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Bankruptcy
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June 24, 2024
Justices Send 3 US Trustee Fee Cases Back To Lower Courts
The U.S. Supreme Court on Monday vacated three appellate court decisions ordering refunds to debtors who had overpaid U.S. Trustee's Office fees under a previous fee structure and remanded the cases for further adjudication after resolving the issue earlier this month.
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June 24, 2024
Justices To Review If Ch. 7 Trustee Can Recover Tax Payments
The U.S. Supreme Court said Monday it would review a Tenth Circuit decision that found that the Chapter 7 bankruptcy trustee of a defunct Utah company could recover $145,000 in tax payments from the IRS.
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June 21, 2024
Real Estate Recap: Distressed Deals, Housing Hurdles, Infill
Catch up on this week's key state developments from Law360 Real Estate Authority — including tips for guiding distressed office deals, the latest intel from Harvard University's Joint Center for Housing Studies, and how one U.S. city has been a magnet for federal funding of brownfield projects.
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June 21, 2024
Crypto Vet With FTX Ties Launches Fintech Policy Think Tank
Former congressional hopeful and cryptocurrency veteran Michelle Bond announced her formation of fintech policy think tank Digital Future, making a return to financial services policy after the recent sentencing of her partner, former FTX executive Ryan Salame, and FTX-linked donations to her 2022 campaign.
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June 21, 2024
Conn. Steel Co. Files Ch. 11 After Contractor Dispute
A $2.29 million judgment and the sunsetting of the $7.5 million limit for a bankruptcy provision aimed at small businesses prompted a Connecticut steel company to hit Chapter 11 this week, an attorney for the debtor said at a hearing Friday.
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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.
Expert Analysis
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Series
Baking Bread Makes Me A Better Lawyer
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.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
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.
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Bill Could Pave Path To 'Safer' Banking For Cannabis Industry
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.
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7 E-Discovery Predictions For 2024 And Beyond
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.
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5 Litigation Funding Trends To Note In 2024
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.
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Key Issues When Navigating A Tenant's Bankruptcy
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.
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Fed. Circ. Ruling Seemingly Offers PTAB Deadline Immunity
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.
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Securing Financial Transparency In Chapter 11 Reporting
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.
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4 Legal Ethics Considerations For The New Year
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.
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Securities Question Stands After Contradicting Crypto Rulings
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.
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What The Law Firm Of The Future Will Look Like
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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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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3 Pointers From Tilton Case To Help Win Advancement Suits
The Delaware Superior Court’s refusal to let Lynn Tilton sue her advancers for legal fees, ruling she had not yet attempted to negotiate in good faith, suggests that policyholders may fare better if they attempt proactive strategies to narrow disputes over advancement agreements before taking their insurers to court, says Evan Bolla at Harris St. Laurent.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.