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Subject: States ‘Stepped Into The Breach’ As Crypto Market Exploded Date: Thu, 27 Jun 2019 08:59:11 +0000¶
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Thursday, June 27, 2019 Law360¶
TOP NEWS¶
Analysis¶
States ‘Stepped Into The Breach’ As Crypto Market Exploded¶
While the eyes of the investing public have been trained on the U.S. Securities and Exchange Commission’s efforts to police the nascent cryptocurrency market over the past 18 months, New York’s attorney general turned heads in April when she accused digital currency trading platform Bitfinex of hiding the loss of $850 million by tapping into the reserves of an affiliated cryptocurrency.¶
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2nd Circ. Ponders Lehman ‘Mistake’ Claim In Safe Harbor Suit¶
A Lehman Brothers unit pitched the Second Circuit on Wednesday on the idea that contract language relied on by the lower courts to approve financial crisis-era payments may have been just “stray words” in the paperwork. Read full article »¶
2nd Circ. Iffy On Goldman ‘Re-Fight’ Of CDO Class Cert. Issues¶
Federal appeals court judges piled on Goldman Sachs on Wednesday, asking why it was trying to “re-fight” settled issues before the appeals court in a securities class action brought by investors who claim the financier lost $1 billion after lying to them.¶
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2nd Of 5 NY Docs Eyed For Taking Insys Kickbacks Cops Plea¶
A doctor admitted Wednesday to taking cash from Insys Inc. to prescribe its Subsys painkiller to patients, becoming the second of five New York physicians charged in Manhattan federal court to admit guilt in an antikickback prosecution.¶
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Feds Are Full Of Lies, Platinum Boss Tells Jury¶
An attorney for Platinum Partners co-founder Mark Nordlicht on Wednesday sought to turn the tables on prosecutors in closing arguments, accusing the government of peddling more lies at trial than top executives at the defunct hedge fund are alleged to have told to investors. Read full article Ȧ
High Court Nixes State Residency Reqs. For Liquor Licenses¶
The U.S. Supreme Court on Wednesday struck down a Tennessee law that requires businesses to maintain residency for two years before receiving a¶
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LAW FIRMS¶
Akerman Baker Botts BakerHostetler Ballard Spahr Barrett & Singal PC Best Best & Krieger Boies Schiller Browne George Buckley Beal CKR Law LLP Cahill Gordon Chapman and Cutler Choate Cleary Gottlieb Clifford Chance Console Mattiacci Cooley Cotchett Pitre Covington & Burling Cozen O’Connor Cravath Swaine Davis Polk Dechert¶
liquor license, saying the requirement violates the Constitution’s commerce clause.¶
Opinion attached I Read full article » CYBERSECURITY & PRIVACY¶
Debt Collector Sued Over Medical Provider Data Breach¶
Bankrupt collections firm Retrieval-Masters Creditors Bureau Inc. is facing a proposed class action in New York bankruptcy court claiming it knew of a data breach affecting millions of patients, including 11.9 million Quest Diagnostics Inc. patients, months before it became public.¶
Complaint attached I Read full article Ȧ
INTELLECTUAL PROPERTY¶
Lionbridge Slams $300M Trade Secrets Suit As ‘Frivolous’¶
Translation company Lionbridge Technologies fired back at accusations that it had feigned interest in purchasing rival TransPerfect Global at a courtordered auction just to lift the company’s trade secrets, slamming the lawsuit as “frivolous” in Manhattan federal court on Wednesday.¶
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MEDIA & ENTERTAINMENT¶
Picasso Painting Can Stay At The Met, 2nd Circ. Rules¶
The Metropolitan Museum of Art can keep a Pablo Picasso painting sold by a Jewish industrialist to raise money to escape Nazi persecution, as the Second Circuit ruled Wednesday that a $100 million suit brought by a relative of the businessman was filed too late.¶
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EMPLOYMENT¶
Ex-CKR Law Marketer Alleges Sexually Hostile Workplace¶
The former marketing director for CKR Law LLP was “repeatedly subjected to a sexually hostile work environment,” and was fired after she caught her assistant kissing a managing partner at the firm, according to a suit filed Wednesday in New York state court.¶
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Title VII Protects Us, LGBTQ Workers Tell Supreme Court¶
The gay and transgender workers behind a trio of U.S. Supreme Court cases asking whether federal law shields LGBTQ workers from job discrimination filed their opening briefs Wednesday, arguing that Title VII’s ban on genderbased bias covers them.¶
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BENEFITS¶
Express Scripts Calls MTA Prescription Fraud Suit ‘Fantasy’¶
The New York City Transit Authority resorted to “fantasy” by fudging contract terms in its lawsuit accusing Express Scripts of failing to root out millions of dollars in excessive prescription drug claims, the nation’s largest pharmacy benefits manager told a Manhattan federal court Tuesday.¶
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SECURITIES & WHITE COLLAR¶
Dorsey & Whitney Foley Hoag Ford O’Brien Fried Frank Fuerst Ittleman Garvey Schubert Gibbons PC Gibson Dunn Girardi & Keese Goldstein & Russell Goodwin Herrick Feinstein Hodgson Russ Hogan Lovells Holland & Knight Hughes Hubbard Husch Blackwell Jackson Walker Jones Day Katten Muchin Kay Griffin Kellogg Hansen Kirby McInerney Kirkland & Ellis Kruzhkov Russo Labaton Sucharow Latham & Watkins Lieff Cabraser Littler Mendelson Locke Lord Lovell Stewart Mayer Brown McDermott Will McKool Smith Milbank LLP Monteverde & Associates Morrison Cohen Niedweske Barber Nixon Peabody O’Melveny & Myers Orrick Herrington Patterson Belknap Paul Hastings Paul Weiss Quinn Emanuel Richards Layton Robins Kaplan Ropes & Gray Sidley Austin Simpson Thacher Skadden¶
Bribe Go-Between For Billionaire And Diplomat Avoids Prison¶
A China-born naturalized U.S. citizen who facilitated bribe payments from incarcerated Macau real estate billionaire Ng Lap Seng to a former U.N. diplomat avoided prison Wednesday as a Manhattan federal judge credited her cooperation with prosecutors.¶
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BANKRUPTCY¶
BlueHippo Contempt Ruling Violated Automatic Stay: 2nd Circ.¶
The disgraced CEO of alleged consumer lending scam BlueHippo Funding LLC bought himself more time Wednesday as he grapples with a $13.4 million judgment, after the Second Circuit found that a lower court violated the automatic stay by finding him in contempt just days after he had filed for personal bankruptcy.¶
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BANKING¶
US Bank Hits BofA With Buyback Suit Over $1.6B RMBS Trust¶
U.S. Bank said in a New York federal court lawsuit filed Tuesday that a $1.6 billion residential mortgage-backed securities trust it oversees is teeming with defective loans that Bank of America is liable for and should be forced to shoulder the responsibility of cleaning up.¶
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Philly And Citibank Resolve Libor-Rigging Claims In MDL¶
Philadelphia and Citibank got approval for stipulations that would free the financial institution from the city’s antitrust claims in two lawsuits lodged in the long-running litigation.¶
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SPORTS & BETTING¶
Orioles Urge NY Court To Throw Out Nats’ Arbitration Award¶
The Baltimore Orioles and Mid-Atlantic Sports Network have asked a New York state court to throw out an arbitration award in their ongoing fight with the Washington Nationals over profits, calling the decision from the MLB-run Revenue Sharing Definitions Committee “fundamentally unfair.”¶
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TELECOMMUNICATIONS¶
Telecom Co. Hit With $4.2M Judgment In Unpaid Loan Action¶
A New York federal judge has slapped an American telecommunications company with a more than $4.2 million judgment after it failed to participate in a Swiss investment vehicle’s litigation seeking to confirm an arbitral award over money owed under a loan agreement.¶
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REAL ESTATE & DEVELOPMENT¶
REIT Investor’s Atty Fees Denied In Merger Suit¶
Counsel for an investor in Select Income Real Estate Investment Trust cannot collect $350,000 in attorney fees in a proposed class action over a planned merger with Government Properties REIT because their eligibility for an award is unclear, a New York federal judge said Tuesday.¶
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Sullivan & Cromwell Thornton Law Firm LLP Troutman Sanders Van Ness Law Firm Wachtell Lipton Williams & Connolly WilmerHale Wilson Sonsini Wollmuth Maher Wuersch & Gering Young Conaway Zimmerman Law Offices PC Zuckerman Spaeder¶
COMPANIES¶
Alliance Defending Freedom Altman Weil Inc. American Arbitration Association American Civil Liberties Union Baltimore Orioles Bank of America Corp. Citigroup Inc. Credit Suisse Group AG Deutsche Bank AG Express Scripts Holding Co. Facebook Inc. Fannie Mae First Franklin Corp. Fox Corp. Freddie Mac General Motors Goldman Sachs Group Inc. HSBC Holdings PLC JPMorgan Chase & Co. Leadership Council on Legal Diversity Lehman Brothers Holdings Inc. Lionbridge Technologies, Inc. Major League Baseball Inc. Major Lindsey & Africa Metropolitan Museum of Art New York City Transit Authority New York Times Co. North American Securities Administrators Association Platinum Partners LP Quest Diagnostics Inc. Rivada Networks LLC Select Income REIT State Bar of California State Street Corp.¶
Real Estate Rumors: Chess Builders, Stellar, Rieber¶
Developer Chess Builders has reportedly landed $65 million in financing for a South Bronx hotel and residential project, Stellar Management is said to have sold a Bronx apartment building for $76.3 million and Rieber Developments has reportedly scored a $36 million loan for a Florida hotel and office project. Read full article Ȧ
EXPERT ANALYSIS¶
The Upside Of The Fastest Chapter 11 Confirmation Ever¶
Setting the record for fastest confirmation of a Chapter 11 plan in U.S. history, Sungard Availability Services Capital confirmed a prepackaged plan of reorganization 19 hours after filing for bankruptcy. This and other recent precedents may enable future debtors to bypass costly, lengthy stays in bankruptcy, say Hugh McDonald and Alissa Piccione of Troutman Sanders. Read full article Ȧ
Q&A¶
A Chat With Ballard Spahr Diversity Chief Virginia Essandoh¶
In the final installment of this monthly series, legal recruiting expert Carlos Pauling from Major Lindsey & Africa talks with Virginia Essandoh about the trends and challenges she sees as chief diversity officer at Ballard Spahr. Read full article Ȧ
LEGAL INDUSTRY¶
Del. Justices Rip Sullivan Atty For Client’s Deposition ‘Fiasco’¶
The Delaware Supreme Court has reprimanded a Sullivan & Cromwell LLP attorney for failing to put an end to his Tony Award-winning client’s “flagrantly evasive” and “flippant answers” in a deposition, garnering social media attention from attorneys who marveled at the strongly worded chiding. Read full article »¶
This BigLaw Firm Retains Best-To-Work-For Title¶
O’Melveny & Myers LLP has earned recognition as the best law firm to work for, running the table on Vault.com’s quality of life, diversity and summer associate program rankings and garnering praise from associates for its “exceptional,” “friendly” and “laid-back” culture. Read full article »¶
Stark Gender Pay Gap Remains For Solo Attys, Small Firms¶
Male attorneys who either work at small firms or have solo practices on average earned 56.8% more than their female counterparts in 2018, according to a report by legal services company Martindale-Awo. Read full article Ȧ
Do ‘Good Old Boys’ Get Picked To Be Judges? GOP Sen. Asks¶
A Republican U.S. senator asked four district court nominees if they think the judicial selection process puts “good old boys” on the federal bench over candidates with stronger conservative bona fides, after the senator was called out by a right-leaning publication for hewing to an “old system.” Read full article »¶
Justices Uphold Deference To Regulators, With Caveats¶
The U.S. Supreme Court on Wednesday refused to overturn a long-standing doctrine requiring judges to defer to an agency’s interpretation of its regulations, but said that “Auer deference” should only be used in certain cases.¶
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SunGard Data Systems Sungard Availability Services LP Swiss Re The Walt Disney Co. Total Wine & More TransPerfect Global Inc. Twentieth Century Fox Film Corp. U.S. Bancorp UBS AG Washington Nationals Wells Fargo & Co. Yale University iFinex Inc.¶
GOVERNMENT AGENCIES¶
California Supreme Court Delaware Court of Chancery Equal Employment Opportunity Commission¶
European Union¶
Federal Trade Commission¶
Internal Revenue Service¶
Massachusetts Supreme Judicial Court¶
Securities and Exchange Commission¶
Tennessee Attorney General’s Office¶
Texas State Securities Board¶
U.S. Attorneys Office¶
U.S. Department of Justice¶
U.S. Department of Veterans Affairs¶
U.S. Immigration and Customs Enforcement¶
U.S. Supreme Court¶
United States Bankruptcy Court for the Southern District of New York United States District Court for the Eastern District of Pennsylvania¶
Fox Corp. GC Stepping Down After 22 Years With Company¶
The general counsel of Fox Corp., which formed after a $71.3 billion deal with Disney in March, has announced her plans to step down after more than two decades with the company’s predecessor multinational media organizations, the company said Wednesday.¶
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Facebook, BigLaw Attys Among Calif. Judicial Vetters¶
California Gov. Gavin Newsom made public for the first time Wednesday the names of individuals who vet state judicial candidates, a list that includes a top Facebook lawyer and attorneys from Boies Schiller Flexner LLP and Cooley LLP, along with more than 100 other lawyers and judges from around the state.¶
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Ex-Gibbons Associate’s Sex Bias Claims Sent To Arbitration¶
A former Gibbons PC associate accusing the firm of gender discrimination must hash it out with her onetime employer in arbitration, a Pennsylvania federal judge ruled Wednesday, finding that the lawyer was “well-positioned” to understand exactly what she was signing when she entered into the arbitration agreement at the time of her hiring.¶
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Labaton Chair Decries ‘Unfair’ Criticism Of Firm’s Political Ties¶
Scrutiny of campaign contributions and other political connections that may have helped Labaton Sucharow secure clients has been “extraordinarily unfair,” the firm’s chairman testified in Boston federal court Wednesday at a hearing about allegedly improper practices by it and two other firms in a class action against State Street.¶
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Mass. Justices Urged To Restore Judge’s Pay During ICE Case¶
The attorney for a Massachusetts state judge charged with helping an immigrant escape U.S. Immigration and Customs Enforcement custody urged the state’s highest court on Wednesday to reinstate her pay while she’s suspended from judicial service, contending that the justices could avoid a constitutional quandary by doing so.¶
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PACER Fees For Court Opinions Are Arbitrary, Fla. Court Told¶
The government’s unwillingness to set guidelines for which court documents should be designated as free-to-download opinions in the federal PACER court filing system is “a wide-scale rampant administrative failure,” a Florida attorney challenging the portal’s fees said Wednesday. Read full article »¶
Law Firm Leaders: Baker Botts’ John Martin¶
Baker Botts managing partner John W. Martin speaks to Law360 about his priorities for his first term, the ways law firms are responding to new competition and how best to achieve smart growth.¶
Read full article Ȧ
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