Reuters reports that Coinbase’s shares rose more than 16% last week after the cryptocurrency exchange announced its partnership with BlackRock, the world’s largest asset manager. Under the agreement, Coinbase’s institutional trading platform Prime, which services hedge funds, corporate treasuries and other financial institutions, will provide crypto trading and custody services to Coinbase’s institutional clients using
According to The Wall Street Journal, Teva Pharmaceutical Industries Ltd. has reached a national settlement agreement worth nearly $5 billion, including about $3.7 billion in cash, to resolve thousands of lawsuits over its alleged role in the opioid crisis. The plaintiffs’ executive committee, which represents local and state governments and Native American tribes, reported
Shareholders in the Revlon bankruptcy have asked that an official committee of equityholders, not affiliated with the debtor-retailer’s majority owner Ron Perelman, be appointed in the case. According to The Wall Street Journal, a group of minority shareholders sent a letter to the US Trustee on July 13th requesting the formation of an official
The Wall Street Journal reports that corporate chapter 11 filings are increasing, reflecting market concern over market volatility, interest rate hikes, and a potential economic slowdown. Many expect default rates to increase this year, though perhaps by not as much as one would expect given the current economic headwinds, based on many companies having taken
Mayer Brown partners Aaron Gavant and Sean T. Scott and associate Danielle A. Corn recently published an article for Mayer Brown’s Perspectives & Events portal on the June 6, 2022, United States Supreme Court decision that resolved a circuit split and invalidated a 2017 statute that increased U.S. Trustee fees in 48 states—but not Alabama
Background
In a recent opinion issued in LCM XXII Ltd. v. Serta Simmons Bedding, LLC, No. 21-CV-3987, 2022 WL 953109 (S.D.N.Y. Mar. 29, 2022), US District Judge Katherine Failla of the Southern District of New York denied defendant Serta Simmons Bedding, LLC’s (“Serta”) motion to dismiss an action challenging its June 2020 non-pro rata
Reuters reports that the New Jersey bankruptcy judge overseeing the bankruptcy proceedings of Johnson & Johnson subsidiary LTL Management will allowing certain talc tort cases against Johnson & Johnson to proceed while LTL Management proceeds in bankruptcy. Specifically, Judge Michael Kaplan has stated that he may allow some of the 38,000 lawsuits against Johnson &
The Wall Street Journal reports that the U.S. Treasury moved on Tuesday to block U.S. investors from purchasing Russian debt in secondary markets. As a response to the Russian invasion of the Ukraine, Treasury had originally prohibited the purchase of newly issued Russian government and corporate debt but Treasury has now expanded that policy to
Law 360 reports that a ruling by the Chancery Court of Delaware has left the chapter 11 bankruptcy sale of cosmetics company, Stila Styles LLC, at a standstill based on a dispute over the authority of a manger appointed in Stila’s bankruptcy proceedings. The Court found that, as a matter of contract, the company’s 2017
Mayer Brown partners Tyler R. Ferguson, Aaron Gavant, and Sean T. Scott and associate Samuel R. Rabuck recently published an article for Mayer Brown’s Perspectives & Events portal on the January 13, 2022, decision in which Judge David Novak of the US District Court for the Eastern District of Virginia vacated the bankruptcy court’s order