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Bankruptcy
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July 11, 2024
Ex-Bankruptcy Judge Says Immunity Bars Atty Romance Suit
A former U.S. bankruptcy judge being sued over a secret romantic relationship he had with a former Jackson Walker LLP lawyer who practiced in his court urged a Texas federal court on Thursday to toss the case, arguing that he enjoys "absolute immunity" from civil lawsuits over "judicial acts" even if he engaged in misconduct.
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July 10, 2024
Rite Aid, DOJ Craft $410M Settlement Of Opioid Sale Claims
Rite Aid agreed to a nearly $410 million settlement with the U.S. Department of Justice, the bulk of which will be an unsecured claim in the company's Chapter 11 case, that will put to bed allegations the pharmacy chain dispensed opioids illegally, the DOJ announced Wednesday.
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July 10, 2024
Synapse Credit's Finance Lending License Pulled In California
The California Department of Financial Protection and Innovation on Wednesday revoked the financing lending license of Synapse Credit LLC, a subsidiary of Synapse Financial Technologies, whose April bankruptcy resulted in thousands of customers losing access to their accounts and funds.
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July 10, 2024
Acquitted Fla. Atty's Bankruptcy Case Converted To Ch. 7
A Florida federal bankruptcy judge denied a request Wednesday by an attorney who was acquitted last year in a billion-dollar medical fraud scheme to dismiss his Chapter 11 case and instead converted it to Chapter 7 proceedings, saying the debtor has no job and no way to pay creditors.
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July 10, 2024
Feds Say Guo Ran 'Fraud Empire' As Racketeering Trial Wraps
Manhattan federal prosecutors urged a jury on Wednesday to convict Chinese dissident Miles Guo for operating his political movement as a vast racketeering conspiracy that "brainwashed" supporters into spending more than $1 billion on scam investments.
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July 10, 2024
Redbox Parent To Liquidate After 'Train Wreck' Mismanagement
Attorneys for the parent of Redbox Entertainment on Wednesday told a Delaware bankruptcy judge that "massive mismanagement" of the DVD rental company had left them with no choice but to ask for conversion of the Chapter 11 case to a Chapter 7 liquidation, with lenders unwilling to extend new financing amid doubts about the remaining value of the firm.
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July 10, 2024
Bang Energy Drink Co. Ex-CEO Urges DQ Of Ch. 11 Judge
The former CEO of the company that makes Bang energy drinks urged the disqualification of a Florida federal bankruptcy judge and called for an investigation, alleging that the judge committed misconduct in the company's Chapter 11 case, according to a complaint filed with the Eleventh Circuit.
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July 10, 2024
Giuliani Urges DC Court Not To Disbar Him Over Trump Work
Rudy Giuliani on Wednesday urged the D.C. Court of Appeals to let him keep his law license, saying he did not commit misconduct in his work on former President Donald Trump's challenge to Pennsylvania's 2020 presidential election.
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July 10, 2024
Cooley Adds Bankruptcy Atty From Gibson Dunn To LA Office
Cooley LLP expanded its transactional services in its Los Angeles office this week with the addition of an attorney who moved his practice after eight years with Gibson Dunn & Crutcher LLP.
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July 10, 2024
Former McElroy Deutsch CFO Hits Ch. 11 Amid Theft Cases
McElroy Deutsch Mulvaney & Carpenter's former chief financial officer filed for bankruptcy in New Jersey this week as he awaits sentencing for embezzling over $1.5 million from the firm over a period of years via fraudulent bonuses.
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July 10, 2024
Bankruptcy Filing Halts Dueling Unions' Defamation Dispute
One of two security and law enforcement unions embroiled in defamation suits in Michigan federal court has informed the court that it has filed for bankruptcy in Pennsylvania, pausing the claims against it a week before trial.
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July 09, 2024
Pharma Co. Fined $16.9M For Fake Scripts, Ex-VP Arrested
A subsidiary of bankrupt DMK Pharmaceuticals Corp. faces a $16.9 million criminal fine after pleading guilty to conspiring in a scheme to ship drugs using false prescriptions, federal prosecutors announced Tuesday, adding that the subsidiary's former vice president of sales was also arrested.
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July 09, 2024
5th Circ. Presses SEC On Whistleblower Award Calculation
The Fifth Circuit heard oral arguments Tuesday in a case accusing the U.S. Securities and Exchange Commission of shortchanging two whistleblowers who uncovered the largest fraud in Texas history, with one judge pressing the agency's attorney over how much money it was able to collect after the fraudster declared bankruptcy.
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July 09, 2024
Glocal Says UpHealth Coerced Acquisition In Ch. 11 Suit
Indian healthcare network Glocal said its majority owner, bankrupt telemedicine tech company UpHealth, lied about business delays and exaggerated its finances as leverage in a 2020 acquisition, alleging in a Delaware bankruptcy court lawsuit that UpHealth and its executives eroded $200 million in value and failed to uphold their end of a share purchase agreement.
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July 09, 2024
Purdue Plans 'High-Speed' Bid For New Ch. 11 Plan
Purdue Pharma told a New York bankruptcy judge Tuesday that it plans a two-month "high-speed, high-stakes" attempt to replace the Chapter 11 plan shot down by the U.S. Supreme Court last month before unleashing litigation on its former owning family.
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July 09, 2024
3 States Ask High Court To Freeze Biden's Debt Relief Plan
Three state attorneys general applied to the U.S. Supreme Court seeking to vacate the stay of a nationwide injunction in an effort to pause implementation of a $475 billion student loan debt forgiveness program, saying they are likely to succeed in their attempts to have the program invalidated by the high court.
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July 09, 2024
2 Cooperators In Bankman-Fried Case To Be Sentenced In Fall
Two former FTX executives who pled guilty and testified for the government at the trial of Sam Bankman-Fried, the collapsed cryptocurrency exchange's founder, will be sentenced this fall, a New York federal judge said Tuesday.
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July 09, 2024
Ex-DOJ Atty Tells Guo Jury Of Illicit Extradition Campaign
Prominent Chinese Communist Party critic Miles Guo capped off his defense to $1 billion fraud charges Tuesday with testimony from a former U.S. Department of Justice attorney, who admitted to participating in a plot to lobby the U.S. government for Guo's extradition to China.
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July 09, 2024
NJ Atty Must Face Claims Over Not Reviving Malpractice Suit
The New Jersey state appeals court reversed a trial court decision Tuesday and reinstated a malpractice case against a solo practitioner who allegedly blew a filing deadline and caused his clients to lose a separate malpractice suit.
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July 09, 2024
Weinstein May Face Nov. Retrial As DA Vets New Rape Claims
Manhattan prosecutors Tuesday said November is a "realistic" date for Harvey Weinstein's retrial on rape charges as they continue to investigate new claims that the disgraced Hollywood producer assaulted other women, saying they expect to seek a superseding indictment by late September.
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July 09, 2024
Ex-NRA Finance Chief Agrees To 10-Year NY Nonprofit Ban
A former chief financial officer of the National Rifle Association has agreed not to serve as a fiduciary of a New York nonprofit for 10 years as part of a settlement in the state attorney general's suit in state court alleging he and other executives misused donor money, according to deal terms disclosed Tuesday.
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July 08, 2024
Giuliani's Creditors Call Ch. 7 Conversion Bid A 'Delay Game'
Rudy Giuliani's unsecured creditors in his Chapter 11 case on Monday slammed the former New York City mayor's bid in New York bankruptcy court to convert the proceedings to a liquidation, saying the move is just another part of his "delay game" to avoid discovery and "responsibility for his malfeasance."
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July 08, 2024
Purdue Creditors Look To Sue Sacklers After Justices' Ruling
The official committee of unsecured creditors in the Chapter 11 case of drugmaker Purdue Pharma asked a New York bankruptcy judge on Monday for standing to bring actions against members of the Sackler family that own the company after the U.S. Supreme Court torpedoed a precarious settlement among the parties.
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July 08, 2024
Bus Co. Coach Gets $8M Stalking-Horse Bid For More Assets
An industrial transportation provider submitted a roughly $8 million stalking-horse offer for some of the remaining assets of intercity bus operator Coach USA, as the insolvent company seeks to sell more of its assets while in Chapter 11 in Delaware.
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July 08, 2024
Romance Writers Group Can Go Ahead With Ch. 11 Plan
A Texas bankruptcy judge on Monday allowed Romance Writers of America to move forward with its bankruptcy plan in the trade association's streamlined Chapter 11 case, noting that there were no objections to confirming the reorganization.
Expert Analysis
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Key Issues When Navigating A Tenant's Bankruptcy
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.
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Fed. Circ. Ruling Seemingly Offers PTAB Deadline Immunity
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.
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Securing Financial Transparency In Chapter 11 Reporting
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.
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4 Legal Ethics Considerations For The New Year
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.
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Securities Question Stands After Contradicting Crypto Rulings
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.
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What The Law Firm Of The Future Will Look Like
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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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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3 Pointers From Tilton Case To Help Win Advancement Suits
The Delaware Superior Court’s refusal to let Lynn Tilton sue her advancers for legal fees, ruling she had not yet attempted to negotiate in good faith, suggests that policyholders may fare better if they attempt proactive strategies to narrow disputes over advancement agreements before taking their insurers to court, says Evan Bolla at Harris St. Laurent.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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What 2023 Bankruptcy Statistics May Mean For 2024
Bankruptcy data from 2023 shows that we are in an unprecedented time in our economic history because of unique, unpredictable and distressed conditions, and bankruptcy professionals should be prepared for the continued rise in Chapter 11 filings in 2024, says Deirdre O'Connor at Epiq.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.