Bankruptcy

  • March 27, 2024

    Yellow Corp. Pension Fund Liability To Be Decided In Ch. 11

    A Delaware bankruptcy judge on Wednesday denied the Pension Benefit Guaranty Corp.'s bid to take a dispute with Yellow Corp. over $7.8 billion in retirement fund withdrawal liability claims to arbitration, finding the dispute would be best resolved through the trucking firm's Chapter 11 claims allowance process.

  • March 27, 2024

    Camden Diocese Insurers Demand Ch. 11 Plan Be Halted

    Several insurers of the Roman Catholic Diocese of Camden told a New Jersey bankruptcy judge Wednesday that the approval of the debtor's third modified Chapter 11 plan stripped the insurers' rights and urged the court to implement a stay on the order.

  • March 27, 2024

    McDermott Completes Global Restructuring

    Texas-based energy industry construction firm McDermott International has announced the company successfully completed its cross-border restructuring in the Netherlands and the U.K., noting it has arranged to extend its debt maturities by three years and resolve arbitration liabilities.

  • March 27, 2024

    11th Circ. Affirms Experian's Win In Credit Reporting Suit

    The Eleventh Circuit has determined a district court didn't err in evidentiary rulings in a case brought by a Florida resident against Experian Information Solutions Inc. alleging it inaccurately reported a discharged mortgage in his credit history, upholding a verdict in favor of the company.

  • March 27, 2024

    Troika Media Can Exit Ch. 11 After Settlement And Lender Sale

    Marketing firm Troika Media Group Inc. is set to exit bankruptcy before the end of the month after a New York bankruptcy judge Wednesday said he would approve its Chapter 11 plan to sell itself as a going concern and settle pre-bankruptcy legal disputes.

  • March 27, 2024

    Piracy Claims Against Bankrupt ISP Frontier Can Go Forward

    A New York bankruptcy judge Wednesday said a group of copyright holders can go to trial with claims internet service provider Frontier Communications is liable for failing to cut off customers who downloaded pirated music and movies.

  • March 27, 2024

    Terraform Loses Mistrial Bid After Rakoff Query About 'Lying'

    Manhattan U.S. District Judge Jed S. Rakoff on Wednesday rejected a mistrial bid by counsel for Terraform Labs and creator Do Kwon centering on the judge's move to ask an investor if the bankrupt crypto startup had disclosed potential risks about "lying" to the public.

  • March 26, 2024

    Judge To Let McDermott Investors Seek 2-Subclass Cert.

    A Texas federal judge has declined to certify a proposed class of investors in energy industry engineering company McDermott International Inc., siding with a magistrate judge who recommended dismissing the class certification bid so the investors could refile and seek certification for two investor subclasses.

  • March 26, 2024

    Sedgwick Judge Rips Attys 'Playing Games' In Clawback Trial

    A California federal judge presiding over the Sedgwick LLP trustee's bid to claw back $1.1 million from two ex-partners overruled defense objections to Sedgwick's financial statements, asking, "How am I supposed to do this without numbers?" and telling counsel, "You're playing games with me on this, because I need to see numbers."

  • March 26, 2024

    FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed

    Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.

  • March 26, 2024

    Terraform Backer Tells Jury His Firm Lost Big On $36M Stake

    A Boston venture capitalist told the Manhattan federal jury hearing fraud claims against Terraform Labs and its creator Do Kwon on Tuesday that his former company confidently invested $35.9 million in the crypto startup based on representations that regulators say were false.

  • March 26, 2024

    Combat Arms Earplugs Settlement Moves To Final Resolution

    More than 249,000 U.S. service members who claimed they suffered permanent hearing loss due to 3M's allegedly faulty combat earplugs have signed onto the $6 billion settlement, boasting "more than 99%" participation, according to a Tuesday announcement by the company.

  • 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.

Expert Analysis

  • Perspectives

    6 Practice Pointers For Pro Bono Immigration Practice

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    An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • How Lease Obligations Can Affect Subchapter V Debt Cap

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    Two recent bankruptcy rulings in the Eastern District of Virginia and the Southern District of New York take opposite positions on whether unmatured lease obligations are considered noncontingent debt for the purposes of calculating debtors' Subchapter V eligibility, say Joseph Orbach and Henry Thomas at Thompson Coburn.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Bill Could Pave Path To 'Safer' Banking For Cannabis Industry

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    The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.

  • 7 E-Discovery Predictions For 2024 And Beyond

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    The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.

  • 5 Litigation Funding Trends To Note In 2024

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    Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.

  • Key Issues When Navigating A Tenant's Bankruptcy

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    In light of recent Chapter 11 filings by Rite Aid and WeWork — companies with thousands of commercial leases — practitioners should review issues that can arise when bankruptcy is used to exit a lease, including the consequences of lease rejection and the statutory cap on landlord damage claims for a rejected lease, say attorneys at Proskauer.

  • Fed. Circ. Ruling Seemingly Offers PTAB Deadline Immunity

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    The Federal Circuit's recent Purdue Pharma v. Collegium Pharmaceutical Inc. decision that the Patent Trial and Appeal Board had authority to issue a final written decision in a post grant review after the prescribed statutory deadline underscores how courts should consider the overall objective of the statutory scheme when balancing the classic conflict between bright-line rules and flexible standards, says Matthew Dowd at Dowd Sheffel.

  • Securing Financial Transparency In Chapter 11 Reporting

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    As we enter the new year, restructuring professionals would be wise to review Chapter 11 public reporting requirements to navigate what debtors may do to try to minimize public reporting, and what creditors can do to get the public reporting they deserve by striking a balance between financial transparency requirements and tactical moves, say Thomas Moers Mayer and Nancy Bello at Kramer Levin.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

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