Bankruptcy

  • May 08, 2025

    Celsius Founder Gets 12 Years For Massive Crypto Fraud

    The founder and former CEO of defunct Celsius Network on Thursday was sentenced to 12 years in prison for deceiving customers about the crypto lender's profitability and business practices, and falsely inflating the price of the platform's native token, CEL.

  • May 08, 2025

    Girardi's Mental Health Hearing Delayed Until June

    A California federal judge on Thursday postponed a mental health evaluation hearing for Tom Girardi meant to aid the court in sentencing the disbarred attorney for his wire fraud conviction, finding that because Girardi is hospitalized and did not waive his right to be present at the proceedings, it should not go forward as scheduled. 

  • May 08, 2025

    Calif. Apartment Owner Files Ch. 11 With $46M Debt

    The owner of a 53-unit Corona, California, apartment complex has filed for Chapter 11 protection in California bankruptcy court ahead of a foreclosure proceeding with nearly $46 million in debt.

  • May 08, 2025

    WeightWatchers To Seek OK For Equity Swap Ch. 11 In June

    WeightWatchers expects it will be able to set aside some equity in a reorganized company for existing stockholders while cutting $1.15 billion in debt under a Chapter 11 plan that is scheduled for a confirmation hearing in June, the debtor told a Delaware bankruptcy judge on Thursday.

  • May 08, 2025

    Hikma Cuts $50M Deal To End Antitrust Claims In Xyrem MDL

    A certified class of Xyrem buyers in 36 states have asked a California federal judge to preliminarily approve Hikma Pharmaceuticals PLC's $50 million deal to resolve antitrust claims accusing Hikma of colluding with rival Jazz Pharmaceuticals to block generic rivals from competing with Jazz's narcolepsy drug.

  • May 08, 2025

    Wife Of Former FTX Exec Says Charges Are Built On Deception

    Attorney and cryptocurrency lobbyist Michelle Bond, the wife of jailed former FTX executive Ryan Salame, told a Manhattan federal judge that her campaign finance case should be tossed because prosecutors broke a promise that she wouldn't be charged if her husband pled guilty.

  • May 08, 2025

    Asbestos Spinoff Ch. 11 Could Upend US Law, 4th Circ. Told

    Georgia-Pacific's asbestos unit Bestwall and injury claimants on Thursday accused each other of trying to fundamentally rewrite U.S. law as they argued before the Fourth Circuit on the claimant committee's attempt to have Bestwall's Chapter 11 case thrown out of court.

  • May 08, 2025

    Biotech Co. Accelerate Diagnostics Hits Ch. 11 With Sale Plan

    Medical technology company Accelerate Diagnostics Inc. filed for Chapter 11 protection in Delaware bankruptcy court Thursday with $90.2 million of debt and a plan to sell the business to lender Indaba Capital Management for $36.9 million.

  • May 07, 2025

    Girardi Hospitalized Ahead Of Mental Evaluation Hearing

    Disbarred attorney Tom Girardi was hospitalized Wednesday for a liver problem and is unable to attend a scheduled hearing Thursday before a California federal judge who is evaluating his mental health to determine if he should be sent to prison, according to a filing with the court by his attorneys. 

  • May 07, 2025

    Celebs And YouTubers Nix Most FTX Investor Claims, For Now

    A Florida federal judge Wednesday freed several high-profile celebrities and YouTubers from a majority of claims FTX investors lodged in a sprawling multidistrict litigation over the cryptocurrency exchange's collapse, slashing all but two of the investors' claims, including aiding and abetting.

  • May 07, 2025

    Investors Fight J&J, Kenvue Bid To Nix IPO Fraud Suit

    A New Jersey federal judge shouldn't reconsider his decision to sustain IPO fraud claims against pharmaceutical giant Johnson & Johnson and a former subsidiary, investors suing the companies said Wednesday by arguing that the judge was right to find that the companies should have disclosed a "serious challenge" to the effectiveness of a common medication ingredient in public filings.

  • May 07, 2025

    Rite Aid Cleared For Quick Ch. 11 Sale Plans

    A New Jersey bankruptcy judge on Wednesday approved retail pharmacy chain Rite Aid's plans to host a Chapter 11 auction next week for prescription files, drug inventory and other pharmacy assets during its second bankruptcy.

  • May 07, 2025

    Tupperware's Post-Sale Ch. 11 Plan Approved

    The Chapter 11 plan of liquidation of food storage container company Tupperware Brands Corp. received court approval Wednesday in Delaware without any opposition, marking a complete turnaround from the turmoil at the outset of the case.

  • May 07, 2025

    Chubb Can't Get Archdiocese's Abuse Coverage Suit Trimmed

    A New York state court refused Wednesday to toss the Archdiocese of New York's claims for bad faith and violations of the state's deceptive trade practices law in a suit seeking coverage from Chubb units for thousands of sexual abuse lawsuits.

  • May 07, 2025

    3rd Circ. Backs Judge's Authority In Bankruptcy Appeal

    The Third Circuit on Wednesday affirmed a magistrate judge's jurisdiction over a partnership's mineral royalties fight against a company tied to a bankrupt driller, but it sent a dispute over whether the partnership was owed almost $140,000 in royalty payments back to the judge for further consideration.

  • May 07, 2025

    Pa. Nursing Homes Say They Can't Afford $2.7M Fraud Penalty

    A pair of Pennsylvania nursing homes convicted of defrauding state and federal healthcare programs by falsifying staff records and exaggerating patient needs said they won't be able to pay the $2.7 million penalty the government is seeking since they're severely strapped for cash.

  • May 07, 2025

    Canadian Asbestos Miner Seeks Ch. 15 To Wrangle Lawsuits

    A Quebec mining company asked a New York bankruptcy judge to recognize Canadian insolvency proceedings where it hopes to resolve thousands of asbestos personal injury lawsuits across multiple jurisdictions.

  • May 06, 2025

    Post-Ch. 11 Rite Aid Trustee Asks To Take Over Insurance Suit

    A trust tied to Rite-Aid's previous bankruptcy exit plan has asked a New Jersey bankruptcy judge for permission to take over for Rite Aid in an adversary case seeking insurance money related to opioid claims.

  • May 06, 2025

    WeightWatchers Files Ch. 11 To Eliminate $1.15B Of Debt

    WeightWatchers filed for Chapter 11 bankruptcy protection in Delaware bankruptcy court Tuesday, saying the restructuring will eliminate $1.15 billion in debt and allow the company to focus on its telehealth services.

  • May 06, 2025

    NC Staffing Biz Hits Ch. 11 After Scuttled Merger And Delisting

    Five affiliates of a North Carolina staffing company have filed for Chapter 11 bankruptcy protection, listing debts of up to $100 million after a planned merger fell through and its stock was delisted.

  • May 06, 2025

    Reed Smith Must Turn Over Docs In $102M Fraud Fight

    A New York federal judge on Tuesday determined that since enough evidence existed to show international shipping group Eletson Holdings may have committed fraud in an arbitration over a deal with another entity, Levona Holdings Ltd., the Reed Smith LLP attorneys who represented Eletson at the arbitration must hand over related documents.

  • May 06, 2025

    Irish Developer To Settle With Ex Amid $942M Conn. Ch. 7

    The Chapter 7 trustee overseeing the $942 million estate of Irish real estate developer Sean Dunne will settle claims of more than €3.6 million ($4 million) from a woman who alleges to be Dunne's first wife, the parties told a Connecticut bankruptcy judge Tuesday.

  • May 06, 2025

    State Officials Say CFPB Is Holding Up $4.2M Redress Checks

    Officials from a dozen states have accused the Consumer Financial Protection Bureau of ghosting them on a $4.2 million redress plan for former students of a shuttered sales-training firm, saying the agency has not cut any checks and is not answering them.

  • May 06, 2025

    Boies Schiller Can't Push Guo Clawback Bid To District Court

    Boies Schiller Flexner LLP cannot move to federal district court a $654,000 adversary proceeding in Chinese exile Miles Guo's Connecticut bankruptcy, according to a district court judge's ruling that said it would be more efficient to keep the dispute in bankruptcy court, at least for now.

  • May 06, 2025

    Alex Jones' Atty Seeks Discipline Pause In Sandy Hook Leak

    Alex Jones' former lead Connecticut attorney has asked a state appeals court to pause the remaining seven days of a suspension he was handed for a role in transferring Sandy Hook families' confidential records to another Jones attorney in Texas, arguing the case should be stayed while he again appeals the punishment.

Expert Analysis

  • How Cos. Can Leverage IP In Corporate Bankruptcy

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    In light of an increase in year-to-date Chapter 11 filings, businesses must understand the importance and value of intellectual property in corporate bankruptcy and restructuring, from contributing to enterprise value, to providing leverage in negotiations and facilitating recovery, says Gregory Campanella at Ocean Tomo.

  • 5 Tips To Succeed In A Master Of Laws Program And Beyond

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    As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.

  • Series

    Being An Opera Singer Made Me A Better Lawyer

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    My journey from the stage to the courtroom has shown that the skills I honed as an opera singer – punctuality, memorization, creativity and more – have all played a vital role in my success as an attorney, says Gerard D'Emilio at GableGotwals.

  • Avoiding Retail Bankruptcy As Economic Uncertainty Persists

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    Amid record retail bankruptcies and continued economic uncertainty in 2024, retailers can take specific steps like building stronger cash-flow models, managing inventory wisely and reassessing cost structures to avoid financial distress, say consultants at BRG.

  • How Law Firms Can Avoid 'Collaboration Drag'

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    Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.

  • Banking Compliance Takeaways From Joint Agency Statement

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    Federal bank regulatory agencies’ recent joint statement warning of risks associated with third-party fintech deposit services spotlights a fundamental problem that may arise with bank deposit products that are made through increasingly complex customer relationships, says Tom Witherspoon at Stinson.

  • Opinion

    Litigation Funding Disclosure Key To Open, Impartial Process

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    Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Crypto Gatekeepers May Be The Next Front Of Enforcement

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    Lawyers and other professionals who advise cryptocurrency companies should beware regulators' increasing focus on gatekeeper accountability, and should take several measures to fulfill their ethical and legal obligations, including implementing a robust vetting mechanism when representing crypto clients, say Temidayo Aganga-Williams and Xinchen Li at Selendy Gay.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

  • Opinion

    The Big Issues A BigLaw Associates' Union Could Address

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    A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.

  • Opinion

    It's Time For A BigLaw Associates' Union

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    As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.

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