Bankruptcy

  • March 26, 2024

    Girardi Fraud Trial Moved To Aug. 6

    A California federal judge has agreed to postpone disgraced California plaintiffs attorney Tom Girardi's trial to Aug. 6, setting the proceedings to begin 16 months later than originally required at the outset of the case.

  • March 26, 2024

    Teamsters Duck Yellow's $137M Suit Over Restructuring Talks

    The Teamsters have defeated Yellow Corp.'s $137 million lawsuit accusing them of pushing the trucking company into bankruptcy through intransigence in negotiations over a corporate restructuring, with a Kansas federal judge finding the company didn't exhaust the grievance process under a union contract before suing.

  • March 25, 2024

    McDermott Settles Colombian Refinery Fight With $900M Deal

    A Colombian refinery company that was granted a $1 billion arbitration award against global engineering giant McDermott International Ltd. has resolved its long-standing dispute with an agreement that gives the refinery company a settlement package amounting to about $900 million.

  • March 25, 2024

    J&J Exec 'Shocked' Over Atty's Ties With Talc Plaintiffs

    Johnson & Johnson's vice president of litigation said on Monday he was "utterly shocked and appalled" upon learning an attorney who served as the company's outside counsel was working with its adversary Beasley Allen Law Firm and one of its attorneys in litigation over the alleged link between the company's talcum powder products and ovarian cancer.

  • March 25, 2024

    Ex-Lordstown CEO Settles SEC's 'Pre-Sale' Fraud Claims

    The former CEO of the electric pickup truck company once known as Lordstown Motors Corp. has agreed to pay $175,000 to settle the U.S. Securities and Exchange Commission's fraud claims over the alleged misrepresentation of its pre-sale demand for vehicles.

  • March 25, 2024

    Backstabbing 'Just How Law Firms Work': Sedgwick Judge

    A California federal judge told counsel during bench trial openings Monday that the Sedgwick LLP trustee's bid to claw back $1.1 million from two ex-partners isn't a "blame game," and "partners stab each other in the back every day and move on to the next one" — "it's just how law firms work."

  • March 25, 2024

    3rd Circ. Says NJ City Can't Stop Sale Of Failed Project's Sites

    The Third Circuit tossed a New Jersey city's challenge of a bankruptcy court ruling that allowed the two local properties of a failed affordable housing project to be sold to a third party, according to an unpublished opinion Monday.

  • March 25, 2024

    EV Maker Fisker Says It's Considering Restructuring

    Electric vehicle company Fisker told federal regulators it is considering restructuring after the collapse of partnership talks with a "large automaker" endangered its attempts to secure $150 million in new financing.

  • March 25, 2024

    FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales

    Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.

  • March 25, 2024

    Jackson Walker Dismissal Bid Says Atty Lied About Romance

    A former Jackson Walker LLP partner at the center of an ethics scandal over her relationship with a then-Texas bankruptcy judge was dishonest when questioned about the romance, the firm said Friday in seeking to escape a federal racketeering lawsuit.

  • March 25, 2024

    Terraform Failure In Crypto Crash Wasn't Fraud, Jury Told

    Counsel for Terraform Labs creator Do Kwon told a Manhattan federal jury Monday that Kwon believed in his technology and told the truth, pushing back against claims that he lied about the stability and business prospects of his bankrupt cryptocurrency startup.

  • March 25, 2024

    Justices Won't Review Nullification Of Puerto Rico Labor Law

    The U.S. Supreme Court on Monday declined to review a First Circuit finding that Puerto Rico's fiscal management board was within its authority to void a 2022 labor law expanding some benefits for private employees because it had not been given an opportunity to review the legislation.

  • March 25, 2024

    Lender Curo Group Hits Ch. 11 To Slash $1B In Debt

    Consumer lender Curo Group Holdings Corp. filed for Chapter 11 protection in Texas on Monday with a plan of reorganization supported by a majority group of creditors, saying it crumbled under a $2.1 billion debt load with high interest rates.

  • March 25, 2024

    FTX Clawbacks Unlikely To Help Bankman-Fried At Sentencing

    FTX founder Sam Bankman-Fried probably won't find much success in arguing for a shorter prison term based on the billions of dollars recovered by the shuttered crypto exchange's bankruptcy estate, experts told Law360 ahead of this week's much-anticipated sentencing hearing.

  • March 22, 2024

    Real Estate Co. Says Ch. 7 Trustee Ginned Up Conn. AG Probe

    A company that buys houses from financially distressed individuals and rents the homes back to their former owners filed a scathing adversary proceeding against a Chapter 7 trustee's avoidance action, claiming the trustee ginned up a "baseless" state government probe and is harming several estates she claims to be protecting.

  • March 22, 2024

    Kwok Trustee's RICO Suit Paused Pending NY Criminal Trial

    A Connecticut bankruptcy judge Friday paused two adversary actions in the Chapter 11 bankruptcy of Ho Wan Kwok until the exiled Chinese businessman's criminal trial for fraud and racketeering, slated to start in May, wraps up.

  • March 22, 2024

    Judge Signals OK For $15M DIP Loan To Petersen Health Care

    During a break in a hearing Friday afternoon in Delaware bankruptcy court, senior-living company Petersen Health Care reached an interim deal with its debtor-in-possession lender and its prepetition lenders to let it access $15 million of its proposed $45 million DIP loan.

  • March 22, 2024

    Bestwall Says 'Texas Two-Step' Irrelevant To Asbestos Ch. 11

    Bestwall, the bankrupt asbestos unit of Georgia-Pacific, told the U.S. Supreme Court Friday that a pre-bankruptcy corporate restructuring in Texas that separated its asbestos liability from the parent business should not matter in determining whether a bankruptcy court has jurisdiction over the subsidiary's asbestos injury claims.

  • March 22, 2024

    Feds Reach Deal To Seize, Sell FTX Executive Jets

    Federal prosecutors Friday told a New York federal judge they have reached a deal to seize and sell private jets intended to take convicted fraudster Sam Bankman-Fried and top executives of his bankrupt cryptocurrency exchange FTX to and from the company's Bahamian headquarters.

  • March 22, 2024

    US Trustee Says Fla. Healthcare Co. Can't Seal Stock Sale Bid

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to deny a Miami-based primary healthcare group's request in its Chapter 11 case to redact information in the debtor's motion to sell its shares in a healthcare claims reimbursement servicer.

  • March 22, 2024

    Feds, Girardi Agree To Delay Trial More Than 2 Months

    Disgraced attorney Tom Girardi's criminal trial could now be pushed back from May to August, after prosecutors and Girardi's defense attorneys filed a mutual request for a few more weeks of preparation in the closely watched case.

  • March 22, 2024

    SEC Sanctions NY Atty For 'Improper Professional Conduct'

    The U.S. Securities and Exchange Commission has barred a New York-based attorney from practicing before the agency, saying she engaged in "improper professional conduct" by failing to comply with a requirement that she not do further work for a two-year period for a company she had represented in proceedings.

  • March 22, 2024

    Cineworld Hires Post-Ch. 11 GC, Executive Suite

    Cineworld Group, one of the world's largest movie theater chains, has announced it recently welcomed a new general counsel, chief financial officer and other senior executives following the company's exit from Chapter 11.

  • March 22, 2024

    5 Things To Know As SEC Takes Terraform Fraud Case To Trial

    The U.S. Securities and Exchange Commission's suit against collapsed cryptocurrency project Terraform and its creator Do Kwon takes center stage next week in U.S. District Judge Jed Rakoff's courtroom in Manhattan, and at its heart is a question of whether the business deceived investors in the lead-up to the collapse that helped set off the so-called crypto winter.

  • March 21, 2024

    Silvergate Must Face Investor Suit Over FTX Ties, Judge Says

    The now-defunct Silvergate Bank and its CEO must face a proposed class action brought by customers of bankrupt cryptocurrency exchange FTX, a California federal judge ruled Wednesday, finding that Silvergate owed a duty to FTX customers and that its conduct harmed them.

Expert Analysis

  • Business Litigators Have A Source Of Untapped Fulfillment

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    As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.

  • Fla. Bankruptcy Ruling Is Cautionary Tale For Debt Collectors

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    A Florida bankruptcy court recently rejected the assertion that a debt purchaser was entitled to enforce a debt not correctly listed on the debtor's bankruptcy schedules, and the sanctions imposed provide a stark reminder on due diligence in debt collection practices, say Deborah Kovsky-Apap and Stefanie Jackman at Troutman Pepper.

  • Wildfire Challenges For Utility Investors: Liability Theories

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    The greater frequency and scale of wildfires in the last several years have created operational and fiscal challenges for electric utility companies, including new theories of liability and unique operational and risk management considerations — all of which must be carefully considered by utility investors, say David Botter and Lisa Schweitzer at Cleary.

  • Series

    Skiing Makes Me A Better Lawyer

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    A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.

  • Opinion

    High Court Should Endorse Insurer Standing In Bankruptcy

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    In Truck Insurance Exchange v. Kaiser Gypsum, the U.S. Supreme Court will examine bankruptcy standing doctrine as applied to insurers in mass tort cases, and should use the opportunity to eliminate spurious standing roadblocks to resolving insurer objections on their merits, says Frank Perch at White and Williams.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • A Former Bankruptcy Judge Talks 'Undue Hardship'

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    Former U.S. bankruptcy judge Robert Gordon reflects on his journey from student borrower to judicial observer, highlighting the challenges faced by modern students burdened with student loan debt and advocating for reform in bankruptcy laws, particularly regarding the "undue hardship" element of discharge.

  • Roundup

    Former Bankruptcy Judges Talk Restructuring Trends

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    In this Expert Analysis series, former U.S. bankruptcy judges draw from their experiences to discuss how bankruptcy law is evolving amid shifting economic landscapes and technological innovations.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Regulatory Trends Offer 4 Lessons For Debt Relief Providers

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    A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Opinion

    J&J Bankruptcy Could Thwart Accountability For Victims

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    Johnson & Johnson's latest attempt at a "Texas Two-Step" bankruptcy proceeding exemplifies the way in which corporate defendants can use bankruptcy to evade accountability, limit resources available to victims, and impose flawed, one-size-fits-all resolutions on diverse groups of plaintiffs, says Michelle Simpson Tuegel at Simpson Tuegel Law.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • A Post-Mortem Analysis Of Stroock's Demise

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    After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.

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