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Bankruptcy
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December 02, 2024
Girardi Won't Get New Fraud Trial Despite Memory Claims
A California federal judge on Monday denied Tom Girardi's bid for a new trial after a jury found he misappropriated $15 million worth of client settlement funds, standing by a prior assessment that the disbarred attorney was "exaggerating" symptoms of mild cognitive impairment.
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December 02, 2024
Metropolitan Commercial Bank Aided Voyager Fraud, Suit Says
Voyager Digital's former bank, Metropolitan Commercial Bank, has been hit with a 53-count complaint in New York federal court alleging it was complicit in bad behavior by the now-defunct crypto lender and should be on the hook for repaying platform users.
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December 02, 2024
FDIC Must Face Some Of SVB Ex-Parent's Claims In $1.9B Suit
A California federal judge has pared down a lawsuit looking to force financial regulators that stepped in after the high-profile collapse of Silicon Valley Bank to return some $1.9 billion in frozen deposits to the bank's former operator as part of a multipronged effort to recover the funds.
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December 02, 2024
Yellow Fights Teamsters' Call For 10th Circ. To Nix Claims
The Tenth Circuit should not pay mind to arguments from the Teamsters about upholding a lower court's dismissal of Yellow Corp.'s $137 million suit against the union, the company is arguing, doubling down on its claims that it was not required to exhaust the grievance process under a contract.
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December 02, 2024
Lowenstein Sandler Seeks Judge DQ In Pot Dispensary Suit
Lowenstein Sandler LLP has asked an Essex County Superior Court judge to recuse himself over his social connections with the parties and counsel on the firm's $800,000 fee suit against a New Jersey cannabis dispensary
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December 02, 2024
Justices On Fence In Tax Clawback Case For Defunct Utah Co.
U.S. Supreme Court justices seemed divided during oral arguments Monday over whether the Tenth Circuit was correct to allow the bankruptcy trustee of a defunct Utah company to use state law to claw back $145,000 in federal taxes after the two-year deadline, a ruling that has created a 3-1 circuit split.
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December 02, 2024
Miss America CEO Files $500M Suit Alleging Bankruptcy Fraud
The producer of the Miss America pageant and its related entities have filed a $500 million racketeering suit in Florida accusing developer Glenn Straub of fraudulently pushing the organization into bankruptcy in an effort to take over its assets.
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December 02, 2024
Jackson Walker 'Extinguished' Privilege Over Judge Romance
An Oregon federal judge has said Holland & Knight LLP lawyers must turn over documents regarding their advice to Jackson Walker LLP on how to handle the "debacle" of a former firm partner's intimate relationship with a former bankruptcy judge, finding Jackson Walker has "utterly extinguished" any claim to attorney-client privilege.
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December 02, 2024
Bankrupt Dental Co. To Repay Customers $4.8M, NY AG Says
Dental telehealth company SmileDirectClub has agreed to pay $4.8 million in refunds to customers who were improperly charged after the company went bankrupt and shut down in 2023, according to a settlement announced Monday by New York Attorney General Letitia James.
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December 02, 2024
Pool Co. Says Rival CEO Fled To China To Duck Paying $16M
A bankrupt Chinese pool parts supplier has been accused by an American competitor of going to great lengths to skirt a $16 million false advertising and unfair business practices judgment in continued violation of court orders, including allegedly funneling assets and allowing its owner to flee to China.
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November 27, 2024
Special Master In Citgo Sale Suit Goes Back To Drawing Board
The special master overseeing the sale of Citgo's parent company in a proceeding aimed at satisfying billions of dollars in Venezuelan debt has agreed to abandon his proposed sales plan after it became clear how little support it had garnered from creditors, he told a Delaware judge on Tuesday.
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November 27, 2024
Developer Settles Landslide Claims From Ryan Homes, Town
The bankrupt developer of a housing project that was beset by landslides has settled with a construction company and a Western Pennsylvania township in exchange for finishing some of its remaining cleanup work and giving the township the remaining lots, burying a six-year dispute.
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November 27, 2024
Miss America Ch. 11 Dismissal Hearing To Wait For Event
A hearing on a motion to dismiss the Chapter 11 case of an entity tied to the Miss America pageant will wait until after the competition wraps up in January, a Florida bankruptcy judge ruled Wednesday, allowing for discovery among two parties disputing the proper ownership of the organization.
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November 27, 2024
Compass NJ Tapped To Sell $33M Miles Guo Mansion In Ch. 11
The trustee handling the Chapter 11 of exiled Chinese businessman and convicted fraudster Miles Guo asked the Connecticut bankruptcy court to let him hire four agents with residential real estate firm Compass to sell a historic 58-room mansion in Mahwah, New Jersey.
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November 27, 2024
Up Next At The High Court: Transgender Care, Holocaust Art
The U.S. Supreme Court will return to the bench Monday for its December arguments session, which will include blockbuster questions about the constitutionality of state laws banning gender-affirming care for transgender minors and whether Hungary can be held liable for property stolen during World War II.
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November 27, 2024
Tech Co. Afiniti Gets Ch. 15 Recognition Of Bermuda Reorg
A Delaware bankruptcy judge said she would recognize the Bermuda insolvency proceedings of software company Afiniti Ltd. as it seeks to restructure more than $500 million in debt.
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November 26, 2024
Mexican Lender Seeks US Recognition Of UK Reorg
The England and Wales-based subsidiary of a Mexican industrial equipment leasing and financing group has asked a New York bankruptcy court to grant Chapter 15 recognition of insolvency proceedings it launched in the U.K. to deal with about $351 million of debt.
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November 26, 2024
Customers Sue Fintech Partner Banks After Processor Failure
Five banks holding funds for customers of fintech platforms face proposed class action claims of gross mismanagement after "significant ledger irregularities" totaling $85 million were discovered in the wake of an intermediary software company's bankruptcy.
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November 26, 2024
Beasley Allen Escapes Sanctions For J&J Deposition No Show
A Texas bankruptcy judge on Tuesday laid ground rules for documents and communications to be shared in a messy discovery phase of the Chapter 11 of Red River Talc, Johnson & Johnson's latest liability spinoff, while also saying he wouldn't sanction a Beasley Allen attorney who didn't appear at a deposition last week.
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November 26, 2024
Bankrupt Canadian Bus Co. Seeks US Recognition For Sale
A Canadian charter bus company that provides buses for Los Angeles airports is asking a California bankruptcy judge to grant U.S. recognition to its efforts to sell the company in a Canadian insolvency proceeding.
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November 26, 2024
Paul Hastings Seeks GenapSys CEO Depo In Malpractice Suit
Paul Hastings LLP has called on a California court to compel the founder and former CEO of GenapSys to sit for a deposition in a legal malpractice suit alleging that the firm improperly drafted board documents that invited an expensive lawsuit and led to the genetic sequencing company's "demise and liquidation."
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November 26, 2024
X Corp. Says InfoWars Social Media Accounts Can't Be Sold
The parent company that owns X, the social media platform formerly known as Twitter, told a Texas bankruptcy judge that the Chapter 7 trustee in the case of right-wing conspiracy theorist Alex Jones can't sell X accounts tied to Jones and his InfoWars business because they are the property of the social media company.
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November 26, 2024
Pa. Nursing Home Eying Sale Seeks Fraud Sentencing Delay
The parent company for a troubled Western Pennsylvania nursing home asked a federal court to postpone a sentencing for defrauding state and federal healthcare programs so the company can keep trying to sell the facility, or at least relocate its residents over a longer period of time.
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November 26, 2024
Giuliani's New Atty Faults Previous Counsel As NY Trial Nears
A Manhattan federal judge declined Tuesday to delay a January trial over whether Rudy Giuliani must turn over his Florida condo and World Series rings to fund a $148 million defamation judgment, after the former New York City mayor's new lawyer criticized outgoing counsel.
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November 25, 2024
Judge Eyes Dec. Hearing To Sort Out Onion's Bid For Infowars
A Texas judge asked the Chapter 7 trustee in right-wing fabulist Alex Jones' bankruptcy to preserve the status quo until a sale hearing sometime in December that will determine whether the parent company of satirical news publisher The Onion was correctly chosen as the winning bidder in the auction for Jones' Infowars program.
Expert Analysis
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Contract Disputes Recap: Addressing Dispositive Motions
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
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Series
Skiing And Surfing Make Me A Better Lawyer
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.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
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.
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Del. Bankruptcy Ruling Will Give D&O Insureds Nightmares
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.
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Opinion
No Matter The Purdue Ruling, Mass Tort Reform Is Needed
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.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
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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Big Banks Face Potential Broader Recovery Plan Rules
The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Yellow Corp. Lease Assumption Shows Landlord Protections
Yellow Corp.’s recent filing of a motion to assume unexpired leases is a helpful reminder to practitioners to maintain a long-term approach about what is most beneficial for an estate and to not let a debtor's short-term cash position dictate business decisions, says Kyle Arendsen at Squire Patton.
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Insurers Have A Ch. 11 Voice Following High Court Ruling
The U.S. Supreme Court's recent ruling in Truck Insurance Exchange v. Kaiser Gypsum — which reaffirmed a broad definition of "party in interest" — will give insurers, particularly in mass tort Chapter 11 bankruptcies, more opportunity to protect their interests and identify problems with reorganization plans, says George Singer at Holland & Hart.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.