Judge Colleen McMahon denied Morgan Stanley's motion for summary judgment on the grounds that "there is plenty of evidence—most of it out of the mouths of Morgan Stanley's own personnel—from which a jury could conclude" that Morgan Stanley traded on insider information for the benefit of its own account.
NY Commercial Litigation Insider
A Brooklyn Commercial Division judge has confirmed a $20 million arbitration award issued by a Jewish religious court against a former executive of a Jewish charity under indictment for embezzlement.
A nearly five-year lawsuit over an alleged $30 million art fraud was dismissed by a Manhattan Commercial Division judge Wednesday on statute of frauds grounds.
A federal judge has allowed a 12-year-old suit to go forward charging that Citibank assisted a rogue foreign currency trader in covering up nearly $600 million in losses.
Thomas A. Dickerson and Jeffrey A. Cohen discuss the Court of Appeals' recent decision on New York City's Taxi of Tomorrow plan, which would require cabs being retired to be replaced with a specific Nissan model, along with the city's response to the growth of car-sharing companies Uber and Lyft.
In his Tax Litigation Issues column, Jeremy H. Temkin discusses the Offshore Voluntary Disclosure Program, which remains the best opportunity for taxpayers who intentionally evaded their tax and reporting obligations, and an alternate for taxpayers whose prior non-compliance was unintentional that can have lower financial penalties but does not offer the OVDP's protection from criminal prosecution.
Daniel L. Brown and Thomas M. Monahan of Sheppard Mullin Richter & Hampton write: The Commercial Division continues to evolve to meet its goal of promoting the efficient resolution of significant business disputes filed in New York state courts. To this end, the Commercial Division recently implemented new rules and procedures to promote efficiency in litigation, many of which are similar to federal court practice that often includes active judicial involvement and streamlined discovery procedures.
Carren B. Shulman of Sheppard, Mullin, Richter & Hampton writes: In this uncertain economy, consignment is realizing a resurgence and may be an effective cost saving measure for vendors/consignees. This article addresses the law on consignment and how consignors protect themselves.
- Great Wall de Venezuela C.A. v. Interaudi Bank, 14-CV-2505
- Blake E. Frechette, as Administrator of the Estate of Stacey L. Frechette, Deceased, Appellant v. State of New York, Respondent, 519540
- Alexander Komolov, Alskom Realty LLC, and High Value Trading, LLC, Plaintiffs v. David Segal, Mohamed Serry, Artique Multinational LLC, Artique International LTD., and Segal & Segal Holding, LLC, Defendants, 651626/2011
- Allied Irish Banks v. Citibank, 03-CV-3748