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June 10, 2024
3 Takeaways From Cigna's Win In 9th Circ. Rehab Claim Fight
The Ninth Circuit's recent decision finding Cigna is off the hook for $8.6 million in out-of-network mental health and substance use disorder treatment claims against employee benefit plans administered by the insurer could discourage similar litigation, benefits attorneys say. Here are three key takeaways from the decision.
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June 10, 2024
Chinese Dissident's Banker Lied About Accounts, Jury Hears
The former head of banking for Miles Guo, the prominent Chinese dissident also known as Ho Wan Kwok, testified in Manhattan federal court Monday that he lied to financial institutions about a number of investment entities that are now the subject of $1 billion fraud charges.
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June 10, 2024
Paul Hastings Restructuring Pro Rejoins Arnold & Porter
Arnold & Porter Kaye Scholer LLP announced on Monday the hiring of a former Paul Hastings LLP of counsel as a partner in its bankruptcy and restructuring practice out of Chicago.
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June 10, 2024
Ventilator Co. Vyaire Hits Ch. 11 As COVID Demand Wanes
Vyaire Medical Inc., a company that makes breathing ventilators and other respiratory treatment and diagnosis products, filed for Chapter 11 protection in Delaware after demand for its products waned following the COVID-19 pandemic.
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June 07, 2024
From Delaware To Georgia: Why LaVie Is Taking Ch. 11 South
Three years ago, LaVie Care Centers units filed for Chapter 11 protection in the common corporate venue of Delaware, but its new filing in its home state of Georgia challenges traditional norms in the practice and highlights not only local convenience, but the quality of Peach State bankruptcy bar.
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June 07, 2024
Talc User With Cancer Had 2nd Exposure Path, Jury Hears
A pulmonologist helping make the case that a Texas man got mesothelioma from using Johnson & Johnson talcum powder was pressed Friday as to why he failed to tell jurors that medical records reflect the man had a separate type of asbestos exposure.
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June 07, 2024
Cruise Co. Gets Ch. 11 Plan OK After Last Objection Nixed
A Texas bankruptcy judge confirmed Hornblower Holdings LLC's Chapter 11 plan, disposing of the objection of a surety bond company responsible for customer refunds that wanted to be reimbursed in full and in cash for refunds it paid out under any confirmed plan in an opinion made public Friday.
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June 07, 2024
Rite Aid Can Borrow Another $75M In Ch. 11 Plan Pursuit
Bankrupt retail drug-store chain Rite Aid Corp. received court approval on Friday in New Jersey for an amended debtor-in-possession financing package that provides $75 million in new-money financing as it moves toward confirmation of a Chapter 11 plan.
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June 07, 2024
'Deceit On Deceit': 7th Circ. OKs Atty's Asset-Hiding Sentence
The Seventh Circuit Court of Appeals upheld a Chicago-area lawyer's three-year sentence for hiding over $350,000 in her brother's bankruptcy, finding two sentence enhancements were properly applied since she "layered deceit upon deceit" to try to conceal assets and cover her tracks.
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June 07, 2024
The Supreme Court's Week: By The Numbers
The justices issued three opinions this week, including a split one over the government's responsibility for Native American healthcare costs, and unanimous rulings about who has standing to challenge a bankruptcy plan and whether stock redemptions should be treated as liabilities when calculating estate tax. Here, Law360 Pulse takes a data-driven dive into the week that was at the U.S. Supreme Court.
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June 06, 2024
'Any Judge' Should Have DQ'd In Romance Case, Attys Told
A Texas federal judge was adamant Thursday that a former bankruptcy judge should have recused himself from an engineering company's Chapter 11 proceeding because of his relationship with a then-Jackson Walker LLP partner, but seemed torn over whether a lawsuit from a former shareholder over the secret relationship had a leg to stand on.
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June 06, 2024
FTX Hit With Slew Of Objections To Ch. 11 Plan Disclosures
FTX 's creditors have launched a salvo of objections to the defunct cryptocurrency exchange's Chapter 11 plan disclosure statement, arguing it lacks "adequate information" about the objectors' treatment and is rife with "ambiguous" release terms.
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June 06, 2024
Justices' Standing Ruling May Embolden Carriers In Ch. 11
The U.S. Supreme Court said Thursday that an insurer with a responsibility for its policyholder's Chapter 11 bankruptcy claims can intervene in those bankruptcy proceedings, potentially giving insurers greater leverage in reorganization negotiations and likely causing an influx of insurer objections in bankruptcy court, experts tell Law360.
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June 06, 2024
NRA Can't Undo $6.4M Misconduct Verdict In NY AG Case
A New York judge on Thursday rejected a request by the National Rifle Association and its longtime executives to set aside a jury's $6.4 million verdict that found they misspent charitable funds, saying Attorney General Letitia James provided sufficient evidence for the jurors to rule in her favor.
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June 06, 2024
Judge Mulls How Ch. 11 Sale Order Affects Oil Refinery Suit
A Texas bankruptcy judge considered Thursday if a 2022 sale order in the Chapter 11 of Limetree Bay Services LLC can resolve a property rights dispute over an oil refinery in the Caribbean or if U.S. Virgin Islands federal court should decide the issue.
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June 06, 2024
US Trustee Rolls Out New Rules For Banking In Bankruptcy
The U.S. Trustee's Office announced Thursday the watchdog revised its procedures for financial institutions that hold bankrupt companies' funds, noting the changes were made in response to turmoil in the banking sector last year that jeopardized money some debtors needed to support their cases.
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June 06, 2024
Kwok's 'Whole Movement Is A Scam,' Ex-Fundraiser Tells Jury
A former top deputy in exiled Chinese billionaire Ho Wan Kwok's anti-Chinese Communist Party movement testified in Manhattan federal court this week that she raised millions of investor dollars out of a deep belief in the cause, but has since realized the entire enterprise was a "scam."
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June 06, 2024
Alex Jones Abandons Ch. 11 Reorg Plan, Moves To Liquidate
Right-wing radio host Alex Jones asked a Texas bankruptcy court to convert his bankruptcy case to a Chapter 7 liquidation, abandoning his proposed plan to reorganize his personal debts in the face of more than $1 billion in defamation claims from the families of Sandy Hook school shooting victims.
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June 06, 2024
Insurance Litigation Week In Review
The U.S. Supreme Court allowed an insurer to intervene in policyholder bankruptcy proceedings, Liberty Mutual requested that a policyholder-judge be removed from a construction accident coverage dispute, and a Markel unit is attempting to skirt a $77.7 million auto accident judgment. Here, Law360 takes a look at the past week's top insurance news.
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June 06, 2024
Clothing Chain Express Gets OK For Ch. 11 Loan, Asset Sale
A Delaware bankruptcy judge Thursday approved Express Inc.'s Chapter 11 financing and asset sale procedures, saying the clothing retailer had corrected the evidentiary deficiencies that led her to pump the brakes on its auction plans last week.
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June 06, 2024
In Reversal, Justices Say Insurer Has Standing In Ch. 11 Case
Truck Insurance Exchange can intervene in Chapter 11 bankruptcy proceedings of two manufacturing companies facing numerous asbestos injury claims, the U.S. Supreme Court ruled unanimously Thursday in a reversal of the Fourth Circuit, finding Truck qualifies as a "party in interest" under the Bankruptcy Code.
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June 05, 2024
Lenders Ask Court To Put Additional Byju's Units Into Ch. 11
Creditors for the insolvent U.S. affiliate of Indian education technology giant Byju's asked a Delaware bankruptcy judge Wednesday to put three other U.S.-subsidiaries into Chapter 11, alleging their corporate parent has been winding down and sweeping cash from the companies that are guarantors to a $1.2 billion loan.
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June 05, 2024
Brown Rudnick Partner's 50% Fee Hike Nixed In Ch. 11 Case
A Brown Rudnick LLP bankruptcy partner Wednesday had his 50% fee increase rejected by a Delaware judge, who took issue with the proposed hike to $1,500 an hour for representing the creditors' committee in Kidde-Fenwal Inc.'s Chapter 11 case.
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June 05, 2024
Madoff Trustee Can't Add $88M To BNP Paribas Clawback Try
The trustee for Bernie Madoff's Ponzi scheme can continue to attempt to claw back funds transferred to French bank BNP Paribas, but an attempt to tack on $88 million in additional transfers to the initial complaint is for the most part a step too far, a New York bankruptcy judge ruled.
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June 05, 2024
'Creditor-On-Creditor Violence' Gets Big Test In ConvergeOne
Creditor infighting made famous by the bankruptcy case of Serta Simmons Bedding and a "drop down" deal by J. Crew is facing another legal test, as spurned ConvergeOne lenders battle breakaway members of their creditor class at a moment when bankruptcy judges appear split on questions of "creditor-on-creditor violence."