Large Cap
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August 15, 2024
Meet The Attorneys In Avon Products' Ch. 11 Case
A team of attorneys from Richards Layton & Finger PA and Weil Gotshal & Manges LLP is handling the bankruptcy case of Avon Products Inc., the non-operational holding company for the iconic cosmetics brand's entities abroad.
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August 15, 2024
Price-Fixing Claims Against Par Pharma Tossed After Ch. 11
A Connecticut federal judge on Thursday tossed Par Pharmaceutical Cos. Inc. from two price-fixing lawsuits after the defendant and its parent, Endo International PLC, recently filed the Chapter 11 reorganization plans that they said shielded them from the cases.
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August 15, 2024
Baha Mar Builder Blames Developer Debt As $1.5B Trial Wraps
Counsel for the Chinese state-owned construction firm that built the Bahamian luxury resort Baha Mar closed out a bench trial in New York state court on Thursday arguing that it was the resort developer's overleveraged debt, not delays in the building process, that led to $1.5 billion in losses.
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August 15, 2024
Talc Miners Defend $505M J&J Deal From Insurer Objections
Two bankrupt former talc suppliers defended their proposed $505 million liability deal with Johnson & Johnson on Thursday before a Delaware bankruptcy judge who authorized discovery into the settlement by objecting insurers.
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August 15, 2024
A&O Shearman Promotes 3 Attys As Latin America Co-Heads
Three Allen Overy Shearman Sterling partners have been elevated as co-heads of the firm's Latin America practice, the firm has announced.
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August 14, 2024
Girardi Kept 'Opening A Wound,' Tearful Ex-Client Tells Jury
A woman whose son was seriously injured in a car accident shed tears Wednesday while testifying in Tom Girardi's criminal trial, recalling her increasingly desperate attempts to get a final $1 million owed to her from a lawsuit settlement as the embattled attorney gave her varying excuses for why she wasn't getting the funds.
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August 14, 2024
Tuna Price-Fixing Deal Comes With A Catch: $26M In Fish
Two groups of buyers accusing major canned tuna producers of price-fixing have asked a California federal judge to give the first seal of approval to settlements totaling more than $168 million in cash, plus $26 million in packaged tuna products.
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August 14, 2024
Class Split Disrupts Hearing On $8.7M Sears Suit Settlement
A Sears Hometown and Outlet Stores stockholder that saw its share appraisal case tanked by the company's bankruptcy in late 2022 won Court of Chancery clearance Wednesday to intervene with a novel, alternative claim for recovery through a separate, ongoing SHOS class damages suit.
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August 14, 2024
Foundation For A Bankruptcy: Behind Avon's Ch. 11 Filing
The holding company for cosmetic giant Avon's international businesses entered bankruptcy in the U.S. this week, seeking to manage talc-related liabilities it has accrued, including damages that juries in Illinois and California assigned it to pay for the cancer diagnoses of a maintenance worker and an Avon customer, respectively.
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August 14, 2024
Celsius Ex-Customers Balk At Clawback Mediation
A group of ex-customers of the defunct Celsius Network cryptocurrency platform have told a New York bankruptcy judge they are being unfairly asked to pay for mandatory mediation of attempts to claw back their withdrawals from the platform.
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August 14, 2024
Avon Products Gets OK To Tap $43M DIP During Ch. 11 Case
A Delaware bankruptcy judge on Wednesday greenlighted cosmetics giant Avon Products Inc.'s request to borrow part of a $43 million financing package to support itself during its Chapter 11 case.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
The Solar Energy Bankruptcies That Flared Up In 2024
Residential solar technology provider SunPower and Vermont-based iSun are among the solar firms seeking protection under the Bankruptcy Code this year, joining Vision Solar, which filed for Chapter 7 late last year.
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August 13, 2024
Judge Rules Talc Claims Property Of Whittaker Ch. 11 Estate
A New Jersey bankruptcy judge ruled on Tuesday that third-party tort claims against the corporate successor of bankrupt talc supplier Whittaker Clark & Daniels are the property of the bankruptcy estate and can't be asserted by the individual claimants.
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August 13, 2024
Yellow Takes Teamsters' Win Over Restructuring To 10th Circ.
Yellow Corp. has asked the Tenth Circuit to revive its $137 million lawsuit accusing the Teamsters of driving the logistics firm into bankruptcy by fighting a necessary corporate restructuring, according to an appeals notice.
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August 13, 2024
Jackson Walker Slams 'Draconian' Judge Romance Fees Bid
Jackson Walker LLP is pushing back on a U.S. Trustee Office's attempt to roll back at least $13 million in fees and reimbursements awards, saying the firm is just the latest bystander to become "collateral damage" from a concealed romance between an ex-firm partner and a former federal bankruptcy judge.
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August 13, 2024
'Clever' Scheme Is Concealing Talc Litigation Funding, J&J Says
The Beasley Allen Law Firm needs to disclose alleged litigation funding fueling its litigation over Johnson & Johnson's talcum powder even if that funding was not given directly to the firm since the disclosure rules apply to "parties" and not "law firms," J&J has told a New Jersey federal court.
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August 13, 2024
Talc Claims Land Cosmetics Giant Avon In Ch. 11
Avon Products filed for Chapter 11 protection in Delaware, saying it needs to address more than $1 billion in liabilities and allegations of injuries caused by talc in its products.
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August 12, 2024
3AC Hedge Fund Files $1.3B Claim In TerraForm Bankruptcy
Liquidators of collapsed crypto hedge fund Three Arrows Capital Ltd. filed a $1.3 billion claim in the TerraForm Labs Pte. bankruptcy in Delaware federal court Friday, according to documents obtained by Law360.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Byju's Dodges Dismissal, Crypto Updates, SunPower Filing
The U.S.-based affiliate of Indian educational technology giant Byju's avoided the dismissal of its Chapter 11 case in Delaware, a subpoena for cellphone records from former bankruptcy judge David R. Jones was quashed, and a $2 billion bankruptcy from a residential solar technology company was filed. This is the week in bankruptcy
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August 12, 2024
Celsius Sues Tether For Over $2B In Ch. 11 Clawbacks
The defunct cryptocurrency platform Celsius Network has sued the largest stablecoin provider, Tether, seeking to claw back more than $2.3 billion worth of bitcoin and accusing Tether of improperly reaping the benefits of the digital coins for itself as Celsius was spiraling towards bankruptcy.
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August 12, 2024
LNG Contractor's Ch. 11 Settlement Gets Final OK
A Texas bankruptcy judge on Monday gave final approval to a settlement in which Zachry Industrial will exit a project to build a liquefied natural gas facility co-owned by ExxonMobil and QatarEnergy, congratulating the parties on having found a consensual resolution to a complex matter.
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August 12, 2024
SVB Ex-Owner And Creditors Appeal FDIC Standing In Ch. 11
The former parent company of Silicon Valley Bank and its creditors said they plan to challenge a New York bankruptcy judge's decision that federal regulators who seized $1.9 billion from SVB Financial Group bank accounts had standing to object to its Chapter 11 plan.
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August 12, 2024
42 Talc Claims Axed In Revlon's Bankruptcy Case
A New York judge on Monday ruled that dozens of claims against Revlon for asbestos exposure due to talc in the company's products are not allowable under bankruptcy law, saying they came after the company's Chapter 11 plan had already been confirmed.
Expert Analysis
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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NY Combined Hearing Guidelines Can Shorten Ch. 11 Timeline
The Southern District of New York’s recently adopted guidelines on combining the processes for Chapter 11 plan confirmation and disclosure statement approval may shorten the Chapter 11 timeline for companies and reduce associated costs, say Robert Drain and Moshe Jacob at Skadden.
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Bankruptcy Judges Can Justly Resolve Mass Tort Cases
Johnson & Johnson’s recent announcement of a prepackaged reorganization plan for its talc unit highlights that Chapter 11 is a continually evolving living statute that can address new types of problems with reorganization, value and job preservation, and just treatment for creditors, says Kenneth Rosen at Ken Rosen Advisors PC.
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A Healthier Legal Industry Starts With Emotional Intelligence
The legal profession has long been plagued by high rates of mental health issues, in part due to attorneys’ early training and broader societal stereotypes — but developing one’s emotional intelligence is one way to foster positive change, collectively and individually, says attorney Esperanza Franco.
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11th Circ. Ruling May Foreshadow Ch. 15 Clashes
The Eleventh Circuit's recent decision in In re: Talal Qais Abdulmunem Al Zawawi has introduced a split from the Second Circuit regarding whether debtors in foreign proceedings must have a domicile, calling attention to the understudied nature of Chapter 15 of the Bankruptcy Code, say attorneys at Cleary.
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Bankruptcy Courts Have Contempt Power, Del. Case Reminds
A Delaware bankruptcy court recently held Camshaft Capital and its principal in contempt, serving as a reminder to bankruptcy practitioners and anyone else that appears before a bankruptcy judge that there are serious consequences for failing to comply with court orders, say Daniel Lowenthal and Kimberly Black at Patterson Belknap.
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What Lies Behind Diverging US And UK Insolvency Trends
Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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How Banks Can Preserve Value Amid Corporate Default Surge
Amid a busy time for corporate bankruptcies, banks need a nuanced understanding of contractual rights, regulatory frameworks and evolving legal developments to protect and preserve their rights and interests, say attorneys at Phelps Dunbar.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.