Bankruptcy

  • February 20, 2024

    Sullivan & Cromwell Accused Of Aiding FTX Fraud

    Sullivan & Cromwell LLP has been accused of knowing about and helping facilitate the massive fraud that brought down cryptocurrency exchange FTX while serving as FTX's outside counsel, and  profiting on the back end by overseeing FTX's ongoing bankruptcy, according to a racketeering lawsuit filed last week.

  • February 20, 2024

    Girardi Keese Trustee Recovers $1.8M In Fees For Exide Case

    A U.S. bankruptcy judge on Tuesday approved an agreement between the Girardi Keese bankruptcy trustee, a former attorney for the firm and the Mandell Law Firm to end an adversary proceeding connected to $1.8 million in attorney fees from a lawsuit over the toxic Exide battery plant in Vernon, California.

  • February 20, 2024

    Paul Hastings, Others Seek $9.9M In Kwok Ch. 11 Case Fees

    Paul Hastings LLP and six other law firms and professional services organizations have filed applications seeking more than $9.9 million in fees and expenses in the global Chapter 11 saga of Chinese exile Ho Wan Kwok, leaving the cost of the two-year-old case at well more than $30 million.

  • February 20, 2024

    Selendy Gay Taps Paul Weiss Bankruptcy Litigation Pro

    New York commercial litigation firm Selendy Gay PLLC announced Tuesday it will be welcoming a longtime Paul Weiss partner with extensive bankruptcy and restructuring experience as its latest partner, effective Monday.

  • February 20, 2024

    Boomerang In Default For Silence On $7M Del. Contract Suit

    A defunct steel tube plant that failed to respond to a Delaware Chancery Court lawsuit seeking $7.35 million for unpaid invoices was found in default Tuesday after failing to appear in court for more than a year and a half.

  • February 20, 2024

    Windels Marx Atty Joins Seyfarth's New Restructuring Team

    About a month after Seyfarth Shaw LLP launched its restructuring and insolvency practice with two Bryan Cave Leighton Paisner LLP partners, the firm announced Tuesday that it had added another attorney from Windels Marx Lane & Mittendorf LLP.

  • February 16, 2024

    Giuliani's Retrial Bid Stuck In Fight Over Representation

    Rudy Giuliani has still not sought a new trial in his $148 million defamation case, even though a New York bankruptcy judge said nearly a month ago that he would sign off on the request, as his case has become mired in spats over disclosures and who will pay for the former mayor's special counsel.

  • February 16, 2024

    Ex-Yellow Corp. Workers Push WARN Class Cert In Ch. 11

    Former employees of trucking firm Yellow Corp. told a Delaware bankruptcy court that recognizing them as a class is the best way to handle their claim that the bankrupt company didn't give them adequate warning of layoffs.

  • February 16, 2024

    French Retail Co. Casino Group Files For Ch. 15 Recognition

    French retail conglomerate Casino Guichard-Perrachon SA filed for Chapter 15 bankruptcy in New York, seeking recognition of a French insolvency proceeding designed to slash more than €1.5 billion ($1.6 billion) from its debt sheet.

  • February 16, 2024

    Kwok Trustee Files RICO Claims As Judge Extends Deadlines

    Alleging bankruptcy fraud, money laundering and other claims, the Chapter 11 trustee overseeing the $374 million bankruptcy of Chinese exile Ho Wan Kwok has filed a civil Racketeer Influenced and Corrupt Organizations complaint against Kwok's relatives, his onetime attorney and others, including two companies connected to Donald Trump aides.

  • February 16, 2024

    No Coverage For Conn. Firm's Malpractice Fight, Insurer Says

    The law firm Evans & Lewis LLC and partner Douglas J. Lewis should lose a breach of contract suit against their malpractice carrier because they were already in the early stages of battling a professional misconduct claim when the relevant policy went into effect, the insurer told the Connecticut Superior Court in seeking summary judgment.

  • February 16, 2024

    Fruit Grower Gets OK For $11M DIP Draw After Lender Deal

    Bankrupt fruit producer Prima Wawona received interim approval Friday for an $11 million draw on its $22 million in Chapter 11 financing after saying it had reached a deal with objecting lenders on the financing and was working on a deal for its overall bankruptcy plan.

  • February 16, 2024

    Supreme Court Pauses Boy Scouts Ch. 11 Plan

    The U.S. Supreme Court temporarily paused the Boy Scouts of America's Chapter 11 bankruptcy on Friday amid a dispute over nonconsensual, third-party liability waivers included in its reorganization plan, prompting the $2.5 billion trust that is compensating victims of childhood sexual abuse to suspend operations.

  • February 16, 2024

    Firms Connected To 1MDB Scandal Seek Ch. 15 In US

    Liquidators overseeing the bankruptcies of five alleged shell companies that they say received an estimated $1.5 billion from 1Malaysia Development Bhd., a Malaysian government-owned fund at the heart of an international corruption scandal, asked a Florida bankruptcy court to grant Chapter 15 recognition of their British Virgin Islands liquidations.

  • February 15, 2024

    NRA Accuses NY AG Of Political Bias As Trial Closes

    Lawyers for the National Rifle Association and its former CEO Wayne LaPierre accused New York Attorney General Letitia James of political bias in their final trial arguments Thursday, while a government attorney said this "witch hunt" defense is merely a distraction from the gun group's misuse of charitable assets.

  • February 15, 2024

    Instant Brands May Have Rights Against Supplier, Judge Says

    A Texas bankruptcy judge issued a tentative ruling that could favor appliance and housewares maker Instant Brands in its dispute with a supplier objecting to the Chapter 11 plan's treatment of indemnification claims.

  • February 15, 2024

    Invitae Can Use Cash Collateral For Speedy Ch. 11

    Bankrupt genetic testing company Invitae Corp. on Thursday got the approval of a New Jersey bankruptcy court for routine first-day motions as it moves toward a planned April auction of its assets.

  • February 15, 2024

    Court Mulls If Claims Buyer Qualifies For Special Ch. 11 Trust

    A Delaware bankruptcy judge on Thursday considered whether a company that pursues claims on behalf of medical insurers and healthcare organizations can be paid from a specialized opioid trust created by the 2022 Chapter 11 plan of Irish pharmaceutical company Mallinckrodt PLC.

  • February 15, 2024

    Judge Doubts NY Diocese Has Enough Votes For Ch. 11 Plan

    A New York bankruptcy judge said Thursday the Roman Catholic Diocese of Rockville Centre had sufficiently explained its Chapter 11 plan to creditors, but appeared skeptical that it will garner the necessary votes for approval.

  • February 15, 2024

    Byju's Insiders Seek Ch. 11 Dismissal, Calling It Litigation Ploy

    Affiliates of Indian tech giant Byju's U.S. arm, which are embroiled in state court litigation with the company's lender, asked a Delaware bankruptcy judge to dismiss the company's Chapter 11 case, saying the bankruptcy petition was filed to stymie the ongoing state court litigation.

  • February 15, 2024

    DIP Lenders Sue Allegiance Coal Over $1.8M In Unpaid Fees

    Debtor-in-possession lenders of bankrupt mining operation Allegiance Coal USA Ltd. have filed a Chapter 11 adversary suit in Delaware, saying the company has not paid them $1.8 million in fees owed under a court-approved DIP loan order.

  • February 15, 2024

    4E Agent Floats Plan To Hand Disputed Atty Fees To Creditors

    The Chapter 11 agent for hand sanitizer maker 4E Brands Northamerica LLC has asked a Texas bankruptcy judge to approve a modified reorganization plan that would allow unsecured creditors to recover fees that Jackson Walker LLP may be forced to disgorge over an ethics scandal involving a former partner.

  • February 15, 2024

    Peer Street Hits Back Against Ch. 7 Conversion Efforts

    Bankrupt real estate investment firm Peer Street Inc. hit back at creditors' motions to convert its case to a Chapter 7 liquidation, saying to the Delaware bankruptcy court that conversion would torpedo its restructuring plan, which has the support of secured creditors and the unsecured creditors committee.

  • February 15, 2024

    Appliance Parts Co. Robertshaw Hits Ch. 11 With $833M Debt

    Illinois-based appliance part maker Robertshaw filed for Chapter 11 protection in a Texas bankruptcy court Thursday with nearly $833 million in debt and a purchase offer from a lender group.

  • February 14, 2024

    NY Top Court Weighs Weinstein's 'Prior Bad Acts' Evidence

    New York's highest court asked tough questions of all sides as they heard former Hollywood mogul Harvey Weinstein's appeal of his rape conviction Wednesday, focusing on whether it was fair to present accusations of uncharged crimes to the jury.

Expert Analysis

  • Don't Sit On Bankruptcy Sidelines, 5th Circ. Ruling Reminds

    Author Photo

    The Fifth Circuit’s recent In re: Louisiana Pellets decision, holding that a creditor couldn’t assert indemnification defenses in a suit brought by the trustee of a liquidation trust, highlights the risks faced by creditors and other contract parties that choose not to participate in a bankruptcy, say Gregory Hesse and Kaleb Bailey at Hunton.

  • 2nd Circ. Ruling Will Guide Social Media Account Ownership

    Author Photo

    The Second Circuit’s recent decision in JLM Couture v. Gutman — which held that ownership of social media accounts must be resolved using traditional property law analysis — will guide employers and employees alike in future cases, and underscores the importance of express agreements in establishing ownership of social media accounts, says Joshua Glasgow at Phillips Lytle.

  • Texas Ruling Clarifies That Bankruptcy Shields LLC Rights

    Author Photo

    A Texas bankruptcy court’s recent ruling in In re: Envision makes it clear that the Bankruptcy Code preempts a section of Delaware state law that terminates a member’s interest in an LLC upon a bankruptcy filing, clarifying conflicting case law, say Larry Halperin and Joon Hong at Chapman and Cutler.

  • Series

    Coaching High School Wrestling Makes Me A Better Lawyer

    Author Photo

    Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.

  • Debt Collector Compliance Takeaways From An FDCPA Appeal

    Author Photo

    A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

    Author Photo

    As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.

  • Crypto Issues To Watch Amid Evolving Legal Landscape

    Author Photo

    This year will likely be a momentous one for crypto in the U.S., but whether it is successful or disastrous will depend on the outcome of high-profile court decisions and key regulatory actions, say attorneys at Venable.

  • Opinion

    3rd-Party Financiers Have Power To Drive Mass Tort Cases

    Author Photo

    The abnormal recovery premium presented by modern mass tort cases coupled with their deemphasized role for attorneys creates an opportunity for third-party financiers to both create and control these cases, says Samir Parikh at Lewis & Clark Law School.

  • Del. Dispatch: Clarification On Fiduciary Duties Of Controllers

    Author Photo

    The Delaware Chancery Court’s January opinion in a Sears Hometown and Outlet Stores' stockholder dispute — holding that a controlling stockholder owes the company and minority shareholders some fiduciary duties when selling shares or voting to change the status quo — suggests instances where investors opposing board decisions should tread carefully, say attorneys at Fried Frank.

  • Stay Ruling Challenges Sovereign Debt Dynamics

    Author Photo

    The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

    Author Photo

    While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • What Are The Pros And Cons Of Selling A Bankruptcy Claim?

    Author Photo

    As companies navigate financial uncertainties and market challenges, they should understand the advantages and disadvantages of selling a bankruptcy claim, so that they can monetize it with confidence and minimize the risk that amounts received in connection with a sale will be subject to potential disgorgement, says Evelyn Meltzer at Troutman Pepper.

  • Series

    Competing In Dressage Makes Me A Better Lawyer

    Author Photo

    My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.

  • Ch. 11 Ruling Highlights 'Two-Step' Challenges In 4th Circ.

    Author Photo

    A North Carolina bankruptcy court’s recent ruling in Bestwall’s Chapter 11 case, and the decision's interpretation of Fourth Circuit law, suggests that, compared to other circuits, it may be more difficult to dismiss so-called Texas Two-Step bankruptcy cases within the Fourth Circuit, say Brittany Falabella and Kollin Bender at Hirschler Fleischer.

  • 3 Strategies For Aggressive Judgment Enforcement

    Author Photo

    As illustrated by the many creditors of Citgo Petroleum Corp. who may walk away empty-handed — despite the company's court-ordered sale — it is important to start investigating counterparty assets and planning for enforcement even before obtaining a judgment, says Brian Asher at Asher Research.

Want to publish in Law360?


Submit an idea

Have a news tip?


Contact us here
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!