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Bankruptcy
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May 31, 2024
NY Appeals Court Backs Trimming Of 50 Cent Liquor Spat
A New York appeals court has said a lower court rightly dismissed some components of a suit brought by a fine liquors company owned by rapper 50 Cent, allowing Jim Beam and its parent company to escape the rapper's claims they aided a fraud and rejecting his request for punitive damages and attorney fees.
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May 31, 2024
Lindell No-Shows Amid Solvency Concerns In Sanctions Fight
Attorneys for My Pillow CEO Mike Lindell were nowhere to be found Friday as a D.C. federal judge mulled how much they should pay in sanctions for counterclaims in election company Dominion's ongoing libel suit, saying he'd likely set an amount in the coming weeks.
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May 31, 2024
Beasley Allen Wants J&J Subpoenas Nixed Amid Ethics Fight
The Beasley Allen Law Firm and a plaintiff steering committee in the Johnson & Johnson talc litigation blasted subpoenas directed at the firm and others aimed at turning up evidence of an alleged scheme to muster opposition to J&J's latest $6.5 billion bankruptcy plan.
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May 31, 2024
Fight Between Trustee, Law Firm May Mean Less For Creditors
In the bankruptcy of collapsed California debt relief law firm Litigation Practice Group, a new law firm confirmed this week that it's not making payments to the bankruptcy estate, a situation that may limit a bankruptcy trustee's ability to make payments to creditors across the country.
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May 31, 2024
Disbarring Giuliani Would 'Protect The Public,' DC Panel Says
A Washington, D.C., attorney ethics panel agreed Friday that Rudy Giuliani's role in former President Donald Trump's attempt to overturn Pennsylvania's presidential election in 2020 amounted to misconduct "of the utmost seriousness," and that disbarring him would "protect the public, the courts, and the integrity of the legal profession."
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May 31, 2024
CFPB Sues PHEAA For Discharged Student Loan Collections
For the second time in a month, the Consumer Financial Protection Bureau has filed an enforcement action against the Pennsylvania Higher Education Assistance Agency, a major student loan servicer, this time suing it in Pennsylvania federal court for allegedly pursuing unlawful collections on loans discharged in bankruptcy.
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May 31, 2024
In Rarity, 1 Party's Judges Gain 100% Control Of Circuit Bench
At the First Circuit, the judges' robes are all black, but the judges are all blue. It's a new and unusual instance of one political party's judicial picks controlling each active seat on a federal appeals court, and the Democratic dominance could prove magnetic for ideologically charged litigation.
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May 30, 2024
Ex-FTX Auditor Must Face SEC's Independence Rules Suit
The former auditor of Sam Bankman-Fried's defunct cryptocurrency exchange FTX must face the U.S. Securities and Exchange Commission's claims it violated auditor independence rules while collecting $3 million in fees from clients, a Florida federal judge has ruled, finding the agency's allegations establish severe recklessness.
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May 30, 2024
Rite Aid Ch. 11 Timeline Extended To Allow More Plan Review
A New Jersey judge on Thursday lengthened the timeline for Rite Aid to seek an exit from its Chapter 11 bankruptcy, pushing the confirmation hearing date out by seven days after insurers and others said the company's schedule would not provide enough time to review its restructuring plan.
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May 30, 2024
Grocery Automation Biz Files Ch. 11 With $13M In Debt
E-grocery automation system maker Takeoff Technologies filed for Chapter 11 protection Thursday in Delaware bankruptcy court with nearly $13 million in debt, saying that, after eight years in business, it had been unable to generate the cash flow it needed to turn a profit.
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May 30, 2024
Terraform, SEC Reach 'Settlement In Principle' In Crypto Case
Crypto firm Terraform Labs and its creator Do Kwon appear to have reached an agreement with the U.S. Securities and Exchange Commission to settle remedies after the firm and its founder were held liable for fraud by a Manhattan jury.
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May 30, 2024
Troutman Pepper Fights Kwok Trustee's $2M Clawback Claim
Troutman Pepper Hamilton Sanders LLP has defended its legal work for three entities connected to Ho Wan Kwok, saying the Chinese exile and alleged criminal fraudster's Chapter 11 trustee cannot avoid $2 million in payments to the firm because it earned its fees in good faith.
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May 30, 2024
WeWork Gets OK For $4B Chapter 11 Plan
A New Jersey bankruptcy judge on Thursday approved office space provider WeWork's plan to wipe out $4 billion in debt and end its Chapter 11 case after hearing there were no remaining creditor objections.
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May 29, 2024
Bankrupt EV Charger Co. Execs Hid Liquidity Woes, Suit Says
Three current and former executives of bankrupt electric-vehicle charging infrastructure company Charge Enterprises Inc. face an investor's proposed class action claiming the executives concealed a liquidity crisis involving the company's founder and his investment advisory firm that allegedly precipitated Charge's bankruptcy.
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May 29, 2024
Celadon Execs Seek Toss Of TA Dispatch Chancery Suit
Former executives of now-defunct Celadon Group Inc. who sold its business assets a few months before the transport and logistics company went bankrupt told Delaware's Court of Chancery on Wednesday that a lawsuit from the disgruntled Alabama buyer should be dismissed because it lacks specifics and rehashes already-settled claims.
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May 29, 2024
Honeywell Ends Suit Over $8.75M Bond For Army Base Work
A Pennsylvania federal court has approved a request from Honeywell International Inc. to drop its lawsuit over an $8.75 million performance bond whose issuer allegedly balked at paying to replace a bankrupt subcontractor for a long-delayed job at the Tobyhanna Army Depot.
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May 29, 2024
Bankrupt BlockFi Agrees To $150k Penalty In Conn. Bond Row
Bankrupt cryptocurrency lender BlockFi has reached a deal with Connecticut's banking regulator to pay a $150,000 civil penalty over claims the company failed to maintain a required surety bond, and a decision in November 2020 to halt account withdrawals from the platform.
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May 29, 2024
Non-Atty Advice To Debtors Is Unprotected, 2nd Circ. Told
New York urged the Second Circuit on Wednesday to find that stopping a nonprofit focused on bankruptcy education and the South Bronx pastor it's working with from advising low-income debtors represents a content-neutral regulation on who can practice law that does not violate the First Amendment.
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May 29, 2024
Weinstein Could Face Added Assault Charges In Retrial
New York prosecutors planning to retry Harvey Weinstein this fall after his rape conviction was overturned said Wednesday they may file an expanded indictment after hearing from new sexual assault claimants.
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May 29, 2024
Gemini Returns $2.2B Of Crypto From Genesis Ch. 11
Crypto Exchange Gemini and bankrupt former crypto lender Genesis Global Holdco LLC returned $2.18 billion worth of digital assets Wednesday to 232,000 users of an interest-accruing lending program, Gemini Earn, that have been locked up since Genesis had filed for Chapter 11 protection in early 2023.
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May 28, 2024
$10M Policy Excludes Tobacco Group's Suit, Court Told
An insurer told a North Carolina federal court Tuesday that it doesn't owe coverage to a tobacco growers' cooperative saddled with paying out a $100 million settlement for farmers, arguing that its $10 million policy excludes contract claims.
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May 28, 2024
Hawaii Warns Telecom Co.'s Loan Woes Will Affect Consumers
The Department of Hawaiian Home Lands is warning customers who live in the home lands and use Sandwich Isles Communications for phone and internet service that they need to switch companies immediately or risk losing service, but Sandwich Isles is blaming the state agency for the issue.
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May 28, 2024
OCC's Hsu Says More Banks May Need Crisis Playbook Rules
The Office of the Comptroller of the Currency's acting chief Michael Hsu called for potentially subjecting more banks to recovery planning standards that currently kick in at the $250 billion asset size threshold, floating it as another possible regulatory response to last year's regional bank failures.
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May 28, 2024
Ex-NRA CFO Settles NY AG Suit Before Phase-Two Trial
The National Rifle Association's former chief financial officer has reached a settlement with the New York attorney general's office ahead of the second phase of a trial over claims the group and its executives misused donor money, among other alleged misconduct.
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May 28, 2024
Snubbed ConvergeOne Creditors Appeal Ch. 11 Plan
A group of ConvergeOne lenders that claim the information technology company's reorganization plan unfairly advantages rival creditors has appealed a Texas bankruptcy judge's recent ruling approving the Chapter 11 deal, asking a district court to stay the decision while it challenges what it called an "exclusive" rights offering underlying the plan.
Expert Analysis
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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.
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What 2023 Bankruptcy Statistics May Mean For 2024
Bankruptcy data from 2023 shows that we are in an unprecedented time in our economic history because of unique, unpredictable and distressed conditions, and bankruptcy professionals should be prepared for the continued rise in Chapter 11 filings in 2024, says Deirdre O'Connor at Epiq.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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What WeWork's Ch. 11 Filing Means For Landlords
WeWork’s recent Chapter 11 filing in New Jersey has the potential to be one of the most consequential cases in the real estate industry in many years, and presents a number of issues for landlords, including unexpired leases, assumption, assignment and more, say attorneys at Mayer Brown.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.