Large Cap

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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. 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • June 05, 2024

    Davis Polk Guiding Dollar Tree On Potential Family Dollar Sale

    Davis Polk & Wardwell LLP is representing Dollar Tree Inc. in a formal strategic review of its Family Dollar business that could lead to a sale, spinoff or other disposition, the Virginia-based retailer revealed Wednesday.

  • June 04, 2024

    Judge Frets Nursing Home Co. LaVie $20M DIP Too Low

    A Georgia bankruptcy judge on Tuesday gave interim approval to customary first-day motions and a $20 million debtor-in-possession loan for bankrupt nursing home operator LaVie Care Centers LLC.

  • June 04, 2024

    Bread Financial Wants Suit Over Spinoff's 'Death Spiral' Axed

    Financial services company Bread Financial Holdings Inc. and its CEO have asked an Ohio federal judge to toss a proposed investor class action over the alleged "death spiral" of a now-bankrupt spinoff company, saying the suit actually details Bread's "good faith efforts" to establish the spinoff as a successful independent venture.

  • June 04, 2024

    Chilean Telecom Ch. 11 Should Stay In US, Creditors Say

    The unsecured creditors of Chilean cellphone network operator WOM asked a Delaware bankruptcy judge to deny certain noteholders' motion to dismiss the company's Chapter 11 case, contending that the U.S. court has jurisdiction and that the present case already benefits creditors.

  • June 04, 2024

    J&J Owes $260M To Ore. Talc Mesothelioma Patient, Jury Says

    An Oregon state jury has ruled that Johnson & Johnson owes $260 million to a woman who said she developed mesothelioma from breathing in asbestos during daily talcum powder use.

Expert Analysis

  • Lender Agreements And Unitranche Facilities: A Fresh Look

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    Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • Bankruptcy Must Be On The Table As A Student Loan Solution

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    Amid the ongoing discourse on student loan forgiveness, borrowers must have a deeper understanding of U.S. Departments of Justice and Education guidance regarding how the government will agree to discharge loans in bankruptcy, or miss a life-changing opportunity currently available to regain control over their financial condition, say Jonathan Carson and Eric Kurtzman at Stretto.

  • Breaking Down High Court's New Code Of Conduct

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    The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.

  • Rockport Ch. 11 Highlights Global Settlement Considerations

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    A Delaware bankruptcy court’s recent rejection of Rockport’s proposed settlement serves as a reminder that there is a risk that a global settlement executed outside of a plan may be rejected as a sub rosa plan, but shouldn’t dissuade parties from seeking relief when applicable case law supports approval, says Kyle Arendsen at Squire Patton.

  • How Purdue High Court Case Will Shape Ch. 11 Mass Injury

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    The U.S. Supreme Court's recent arguments in Harrington v. Purdue Pharma, addressing the authority of bankruptcy courts to approve nonconsensual third-party releases in Chapter 11 settlement plans, highlight the case's wide-ranging implications for how mass injury cases get resolved in bankruptcy proceedings, says George Singer at Holland & Hart.

  • Legal Profession Gender Parity Requires Equal Parental Leave

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    To truly foster equity in the legal profession and to promote attorney retention, workplaces need to better support all parents, regardless of gender — starting by offering equal and robust parental leave to both birthing and non-birthing parents, says Ali Spindler at Irwin Fritchie.

  • How Cannabis Cos. Are Adapting In Shifting Bankruptcy Arena

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    Recent bankruptcy cases show that federal courts have begun to demonstrate more openness to downstream businesses in the cannabis industry, and that even though receivership can be a viable option for those denied access to the bankruptcy system, it is not without its own risks and complexities, say attorneys at Troutman Pepper.

  • Pa. City Ch. 9 Ruling Raises Municipal Financing Concerns

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    A Pennsylvania district court’s recent ruling in a Chapter 9 case filed by the city of Chester, Pennsylvania, strengthens the foundations of the municipal bond market, but also demonstrates that bankruptcy courts continue to struggle with some of the features of municipal revenue bonds and issue rulings that contradict market expectations, say attorneys at Cadwalader.

  • Writing Thriller Novels Makes Me A Better Lawyer

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    Authoring several thriller novels has enriched my work by providing a fresh perspective on my privacy practice, expanding my knowledge, and keeping me alert to the next wave of issues in an increasingly complex space — a reminder to all lawyers that extracurricular activities can help sharpen professional instincts, says Reece Hirsch at Morgan Lewis.

  • What Lawyers Must Know About Calif. State Bar's AI Guidance

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    Initial recommendations from the State Bar of California regarding use of generative artificial intelligence by lawyers have the potential to become a useful set of guidelines in the industry, covering confidentiality, supervision and training, communications, discrimination and more, say attorneys at Debevoise.

  • Industry Must Elevate Native American Women Attys' Stories

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    The American Bar Association's recent research study into Native American women attorneys' experiences in the legal industry reveals the glacial pace of progress, and should inform efforts to amplify Native voices in the field, says Mary Smith, president of the ABA.

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