• In re: Live Well Fin., Inc.

    Publication Date: 2023-06-27
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking
    Court: U.S. Bankruptcy Court
    Judge: Judge Silverstein
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 19-11317 (LSS)

    Unlawful stock repurchase and constructive fraudulent conveyance claims against former director failed where plaintiff had failed to plead sufficient facts demonstrating that it should have been clear to the director that the company was insolvent and therefore approving stock repurchases and director fees was unsupported by the company's impaired capital.

  • CBV, Inc. v. ChanBond, LLC

    Publication Date: 2023-06-20
    Practice Area: Patent Litigation
    Industry: Financial Services and Banking
    Court: U.S. District Court of Delaware
    Judge: District Judge Williams
    Attorneys: For plaintiff: Geoffrey Graham Grivner, Kody Macgyver Sparks, Buchanan Ingersoll & Rooney PC, Wilmington, DE for plaintiff.
    for defendant: Stephen B. Brauerman, Ronald P. Golden, III, Bayard P.A., Wilmington, DE; James H. S. Levine, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE; David L. Finger, Finger & Slanina LLC, Wilmington, DE; John Legare Williams, Brian C. Crawford, The Williams Law Firm P.A., Wilmington, DE; Akiva M. Cohen, Dylan M. Schmeyer, Kamerman, Uncyk, Soniker & Klein P.C., New York, NY for defendants.

    Case Number: 21-1456-GBW

    Preliminary injunction to enjoin distribution of settlement funds pursuant to the parties' agreement denied where there was no support in the parties' contract for plaintiff's claim of breach and thus plaintiff was unlikely to succeed on the merits.

  • In re FTX Trading Ltd.

    Publication Date: 2023-06-13
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking | E-Commerce | Federal Government
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Ramona D. Elliot, P. Matthew Sutko, Frederick Gaston Hall, Sumi K. Sakata, Department of Justice, Executive Office for United States Trustees, Washington, DC; Andrew R. Vara, Joseph J. McMahon, Jr., Benjamin A. Hackman, Juliet M. Sarkessian, Department of Justice, Office of the United States Trustee, Wilmington, DE for appellant.
    for defendant: Adam G. Landis, Kimberly A. Brown, Matthew R. Pierce, Landis Rath & Cobb LLP, Wilmington, DE; Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein, Alexa J. Kranzley, Sullivan & Cromwell LLP, New York, NY for appellees.

    Case Number: 22-11068 (JTD)

    District court was required to certify appeal of bankruptcy court order directly to the court of appeals where the order involved a purely question of law for which there was no controlling decision from the circuit court or Supreme Court.

  • City of Coral Springs Police Officers' Pension Plan v. Dorsey

    Publication Date: 2023-05-23
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | E-Commerce | Entertainment and Leisure
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Sara DiLeo, Saxena White P.A., White Plains, NY; Adam Warden, Jonathan Lamet, Saxena White P.A., Boca Raton, FL for plaintiff.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Richards, Layton & Finger, P.A., Wilmington, DE; Colin B. Davis, Katie Beaudin, Gibson Dunn & Crutcher LLP, Irvine, CA; Brian M. Lutz, Gibson Dunn & Crutcher LLP, San Francisco, CA; Lissa M. Percopo, Gibson Dunn & Crutcher LLP, Washington, DC for defendants.

    Case Number: 2022-0091-KSJM

    Stockholder failed to plead demand futility where transaction committee who approved acquisition of failing company did not act in bad faith and therefore would not be subject to a substantial risk of personal liability for the acquisition.

  • In re: Cred Inc.

    Publication Date: 2023-04-25
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking | E-Commerce | Investments and Investment Advisory
    Court: U.S. Bankruptcy Court
    Judge: Judge Dorsey
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 20-12836 (JTD)

    Claims of aiding and abetting breaches of fiduciary duties failed where plaintiff failed to plead facts showing that defendants knew of debtor company's problems or that knowledge of those problems would alert defendants to debtor's officers' breaches of fiduciary duties.

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  • Wilmington Trust Nat'l Ass'n v. Sun Life Assurance Co. of Canada

    Publication Date: 2023-04-04
    Practice Area: Insurance Law
    Industry: Financial Services and Banking | Insurance | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Traynor
    Attorneys: For plaintiff: Kevin G. Abrams, John M. Seaman, Samuel D. Cordle, Abrams & Bayliss LLP, Wilmington, DE; Harry S. Davis, Robert E. Griffin, Schulte Roth & Zabel LLP, New York, NY for appellant.
    for defendant: Gregory F. Fischer, Cozen O’Connor, Wilmington, DE; Joseph M. Kelleher, Brian D. Burack, Cozen O’Connor, Philadelphia, PA for appellee.

    Case Number: N18C-07-289

    Courts had to conduct fault-based analysis evaluating the parties' knowledge or inquiry notice of the illegality of life insurance policies ultimately deemed to be stranger originated life insurance policies when determining whether to order disgorgement of paid premiums or allow the insurer to retain the premiums.

  • Houston Cas. Co. v. Truist Fin. Corp.

    Publication Date: 2023-03-28
    Practice Area: Contracts
    Industry: Financial Services and Banking | Insurance
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Krause
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D70180

    The court affirmed the district court's order granting summary judgment in a matter regarding a stock purchase agreement that expressly forbade payout in instances of liability litigation. Although appellant argued that the terms were ambiguous, the court disagreed and found that the language was clear and concise.

  • Dizon v. J.P. Morgan Chase

    Publication Date: 2023-03-28
    Practice Area: Employment Litigation
    Industry: Financial Services and Banking
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Dennis Dizon, pro se plaintiff.
    for defendant: Kaan Ekiner, Cozen O’Connor, Wilmington DE for defendant.

    Case Number: D70181

    The court granted defendant's motion to compel arbitration on the basis that the arbitration agreement was clear and unambiguous. Although plaintiff argued that the agreement was unconscionable as it was signed as a precondition to his employment, the court disagreed and pointed out that courts routinely enforce arbitration agreements that are a precondition to employment.

  • In re Cred Inc.

    Publication Date: 2023-03-21
    Practice Area: Bankruptcy
    Industry: Financial Services and Banking | E-Commerce
    Court: U.S. Bankruptcy Court
    Judge: Judge Goldblatt
    Attorneys: For plaintiff: N/a
    for defendant: N/a

    Case Number: 20-12836 (JTD)

    The court granted debtors' trustees' request to clarify a previous court order indicating that the trust may acquire third-party claims in instances involving separate litigation claims. Although defendant corporation argued that the trustees lacked standing to bring the claims, the court disagreed and noted that because the trustees were post-confirmation entities, they did not need to seek the bankruptcy court's approval prior to filing an action.

  • Town Sports Int'l LLC v. Kennedy Lewis Partners Master Fund LP

    Publication Date: 2023-01-24
    Practice Area: Bankruptcy | Contracts
    Industry: Financial Services and Banking
    Court: U.S. Bankruptcy Court
    Judge: Judge Goldblatt
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 20-12168 (CTG)

    The court granted defendants' motion for summary judgment to dismiss plaintiff's breach of contract claims.