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Bankruptcy
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July 05, 2024
Court To Weigh Scope Of Ex-Judge's Atty Romance Testimony
A Texas bankruptcy judge said he must determine the scope of a deposition over a former judge's concealed romantic relationship with an ex-Jackson Walker LLP attorney, reversing course on a stipulation and ruling he has "exclusive authority" to "authorize and set limits regarding the nature of the testimony."
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
Voyager Investors' $6.5M Deal Over Crypto Marketing OK'd
A New York federal judge has granted preliminary approval to a $6.5 million cash settlement between the top brass of the now-bankrupt cryptocurrency firm Voyager Digital Holdings and a class of its users who claimed they "aggressively marketed" unregistered securities.
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July 05, 2024
Top Federal Tax Cases To Watch In The 2nd Half Of 2024
In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.
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July 03, 2024
McKinsey Can Exit Rival's Bankruptcy Conflicts RICO Suit
A Manhattan federal judge Wednesday tossed a lawsuit brought by the founder of turnaround consultant AlixPartners accusing rival McKinsey & Co. of intentionally failing to disclose disqualifying conflicts of interest in big bankruptcy cases, saying the founder doesn't have standing to sue under the Racketeer Influenced and Corrupt Organizations Act.
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July 03, 2024
Petersen Health Lands $136M In Winning Asset Bids
Petersen Health Care told a Delaware bankruptcy court Wednesday it selected four successful bids, totaling roughly $135.8 million, for the company's skilled nursing facilities, including an offer worth $116.2 million from a stalking-horse bidder.
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July 03, 2024
Guo Witnesses Point To Chinese Harassment Of Dissidents
Defense witnesses in the $1 billion fraud trial of Miles Guo told a Manhattan federal jury Wednesday that the Chinese dissident is a prime target of "Operation Fox Hunt," an alleged program within China's government that aims to silence and repatriate critics of the regime.
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July 03, 2024
High Court Rulings Thwart Judge Romance Suit, Firm Says
Jackson Walker LLP urged a Texas federal court Wednesday to consider its argument that two recent U.S. Supreme Court rulings on standing prevent a former shareholder in an engineering company from pursuing a racketeering lawsuit over a bankruptcy judge's concealed romantic relationship with an ex-firm attorney.
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July 03, 2024
Giuliani Creditors Say Conversion Motion 'Just Games'
A New York bankruptcy judge will hear arguments next week over whether to convert Rudy Giuliani's Chapter 11 to a liquidation, a move his creditors denounced as gamesmanship with the bankruptcy system.
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July 03, 2024
Berkeley Research Group Hires Aprio Partner
Berkeley Research Group, the expert services and consulting firm, has hired a new director in its government contracts practice who recently joined the firm in Washington, D.C., according to a recent announcement.
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July 02, 2024
Sens. Urge Synapse Partners To Free Up Customer Funds
A group of Democratic senators led by banking committee chair Sherrod Brown, D-Ohio, called on the owners and banking partners of bankrupt fintech intermediary Synapse Financial Technologies to restore customers' access to their deposits.
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July 02, 2024
Prosecutors Rest In Chinese Exile's $1B Fraud Trial
Manhattan federal prosecutors on Tuesday concluded their case-in-chief in the $1 billion fraud trial of Chinese dissident Miles Guo, and the defense team began putting on its own witnesses to rebut the charges that the businessman convinced his followers to invest in sham companies.
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July 02, 2024
Beasley Allen Slams J&J's DQ Bid 'Check-Up' In Talc Tort
The Beasley Allen Law Firm and Johnson & Johnson continue to spar over the firm and attorney Andy Birchfield's role in long-running federal and state mass torts over talcum powder injuries, with the firm calling out J&J on Tuesday for "prodding" the New Jersey courts to boot the lawyers from the litigation.
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July 02, 2024
Ex-Bankruptcy Judge Will Be Deposed Over Atty Romance
The former Texas bankruptcy judge whose secret relationship with a Jackson Walker LLP attorney ignited a major judicial ethics scandal has agreed to sit for a seven-hour deposition to answer questions about the episode.
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July 02, 2024
Chancery Cuts Sears Shareholders' $18.3M Award To $8.7M
Minority stockholders of Sears Hometown and Outlet Stores saw their class award in Delaware Chancery Court litigation trimmed from $18.3 million to $8.7 million Tuesday after former Sears CEO Edward S. Lampert and his co-defendants protested that the court had erred in its calculations.
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July 02, 2024
Giuliani Disbarred In New York Over Election Falsehoods
A New York appellate court Tuesday barred Rudolph Giuliani from practicing law in New York, citing ample evidence that the former New York City mayor made repeated false statements about the 2020 presidential election.
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July 02, 2024
Justices Skip Highland Capital Ch. 11 Plan Look After Purdue
The Supreme Court declined to weigh in Tuesday on the exculpations in the Chapter 11 plan from venture capital firm Highland Capital after parties in the case argued that more clarity was needed following the high court's recent rejection of third-party claims releases in the Purdue Pharma reorganization.
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July 01, 2024
Giuliani Wants Bankruptcy Converted To Allow For Liquidation
Rudy Giuliani on Monday asked a New York federal bankruptcy judge to convert his voluntary Chapter 11 bankruptcy to a Chapter 7 proceeding, which would allow him to liquidate his assets to pay his debts.
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July 01, 2024
NJ Hospital Dodges $14.7M In Damages Over Audits
An accounting firm for the former operator of Hoboken University Medical Center has dodged more than $14.7 million in malpractice liability damages even though a New Jersey federal jury found it had violated professional accounting standards in audits of the financially struggling hospital.
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July 01, 2024
Justices Told Clarity Needed On Ch. 11 Exculpations
Highland Capital and parties opposed to the venture capital firm's Chapter 11 plan asked the U.S. Supreme Court to clear up how the high court's recent rejection of third-party claims releases in the Purdue Pharma reorganization applies to Chapter 11 exculpations.
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July 01, 2024
NJ Judge Tosses J&J Unit's Libel Claim Over Talc Study
A New Jersey federal judge has tossed a bankrupt Johnson & Johnson unit's libel suit over a scientific article linking talcum powder to mesothelioma, ruling the challenged statements in the article are scientific conclusions protected by the First Amendment.
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July 01, 2024
Talc Victims Can't Block J&J From Filing For Ch. 11 Outside NJ
A New Jersey federal judge has denied a bid for a restraining order from a group of patients suing Johnson & Johnson over claims they were injured by its talc products, saying their concern that the company would try to file for bankruptcy outside the Garden State is based on speculation and not ripe for litigation.
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July 01, 2024
Catching Up With Delaware's Chancery Court
Two multimillion-dollar settlement approvals, a $25 million fee-shifting demand, and a biotech merger spoiled by murder: This was just the beginning of the drama last week in the nation's preeminent court of equity. Shareholders in satellite companies filed new cases, a cannabis company headed toward trial, and there were new developments in old disputes involving Tesla and Truth Social.
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July 01, 2024
Redbox Parent Chicken Soup For The Soul Hits Ch. 11
Chicken Soup for the Soul Entertainment Inc., the parent of movie rental kiosk pioneer Redbox, filed for Chapter 11 protection in Delaware bankruptcy court, saying it owes nearly $1 billion to creditors after it wasn't able to secure enough cash to purchase rights to newly released films.
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July 01, 2024
Clothing Maker Delta Apparel Hits Ch. 11 With Sale Plans
Delta Apparel Inc., a Georgia-based clothes manufacturer, and six affiliates filed for Chapter 11 bankruptcy protection in Delaware with around $250 million in debt and plans to sell the lifestyle and clothes brand Salt Life while in bankruptcy.
Expert Analysis
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NY CRE Lenders Need Clarity On Foreclosure Standing
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.
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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.