The 2nd Circuit is considering whether to uphold an order preventing the closing of the 620-megawatt plant because federal regulators, not the state, had authority over safety concerns.
BANKRUPTCY – In re Fairfield Sentry Ltd.
OPINION – Fairfield Sentry was created to allow mainly non-U.S. persons to invest with Bernard Madoff. A Chapter 15 foreign representative sold his Madoff SIPA claim, then found out it was worth more than he expected and tried to undo the sale. But court found no basis for disapproving the sale. The application to disapprove the sale was denied. (Bankr. S.D.N.Y.)
SECURITIES – Moneygram Payment Sys. v. Deutsche Bank AG
COMPLAINT – In this succinct complaint Moneygram claims Deutsche Bank made material misstatements and omissions in its offering materials for residential mortgage-backed securities (RMBSs) and collateralized debt obligations (CDOs). Moneygram seeks over $34 million in damages. (Sup. Ct., New York County)
New York Decision Roundup - January 14, 2013
This daily roundup provides links to summaries of the latest New York state and federal court decisions.
Over the past four years, demand for legal services has been flat, but experts say a period of "catch-up" expenses is now over, freeing firms for "moderate expense growth."
Neal Gerber Eisenberg adds three lawyers to its real estate group in Chicago; K&L Gates hires two partners in Dallas.
Katherine Forrest rejected suggestions by lawyers for Abu Hamza al-Masri, the radical Islamic cleric awaiting trial on terrorism charges, to push back the trial date five months.
The insurer wants to clarify that it still has the right to sue issuers of securities in Maiden Lane II, a vehicle created in 2008 to buy risky RMBS.
According to a person familiar with the talks, "conflicts of strategy" scuttled negotiations that had taken place over the past two months.
The proposed class action deal aims to resolve a 2011 lawsuit accusing five administrative law judges of failing to give fair hearings to disabled individuals.
The accord is separate from a $2.4 bln deal the bank reached in September 2012 to resolve securities fraud litigation over the Merrill takeover.
Gary Silversmith says FE Partners is trying to force him into financial distress and acquire the Sequoia at a discounted price.
Naomi Reice Buchwald refused to block a regulation requiring people who perform circumcisions and use their mouths to draw blood from the wound to first obtain written consent from the parents.
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