Bankruptcy

  • August 20, 2024

    Trustee Wins TRO Vs. Disbarred Lawyer's Former Partner

    The bankruptcy trustee handling the estate of failed California debt relief law firm Litigation Practice Group has won temporary control over key properties of a businessman formerly involved in the firm, including millions of dollars in bank and brokerage accounts as well as a multimillion-dollar house in Orange County.

  • August 20, 2024

    Lender's $13M Atty Fee Reserve Bid In Eiger Ch. 11 Plan Nixed

    A Texas bankruptcy judge on Tuesday mostly sided with life science company Eiger BioPharmaceuticals in estimating a secured lender's future claims, saying at a hearing that Eiger's Chapter 11 reserve for the claim should include two years worth of interest and agreeing that $1 million should be earmarked for legal fees, not the lender's requested $13 million sum.

  • August 20, 2024

    Steward Health, Landlord Spar Over Ch. 11 Hospital Sales

    Bankrupt hospital operator Steward Health Care has filed an adversary suit against the landlord for 30 of its hospitals, Medical Properties Trust, saying the landlord is throwing a wrench in the sale process for the facilities and trying to hoover up all the proceeds.

  • August 20, 2024

    Texas Franchisee Accuses Party City Of Monopolizing Market

    An operator of Party City franchise stores accused the party supply retailer's parent company of monopolizing the party goods market, saying the company seeks to drive its competitors, including franchisees, out of business through its use of unfair competition, illegal price-fixing and bad faith business practices.

  • August 20, 2024

    Ex-Execs Defend $59.7M Transfer Amid Asbestos Suits

    A Chapter 7 bankruptcy trustee's lawsuit claiming that former engineering company executives improperly transferred $59.7 million amid high-dollar asbestos claims is fatally flawed and the defendants did not do anything wrong, according to a filing in Connecticut federal court.

  • August 20, 2024

    A Deep Dive Into Law360 Pulse's 2024 Women In Law Report

    The legal industry continues to see incremental gains for female lawyers in private practice in the U.S., according to a Law360 Pulse analysis, with women now representing 40.6% of all attorneys and 51% of all associates.

  • August 20, 2024

    These Firms Have The Most Women In Equity Partnerships

    The legal industry still has a long way to go before it can achieve gender parity at its upper levels. But these law firms are performing better than others in breaking the proverbial glass ceiling that prevents women from attaining leadership roles.

  • August 20, 2024

    Catching Up With Delaware's Chancery Court

    A nearly record-breaking attorney fee got the nod in Delaware last week, along with Chancery Court settlements involving an international private jet service and a chain of trampoline parks. New disputes involved a famous burger restaurant chain, a computer-chip maker, a now-defunct genomic science company, and a historic manor house in west London.

  • August 19, 2024

    TPG Dumped Opioid Co. On 'Unsuspecting' Endo, Suit Says

    After pushing Par Pharmaceutical to grow its market share in generic opioids and disregard federal requirements to report suspicious orders, TPG Capital saw other opioid manufacturers being inundated with litigation and sold Par to "an unsuspecting" Endo International PLC, according to a lawsuit filed in New York bankruptcy court.

  • August 19, 2024

    Chinese Exile's Daughter Wants Ch. 11 Sanctions Overturned

    The daughter of bankrupt Chinese exile Miles Guo and her New Jersey-based attorney are asking the Second Circuit to overturn a bankruptcy judge's $83,370 discovery sanction, calling the discovery requests in question unclear and the sanction excessive.

  • August 19, 2024

    Ex-McElroy Execs' Theft, Bias Cases Paused Amid Ch. 11

    A New Jersey state court has sided with McElroy Deutsch and stayed all litigation between the law firm and two former executives, including both the firm's fraud claims and discrimination counterclaims made against it, while a related bankruptcy case plays out.

  • August 19, 2024

    Robertshaw Judge OKs Ch. 11 Exit Plan Opposed By Invesco

    A Texas bankruptcy judge approved appliance-parts maker Robertshaw's Chapter 11 reorganization plan, overruling an objection from the company's onetime controlling lender and allowing Robertshaw to turn over its business to a group of rival investors.

  • August 19, 2024

    BowFlex Gets OK For Ch. 11 Plan With 3rd-Party Releases

    A New Jersey bankruptcy judge Monday approved fitness equipment maker BowFlex Inc.'s Chapter 11 plan, finding the plan's liability releases for third parties were consensual and allowed under the U.S. Supreme Court's June decision in Purdue Pharma.

  • August 19, 2024

    Convenience Store Co. SQRL Hits Ch. 11 With Over $1B Debt

    Convenience store chain SQRL Service Stations filed for Chapter 11 protection in Texas bankruptcy court with more than $1 billion of debt after fending off a pair of involuntary bankruptcies from its creditor.

  • August 16, 2024

    2 BigLaw Firms Nix Bankruptcy Judge Romance Suit, For Now

    A Texas federal judge Friday tossed an investor's racketeering lawsuit alleging a conspiracy involving Kirkland & Ellis LLP, Jackson Walker LLP, a disgraced Texas bankruptcy judge and his secret romance with a former Jackson Walker partner, dismissing the suit without prejudice while voicing her distaste for its allegations of judicial misconduct.

  • August 16, 2024

    Real Estate Recap: Cases To Watch, DC Flooding, NYC Hotels

    Catch up on the past week's key developments by state from Law360 Real Estate Authority — including the commercial real estate cases to watch in 2024's second half, one BigLaw attorney's thoughts on new Washington, D.C., flood construction rules and the NYC hotel license bill that has hospitality attorneys rattled.

  • August 16, 2024

    Feds To Appeal Platinum Win Over Zero Loss, Count Toss

    Federal prosecutors have notified the Second Circuit that they'll appeal a judge's findings that the loss amount in the case of Platinum Partners co-founder Mark Nordlicht was zero and the wire fraud conspiracy counts against Nordlicht and another would be dismissed, despite Nordlicht's conviction.

  • August 16, 2024

    McKinsey Drove Opioid Sale Scheme, Endo Ch. 11 Trust Says

    Consulting giant McKinsey & Co. should pay at least $1.5 billion to cover costs pharmaceutical developer Endo International racked up defending against claims that it helped drive the opioid crisis, an unsecured creditors' trustee has said, telling a New York bankruptcy judge the consultant's marketing and sales advice lit a "ticking time bomb" that sent Endo into Chapter 11.

  • August 16, 2024

    NJ Office Building Seeks Ch. 11 Following '22 Default Actions

    A New Jersey office property owned by New York developer Moshe Gold filed for federal Chapter 11 bankruptcy protection after facing a foreclosure action and an involuntary bankruptcy petition that paused a sheriff's sale as a result of the building defaulting on $16.8 million worth of loans in 2022.

  • August 16, 2024

    V&E Can Advise Wood Pellet Co. Enviva In Ch. 11, Court Says

    Months after a Virginia bankruptcy court blocked Vinson & Elkins LLP from representing Enviva in the wood pellet maker's Chapter 11 case due to a possible conflict of interest, the court has reversed course, permitting the law firm to serve as special counsel after it pledged to narrow the scope of its work.

  • August 16, 2024

    Former Texas Judge Sanctioned Over Atty Romance Interview

    Former bankruptcy judge David R. Jones was sanctioned Friday for an "off the record" interview with Jackson Walker LLP, in which he asked the firm not to take his deposition during a federal investigation into Jones' secret romantic relationship with a former Jackson Walker partner.

  • August 16, 2024

    Ch. 7 Trustee Can't Recover Tax Payment, States Tell Justices

    A group of roughly two dozen states threw their support behind the federal government in asking the U.S. Supreme Court to overturn a ruling that forced the IRS to return a tax payment after a bankruptcy trustee argued it was a fraudulent transfer and recoverable under state law.

  • August 16, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.

  • August 15, 2024

    Talc Jury Delivers $63M Verdict Against J&J, Beauty Care Co.

    A South Carolina jury awarded a cancer patient more than $63 million Thursday after he said he developed terminal lung cancer from breathing in asbestos during daily use of Johnson & Johnson's talc-based baby powder.

  • August 15, 2024

    Tom Girardi Has Dementia, USC Neurologist Tells Calif. Jury

    A University of Southern California neurology professor testified Thursday in Tom Girardi's California federal criminal trial that she diagnosed him with mild-to-moderate dementia months after his law firm collapsed, although the lawyer insisted at the time that his memory was fine and that he was still busily working at his firm.

Expert Analysis

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Series

    Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Ch. 11 Ruling Clarifies Cross-Border 'Alternative A' Scope

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    A New York bankruptcy court’s recent ruling in airline holding company SAS’s Chapter 11 case — addressing the applicability of Alternative A, which is similar to Section 1110 of the U.S. Bankruptcy Code — is a cautionary tale for contracting European Union member states that have adopted Alternative A domestically but have not made a formal declaration, say attorneys at Pillsbury.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • Series

    Being A Luthier Makes Me A Better Lawyer

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    When I’m not working as an appellate lawyer, I spend my spare time building guitars — a craft known as luthiery — which has helped to enhance the discipline, patience and resilience needed to write better briefs, says Rob Carty at Nichols Brar.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • Ambiguity Ruling Highlights Deference To Arbitral Process

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    A New York federal court’s recent ruling in Eletson v. Levona, which remanded an arbitral award for clarification, reflects that the ambiguity exception’s analysis is not static and may be applied even in cases where the award, when issued, was unambiguous, says arbitrator Myrna Barakat Friedman.

  • Justices' Ch. 11 Ruling Is A Big Moment For Debtors' Insurers

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    The U.S. Supreme Court’s recent Truck Insurance v. Kaiser Gypsum ruling upends decades of Chapter 11 bankruptcy jurisprudence that relegated a debtor’s insurer to the sidelines, giving insurers a new footing to try and avoid significant liability, say Stuart Gordon and Benjamin Wisher at Rivkin Radler.

  • SVB Ch. 11 Shows Importance Of Filing Proof Of Claim Early

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    After a New York bankruptcy court’s recent ruling in SVB’s Chapter 11 case denied late claims filing requests related to post-bar date events, parties with potential claims against a debtor may need to seriously consider filing protective proofs of claim, says Kyle Arendsen at Squire Patton.

  • Opinion

    Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • Opinion

    High Court Made Profound Mistake In Tossing Purdue Deal

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    The U.S. Supreme Court's recent decision to throw out Purdue Pharma's Chapter 11 plan jeopardizes a multistate agreement that would provide approximately $7 billion in much-needed relief to help fight the opioid epidemic, with states now likely doomed to spend years chasing individual defendants across the globe, says Swain Wood at Morningstar.

  • What FTX Case Taught Us About Digital Asset Recoverability

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    FTX's Chapter 11 plan has drawn lots of attention, but the focus should be on the anticipated outcome for investors, which counters several myths about digital currencies, innovation and recoverability, says Kyla Curley at StoneTurn.

  • Series

    Serving In The National Guard Makes Me A Better Lawyer

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    My ongoing military experience as a judge advocate general in the National Guard has shaped me as a person and a lawyer, teaching me the importance of embracing confidence, balance and teamwork in both my Army and civilian roles, says Danielle Aymond at Baker Donelson.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • Synapse Bankruptcy Has Ripple Effects For Fintech Industry

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    Synapse Financial Technologies’ recent bankruptcy filing marks a significant moment in the fintech industry's evolution, highlighting that stringent compliance and risk management in fintech partnerships are essential to mitigate risk and protect consumers, say Joann Needleman and Ryan Blumberg at Clark Hill.

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