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Bankruptcy
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June 21, 2024
Union Tells 1st Circ. It's Fit To Bring Debt Cap Challenge
A U.S. government workers' union challenging the constitutionality of the debt ceiling urged the First Circuit to ignore the Biden administration's argument that union members couldn't explain how it harms them, saying it's reasonable to expect their paychecks will be suspended when it is reimposed.
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June 21, 2024
Alex Jones Can't Appeal Bankruptcy Order On Debt To Victims
A Texas federal judge has rejected Alex Jones' bid to appeal a bankruptcy court order that said he couldn't use his Chapter 11 case to avoid paying damages to the families of Sandy Hook victims, ruling that the legal substance of the right-wing radio host's proposed challenge had already been considered by the Fifth Circuit.
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June 21, 2024
Girardi Wants To Block Evidence Of Ex-Clients' Injuries At Trial
At the upcoming fraud trial of disgraced attorney Tom Girardi, his defense attorneys want to exclude any mention of the horrific injuries suffered by the clients he allegedly stole from, while prosecutors want to introduce evidence that he allegedly spent $25 million to fund the lavish lifestyle of his celebrity ex-wife.
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June 21, 2024
Paul Hastings Bankruptcy Ace Joins Greenberg Traurig
Greenberg Traurig LLP added a Houston-based veteran bankruptcy attorney from Paul Hastings as a new shareholder.
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June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
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June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
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June 20, 2024
Robertshaw Broke Invesco Loan, But Deal Lives, Judge Says
A Texas bankruptcy judge ruled Thursday that transactions executed in December by Robertshaw breached its existing loan from an Invesco subsidiary, but otherwise sided with the appliance parts maker on the remainder of its hard-fought litigation that spotlights so-called lender-on-lender violence in private credit agreements.
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June 20, 2024
Chancery Preserves Most Of Hertz Shareholder Buyback Suit
Several Hertz directors who authorized $4 billion in stock buybacks in 2022 that vaulted a private equity-based shareholder into a controlling position will have to face claims in Delaware's Court of Chancery that they breached their fiduciary duties to the company.
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June 20, 2024
Spinal Implant Maker Can Liquidate Under Ch. 11 Plan
A Delaware bankruptcy judge agreed Thursday to approve the Chapter 11 liquidation and wind-down plan of biotechnology developer InVivo, which reported it landed a buyer for its spinal cord implant technology following an unsuccessful bankruptcy auction.
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June 20, 2024
Ex-ITT Students Net $12M Win In Predatory Lending Scheme
A California federal judge has ordered loan servicer Vervent Inc. to pay $12 million to ex-students of bankrupt for-profit college ITT Education Services Inc. for Vervent's role in an alleged predatory lending scheme for ITT's benefit, finding it was appropriate to triple a $4 million jury award.
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June 20, 2024
Boies Schiller Tapped To Represent Ex-Judge In Romance Suit
A former Texas bankruptcy judge has brought on Boies Schiller Flexner LLP attorneys to defend him against a racketeering lawsuit from a barge business over his undisclosed romantic relationship with a then-Jackson Walker LLP attorney involved in the company's bankruptcy case.
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June 18, 2024
Sandy Hook Families Urge Judge To Reject Alex Jones Appeal
The parents of children murdered in the Sandy Hook Elementary School shooting told a Houston federal judge on Tuesday the fact they were citing the same precedents as conspiracy theorist Alex Jones is evidence the judge should reject the radio host's bid to challenge a court order preventing him from using his bankruptcy proceedings to avoid paying damages to them.
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June 18, 2024
Rival Pool Supply Co. Looks To Duck Blueworks Ch. 11 Stay
Pool supply company Hayward Industries Inc. has asked a bankruptcy court for a reprieve from the automatic stay protecting its bankrupt rival Blueworks Corp. as it seeks to secure final orders upholding a $16 million false advertising and unfair business practices judgment.
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June 18, 2024
J&J Fights Law Firm's Bid To Nix Subpoenas In Talc Brawl
Information about the Beasley Allen Law Firm's litigation funding and settlement communications is relevant and necessary to resolving long-running multidistrict litigation over Johnson & Johnson's talcum powder products and so should be turned over, the pharmaceutical giant has told a New Jersey federal court.
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June 18, 2024
San Diego Diocese ReEnters Ch. 11 Over Sex Abuse Claims
The Roman Catholic Diocese of San Diego has reentered Chapter 11 in a California bankruptcy court, saying it is facing more than $100 million in liabilities from more than 450 new sexual abuse claims filed in recent years.
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June 18, 2024
Cancer Test Company DermTech Hits Ch. 11, Seeking Sale
California-based dermatologic test maker DermTech Inc. hit Chapter 11 Tuesday in Delaware and said it would be laying off about 20% of its workforce as it seeks to sell its assets.
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June 18, 2024
Electric Vehicle Startup Fisker Hits Ch. 11 With Sale Plans
Electric vehicle company Fisker Group Inc. has petitioned for Chapter 11 protection in Delaware bankruptcy court with more than $100 million of debt, months after the collapse of a potential partnership with a major automaker imperiled the startup's attempts to raise new financing.
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June 17, 2024
Creditors Say Giuliani Is 'Shrewd' And Needs Ch. 11 Trustee
Rudy Giuliani's creditors made their argument to a New York judge on Monday about why they felt he should be stripped of control of his bankruptcy case, disparaging his motives, missing financial information and ability to stick to a budget.
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June 17, 2024
SEC Alleges Texas Man Offered Virgin Sham $200M 'Lifeline'
Securities regulators sued a venture capitalist and his investment firm in Texas federal court Monday, accusing the firm of making a bogus offer to invest $200 million into Virgin Orbit last year despite having less than $1 in its bank account and causing stock prices to swell before plummeting when the deal collapsed.
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June 17, 2024
Dutch Insurer Says Record Clear To Affirm $160M Arbitration
A Dutch insurer is pushing a North Carolina federal judge to confirm a €150 million (roughly $160 million) arbitration award against insurance mogul Greg Lindberg and his companies, citing a recent order in which the court acknowledged the award as binding.
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June 17, 2024
Ex-Stimwave CEO Gets 6 Years For Dummy Implant Scheme
The founder and former CEO of Stimwave Technologies was sentenced to six years in prison Monday after tearfully proclaiming her innocence to healthcare fraud charges, with a Manhattan federal judge saying it's "sad" the defendant doesn't recognize the harm she inflicted by selling nonfunctional pain management device components.
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
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June 17, 2024
FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab
FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.
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June 17, 2024
Hertz Warrant Holder Sues In Chancery For Contract Breach
Two investment affiliates of Discovery Capital Management LP have sued Hertz Global Holdings Inc. in Delaware's Court of Chancery, alleging willful failure to redeem warrants issued in 2021 as part of the company's Chapter 11 and demanding at least $187 million plus interest.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
Expert Analysis
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Calif. Ruling May Open Bankruptcy Trustees To Tort Liability
In Martin v. Gladstone, a recent California appellate court decision, the application of tort concepts to bankruptcy trustees could pose a new concern for trustees and federal receivers when controlling and maintaining commercial property, says Jarrett Osborne-Revis at Buchalter.
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Co. Directors Must Beware Dangers Of Reverse Factoring
New accounting requirements governing the disclosure of so-called reverse-factoring programs have revealed billions of dollars worth of hidden liabilities on companies’ ledgers, and directors of corporate boards should review their companies’ books for this hidden danger, say Garland Kelley at Looper Goodwine, Amin Al-Sarraf at Locke Lord and Jill Basinger at Discovery Land.
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Attorneys, Law Schools Must Adapt To New Era Of Evidence
Technological advancements mean more direct evidence is being created than ever before, and attorneys as well as law schools must modify their methods to account for new challenges in how this evidence is collected and used to try cases, says Reuben Guttman at Guttman Buschner.
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Why 7th Circ. Libel Ruling Is Crucial For The Media
As more defamation plaintiffs attorneys argue that allowing a published statement to remain online after additional evidence of falsity emerges equates to actual malice, the Seventh Circuit's recent National Police Association v. Gannett opinion should be lauded by the media and online publishers as a favorable decision, say attorneys at Vedder Price.
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Tips For Litigating Against Pro Se Parties In Complex Disputes
Litigating against self-represented parties in complex cases can pose unique challenges for attorneys, but for the most part, it requires the same skills that are useful in other cases — from documenting everything to understanding one’s ethical duties, says Bryan Ketroser at Alto Litigation.
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3 Cases Show Tensions Between Arbitration And Insolvency
The intersection of international arbitration and insolvency may influence the formulation of litigation strategy on a global scale, and several recent cases illustrate the need for counsel to understand how courts are varying in their approaches, say attorneys at Skadden.
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Opinion
Air Ambulance Ch. 11s Show Dispute Program Must Resume
Air Methods’ recent bankruptcy filing highlights the urgent need to reopen the No Surprises Act’s independent dispute resolution program for air ambulances, whose shutdown benefits insurance companies and hurts providers, says Adam Schramek at Norton Rose.
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Pro Bono Work Is Powerful Self-Help For Attorneys
Oct. 22-28 is Pro Bono Week, serving as a useful reminder that offering free legal help to the public can help attorneys expand their legal toolbox, forge community relationships and create human connections, despite the challenges of this kind of work, says Orlando Lopez at Culhane Meadows.
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Why Delaware ABCs Are No Longer As Easy As 1-2-3
In light of the Court of Chancery's recent focus on additional disclosures, the assignment for the benefit of creditors process in Delaware may no longer be as efficient as it once was, and companies should be prepared to provide significantly more information leading up to an ABC, say attorneys at Goodwin.
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Diamond Sports Cases Shed Light On Executory Contracts
Recent Texas bankruptcy cases involving telecast fees payable by Diamond Sports to certain Major League Baseball teams provide a window into the dynamic relationship that can develop between debtors and counterparties under some executory contracts, say Joseph Badtke-Berkow and Robin Spigel at Allen & Overy.
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Series
Playing In A Rock Cover Band Makes Me A Better Lawyer
Performing in a classic rock cover band has driven me to hone several skills — including focus, organization and networking — that have benefited my professional development, demonstrating that taking time to follow your muse outside of work can be a boon to your career, says Michael Gambro at Cadwalader.
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Series
The Pop Culture Docket: Judge Espinosa On 'Lincoln Lawyer'
The murder trials in Netflix’s “The Lincoln Lawyer” illustrate the stark contrast between the ethical high ground that fosters and maintains the criminal justice system's integrity, and the ethical abyss that can undermine it, with an important reminder for all legal practitioners, say Judge Adam Espinosa and Andrew Howard at the Colorado 2nd Judicial District Court.
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Balancing Justice And Accountability In Opioid Bankruptcies
As Rite Aid joins other pharmaceutical companies in pursuing bankruptcy following the onslaught of state and federal litigation related to the opioid epidemic, courts and the country will have to reconcile the ideals of economic justice and accountability against the U.S. Constitution’s promise of a fresh start through bankruptcy, says Monique Hayes at DGIM Law.
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Proactive Measures While NY Foreclosure Law Is In Limbo
While questions about the scope and constitutionality of New York's Foreclosure Abuse Prevention Act might not be resolved by courts for years, lenders, borrowers and other interested parties can take action to protect their rights and potentially expedite appellate review, say Allison Schoenthal and Andrew Kim at Goodwin.
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Unearthing The Lesser-Known 'Buried Facts' Doctrine
A New York federal judge’s recent suggestion that the “buried facts” doctrine may be applicable in the fraud trial of FTX cofounder Sam Bankman-Fried should serve as a reminder to attorneys in all kinds of cases involving corporate disclosures that this lesser-known rule could torpedo their defense, say Corban Rhodes and Li Yu at DiCello Levitt.