Citibank will pay $5 million to settle a case with the U.S. Trustee Program over bankruptcy cases involving more than 71,000 Macy’s brand credit card accounts, according to a proposed consent order filed Monday.
A group of investors who say they were duped into buying stock for electric car maker Fisker Automotive just before it went bankrupt urged the Seventh Circuit to revive their suit on Monday, saying the lower court incorrectly found it time-barred.
An Illinois federal judge on Monday ordered a private equity firm to face an insurer's fraud suit over a $100 million deal to buy an auto insurance network, saying the insurer sufficiently pled the firm hid its insurance underwriter's economic vulnerability before the transaction closed.
Bankrupt shoemaker Aerogroup International Inc. asked a Delaware judge for a temporary restraining order late Friday, seeking to prevent the $1.4 billion sale of Global Brands Group from closing and leaving the debtor unable to collect on $45 million in contract claims from a scuttled Chapter 11 transaction.
The U.S. government’s bankruptcy case monitor argued in court papers Friday that Tops Markets LLC should not be permitted to solicit creditor votes on its pending restructuring plan, saying the grocery chain is not providing sufficient details regarding proposed litigation releases for third parties.
A Delaware federal judge on Friday upheld bankruptcy court confirmation of a laboratory company’s $1.8 billion Chapter 11 plan over creditor objections that the ruling unconstitutionally shielded nondebtor third parties from a racketeering suit.
In an effort to stave off bankruptcy, Sears CEO Edward Lampert’s hedge fund is urging the company to immediately restructure its debt and sell off about $2.25 billion in assets, including the Sears Home Services business and the Kenmore appliance brand, in the face of upcoming debt payments.
A former ad agency executive won his appeal for more than $10 million in tax refunds when the Ninth Circuit ruled Monday that he had fulfilled a legal requirement to report inconsistencies between his personal tax return and that of his now-defunct advertising placement company.
Former Judge Jorge J. Perez has joined Dickinson Wright PLLC’s litigation group in Fort Lauderdale, Florida, where he is an oft-appointed receiver in insolvencies and an arbitrator.
California Gov. Jerry Brown signed a package of bills Friday that aims to help the state prevent and recover from catastrophic wildfires, including a controversial bill that critics call a bailout for Pacific Gas and Electric Co. but that its author says is needed to save the liability-burdened utility from bankruptcy.
The Weinstein Co. Holdings LLC filed an objection on Thursday in Delaware bankruptcy court to what it claims is a "burdensome" request by Harvey Weinstein seeking documents about his rights to certain films and projects.
U.S. District Judge Jed S. Rakoff on Friday hit a former Transmar Commodity Group Ltd. finance executive with a three-month sentence for his role in a $352 million fraud that bankrupted the cocoa trader and damaged banks, crediting his effort to cooperate but saying the size of the caper required a prison term.
A New York bankruptcy judge on Friday granted Croatian food and beverage giant Agrokor U.S. bankruptcy protection while the company works through its restructuring deal in its home country.
Engineering and construction giant Fluor Enterprises Inc. on Friday urged a New York bankruptcy court to order Westinghouse Electric to hand over roughly $247 million in allegedly unpaid fees stemming from a pair of nuclear reactor projects, months after the nuclear power company tried to dodge the claims.
A Delaware bankruptcy judge confirmed accessory retailer Claire’s Chapter 11 plan on a mostly uncontested basis Friday after a three-day confirmation hearing during which stakeholders hashed out the details of a deal struck Monday that granted second-lien creditors higher recovery rates.
Thousands of artifacts dredged up from the Titanic are set to go up for auction in a Florida bankruptcy case next month, with a $19.5 million stalking horse bid in place, according to a sale notice filed Wednesday.
A New York appeals court on Thursday reversed an order requiring a group of insurers to pay J.P. Morgan Securities Inc. $286 million for settlement costs that Bear Stearns shelled out in a deal with the U.S. Securities and Exchange Commission, saying coverage is precluded based on the U.S. Supreme Court's 2017 ruling in Kokesh that disgorgement is a penalty.
The prospects of discount retailer J&M Sales Inc. getting to a confirmed Chapter 11 plan of reorganization dimmed Thursday, when attorneys for the chain of stores told a Delaware bankruptcy judge that its vendors were wary of signing on to a process where they would provide inventory on shortened terms.
A Texas bankruptcy judge issued an order Thursday approving the disclosures and solicitation materials for iHeartMedia Inc.'s Chapter 11 plan, which is expressly opposed by the broadcast media giant's unsecured creditors and has faced challenges from federal authorities.
Investment adviser Whitebox Advisors LLC blasted an Earl of Sandwich location’s request for an order declaring it the owner of a $3.6 million claim in Caesars’ Illinois federal court bankruptcy, arguing that the evidence shows the now-shuttered Atlantic City eatery had reached a binding preliminary deal to sell the claim.
A lot has changed since I clerked for Justice Ruth Bader Ginsburg 20 years ago. At that time, I had hair and no wife. I also thought I knew everything — but working for the justice made me realize very quickly that I actually knew very little, says Ninth Circuit Judge John Owens.
In 1993, Ruth Bader Ginsburg was confirmed to the U.S. Supreme Court, and I began my two-year clerkship with her. In her first opinion as a justice, and in dozens since, Justice Ginsburg reminded us how the law needs to operate if equality is to be a reality, says Margo Schlanger, a professor at the University of Michigan Law School.
Neither the Federal Rules of Civil Procedure nor most state procedure codes expressly address whether, in what circumstances, or how a party may use technology-assisted review to fulfill its disclosure obligations. A new rule introduced last week by the Commercial Division of the New York Supreme Court aims to fill that gap, say Elizabeth Sacksteder and Ross Gotler of Paul Weiss Rifkind Wharton & Garrison LLP.
The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.
In HNRC Dissolution, the Sixth Circuit took a holistic approach to determining the core nature of a proceeding in bankruptcy, which will likely make it more difficult for litigants to obtain mandatory abstention in certain cases, says Tamar Dolcourt of Foley & Lardner LLP.
A New Jersey state appellate court's decision in Jimenez v. Jimenez shows that when dealing with property owned by a husband and wife as tenants by the entirety, New Jersey law can impose very serious ramifications on a judgment creditor’s efforts to collect or levy on that property, says Bruce Buechler of Lowenstein Sandler LLP.
Courts have usually provided little guidance regarding problems that might affect the use of claims purchased in bankruptcy cases for strategic reasons. With three recent decisions, this dynamic has begun to change, say Nancy Peterman and John Elrod of Greenberg Traurig LLP.
When the next downturn occurs, bankruptcies and opportunities for investors to pick up distressed assets on the cheap will follow. Where those assets include customer lists or other personal information protected by new privacy laws in the EU and California, those sales will become more difficult, say Walt Sapronov and Paul Kouroupas of Sapronov & Associates PC.
People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.