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Bankruptcy
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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
SEC Defendants Fight Ex-Latham Atty For Whistleblower Docs
A credit reporting agency at the center of a $73 million U.S. Securities and Exchange Commission lawsuit is seeking to force a retired Latham & Watkins LLP partner to hand over his discussions with a pair of SEC whistleblowers, arguing that the attorney's work for the tipsters isn't privileged.
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August 15, 2024
Del. Chancery OKs $175M Judgment Against Insys Founder
The convicted founder of drugmaker Insys has told Delaware's Chancery Court he agreed to accept a $175 million judgment as part of a settlement with the company's liquidation trust over his role in an opioid kickback scheme that drove the firm into bankruptcy.
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August 15, 2024
Fake Prescription Caper Yields $10.2M Fine For Bankrupt Co.
A Manhattan federal judge hit a defunct unit of bankrupt biotechnology concern DMK Pharmaceuticals Corp. with a $10.2 million fine Thursday, after the subsidiary admitted to criminally faking horse-drug prescriptions in a scheme that generated $4.2 million.
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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 15, 2024
Pa. Atty And Wife Apologize To Lawyer For Theft Allegations
A Pennsylvania attorney and his wife have apologized for accusing another attorney of stealing money from a business venture, saying in a court settlement record that they have no evidence that the lawyer committed the theft and that they retract their earlier statements.
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August 15, 2024
UAE Defense Manufacturer Paramount Group Hits Ch. 11
Abu Dhabi-based defense company Paramount Group Ltd., which manufactures military aircraft, armored vehicles, maritime systems and equipment, filed for Chapter 11 protection Thursday in the Delaware bankruptcy court, listing liabilities between $100 million to $500 million.
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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
AmeriFirst Creditors Cleared To Pursue $10M Clawback Suit
AmeriFirst's unsecured creditors can seek repayment of $10.3 million they alleged were fraudulently transferred, a Delaware bankruptcy judge ruled Wednesday, saying there are open questions about a secured lender's influence over the defunct mortgage services provider leading up to its Chapter 11 bankruptcy.
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August 14, 2024
Schools Chatbot Co. Seeks Liquidation Amid Data Concerns
AllHere Education Inc., the Boston-based Harvard Innovation Labs venture that sold AI-powered chatbots to schools, filed for Chapter 7 liquidation in Delaware on Tuesday amid concerns about the privacy of students' data.
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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
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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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
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
Gene Tech Co. Execs Pilfered Biz Amid Collapse, Suit Says
The senior lender to Sequencing Health Inc. has sued former officers and directors of the now-defunct genomic science company, alleging they squandered the company's assets, awarded themselves big bonuses and shut down the business, costing Oxford tens of millions of dollars in losses.
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August 13, 2024
4th Circ. Won't Tie Debtor To Default Bankruptcy Plan
The Fourth Circuit said Tuesday that Chapter 13 debtors aren't bound to default provisions in the form used in their local jurisdiction when creating a plan to exit bankruptcy, finding the debtor should be the "principal architect" of their own plan and the bankruptcy court's ability to reject that plan is limited.
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August 13, 2024
Riders Renew Bid To Sue Segway Over Pa. Scooter Injuries
Two riders who were injured and the estate of a rider who was killed while using the now-defunct Spin electric scooter service in Pittsburgh have renewed their request to split their lawsuit against the city and Spin's bankrupt parent company so they can move ahead with claims against scooter maker Segway and the service's nonprofit partners.
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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
Spector Gadon's $200K Fee Pursuit Against Client Paused
Philadelphia-based Spector Gadon Rosen Vinci PC has to pause its pursuit of more than $200,000 in fees from a client it represented in Chapter 7 bankruptcy proceedings, while the debtor appeals a ruling that the firm has a right to a jury trial on the matter.
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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
Green Generator Startup Moxion Files Ch. 7 After Layoffs
Amazon-backed electric generator startup Moxion Power Co. filed for Chapter 7 liquidation in Delaware with between $100 million and $500 million of total estimated liabilities, not long after the San Francisco Bay Area company announced scores of layoffs.
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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.
Expert Analysis
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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2 Options For Sackler Family After High Court Purdue Ruling
After the U.S. Supreme Court recently blocked Purdue Pharma's plan to shield the family that owns the company from bankruptcy lawsuits, the Sacklers face the choice to either continue litigation, or return to the bargaining table for a settlement that doesn't eliminate creditor claims, says Gregory Germain at Syracuse University.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Revisiting Scalia's 'What's It To You?' After Kaiser Ruling
While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage
The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.