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New York
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October 23, 2024
CFPB Says Goldman, Apple To Pay $89.8M Over Card Program
The Consumer Financial Protection Bureau said Wednesday that it has ordered Goldman Sachs and Apple to pay more than $89 million for alleged violations tied to their Apple-branded credit card partnership, including claims of mishandled customer disputes, misleading marketing and wrongful charges.
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October 22, 2024
Giuliani Must Give NYC Apartment, Watches To Poll Workers
A New York federal judge Tuesday ordered Rudy Giuliani to hand over most of his property to two Georgia poll workers, including his Manhattan apartment, Mercedes-Benz, luxury watches and valuable sports memorabilia, to help cover the $148 million judgment the former mayor owes for defaming them.
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October 22, 2024
Ex-Yale Student Wants Full Acquittal Record Sent To DHS
An expelled Yale University student on Tuesday urged the Second Circuit to quickly vacate orders barring him from giving the U.S. Department of Homeland Security an unredacted transcript that resulted in his acquittal of sex crimes, saying a delay could seal his deportation and thus his execution by the Taliban.
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October 22, 2024
Big Banks Say Yearslong Libor Suit Still Lacks Evidence
Bank of America, Merrill Lynch and more than a dozen other large banks have urged a federal judge to dismiss the remaining claims in multidistrict litigation accusing them of manipulating Libor, arguing that the plaintiffs have failed to bring sufficient evidence in the 13 years since they filed suit over the once-critical benchmark interest rate.
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October 22, 2024
'A Lot Of Nerve': Judge Slams Ex-Sparks Owners' Fee Claim
A California judge overseeing a suit by former Los Angeles Sparks basketball team co-owners claiming they're owed free game tickets for life said their argument that they also deserve attorney fees because the lawsuit serves the public interest is potentially frivolous, adding, "Somebody in my view has a lot of nerve."
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October 22, 2024
Israeli Intel VP Must Use Real Name In Bias Suit, Judge Says
A former Intel executive must reveal his name in his suit claiming the company fired him for complaining that his boss openly supported Hamas, a New York federal judge ruled Tuesday, finding concerns of retaliation from Hamas or anti-Israel protesters are too speculative to justify anonymity.
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October 22, 2024
NY Judge Trims HOA's Nuisance Suit Against Queens Stadium
A New York state court judge has pared a Forest Hills, Queens, homeowners association's nuisance suit against a local stadium owner accused of disturbing the neighborhood with lots of noise, traffic and crowds.
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October 22, 2024
Ivy League Athletes Plan To Appeal Antitrust Suit's Dismissal
A group of college athletes challenging the Ivy League's practice of prohibiting athletic scholarships told a Connecticut federal judge they plan to appeal the dismissal of their antitrust suit against Harvard and other top-tier universities.
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October 22, 2024
Buyers Drop Colgate-Palmolive Sunscreen False Ad Suit
Two women have agreed to drop a proposed class action that claimed Colgate-Palmolive Co. falsely claimed its sunscreen products' only active ingredient is a mineral-based component despite the products containing significant levels of chemical sunscreen ingredients.
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October 22, 2024
Morgan Stanley Investment Management Clinches $2B Fund
Morgan Stanley Investment Management, advised by Simpson Thacher & Bartlett LLP, on Tuesday announced that it wrapped its second tactical value fund and affiliated funds after securing roughly $2 billion of committed capital.
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October 22, 2024
BofA, Others Say Bond-Rigging Suit Still Can't Prove Conspiracy
Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and others have argued the amended complaint in a recently revived securities suit accusing them of conspiring to rig corporate bonds fails to adequately allege a "farfetched" antitrust conspiracy.
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October 22, 2024
Liquidators Of Cayman Investment Firm Seek Ch. 15
The liquidators of Cayman Islands-based investment firm Canterbury Securities have filed for Chapter 15 recognition in New York bankruptcy court on Monday, following a dispute with another firm over a $20 million share sale that Canterbury allegedly appropriated.
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October 22, 2024
Halkbank Not Immune In Sanctions Case, 2nd Circ. Says
The Second Circuit ruled Tuesday that Turkish state-owned bank Halkbank doesn't have common-law foreign sovereign immunity from charges that it laundered about $1 billion in sanctioned Iranian oil proceeds if the U.S. government's executive branch says it doesn't.
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October 22, 2024
Day Trader Seeks Early Win In Verifone Insider Trading Suit
A day trader moved for an early win in a U.S. Securities and Exchange Commission insider trading case alleging the trader was tipped off by a former Francisco Partners consultant about the firm's $3.4 billion purchase of Verifone Systems Inc., arguing there is no evidence that he knew he received material nonpublic information, let alone traded on it.
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October 22, 2024
Winston & Strawn Finance Pro Joins Mayer Brown In New York
Mayer Brown LLP announced that a longtime finance attorney at Winston & Strawn LLP has joined the firm's New York office as a partner in what it said is part of a strategic priority to expand its global leveraged finance and private credit platform.
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October 22, 2024
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades and positive legal news media representation.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
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October 22, 2024
Shake Shack Settles Massachusetts Child Labor Complaint
Shake Shack has agreed to pay $244,500 to settle allegations that it violated Massachusetts child labor laws, including failing to obtain work permits and allowing minors to work more than 48 hours in a week, the state attorney general announced Tuesday.
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October 22, 2024
Akin-Led Mubadala Capital Wraps 4th Fund At $3.1B
Abu Dhabi-based Mubadala Capital, advised by Akin Gump Strauss Hauer & Feld LLP, on Tuesday revealed that it clinched its fourth private equity fund after securing $3.1 billion of commitments from investors.
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October 22, 2024
Ex-Abercrombie CEO Charged With Sex Trafficking
Former Abercrombie & Fitch Co. CEO Mike Jeffries was indicted Tuesday on charges he ran an international sex trafficking and prostitution ring that abused male models who were led to believe their participation in sex parties would benefit their careers.
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October 22, 2024
Real Estate Exec Guilty Of $77M WeWork Stock Fraud
A Manhattan federal jury on Tuesday convicted the former CEO of real estate investment firm Arciterra for trying to manipulate the price of WeWork stock via a $77 million tender offer on the cusp of the office-sharing company's bankruptcy filing in late 2023.
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October 21, 2024
Mastercard's Legal Chief Departs For Tech Co. Coherent
Rob Beard is leaving his post as Mastercard Inc.'s chief legal officer and global policy head to join Coherent Corp. as its CLO, the industrial laser technology company announced Monday.
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October 21, 2024
$77M WeWork Bid Was Fraud 'From Beginning To End,' Jury Told
New York federal prosecutors made their final pitch on Monday to jurors weighing the fate of the former CEO of real estate investment firm Arciterra accused of manipulating the market through a bogus $77 million tender offer to take control of WeWork, saying it was a sophisticated fraud and not a real play for control of the company.
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October 21, 2024
Nissan Fights Uphill To Undo Cert. In Sunroof Defect Fight
Ninth Circuit judges on Monday doubted Nissan's bid to undo an order certification of a class of drivers who allege the Japanese carmaker sold vehicles with panoramic sunroofs that are prone to shattering, telling Nissan's counsel the appeal appears to challenge the claims' merits, and not whether they could be resolved classwide.
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October 21, 2024
2nd Circ. Axes Claims Victoria's Secret Mogul Aided Epstein
The Second Circuit on Monday refused to revive a suit accusing billionaire developer and Victoria's Secret tycoon Leslie Wexner, his wife and four of their organizations of facilitating Jeffrey Epstein's sexual assault of a minor, finding the appeal improperly raised new arguments.
Expert Analysis
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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When The Platform Is A Product, Strict Liability Can Attach
A New York state court's recent ruling in Patterson v. Meta, holding that social media platforms can be considered products, appears to be the first of its kind — but if it is upheld and adopted by other courts, the liability implications for internet companies could be incredibly far-reaching, say attorneys at Patterson Belknap.
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Opinion
Climate Change Shouldn't Be Litigated Under State Laws
The U.S. Supreme Court should reverse the Hawaii Supreme Court's October decision in Honolulu v. Sunoco that Hawaii could apply state law to emissions generated outside the state, because it would lead to a barrage of cases seeking to resolve a worldwide problem according to 50 different variations of state law, says Andrew Ketterer at Ketterer & Ketterer.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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Keeping Up With Class Actions: A New Era Of Higher Stakes
Corporate defendants saw unprecedented settlement numbers across all areas of class action litigation in 2022 and 2023, and this year has kept pace so far, with three settlements that stand out for the nature of the claims and for their high dollar amounts, says Gerald Maatman at Duane Morris.
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5 Climate Change Regulatory Issues Insurers Should Follow
The climate change landscape for insurers has changed dramatically recently — and not just because of the controversy over the U.S. Securities and Exchange Commission's climate-related risk disclosure rules, says Thomas Dawson at McDermott.
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Justices Clarify FAA But Leave Behind Important Questions
The U.S. Supreme Court's decision last month in Bissonnette v. LePage firmly shuts the door on any argument that the Federal Arbitration Act's Section 1 exemption is limited to transportation workers whose employers transport goods on behalf of others, but two major issues remain unresolved, say Joshua Wesneski and Crystal Weeks at Weil.
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Is The Digital Accessibility Storm Almost Over?
Though private businesses have faced a decadelong deluge of digital accessibility complaints in the absence of clear regulations or uniformity among the courts, attorneys at Epstein Becker address how recent federal courts’ pushback against serial Americans with Disabilities Act plaintiffs and the U.S. Department of Justice’s proposed government accessibility standards may presage a break in the downpour.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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How Courts Are Interpreting Fed. Circ. IPR Estoppel Ruling
In the year since the Federal Circuit’s Ironburg ruling, which clarified the scope of inter partes and post-grant review estoppel, district court decisions show that application of IPR or PGR estoppel may become a resource-intensive inquiry, say Whitney Meier Howard and Michelle Lavrichenko at Venable.
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2nd Circ. Eminent Domain Ruling Empowers Municipalities
The Second Circuit's recent decision in Brinkmann v. Town of Southold, finding that a pretextual taking does not violate the Fifth Amendment's takings clause, gives municipalities a powerful tool with which to block unwanted development projects, even in bad faith, say James O'Connor and Benjamin Sugarman at Phillips Lytle.
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NY Tax Talk: Primary Function Is Key Analysis For Sales Tax
Two sales tax cases recently decided by New York's Appellate Division illustrate why both taxpayers and the state's Department of Revenue subscribe to the primary function test, a logical way to determine whether business transactions are subject to sales tax, say Elizabeth Cha and Jeremy Gove at Eversheds Sutherland.
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Notable Q1 Updates In Insurance Class Actions
Mark Johnson and Mathew Drocton at BakerHostetler discuss notable insurance class action decisions from the first quarter of the year ranging from salvage vehicle titling to rate discrimination based on premium-setting software.
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Opinion
Viral Deepfakes Of Taylor Swift Highlight Need For Regulation
As the nation grapples with addressing risk from artificial intelligence use, the recent circulation of AI-generated pornographic images of Taylor Swift on the social platform X highlights the need for federal legislation to protect nonconsenting subjects of deepfake pornography, say Nicole Brenner and Susie Ruiz-Lichter at Squire Patton.