Bankruptcy

  • July 17, 2024

    1st Circ. Affirms SEC's $32M Win Against Investment Adviser

    The First Circuit upheld roughly $32 million in fees, disgorgement and interest the U.S. Securities and Exchange Commission won against a Nevada-based investment adviser, who was found to have defrauded clients about the track record of a once popular investment scheme, saying the adviser "acted with a high degree of recklessness" in promoting the strategy. 

  • July 17, 2024

    Co. Seeks $17M Refund Of Celsius' Payments For Mining Site

    The successor to Celsius' bitcoin mining operation alleged in a New York bankruptcy court it is owed over $17 million in refunds for payments that the cryptocurrency platform company made to another firm that promised to build a crypto farm in Texas and failed to satisfy the agreement.

  • July 17, 2024

    Fight Over Liberace's Rhinestone Piano Reaches Boston Jury

    A lawyer for Gibson Guitars' charitable arm told a Boston federal jury Wednesday that a music store has refused to return a rhinestone-encrusted grand piano once used by Liberace, wrongly claiming it was given as a gift.

  • July 17, 2024

    Burr & Forman Accused Of Aiding Health Insurance Fraud

    Burr & Forman LLP has been hit with a malpractice suit in Georgia federal court by the liquidating trustees of two purported health insurance companies after the firm allegedly aided in a scheme to defraud customers by charging exorbitant fees and denying promised coverage, saying the attorneys helped create a web of LLCs to which it siphoned off millions.

  • July 17, 2024

    Yellow Corp. Says It Has No Pension Withdrawal Liabilities

    Bankrupt trucking firm Yellow Corp. hit back at a motion for summary judgment sought by multiple pension funds including Central States Pension Fund, telling a Delaware bankruptcy court that it has no withdrawal liability for backing out of a multistate pension fund for truckers.

  • July 17, 2024

    High Court Rulings Don't Nix Judge Romance Suit, Court Told

    An investor suing Jackson Walker LLP over an ex-employee's secret romantic relationship with a former Texas bankruptcy judge told the court Tuesday that, despite what the firm says, recent U.S. Supreme Court decisions on standing do not change the fact that he suffered real harm from the firm.

  • July 17, 2024

    Hogan Lovells, Saul Ewing Exit Camshaft's, Byju's Ch. 11 Fight

    Two law firms representing Camshaft Capital Fund LP and principal William Morton in the bankruptcy actions tied to the Chapter 11 of education tech company Byju's Alpha have petitioned a Delaware judge to approve their withdrawal as counsel, citing undisclosed Camshaft party failures to "uphold their obligations."

  • July 17, 2024

    Insurers Urge Judge To Deny SVB's Ch. 11 Plan

    The Chubb Companies have asked a New York bankruptcy judge to tell SVB Financial Group it must change its Chapter 11 plan or have it rejected, saying the scheme doesn't clearly provide that SVB must meet certain obligations in order to keep receiving insurance benefits.

  • July 17, 2024

    Chief Deputy SDNY Bankruptcy Clerk To Be Bankruptcy Judge

    The chief deputy clerk for the U.S. Bankruptcy Court for the Southern District of New York — a former Schulte Roth & Zabel LLP attorney who served as the lead law clerk on the liquidation of Bernie Madoff's investment securities company — is set to become a U.S. bankruptcy judge in Poughkeepsie.

  • July 17, 2024

    Bruised SPAC Market Pins Revival Hopes On Veteran Backers

    More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.

  • July 17, 2024

    Kazakhstan Agrees To End Fight Over $506M Award

    A decade-long fight between Kazakhstan and Moldovan oil and gas investors who won a half-billion-dollar arbitral award against the country has come to a close, with the parties inking a binding framework to resolve their dispute.

  • July 17, 2024

    Rising Star: Gibson Dunn's AnnElyse Scarlett Gains

    AnnElyse Scarlett Gains of Gibson Dunn & Crutcher LLP has represented ad hoc lender groups for debtors facing off against such companies as Amazon seller Thrasio, podcast company Audacy Inc., chemical manufacturer Venator Materials PLC and drugmaker Akorn Inc., earning her a spot among the bankruptcy law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 16, 2024

    'Excuse Me?': Judge Vexed By Defamation Claim In Ch. 7 Row

    A Connecticut bankruptcy judge on Tuesday appeared skeptical of defamation and tortious interference claims New York-based real estate investor EasyKnock Inc. filed against a trustee handling the Chapter 7 estate of a onetime homeowner, forcing company attorneys to at times to admit they cited no authority to support their case.

  • July 16, 2024

    7th Circ. Says Foreign Retirement Not Shielded In Bankruptcy

    A professor who filed for bankruptcy in Illinois can't protect his Canadian retirement account from creditors because the account is ineligible under a state law shielding accounts that qualify as retirement plans under the Internal Revenue Code, the Seventh Circuit ruled Tuesday.

  • July 16, 2024

    Platinum Co-Founder Dodges Prison For Bond Fraud Rap

    Platinum Partners co-founder Mark Nordlicht on Tuesday was spared prison time for his five-year-old conviction over a purported scheme to defraud bondholders of a Texas oil and gas company, as a New York federal judge doubted that "such a weird case" would have any deterrent value.

  • July 16, 2024

    California Atty Accused In $282M Theft Put On Inactive Status

    A California lawyer who's accused of stealing as much as $282 million from debt relief clients has been placed on involuntary inactive status, and bar discipline authorities say he deserves to lose his license permanently.

  • July 16, 2024

    States, Legal Orgs. Urge Justices To Halt Biden's Debt Relief

    A U.S. Supreme Court challenge to the Biden administration's latest student debt relief program received backing from seven Republican-led states and a trio of legal groups that assert the estimated $475 billion plan exceeds the executive branch's authority.

  • July 16, 2024

    Chinese Exile Guo Guilty On Most Counts In $1B Fraud Case

    A Manhattan federal jury on Tuesday convicted prominent Chinese Communist Party critic Miles Guo on most charges alleging he operated a vast fraud that solicited more than $1 billion worth of sham investments from his supporters.

  • July 16, 2024

    The 2024 Diversity Snapshot: What You Need To Know

    Law firms' ongoing initiatives to address diversity challenges have driven another year of progress, with the representation of minority attorneys continuing to improve across the board, albeit at a slower pace than in previous years. Here's our data dive into minority representation at law firms in 2023.

  • July 16, 2024

    Rising Star: Kirkland's Emily Geier

    Emily Geier of Kirkland & Ellis LLP has shepherded distressed companies through some of the largest and most complex restructurings in recent history, including leading the wind-downs of toy retailer Toys R Us and clothing seller Express Inc. in challenging global circumstances, earning her a spot among the bankruptcy attorneys under age 40 honored by Law360 as Rising Stars.

  • July 16, 2024

    These Firms Have The Most Diverse Equity Partnerships

    Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.

  • July 16, 2024

    Brazilian Cement Giant Seeks Ch. 15 With Over $1B In Debt

    InterCement, the third-largest cement and concrete supplier in Brazil, is seeking Chapter 15 recognition from a New York bankruptcy court, saying it filed for mediation procedures in Brazil to stave off creditor litigation while it works to sell assets and address over a billion dollars in debt. 

  • July 15, 2024

    Fed. Circ. Rejects FEMA Contractor's Water Restocking Fees

    The Federal Circuit on Monday upheld the rejection of an embattled government contractor's claim for $13.5 million in restocking fees after the Federal Emergency Management Agency sharply reduced the amount of bottled water the agency ordered in response to Hurricane Maria in Puerto Rico.

  • July 15, 2024

    Owner Of Bankrupt Gov't Contractor Charged With Perjury

    The owner of a bankrupt government water contractor has been indicted on perjury charges, accused of falsifying the company's bankruptcy filings by failing to report millions in assets transferred to her and other company insiders.

  • July 15, 2024

    Pump Co. Execs Must Face Trustee's $59.7M Transfer Suit

    A Connecticut federal judge won't toss a Chapter 7 bankruptcy trustee's lawsuit claiming that three former engineering company executives transferred $59.7 million to a holding entity and sent the company into ruin to avoid paying asbestos claims, ruling Monday that the suit plausibly alleges that the executives had conflicts of interest and concealed their conduct.

Expert Analysis

  • Revisiting Scalia's 'What's It To You?' After Kaiser Ruling

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    While the U.S. Supreme Court's recent decision in Truck Insurance Exchange v. Kaiser allows insurers to be considered "parties in interest" in Chapter 11 cases, they still need to show they would face an injury in fact, answering the late Justice Antonin Scalia's "what's it to you?" question, say Brent Weisenberg and Jeff Prol at Lowenstein Sandler.

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q2

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    The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.

  • Series

    Boxing Makes Me A Better Lawyer

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    Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.

  • Purdue Ch. 11 Ruling Reinforces Importance Of D&O Coverage

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    The U.S. Supreme Court's recent decision in Harrington v. Purdue Pharma, holding that a Chapter 11 reorganization cannot discharge claims against a nondebtor without affected claimants' consent, will open new litigation pathways surrounding corporate insolvency and increase the importance of robust directors and officers insurance, says Evan Bolla at Harris St. Laurent.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.

  • Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan

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    The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.

  • Contract Disputes Recap: Addressing Dispositive Motions

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    Stephanie Magnell and Bret Marfut at Seyfarth examine three recent decisions from the U.S. Court of Claims and the U.S. Civilian Board of Contract Appeals that provide interesting takeaways about the nuances of motion practice utilized by the government to dispose of cases brought under the Contract Disputes Act prior to substantive litigation

  • Series

    Skiing And Surfing Make Me A Better Lawyer

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    The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.

  • Unpacking The Circuit Split Over A Federal Atty Fee Rule

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    Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.

  • Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares

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    In Henrich v. XL Specialty Insurance, the Delaware Bankruptcy Court recently found that a never-served qui tam claim had been "brought" before a D&O policy's retroactive date, thereby eliminating coverage, and creating a nightmare scenario for directors and officers policyholders facing whistleblower claims, says David Klein at Pillsbury.

  • Opinion

    No Matter The Purdue Ruling, Mass Tort Reform Is Needed

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    The U.S. Supreme Court will soon issue its opinion in the bankruptcy of Purdue Pharma LP, and regardless of the outcome, it’s clear legal and policy reforms are needed to address the next mass tort, says William Organek at Baruch College.

  • After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1

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    The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.

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