It's been nearly three years since David Boies of Boies Schiller squared off against Paul Weiss's Ted Wells Jr. in Terra Firma's multibillion-dollar fraud case against Citigroup. Wells came out on top the first time, but on Friday the Second Circuit sided with Boies and called for a new trial.
The deal resolves a long and contentious fight with ResCap and its creditors over claims that Ally stripped its bankrupt subsidiary of valuable assets and turned it into a dumping ground for mortgage-related liabilities.
The litigation that 18 banks brought against bond insurer MBIA Inc. four years ago has finally come to a close.
A federal judge in New York cleared the way for Chesapeake Energy to redeem $1.3 billion in notes, rejecting arguments by BNY's lawyers at Sidley Austin that the company had missed a deadline for the buy-back.
Bank of America announced Monday that it will pay $1.6 billion to the bond insurer MBIA Inc., bringing an end to one of the most vigorously contested disputes to grow out of the mortgage crisis.
After 14 years, NoreX Petroleum Ltd. may have finally reached the end of its litigation campaign against a group of oil companies and Russian billionaires for allegedly usurping NoreX's stake in a Russian oilfield.
In decision that could help wipe out as much as $2 billion in potential liabilities, OppenheimerFunds Inc. has beaten back a $767 million fraud and breach of contract case over an arbitrage system it oversaw for big banks.
Kasowitz Benson has had mixed luck lately pressing claims that the hedge fund Magnetar Capital colluded with various banks to to place short bets on complex securities backed by subprime mortgages. The firm's luck was all bad this week in its case against UBS AG.
Abu Dhabi's sovereign wealth fund has already lost twice in its case against Citigroup over a massive 2007 investment deal. But there's more than $4 billion on the line, and the Persian Gulf emirate probably didn't hire Quinn Emanuel because it thought Citi and its lawyers at Paul Weiss would be easy to beat.