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Bankruptcy
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May 23, 2024
J&J Loses Expedited Bid For Beasley Allen Docs In Talc MDL
Johnson & Johnson has lost its bid in New Jersey federal court to have the Beasley Allen Law Firm quickly produce documents related to what J&J said seems to be an "intentional effort" by the firm to "bias the vote" against a proposed $6.5 billion reorganization plan for its talc subsidiary.
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May 23, 2024
Jackson Lewis Questions Role In Wage Suit After Ch. 11
Jackson Lewis PC attorneys were unsure if they were able to keep representing more than a dozen Pennsylvania nursing homes as an unpaid-wage case approaches a critical deadline, telling a federal court during a conference Thursday that the Bankruptcy Code suspended their service to a group of defendants who filed for Chapter 11 bankruptcy earlier in May.
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May 23, 2024
Alex Jones Atty Escapes Suspension, For Now
The Connecticut Appellate Court on Thursday threw out the six-month suspension of Norm Pattis, the lead attorney in Infowars host Alex Jones' Sandy Hook Elementary School defamation trial, ordering new proceedings against the attorney for supervising the transmission of the victims' confidential records to other Jones lawyers.
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May 22, 2024
Salesforce Gets Texas Judge To Move Patent Suit To California
For at least the second time in a week, a federal judge in Austin, Texas, has explained why he has shipped a patent lawsuit from his court to the Northern District of California — this time in a case brought by a bankrupt startup against one of Salesforce's brands.
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May 22, 2024
Michael Best Accused Of Malpractice In Startup's Restructure
Michael Best & Friedrich LLP, one of its partners and one of its former attorneys are accused of mishandling a technology startup's reorganization, jeopardizing tax benefits for its founders, according to a legal malpractice lawsuit filed in Illinois state court.
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May 22, 2024
Cancer Patients Target J&J Talc Unit's Asset Shuffles
Cancer patients who have sued Johnson & Johnson alleging that its talcum powder caused their illness alleged Wednesday that the company has tried to intentionally prevent tort victims from getting their day in court through a scheme of fraudulent corporate transactions.
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May 22, 2024
EB-5 Investors Say Developers' $150K Shouldn't Go To Attys
Chinese investors looking to recoup a nearly $40 million investment in failed developments urged an Illinois federal court against allowing bankrupt developers to use $150,000 in assets to pay the developers' attorneys, saying the lawyers shouldn't be paid before the investors.
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May 22, 2024
1st Circ. Affirms UBS Win In Puerto Rico Pension Fight
The First Circuit said public pensioners in Puerto Rico can't advance their claims that UBS Financial Services illegally underwrote $3 billion in bonds, ruling that the island's financial restructuring plan transferred the right to those claims to a special committee.
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May 22, 2024
Cleaning Products Maker Supply Source Files For Ch. 11
Cleaning products company Supply Source Enterprises has told a Delaware bankruptcy court that it is seeking a sale in Chapter 11 to deal with $180 million in debt after overestimating the post-pandemic market for cleaning products.
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May 22, 2024
Rakoff Punts Terraform Args Amid Big-Dollar Settlement Talk
A hearing on whether Terraform Labs and its creator Do Kwon must pay billions of dollars in penalties after being found liable for fraud by a Manhattan jury was delayed Wednesday by U.S. District Judge Jed S. Rakoff, who said the sides are actively pursuing a settlement.
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May 22, 2024
Fraud Defendant Strikes Deal To End Ch. 11, Sell House
A corporation owned by the defendant in a $93 million securities fraud case Wednesday told a Florida bankruptcy judge it has reached a deal to end its Chapter 11 case and sell the multimillion-dollar Coral Gables home that is its sole asset.
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May 22, 2024
Data Research Firm Dynata Hits Ch. 11 With Over $1B Debt
Global data provider and market research company Dynata LLC filed for Chapter 11 bankruptcy in Delaware on Wednesday with $1.4 billion in total debt, blaming a business slowdown on a steep drop in M&A deals, post-pandemic struggles to rebuild its base of survey-takers and a failure to keep up with rivals.
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May 22, 2024
Tommy's Boats Hits Ch. 11 After Alleged M&T Bank Default
Boat and water sports retailer Tommy's Boats has filed for Chapter 11 protection in Texas bankruptcy court, listing up to $500 million in debt after allegedly breaching an agreement with lender M&T Bank.
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May 21, 2024
Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.
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May 21, 2024
Red Lobster Gets OK To Tap $40M Ch. 11 Loan
A Florida bankruptcy judge Tuesday gave seafood chain Red Lobster interim permission to draw on $40 million in Chapter 11 financing the company says is necessary to keep its restaurants running while it seeks a sale.
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May 21, 2024
SPAC Investor's Suit Changes Came Too Late, Chancery Rules
A shareholder of a special-purpose acquisition company that merged with a now-defunct medical technology company in 2021 waited too long to amend his year-old proposed class action and must defend the case against a motion to dismiss in June, Delaware's Court of Chancery said Tuesday.
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May 21, 2024
Tremont Chicago Hotel Lender Calls For End To Ch. 11 Case
Citing a bankrupt owner's lack of equity and longstanding defaults, the senior secured creditor to Chicago's defunct former Tremont Hotel has asked a Delaware bankruptcy judge to dismiss the case or lift its Chapter 11 automatic stay.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 21, 2024
Contractor For Exxon, QatarEnergy LNG Venture Hits Ch. 11
The general contractor for a liquefied natural gas project co-owned by Exxon Mobil Corp. and QatarEnergy filed for Chapter 11 protection in Texas bankruptcy court Tuesday with more than $1 billion of debt, saying it intends to use the court process to back out of the Texas venture.
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May 20, 2024
Rite Aid Settles Trademark Suit Over New Logo
Rite Aid has reached an agreement with Brand Design Co. to end a lawsuit claiming that the drugstore chain misused the design firm's font for a new logo, the parties have told a Pennsylvania federal court.
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May 20, 2024
J&J Says Beasley Allen Looking To 'Bias' Vote On $6.5B Plan
Johnson & Johnson's bankrupt talc unit accused the Beasley Allen Law Firm of attempting to intentionally "bias" the vote against its recently announced proposal to pay out $6.5 billion in a prepackaged reorganization plan to resolve claims that its talc-based baby powder causes ovarian cancer.
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May 20, 2024
Catching Up With Delaware's Chancery Court
Delaware was full of drama last week, as proposed changes to the state's corporate law statutes raised eyebrows and a professor's friend-of-the-court brief sparked a very unfriendly public exchange. Delaware's court of equity banged the gavel on pipeline and social media disputes, and shareholders filed new suits alleging insider trading, vote bungling, unfair stock buybacks and merger shenanigans. In case you missed any of it, here's the recap of all the top news last week from Delaware's Chancery Court.
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May 20, 2024
Girardi Wants To Probe Jurors' 'Real Housewives' Exposure
Public defenders for Tom Girardi want to ask prospective jurors in his upcoming fraud trial whether they have seen his wife's reality television show and news reporting about his law firm's massive scandal, according to a recent motion in Los Angeles federal court.
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May 20, 2024
Atty Wants In On Ch. 11 Pause In Fraud Suit Against Law Firm
A Houston attorney being sued for alleged misconduct in soliciting hurricane victims has asked a federal court to include him in a bankruptcy-triggered pause in the proceedings against his law firm, arguing that any judgment against him would effectively be against the law firm.
Expert Analysis
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Opinion
Proving Causation Is Key To Fairness And Justice
Ongoing litigation over talc and acetaminophen highlights the important legal distinction between correlation and causation — and is a reminder that, while individuals should be compensated for injuries, blameless parties should be protected from unjust claims, say Drew Kershen at the University of Oklahoma College of Law, and Henry Miller at the American Council on Science and Health.
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Potential WeWork Bankruptcy May Disrupt Coworking Spaces
If WeWork files for bankruptcy, as hinted at in its recent quarterly earnings report, landlords may struggle to take over management of WeWork's coworking spaces, but the coworking industry as a whole is showing some promise in adapting to the market's evolving post-pandemic office needs, says Ann Chandler at Hall Estill.
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How To Protect Atty-Client Privilege While Using Generative AI
When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.
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What FERC-PJM Negotiations Mean For The Energy Industry
Following the aftermath of Winter Storm Elliot, disputes associated with the PJM Interconnection settlement negotiations taking place at the Federal Energy Regulatory Commission have brought to the fore a potential legal minefield arising out of extreme weather events that could lead to commercial risks for power generating companies, say attorneys at Hogan Lovells.
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How New Lawyers Can Leverage Feedback For Growth
Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.
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Circuit Rulings Confirm Ch. 11 Trustee Fee Refund Trend
Recent Ninth and Eleventh Circuit rulings that Chapter 11 debtors are entitled to refunds for unconstitutional bankruptcy trustee fees paid under the Bankruptcy Judgeship Act support a developing trend in debtors' favor, making it likely that courts considering the same question will follow suit, says Adam Herring at Nelson Mullins.
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Corporate Compliance Lessons From FirstEnergy Scandal
Fallout from a massive bribery scheme involving Ohio electric utility FirstEnergy and state officeholders — including the recent sentencing of two defendants — has critical corporate governance takeaways for companies and individuals seeking to influence government policymaking, say attorneys at Wilson Sonsini.
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Restructuring Concerns For Distressed De-SPACs
Distressed companies struggling to remain viable following a de-SPAC transaction can reduce uncertainty by deleveraging balance sheets, reconfiguring contractual and operational relationships, and creating new opportunities for investors via the pursuit of a prepackaged Chapter 11 reorganization plan, say attorneys at Pillsbury.
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Twitter Legal Fees Suit Offers Crash Course In Billing Ethics
X Corp.'s suit alleging that Wachtell grossly inflated its fees in the final days of Elon Musk’s Twitter acquisition provides a case study in how firms should protect their reputations by hewing to ethical billing practices and the high standards for professional conduct that govern attorney-client relationships, says Lourdes Fuentes at Karta Legal.
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ABA's Money-Laundering Resolution Is A Balancing Act
While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.
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With Equity Markets Down, Venture Lending Provides Solution
Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.
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Law Firm Professional Development Steps To Thrive In AI Era
As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.
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Ruling Clarifies Bankruptcy Courts' Class Action Jurisdiction
The Second Circuit’s recent ruling in Bruce v. Citigroup shines a light on the limits of bankruptcy court jurisdiction over class actions and provides leverage for defendants to enforce the idea that courts should grant motions to dismiss and strike class allegations, say attorneys at McGuireWoods.
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Best Practices For Lenders To Limit Recourse Liability
As projects face loan maturities in a higher interest rate environment, lenders should diligently observe even seemingly innocuous formalities following an event of default in order to minimize potential recourse liability, especially when borrowers have certain covenants, say Ryan Goins and Matthias Kleinsasser at Winstead.
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2nd Circ. Ruling Is Good For Syndicated Lending Stability
The Second Circuit’s recent Kirschner v. J.P. Morgan Chase decision reaffirms the long-held market practice that syndicated loans are not securities, representing a positive development for the continued strength of the syndicated lending market, and demonstrating the importance of structuring loan terms to avoid mischaracterization, say attorneys at Latham.