma enterprise value of $225 million.
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June 02, 2023
NY Lawyers' Civil Rights Group Adds 2 Disability Justice Attys
New York Lawyers for the Public Interest has hired two senior staff attorneys to the firm's Disability Justice Program, the civil rights advocacy group announced Thursday.
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June 02, 2023
Tyson Investors Who Claim $323.20 Loss Denied Class Lead
A New York federal judge refused to reverse a magistrate order denying two Tyson Foods Inc. investors' request to be appointed lead plaintiffs in a proposed class action claiming shareholder damages from Tyson's COVID-19 response, holding that the claimed damages are insufficient to suggest they would "pursue the class claims vigorously."
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June 02, 2023
Saks Warehouse Workers Sue For Security Screening Pay
A Pennsylvania distribution center for Saks Fifth Avenue has not been paying its workers for time spent waiting in line for security screenings before and after their shifts, a proposed class of workers alleged in a complaint in state court.
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June 02, 2023
Deal Reached In Health Benefits Dispute, Xerox Retirees Say
A class of former Xerox employees who accused the company of flouting federal benefits law by requiring early retirees to start paying health care premiums told a New York federal judge they have reached a deal to end their lawsuit.
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June 01, 2023
DCG Wants Crypto Class Actions Consolidated In Conn.
Cryptocurrency venture capital company Digital Currency Group Inc. and its CEO Barry Silbert want to see an investor suit they face in Manhattan federal court moved to Connecticut for potential consolidation with a separate action over alleged losses during the so-called "crypto winter."
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June 01, 2023
Trump Criminal Case Fed. Judge Won't Recuse Over Firm Ties
The New York federal judge who will decide whether Donald Trump can move the Manhattan district attorney's hush-money prosecution from state to federal court told the parties Thursday that he won't recuse himself after reporting he once provided legal services to a company affiliated with the former president.
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June 01, 2023
Smartmatic Says Dominion Case Bars Fox's Counterclaims
Smartmatic urged a New York judge on Wednesday to toss counterclaims brought by Fox News in the voting technology company's $2.7 billion defamation suit, saying the counterclaims are a "distraction" that can't throw water on the fact that a Delaware court decided against the network in Dominion's nearly identical suit.
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June 01, 2023
Leader Berkon Atty Out After Alleged Wig Grab Goes Viral
A Leader Berkon Colao & Silverstein LLP associate was no longer at the firm after a video began circulating on social media of the attorney allegedly ripping off a Black woman's wig in New York City late at night over Memorial Day weekend.
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June 01, 2023
NY Legal Aid Orgs. Cheer New Law Ditching Civil Notarization
New York could soon become the latest state to eliminate the process of requiring documents to be notarized in civil matters, a move that civil legal aid organizations say will improve people's access to the state's court system.
Expert Analysis
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State NIL Laws Aim To Shield Colleges That Defy NCAA
The recent passage of name, image and likeness laws in several states, permitting universities to insert themselves into student-athletes' NIL deals despite prohibitions from the National Collegiate Athletic Association, reveals a pattern of greater protections for universities against potential NCAA enforcement action, say Christina Stylianou and Gregg Clifton at Lewis Brisbois.
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SEC Actions Show Tough Crypto Stance So Far This Year
Through the first half of 2023, the U.S. Securities and Exchange Commission has reiterated innovative arguments and heftier penalties within the cryptocurrency enforcement landscape, emphasizing its position that crypto assets are securities and thus under its jurisdiction, say attorneys at Willkie.
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Perspectives
How Attorneys Can Help Combat Anti-Asian Hate
Amid an exponential increase in violence against Asian American and Pacific Islander communities, unique obstacles stand in the way of accountability and justice — but lawyers can effect powerful change by raising awareness, offering legal representation, advocating for victims’ rights and more, say attorneys at Gibson Dunn.
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Opinion
Congress Needs To Enact A Federal Anti-SLAPP Statute
Although many states have passed statutes meant to prevent individuals or entities from filing strategic lawsuits against public participation, other states have not, so it's time for Congress to enact a federal statute to ensure that free speech and petitioning rights are uniformly protected nationwide in federal court, say attorneys at Skadden.
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5 Insider-Threat Reminders After Recent DOJ Prosecutions
Three recent U.S. Department of Justice actions may well lead to much greater scrutiny of companies in which insiders engage in a variety of corporate misconduct, including conducting or enabling cybercrimes, which will likely fall not just on government contractors, but across industries and geographies, say attorneys at Paul Weiss.
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JetBlue-American Ruling Offers Fresh Angle On Antitrust Risk
The District of Massachusetts' recent decision that the JetBlue-American Airlines pact combining some Northeastern operations violates the Sherman Act stands as a reminder that collaborations between competitors can warrant close scrutiny — even if they create real, tangible benefits for consumers, say Benjamin Dryden and Elizabeth Haas at Foley & Lardner.
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Unpacking Recent Changes At The NY Federal Reserve
After recent changes at the Federal Reserve Bank of New York, certain money market mutual funds that previously relied on the Overnight Reverse Repo Facility will be expected to place cash with a commercial bank or invest directly in assets, which in turn supports the functioning of the real economy, say attorneys at Mayer Brown.
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An Employer's Overview Of AI Legislation In 5 Jurisdictions
Many employers are likely aware of the July 5 enforcement date for New York City's artificial intelligence law, but there are also proposals in Massachusetts, New York, New Jersey, Vermont and Washington, D.C., and a comparison illustrates the emerging legislative trends for AI employment decision tools, say attorneys at Gibson Dunn.
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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How New York State Budget Will Affect Business Taxpayers
The comprehensive state budget legislation recently finalized by New York Gov. Kathy Hochul and the state Legislature did not include some especially concerning tax proposals, but it will subject some state taxpayers to increased tax liability and lengthier appeals, say attorneys at McDermott.
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Some Client Speculations On AI And The Law Firm Biz Model
Generative artificial intelligence technologies will put pressure on the business of law as it is structured currently, but clients may end up with more price certainty for legal services, and lawyers may spend more time being lawyers, says Jonathan Cole at Melody Capital.
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Shkreli Cos. Bankruptcy Illustrates Novel Subchapter V Trend
Vyera Pharmaceuticals and related companies founded by convicted "Pharma Bro" Martin Shkreli recently filed for bankruptcy under Subchapter V in Delaware, becoming the latest case to show the appeal of the subchapter for debtors with large contingent or unliquidated liabilities seeking a more efficient form of bankruptcy, says Sam Ashuraey at Paul Hastings.
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Why Ericsson DPA Breach Is Precedent-Setting
Swedish telecommunications company Ericsson recently faced several penalties for breaching a deferred prosecution agreement, revealing a sobering new precedent for when the U.S. Department of Justice will find an entity in noncompliance, so companies should be prepared to revisit pre-resolution disclosures, say James Koukios and Sarah Maneval at MoFo.
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NY AG's Digital Asset Proposal Shouldn't Be Taken Lightly
Given New York state's prominence both in the digital asset industry and as a proving ground for state regulatory innovation, all digital asset industry participants should take seriously New York Attorney General Letitia James' legislative proposal to tighten crypto regulation, say attorneys at WilmerHale.
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BIPA Ruling Furthers Mixed Signals On Insurance Coverage
A recent Illinois appellate ruling in Remprex provides another perspective on the issue of insurance coverage for Biometric Information Privacy Act lawsuits, but its reach will be limited, as it did not cover the three exceptions that have been the focus of related federal court decisions, says Charles Insler at HeplerBroom.