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Two new California state court suits filed by Grais were the subject of a Sunday New York Times column that noted his strategy of steering clear of hard-to-prove fraud allegations. But there are still a raft of defense firms standing between Grais and a big payday.
Fontainebleau Las Vegas accuses the banks that were supposed to provide it with $790 million in revolving financing of falsely claiming the project was in default. For Kasowitz Benson, it's another chance to take on litigation against banks, a favorite target of the firm.
Lehman Brokerage on Track to Pay Hedge Funds, Banks in Full
New payments will return 100 percent of their money to all brokerage customers, trustee James Giddens said in a statement. Previously, he said a full payment of more than $15 billion was likely when the brokerage settled its disputes with affiliates.Court-appointed trustees in big-ticket bankruptcies are taking bold steps to recover billions from alleged malefactors on Wall Street and beyond.
If It Is Broken, We Should Fix It
In her Securities Regulation column, Roberta S. Karmel, Centennial Professor and co-director of the Dennis J. Block Center for the Study of International Business Law at Brooklyn Law School, writes: It is increasingly apparent that the capital markets and their regulation are both broken. The financial press for July 2012 reads more like a scandal sheet than a newspaper.Unsecured creditors of bankrupt Champion Enterprises Inc. have come up empty in their breach of contract claim against Credit Suisse. On Thursday, a Delaware federal bankruptcy judge found that while Credit Suisse did breach a $187 million credit agreement with Champion, the breach did not damage the manufacturer of prefabricated housing, nor did it cause Champion's bankruptcy.
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