First Department

First Department News

  • Billionaire Sy Lets Majority Rule as Kids Pilot Philippine Boom

    Teresita Sy-Coson sits down with her five siblings for lunch every Tuesday to plot the direction of the Philippines’ largest family-run conglomerate. The sessions start at 11 and invariably spill over the allotted two hours, says Sy-Coson, 63, chairman of BDO Unibank Inc. and the eldest child of Henry Sy, the country’s richest man.

  • Deutsche Bank Win in Mortgage Suit May Limit New Claims

    A Deutsche Bank AG unit won dismissal of a suit brought by mortgage-bond investors after an appeals court determined the claims were subject to a six-year statute of limitations that began to run when the deal closed -- a ruling that may limit new suits.

  • Madoff Investor Can Sue Ex Over $2.7 Million Divorce Accord

    A New York law firm partner who said he paid his ex-wife $2.7 million of the purported value of his account with Bernard Madoff can sue her to revise their 2006 agreement because of the Ponzi scheme, an appeals court ruled.

  • N.Y.’s Large Soda Ban Block Ruling Upheld on Appeal

    A ruling blocking New York’s ban on large sodas was upheld by an appeals court, which said the city’s Board of Health failed to act within the bounds of its authority when it approved the plan.

  • Subprime Mispriced After Legal Ruling Boosts Banks, Narula Says

    U.S. subprime-mortgage securities are overpriced as investors misjudge a court ruling last month that will limit bondholders’ ability to force banks to buy back soured loans, according to hedge-fund manager Deepak Narula.

  • New York Police Lose Second Stop-and-Frisk Case on Appeal

    A New York appeals court threw out a conviction for the second time in as many weeks of a teenager caught with a loaded gun in a so-called stop-and-frisk search by officers of the New York City Police Department.

  • Citigroup, Stanford, Primary Global in Court News

    Citigroup Inc. Chief Executive Officer Vikram Pandit and Pramit Jhaveri, head of the bank’s Indian unit, were cleared by local police of involvement in an alleged $66 million fraud at its branch in Gurgaon.

  • New York Appeals Court Affirms Stuy Town Case Decision

    A New York state appeals court affirmed a lower court’s decision to deny a motion by MetLife Inc. to dismiss a class-action lawsuit brought by tenants of Stuyvesant Town and Peter Cooper Village.

  • Empire State Building Settlement Hearing to Proceed May 2

    A hearing on a $55 million settlement of lawsuits over a plan to take New York’s Empire State Building public will take place tomorrow after a judge declined a request by opponents of the transaction to postpone the proceedings.

  • Stuyvesant Tenants Reach $68.8 Million Settlement

    Tenants of Stuyvesant Town-Peter Cooper Village in New York who sued alleging they were overcharged for rent reached a $68.8 million settlement with MetLife Inc. and CWCapital Asset Management, lawyers said.

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