Bankruptcy

  • July 09, 2024

    2 Cooperators In Bankman-Fried Case To Be Sentenced In Fall

    Two former FTX executives who pled guilty and testified for the government at the trial of Sam Bankman-Fried, the collapsed cryptocurrency exchange's founder, will be sentenced this fall, a New York federal judge said Tuesday.

  • July 09, 2024

    Ex-DOJ Atty Tells Guo Jury Of Illicit Extradition Campaign

    Prominent Chinese Communist Party critic Miles Guo capped off his defense to $1 billion fraud charges Tuesday with testimony from a former U.S. Department of Justice attorney, who admitted to participating in a plot to lobby the U.S. government for Guo's extradition to China.

  • July 09, 2024

    NJ Atty Must Face Claims Over Not Reviving Malpractice Suit

    The New Jersey state appeals court reversed a trial court decision Tuesday and reinstated a malpractice case against a solo practitioner who allegedly blew a filing deadline and caused his clients to lose a separate malpractice suit.

  • July 09, 2024

    Weinstein May Face Nov. Retrial As DA Vets New Rape Claims

    Manhattan prosecutors Tuesday said November is a "realistic" date for Harvey Weinstein's retrial on rape charges as they continue to investigate new claims that the disgraced Hollywood producer assaulted other women, saying they expect to seek a superseding indictment by late September.

  • July 09, 2024

    Ex-NRA Finance Chief Agrees To 10-Year NY Nonprofit Ban

    A former chief financial officer of the National Rifle Association has agreed not to serve as a fiduciary of a New York nonprofit for 10 years as part of a settlement in the state attorney general's suit in state court alleging he and other executives misused donor money, according to deal terms disclosed Tuesday.

  • July 08, 2024

    Giuliani's Creditors Call Ch. 7 Conversion Bid A 'Delay Game'

    Rudy Giuliani's unsecured creditors in his Chapter 11 case on Monday slammed the former New York City mayor's bid in New York bankruptcy court to convert the proceedings to a liquidation, saying the move is just another part of his "delay game" to avoid discovery and "responsibility for his malfeasance."

  • July 08, 2024

    Purdue Creditors Look To Sue Sacklers After Justices' Ruling

    The official committee of unsecured creditors in the Chapter 11 case of drugmaker Purdue Pharma asked a New York bankruptcy judge on Monday for standing to bring actions against members of the Sackler family that own the company after the U.S. Supreme Court torpedoed a precarious settlement among the parties.

  • July 08, 2024

    Bus Co. Coach Gets $8M Stalking-Horse Bid For More Assets

    An industrial transportation provider submitted a roughly $8 million stalking-horse offer for some of the remaining assets of intercity bus operator Coach USA, as the insolvent company seeks to sell more of its assets while in Chapter 11 in Delaware.

  • July 08, 2024

    Romance Writers Group Can Go Ahead With Ch. 11 Plan

    A Texas bankruptcy judge on Monday allowed Romance Writers of America to move forward with its bankruptcy plan in the trade association's streamlined Chapter 11 case, noting that there were no objections to confirming the reorganization.

  • July 08, 2024

    Rite Aid Says Elixir Buyer In Contempt Over Liability Dispute

    Bankrupt pharmacy chain Rite Aid has asked a New Jersey bankruptcy judge to find the purchaser of its prescription benefits subsidiary in contempt, saying the buyer is defying his orders by refusing to assume $200 million of the subsidiary's liabilities.

  • July 08, 2024

    Catching Up With Delaware's Chancery Court

    Prince's heirs were left standing alone in a cold world last week after Delaware's Court of Chancery found their attempts to gain control of the late musician's estate too demanding. Delaware's court of equity also waved a wand for Walt Disney and slashed nearly $10 million from a damages award for Sears stockholders. In case you missed anything, here's a recap of all the latest news from Delaware's Chancery Court.

  • July 08, 2024

    Icon Aircraft Investor Says Co.'s Ex-CEO Can't Pursue Suit

    The majority equity owner of Icon Aircraft has asked a Delaware bankruptcy judge to reject a request by a group of investors including the company's former chief executive to continue prosecuting claims that it breached fiduciary duties, arguing those claims belong to the debtor instead.

  • July 05, 2024

    Feds Slam Girardi's 'Last Ditch Effort' To Block Evidence

    Prosecutors urged a California federal judge Friday to reject Tom Girardi's bid to suppress evidence collected without a search warrant from his law firm's bankruptcy trustee, arguing that the trustee had control of the firm's books and records and had the power to voluntarily produce the documents for the disgraced attorney's wire fraud case.

  • July 05, 2024

    UpHealth Says $110M Glocal Award Can Be Enforced

    Bankrupt medical tech company UpHealth has urged an Illinois court to enforce a $110 million arbitral award against Indian digital healthcare services platform Glocal Healthcare in a bitter feud over an ill-fated merger, saying the court should reject Glocal's argument that the tribunal exceeded its powers.

  • July 05, 2024

    How Reshaped Circuit Courts Are Faring At The High Court

    Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.

  • July 05, 2024

    Breaking Down The Vote: The High Court Term In Review

    The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.

  • July 05, 2024

    High Court Flexes Muscle To Limit Administrative State

    The U.S. Supreme Court's dismantling of a 40-year-old judicial deference doctrine, coupled with rulings stripping federal agencies of certain enforcement powers and exposing them to additional litigation, has established the October 2023 term as likely the most consequential in administrative law history.

  • July 05, 2024

    The Sharpest Dissents From The Supreme Court Term

    The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.

  • July 05, 2024

    5 Moments That Shaped The Supreme Court's Jan. 6 Decision

    When the high court limited the scope of a federal obstruction statute used to charge hundreds of rioters who stormed the Capitol, the justices did not vote along ideological lines. In a year marked by 6-3 splits, what accounts for the departure? Here are some moments from oral arguments that may have swayed the justices.

  • July 05, 2024

    The Funniest Moments Of The Supreme Court's Term

    In a U.S. Supreme Court term teeming with serious showdowns, the august air at oral arguments filled with laughter after an attorney mentioned her plastic surgeon and a justice seemed to diss his colleagues, to cite just two of the term's mirthful moments. Here, we look at the funniest moments of the term.

  • July 05, 2024

    Court To Weigh Scope Of Ex-Judge's Atty Romance Testimony

    A Texas bankruptcy judge said he must determine the scope of a deposition over a former judge's concealed romantic relationship with an ex-Jackson Walker LLP attorney, reversing course on a stipulation and ruling he has "exclusive authority" to "authorize and set limits regarding the nature of the testimony."

  • July 05, 2024

    The Firms That Won Big At The Supreme Court

    This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.

  • July 05, 2024

    Voyager Investors' $6.5M Deal Over Crypto Marketing OK'd

    A New York federal judge has granted preliminary approval to a $6.5 million cash settlement between the top brass of the now-bankrupt cryptocurrency firm Voyager Digital Holdings and a class of its users who claimed they "aggressively marketed" unregistered securities.

  • July 05, 2024

    Top Federal Tax Cases To Watch In The 2nd Half Of 2024

    In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.

  • July 03, 2024

    McKinsey Can Exit Rival's Bankruptcy Conflicts RICO Suit

    A Manhattan federal judge Wednesday tossed a lawsuit brought by the founder of turnaround consultant AlixPartners accusing rival McKinsey & Co. of intentionally failing to disclose disqualifying conflicts of interest in big bankruptcy cases, saying the founder doesn't have standing to sue under the Racketeer Influenced and Corrupt Organizations Act.

Expert Analysis

  • Texas Ethics Opinion Flags Hazards Of Unauthorized Practice

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    The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • 2 Options For Sackler Family After High Court Purdue Ruling

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    After the U.S. Supreme Court recently blocked Purdue Pharma's plan to shield the family that owns the company from bankruptcy lawsuits, the Sacklers face the choice to either continue litigation, or return to the bargaining table for a settlement that doesn't eliminate creditor claims, says Gregory Germain at Syracuse University.

  • In Memoriam: The Modern Administrative State

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    On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.

  • 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.

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