Harbinger Capital Partners
Harbinger Capital Partners, a prominent hedge fund and majority shareholder of LightSquared, Inc., in connection with litigations against LightSquared’s largest creditor in Chapter 11 bankruptcy proceedings. In one of these adversary proceedings, the bankruptcy court held – after a trial on the merits – that the creditor breached the implied covenant of good faith and fair dealing and the creditor’s misconduct warranted equitable subordination of its interest.
ACA Financial Guaranty Corp.
ACA Financial Guaranty Corp., a bond insurer, in its $120 million fraud suit against Goldman, Sachs & Co. and hedge fund Paulson & Co., Inc. for fraudulently inducing ACA to issue a financial guaranty for Goldman’s ABACUS CDO by deceiving ACA about Paulson’s role and financial interest in the transaction. Marc successfully argued the case before the New York Court of Appeals, creating precedent on the standards for reliance in fraud actions under New York law.
Association of Financial Guaranty Insurers
Association of Financial Guaranty Insurers – which represents the world’s largest monoline insurers – in winning a precedent-setting First Circuit decision concluding that a Puerto Rican law allowing the government to restructure its debt was unconstitutional and preempted by the Federal Bankruptcy Code.
AMC Networks Inc.
AMC Networks Inc. and affiliates in the defense of a lawsuit claiming that AMC engaged in "self-dealing" and other alleged improper accounting practices to the detriment of profit participants on the television series, The Walking Dead.
MBIA, one of the world’s largest monoline insurers, in litigation brought by 18 of the world’s largest banks seeking to overturn MBIA’s corporate restructuring which, with the approval of the New York Department of Insurance (now the Department of Financial Services), established a separate company for MBIA’s municipal bond insurance business. After a several-week trial, the New York Supreme Court ruled in favor of MBIA, upholding MBIA’s restructuring. Kasowitz thereafter obtained a settlement, which also covered put-back litigation, whereby the remaining banks agreed to drop their challenge to MBIA’s restructuring, and MBIA received $1.7 billion in cash and a $500 million line of credit for its municipal bond insurance business.
Federal Housing Finance Agency
Federal Housing Finance Agency, as conservator for Fannie Mae and Freddie Mac, in actions in federal and state courts against numerous financial institutions and individuals. The lawsuits sought rescission or damages from the banks for, among other things, their misrepresentations concerning pools of mortgage loans that underlie residential mortgage-backed securities the banks issued, securitized and sold to Fannie Mae and Freddie Mac. After prevailing on critical pre-trial issues, FHFA settled the actions brought by Kasowitz for over $2 billion, including a $1.25 billion settlement with Morgan Stanley.