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Bankruptcy
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December 04, 2024
Alex Jones Atty Needs 30-Day Suspension, Ethics Boss Says
The lead Connecticut attorney in Infowars host Alex Jones' Sandy Hook defamation trial should be suspended for 30 days for directing a subordinate to transmit the victims' personal medical records to other Jones attorneys, the state's legal ethics watchdog said Wednesday.
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December 04, 2024
Avon Cleared To Sell To Parent Co. For $125M In Ch. 11
A Delaware bankruptcy judge on Wednesday said he would approve a settlement between Avon Products Inc. and Brazilian parent company Natura that clears the way for the beleaguered cosmetics giant to sell itself to Natura for $125 million.
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December 04, 2024
3rd Circ. Preview: BetMGM Addiction Case Tops Dec. Lineup
The Third Circuit is set to determine if BetMGM online casino should face a lawsuit claiming it violated New Jersey consumer protection and gambling laws for allegedly enticing a man with a gambling problem to play its games.
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December 04, 2024
NY Diocese Gets OK For Ch. 11 Plan With Optional Releases
A New York bankruptcy judge approved a Long Island-based Roman Catholic diocese's Chapter 11 plan on Wednesday after hearing it had resolved objections from the U.S. Trustee's Office with a two-tier claims release system for sexual abuse claimants.
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December 03, 2024
Mich. Seat Co. On Hook For €4.1M German Lease, Suit Says
A German property owner has said in a new complaint that a Michigan-based automotive seat manufacturer is on the hook for a €4.1 million ($4.3 million at current exchange rates) lease after its European entity defaulted on payments and entered insolvency proceedings.
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December 03, 2024
Judge Denies News Orgs. Bid To Unseal FTX Customer Names
A Delaware federal judge on Tuesday said he wouldn't reverse an order allowing defunct crypto platform FTX Trading Ltd. to keep customer names out of public bankruptcy filings, rejecting an appeal from major news outlets to unseal the information and writing that sealing the information preserved FTX's assets and protected creditors from cybercrime.
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December 03, 2024
Attys For Sears Ex-CEO, Appraisal Camp Clash In Chancery
A lawyer for Sears Hometown and Outlet Stores' former top fiduciary told a Delaware vice chancellor on Tuesday that case law does not support carving out stockholder proceeds from a fiduciary breach settlement in order to pay shareholders whose separate appraisal lawsuit was foiled by SHOS' bankruptcy.
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December 03, 2024
New Judges Include One Who Aided Puerto Rico Bondholders
The Senate on Tuesday confirmed two federal judges for Pennsylvania and one for the District of Columbia, who came under scrutiny during her confirmation hearing for her work at Jones Day.
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December 03, 2024
Fla. Court Urged To OK 'Offensive' $645K Deal In Firm's Ch. 11
A law firm debtor urged a Florida bankruptcy court Tuesday to approve a $645,000 settlement in its Chapter 11 to resolve a proposed fraudulent misrepresentation class action in state court against a former Miami insurance attorney, who called the potential deal "offensive" and said it's possible he'll be sued again.
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December 03, 2024
Alex Jones Atty Seeks Leniency Over Sandy Hook 'Mistake'
The lead attorney in Infowars host Alex Jones' $1.44 billion Connecticut defamation trial admits he "made a mistake" when he approved sending several Sandy Hook Elementary School victims' confidential records to other Jones attorneys, saying Tuesday he should receive either no discipline or a reprimand in a pared-down case.
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December 03, 2024
Celsius Founder Cops To Fraud That Sunk $25B Crypto Lender
Celsius Network founder Alex Mashinsky told a Manhattan federal judge Tuesday that he lied when he told the public that the fallen $25 billion crypto lender's tokens were a safe investment, pleading guilty to fraud charges ahead of a January criminal trial.
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December 03, 2024
Film Financing Firm Gets OK For Ch. 11 Auction In January
A Delaware bankruptcy judge gave Film Finance Inc., a company that offers financing for high-profile film projects, the go-ahead Tuesday to put itself on the auction block early next year after dropping protections for its baseline bidder that had attracted the ire of the U.S. Trustee's Office.
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December 03, 2024
Texas Oil Driller Hits Ch. 11 With $207M Debt-Swap Plan
Oil and gas drilling services provider Independence Contract Drilling has filed for Chapter 11 protection in a Texas bankruptcy court with more than $230 million in debt and a prepackaged debt-swap restructuring plan.
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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.
Expert Analysis
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After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
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.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
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.
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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.