David Carey

December 28, 2020 | New York Law Journal

It appears as though Georgia's interests are invisible in the January 5th run-off elections.

By David Carey

4 minute read

April 03, 2020 | New York Law Journal

We may soon see a circuit split on the issue of class action waivers in FINRA employee arbitrations. In 2015, the Second Circuit held that FINRA firms may use class action waivers to bypass FINRA rule 13204 that allows employees to file judicial class actions. Parties recently argued the same issue to the Ninth Circuit. If the Ninth Circuit decides the issue differently or if another circuit voids class waivers, the Supreme Court may be asked to resolve the conflict.

By David Carey

9 minute read

May 14, 2002 | Law.com

A federal judge in Los Angeles threw out California Attorney General Bill Lockyer's suit accusing New York financier Leon Black, Credit Lyonnais and others of fraudulently acquiring the assets of defunct Executive Life Insurance Co. in the early '90s. The ruling said that California's insurance commissioner, who's pursuing a separate suit against the defendants, had "exclusive standing" to lodge charges under state law.

By David Carey

2 minute read

May 14, 2001 | Law.com

The U.S. Department of Justice plans to issue a criminal indictment against Credit Lyonnais in connection with its alleged illegal 1992 acquisition of a defunct California insurer. Separate civil suits charge that Credit Lyonnais used a small French insurer as a front to secretly win control of Executive Life's insurance operations when, at the time, U.S. law barred banks from owning life insurers.

By David Carey

2 minute read

June 19, 2000 | Law.com

Chase Manhattan Bank sued 17 financial backers of Iridium, the bankrupt satellite telecommunications venture, for $242.7 million, accusing them of reneging on an agreement to pump more money into the company last year.

By David Carey

3 minute read

February 21, 2001 | Law.com

When France's Credit Lyonnais bought defunct U.S. insurer Executive Life's $6.4 billion junk-bond portfolio for half price in 1993, it was hailed as the deal of the decade. But after an investigation, U.S. authorities now portray the deal as one of the biggest financial frauds in history, and Credit Lyonnais faces civil suits seeking $2 billion in damages and the prospect of having its U.S. banking license yanked.

By David Carey

6 minute read

March 26, 2007 | Law.com

Private equity colossus Blackstone Group filed a preliminary prospectus Thursday for an IPO of up to $4 billion. The filing makes clear that the IPO isn't a means to raise capital for investments. Part of the proceeds will be used to buy stock in the management entities from Blackstone's partners, apparently allowing them to take cash out. Regulatory restrictions will prevent the firm from investing more than about 40 percent in its funds or other securities or in buyouts, a securities lawyer said.

By John E. Morris and David Carey

5 minute read

July 28, 2008 | Law.com

Private equity giant Kohlberg Kravis Roberts & Co. plans to go public on the New York Stock Exchange later this year via a share swap with its publicly listed leveraged buyout fund, the buyout shop said Sunday. KKR's latest proposal to go public replaces an earlier plan to raise $1.3 billion in a conventional IPO -- a difficult proposition in today's market, which has punished shares of KKR's listed rivals. Bredin Prat, Cravath, Simpson Thacher and Weil Gotshal all have a hand in the deal.

By David Carey

4 minute read

October 26, 2000 | Law.com

RDO Equipment sued its former investment adviser and underwriter, Credit Suisse First Boston in District Court in North Dakota, accusing CFSB of breaching its fiduciary duty to the company in a deal involving CSFB's private equity arm. It also alleges that, through a venture involving John Deere, a direct competitor of RDO, CSFB is guilty of unfair trade practices and has broken antitrust laws.

By David Carey

3 minute read