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ALBANY, N.Y. (AP) — A federal judge on Wednesday permanently banned a Florida gun retailer from selling or delivering certain gun parts in New York that officials say can be used to assemble untraceable ghost guns and sold without background checks. It also found that the retailer made at least $3.9 million in illegal profits and would likely continue to violate local, state, and federal laws. The retailer is permanently barred from selling, delivering, or giving away any unfinished frames or receivers in the state of New York, according to the judgment. Indie Guns, which advertises some of its products on its website as “UNSERIALIZED UNREGISTERED UNTRACABLE,” must also pay approximately $7.8 million to the state. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Persons: Jesse Furman, Letitia James, James, negligently, ”, Lawrence Destefano, ___ Maysoon Khan Organizations: —, New York, Indie Guns, Indie, Associated Press, America Statehouse News Initiative, America Locations: ALBANY, N.Y, Florida, New York, Manhattan, Yorkers

☆ Russian billionaire loses Sotheby’s art fraud lawsuit involving ‘Salvator Mundi’
▼ + stars: | 2024-01-31 | by ( Oscar Holland | Reuters | ) edition.cnn.com time to read: +4 min

Among them was the “Salvator Mundi,” which Bouvier bought for $80 million before quickly selling it on to his then-client for $127.5 million. Speaking to CNN in 2021, Bouvier maintained that he had acted as a dealer, not an art adviser, and was thus entitled to mark up prices. The Russian billionaire lost his lawsuit against auction house Sotheby's yesterday. Jeenah Moon/Bloomberg/Getty ImagesThe case has been among the highest-profile art fraud disputes in recent years, offering a view into an often-secretive industry where wealthy buyers sometimes don’t know who they are buying from. Rybolovlev was allowed to sue over “Salvator Mundi” even though his ownership had proven unusually profitable.

Persons: oligarch Dmitry Rybolovlev, Rybolovlev, Sotheby’s, Yves Bouvier, “ Salvator Mundi, Leonardo da Vinci, Bouvier, Salvator Mundi, Dmitry Rybolovlev, Daniel Kornstein, Sotheby’s “, ” Sotheby’s, Jesse Furman, Leonardo, Gustav Klimt, Rene Magritte, Amedeo Modigliani, Furman, Pablo Picasso, Auguste Rodin, Henri de Toulouse, Lautrec, ” Organizations: CNN, Forbes, AS Monaco soccer, Bloomberg, Getty Locations: Swiss, New York, Russian, Switzerland, Singapore, Monaco, Hong Kong, Manhattan

☆ Sotheby's Defeats Russian Oligarch in Art Fraud Case
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +3 min

Daniel Kornstein, a lawyer for Rybolovlev, said the case "achieved our goal of shining a light on the lack of transparency that plagues the art market. Furman dismissed fraud-based claims over the other 11 works, including art from Pablo Picasso, Auguste Rodin and Henri de Toulouse-Lautrec. Rybolovlev was allowed to sue over "Salvator Mundi" even though his ownership had proven unusually profitable. Rybolovlev went on to sell "Salvator Mundi" at Christie's in 2017 for $450.3 million, a record price for an artwork at auction. The case is Accent Delight International Ltd et al v Sotheby's et al, U.S. District Court, Southern District of New York, No.

Persons: oligarch Dmitry Rybolovlev, Rybolovlev, Sotheby's, Yves Bouvier, Salvator Mundi, Leonardo da Vinci, Bouvier, Daniel Kornstein, Jesse Furman, Gustav Klimt, Rene Magritte, Amedeo Modigliani, Furman, Pablo Picasso, Auguste Rodin, Henri de Toulouse, Lautrec, Jonathan Stempel, Bill Berkrot Organizations: YORK, Forbes, AS Monaco soccer, Court, Southern District of Locations: Swiss, Manhattan, U.S, Christie's, Southern District, Southern District of New York, New York

☆ Exonerated Deutsche Bank trader can pursue $150 mln lawsuit -US judge
▼ + stars: | 2023-10-31 | by ( Jonathan Stempel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

Companies Deutsche Bank AG FollowNEW YORK, Oct 31 (Reuters) - A former Deutsche Bank trader whose conviction in New York for rigging a key interest rate benchmark was overturned can pursue a $150 million lawsuit accusing the German lender of malicious prosecution for making him a scapegoat. Deutsche Bank has until Nov. 14 to formally address claims in Connolly's lawsuit. Libor probes led to about $9 billion of fines worldwide for banks, including $2.5 billion for Deutsche Bank in 2015. Black is also suing Deutsche Bank for malicious prosecution, seeking $30 million in a lawsuit filed in a New York state court in Manhattan. Black's case is Black v Deutsche Bank AG et al, New York State Supreme Court, New York County, No.

Persons: Jesse Furman, Matthew Connolly's, Connolly, Gavin Black, London interbank, Jonathan Stempel, Jonathan Oatis Organizations: Deutsche Bank, Deutsche, London, Deutsche Bank AG, Court, Southern District of, New York, Thomson Locations: New York, U.S, Manhattan, Connolly's, London, Southern District, Southern District of New York, New, Court , New York County

[1/2] A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio Acquire Licensing RightsNEW YORK, Sept 21 (Reuters) - A U.S. federal judge on Thursday said American cities may pursue class-action claims accusing eight large banks of driving up interest rates they paid on a popular municipal bond. Cities led by Baltimore, Philadelphia and San Diego accused the banks of colluding to raise rates on more than 12,000 variable-rate demand obligations (VRDOs) from 2008 to 2016. Cities accused the eight banks of conspiring not to compete for remarketing services, and artificially inflating rates by sharing information about bond inventories and planned rate changes. The case is Philadelphia et al v Bank of America Corp et al, U.S. District Court, Southern District of New York, No.

Persons: Carlos Osorio, Jesse Furman, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells, San Diego, Banks, Furman, Dan Brockett, Jonathan Stempel, Marguerita Choy Organizations: Royal Bank of Canada, REUTERS, U.S, Bank of America, Barclays, Citigroup, JPMorgan, Municipal Securities Rulemaking Board, al, Bank of America Corp, Court, Southern District of, Thomson Locations: Toronto , Ontario, Canada, Manhattan, Baltimore, Philadelphia, San, colluding, U.S, Southern District, Southern District of New York, New York

☆ Ex-CIA employee's conviction in big secrets leak is largely upheld
▼ + stars: | 2023-08-29 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Following the conviction, U.S. Attorney Damian Williams in Manhattan called the theft "one of the most brazen and damaging acts of espionage in American history." In a 14-page decision, U.S. District Judge Jesse Furman in Manhattan found "more than sufficient" evidence to support Schulte's espionage and hacking convictions. Prosecutors have said Schulte was motivated to leak materials out of spite over how he thought the CIA treated him prior to his November 2016 resignation. Prosecutors said they found the material in Schulte's Manhattan apartment, in an encrypted container beneath three layers of password protection, during the CIA leaks probe. The case is U.S. v. Schulte, U.S. District Court, Southern District of New York, No.

Persons: George W, Bush, Joshua Schulte, Damian Williams, Jesse Furman, Schulte's, Aguilar, Furman, Schulte, Prosecutors, Williams, Jonathan Stempel, Cynthia Osterman Organizations: U.S . Central Intelligence Agency, CIA, Central Intelligence Agency, FBI, WikiLeaks, Prosecutors, Brooklyn's Metropolitan Detention, Court, Southern District of, Thomson Locations: Langley , Virginia, U.S, Manhattan, Brooklyn's, Southern District, Southern District of New York, New York

Companies Ozone Networks Inc FollowNEW YORK, May 1 (Reuters) - A former employee of OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), used inside knowledge of which assets would be featured on its homepage to make "free money," a prosecutor said on Monday as an insider trading trial wound to a close. Prosecutors have called it the first criminal insider trading case involving such assets. Prosecutor Thomas Burnett said in his closing argument that Chastain chose which NFTs to feature, and then profited illegally by selling his tokens shortly thereafter. They have said that his actions were not insider trading, and that the information he accessed was not OpenSea's property and had no inherent value to the company. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

It is considered the first criminal insider trading case involving such assets. "He abused that position of trust," prosecutors said in an April 4 filing. He added that if prosecutors mention insider trading, "there is a substantial danger of undue prejudice and confusion of the jury." "Is it insider trading of anything?" "If this case sticks, there is precedent that insider trading theory can be applied to any asset class."

REUTERS/Bing GuanNEW YORK, March 9 (Reuters) - A federal judge on Thursday blocked 10 companies from selling certain gun components in New York while the state pursues a lawsuit against them aimed at ending sales of illegal, untraceable "ghost guns." The preliminary order by U.S. District Judge Jesse Furman in Manhattan adopts an agreement reached between New York Attorney General Letitia James and the companies last month, court records show. "Today's court order will help protect New York communities and save New Yorkers' lives," James said in a statement. The lawsuits claimed that the companies were creating a public nuisance by selling gun frames and receivers without serial numbers to consumers. Three defendants have settled with New York City, agreeing to stop selling guns there.

Rights holders accused Bristol Myers of failing to submit critical information to the FDA and ready plants or inspection, in a bid to delay the approvals and avoid the $6.4 billion payout, while publicly pledging to use "diligent" efforts to meet the Dec. 2020 and March 2021 deadlines. He said there was no evidence that Bristol Myers executives sought to benefit financially from delays, and that even alleged corporate "mismanagement" did not amount to fraud. Bristol Myers and its lawyers did not immediately respond to similar requests. Bristol Myers still faces a separate lawsuit raising similar claims in Manhattan federal court by a trustee representing former Celgene shareholders, and a third lawsuit raising similar claims in a New York state court in Manhattan. The case is In re Bristol-Myers Squibb Co CVR Securities Litigation, U.S. District Court, Southern District of New York, No.

☆ Citigroup in talks to recoup errant $500 mln Revlon loan payment
▼ + stars: | 2022-12-01 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In a Thursday filing in Manhattan federal court, lawyers for the bank and the lenders said they have been discussing a "consensual resolution" to end Citigroup's August 2020 lawsuit to recoup the mistaken payment. Citigroup, which was Revlon's loan agent, had accidentally used its own money in August 2020 to pay off the company's $894 million loan three years early instead of paying $7.8 million in interest. Furman sided with them in February 2021, leading Citigroup to lower previously reported profit to reflect $390 million of added legal expenses. The case is In re Citibank August 11, 2020 Wire Transfers, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; Editing by Chris Reese and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, Nov 10 (Reuters) - Citigroup Inc (C.N) is in talks to end litigation against hedge funds and investment firms that it mistakenly paid about $500 million on a loan owed by Revlon Inc (REVRQ.PK), billionaire Ronald Perelman's now-bankrupt cosmetics company. Both sides had been expected to apprise U.S. District Judge Jesse Furman in Manhattan on their next steps in the case by Nov. 10. Others refused, saying Citigroup paid what they were owed and noting that Perelman had bailed out Revlon before. Circuit Court of Appeals in Manhattan said it would improperly leave them with a "huge windfall" and returned the case to Furman. The case is In re Citibank August 11, 2020 Wire Transfers, U.S. District Court, Southern District of New York, No.

Oct 11 (Reuters) - The U.S. Supreme Court on Tuesday declined to hear McKinsey & Co's bid to escape a lawsuit by retired turnaround specialist Jay Alix accusing the management consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings. Circuit Court of Appeals in January revived the case, saying Furman gave "insufficient consideration" to whether McKinsey undermined the integrity of federal judicial proceedings. McKinsey in its petition to the Supreme Court argued that the 2nd Circuit's decision ran contrary to past rulings by the high court holding that RICO lawsuits may be brought only by plaintiffs injured "directly" by wrongdoing. The firm urged the Supreme Court to consider whether lower courts must follow that standard "even if, in the court's judgment, the plaintiff's allegations implicate the court's 'supervisory responsibilities'" over judicial proceedings. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nate Raymond in Boston; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

☆ Michael Avenatti ordered to pay $148,750 in restitution to Stormy Daniels
▼ + stars: | 2022-09-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermidCompanies Nike Inc FollowNEW YORK, Sept 23 (Reuters) - Michael Avenatti, the brash celebrity lawyer who rose to fame taking on Donald Trump before a slew of criminal charges destroyed his legal career, was ordered on Friday to pay $148,750 in restitution to his best-known client, porn actress Stormy Daniels. U.S. District Judge Jesse Furman in June sentenced Avenatti to four years in prison, calling his conduct "brazen and egregious." Avenatti successfully freed Daniels from a non-disclosure agreement with Trump, paving the way for her 2018 memoir "Full Disclosure," where she described the alleged liaison. Lawyers for Avenatti and Daniels did not immediately respond to requests for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Luc Cohen in New York; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

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