FRANKFORT, Ky. - A Kentucky state court erred in granting summary judgment to a credit card company in a collection action because the credit card company has failed to show that it has been assigned the alleged debt as a means for collection, a Kentucky Court of Appeals panel ruled Jan. 20 (Kenneth A. Bruner […]
HOUSTON - A Texas federal judge on Jan. 20 denied an energy company’s request for post-judgment interest on an arbitration award issued in its favor at a rate of 8.5 percent, finding that the parties never agreed on a specific rate when they contracted for the purchase of xylene (MX) and that the company was […]
NEW YORK - Directors and officers of a corporation argued in a New York federal court on Jan. 20 that an amended shareholder derivative complaint should be dismissed for the same reasons that the court dismissed the original complaint because the shareholder still fails to prove that presuit demand was excused (Stephen Strugala, et al. […]
WILMINGTON, Del. - The Los Angeles Dodgers, which filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, on Jan. 23 filed a brief objecting to a variety of claims made in the bankruptcy proceeding on grounds that they violated 11 U.S. Code Section 502(b) and other federal bankruptcy rules […]
NEW YORK - The Eastman Kodak Co., which filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York, on Jan. 23 moved for an order of assurance that its utility costs would continue to be paid so that its reorganization plan can proceed (In Re: Eastman Kodak Company, […]
NEW YORK - A creditor in the Chapter 11 bankruptcy proceeding of American Airlines on Jan. 23 filed a brief arguing that the automatic stay in the bankruptcy should be lifted to allow the litigation of his pension claim against the company (In Re: AMR Corporation, No. 11-15463, Chapter 11, S.D. N.Y. Bkcy.).
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DALLAS - In an action arising from an attempted loan modification, a federal judge in Texas on Jan. 20 dismissed most claims in the suit which alleges breach of contract, state debt collection statute violations and other violations against Bank of America N.A. and other defendants (Swim, et al. v. Bank of America N.A., et […]
WILMINGTON, Del. - Direct purchasers who sued Braintree Laboratories Inc. for engaging in sham litigation in violation of antitrust laws moved for preliminary approval of a $ 17.25 million class action settlement on Jan. 20 in federal court in Delaware (Rochester Drug Co-operative, Inc., et al.
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NEW YORK - A group of corporate directors and officers who are accused of awarding and/or taking excessive compensation lost their bid to dismiss a shareholder derivative suit on Jan. 19 when a New York federal judge held that the shareholders had pleaded demand futility with sufficient particularity (John T. Metcalf, et al. v. Sophocles […]
MEMPHIS, Tenn. - A federal judge in Tennessee on Jan. 20 dismissed all counts except a breach of contract claim in a case in which the recipient of a loan alleges that the servicer of the loan unlawfully failed to apply her monthly mortgage payments to property taxes (Judy Royal v. Select Portfolio Servicing Inc., […]