Bankruptcy

  • September 19, 2024

    Senate Panel Holds Steward CEO In Contempt After No-Show

    A U.S. Senate committee voted unanimously Thursday to hold Steward Health Care CEO Ralph de la Torre in civil and criminal contempt after he defied a subpoena to testify about the bankrupt health system's downfall.

  • September 19, 2024

    Insurance Mogul Takes $166M Arbitration Loss To 4th Circ.

    Convicted insurance mogul Greg Lindberg is looking to overturn a $166 million arbitral award favoring defunct Dutch life insurer Conservatrix after a North Carolina federal judge found the proceedings were conducted fairly.

  • September 19, 2024

    Calif. Says FDIC's $20M Tax Refund Bid Must Wait

    A California tax collection agency asked a New York federal court to throw out Federal Deposit Insurance Corp. claims seeking a more than $20 million tax refund on behalf of the shuttered Signature Bank, saying the agency is entitled to wait for a potential IRS audit to end. 

  • September 19, 2024

    Puerto Rico, Navient Ink $7.7M Student Loan Forgiveness Deal

    Navient Corp. has reached an agreement with Puerto Rico's attorney general to forgive at least $7.7 million in private student loans after being accused of past predatory lending to student borrowers and pervasive loan servicing failures.

  • September 19, 2024

    Tupperware Gears Up For Lender Fight Over Ch. 11 Plans

    Iconic food storage brand Tupperware received a Delaware bankruptcy judge's approval Thursday to keep its bank account systems operating as it prepares to fight off objections to most of its first-day motions next week from a group of secured lenders looking to dismiss its Chapter 11 bankruptcy and foreclose on its assets.

  • September 19, 2024

    Terraform Gets OK For Ch. 11 Liquidation Plan

    A Delaware bankruptcy judge on Thursday confirmed the Chapter 11 liquidation plan from cryptocurrency firm Terraform Labs after overruling objections from several individual cryptocurrency investors.

  • September 19, 2024

    Quinn Emanuel Challenges Oro Negro Execs' Discovery Bid

    Quinn Emanuel Urquhart & Sullivan LLP is pushing back against a bid for firm documents from its former client, Oro Negro Drilling Pte. Ltd., saying the company that provides oil services in Mexico and its subsidiaries are "weaponizing" the firm's party status to gain a tactical advantage in related legal battles.

  • September 19, 2024

    Cozen O'Connor Recruits Goulston & Storrs Bankruptcy Pro

    Philadelphia-headquartered Cozen O'Connor has hired a corporate restructuring professional from Goulston & Storrs PC for its bankruptcy, insolvency and restructuring practice as a member in the firm's growing New York City office.

  • September 18, 2024

    FTX Auditor Prager Metis Settles SEC Charges For Negligence

    The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX agreed Tuesday to pay $1.95 million to resolve allegations by the U.S. Securities and Exchange Commission of misconduct in FTX audits and, in a separate case, violations of auditor independence rules.

  • September 18, 2024

    Feds Delay Report Into Surfside Condo Collapse Until 2026

    Federal investigators said a draft report into the June 24, 2021, collapse of the Champlain Towers in Surfside, Florida, that killed nearly 100 people won't be ready until 2026, instead of next year, after a series of holdups.

  • September 18, 2024

    Pa. AG Sues Robot Co. Over $2M In Unfilled Orders, Refunds

    A Pittsburgh robotics company took orders for more than $4 million worth of robot toys but failed to deliver many of them — and in the case of a toy based on the TV show "Rick and Morty," didn't secure the intellectual property rights — according to a consumer protection lawsuit announced by the Pennsylvania Attorney General's Office on Wednesday.

  • September 18, 2024

    Parent Of UK's TGI Fridays Falls Into Administration

    The British restaurant group that operates TGI Fridays' UK stores has collapsed into administration on Wednesday, along with its plans to sell its 87 restaurants in the UK, the company said after it nixed a deal to acquire U.S. stores earlier this month.

  • September 18, 2024

    Silvergate Bank Parent Co. Files Ch. 11, Plans Liquidation

    The parent company of shuttered cryptocurrency-focused bank Silvergate filed for Chapter 11 protection in Delaware on Tuesday with plans to wind down and liquidate its remaining assets.

  • September 18, 2024

    Tupperware Hits Ch. 11 In Del. With Plans For Quick Sale

    The iconic food storage company Tupperware Brands Corp. filed for Chapter 11 bankruptcy protection in Delaware with more than $1 billion in liabilities and plans for a quick sale, after months of concern about whether its famous direct sales model had finally hit a wall.

  • September 17, 2024

    Hawkers Asian Restaurant Chain Files For Ch. 11 In Fla.

    Florida-based pan-Asian restaurant chain Hawkers Asian Street Food and Craft Cocktails became the latest casual dining enterprise to file for Chapter 11 protection Tuesday, as the industry continues to deal with a tricky combination of rising costs and tightening consumer pocketbooks.

  • September 17, 2024

    Wheel Pros Floats $30M Ch. 11 Sale Of Its 4WP Unit

    Bankrupt automotive wheel company Wheel Pros LLC asked a Delaware bankruptcy court to bless a private $30 million sale of its recently acquired 4WP retail unit to a subsidiary of Australia's ARB Corp., a move that would bypass the usual Chapter 11 auction.

  • September 17, 2024

    Sheppard Mullin Scores Depp Trial Pro From Brown Rudnick

    The co-lead counsel for Johnny Depp in his defamation trial against Amber Heard has moved from Brown Rudnick LLP to Sheppard Mullin Richter & Hampton LLP, which just last month announced it had landed five other attorneys from Brown Rudnick who worked on the Depp case.

  • September 17, 2024

    Delaware Powerhouse: Pachulski Stang

    The bankruptcy expertise at Pachulski Stang Ziehl & Jones has made it one of Delaware's go-to firms for many types of parties and local counsel — with the Sientra Inc., Vice Media Group and Yellow Corp. bankruptcies serving as recent examples.

  • September 16, 2024

    Ex-MoviePass CEO Admits $9.95 Plan Too Good To Be True

    Former MoviePass CEO J. Mitchell Lowe pleaded guilty in Florida federal court on Monday to conspiracy to commit securities fraud, admitting that he and another executive hyped the illusion that their $9.95-a-month unlimited movie watching plan would be profitable while knowing it was merely a gimmick to defraud investors.

  • September 16, 2024

    Red Lobster Exits Bankruptcy Protection

    Casual dining seafood chain Red Lobster exited from Chapter 11 on Monday under private equity ownership and with a new CEO, five months after filing for bankruptcy to pursue a sale.

  • September 16, 2024

    Swedish Amazon Aggregator Files Ch. 15 To Halt Arbitration

    Swedish Amazon aggregator Go North Group AB, a business that consolidates small sellers into one platform, filed for Chapter 15 recognition in a New York bankruptcy court Monday, aiming to halt arbitration over a post-merger earnout dispute until it completes a roughly $75 million reorganization in its home country.

  • September 16, 2024

    Silver Point Wraps $4.6B Opportunistic Credit Fund

    Silver Point Capital beat its target to lock down $4.6 billion for its latest opportunistic credit fund, the Connecticut-based credit investing firm announced Monday.

  • September 16, 2024

    J&J Cheers Toss Of 'Indefensible' $260M Talc Verdict

    An Oregon state judge rejected a jury's $260 million verdict for a woman who blamed Johnson & Johnson's talcum powder for her cancer diagnosis, a company spokesperson said Monday.

  • September 16, 2024

    Gibson Dunn Taps Akin Gump Atty For Private Credit Growth

    A former Akin Gump partner has joined Gibson Dunn to lead the firm's private credit efforts, the firm said Monday, marking its latest addition to its New York office.

  • September 16, 2024

    Delaware Powerhouse: Richards Layton

    Over the past year, Richards Layton & Finger PA has helped Gilead Sciences Inc. fight a potentially billion-dollar claim in which the federal government alleged the biopharmaceutical company infringed patents covering HIV drugs — one of a winning run of cases that earned the firm a spot on Law360's list of Delaware Powerhouses for 2024.

Expert Analysis

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • How Lease Obligations Can Affect Subchapter V Debt Cap

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    Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Bill Could Pave Path To 'Safer' Banking For Cannabis Industry

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    The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Key Issues When Navigating A Tenant's Bankruptcy

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    In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.

  • Fed. Circ. Ruling Seemingly Offers PTAB Deadline Immunity

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    The Federal Circuit's recent Purdue Pharma v. Collegium Pharmaceutical Inc. decision that the Patent Trial and Appeal Board had authority to issue a final written decision in a post grant review after the prescribed statutory deadline underscores how courts should consider the overall objective of the statutory scheme when balancing the classic conflict between bright-line rules and flexible standards, says Matthew Dowd at Dowd Sheffel.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

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