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Here’s a quick look at today’s top legal news.
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Joseph Cress/USA TODAY Sports via REUTERS
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Lawyer Robert Costello, called to testify behind closed-doors in New York on Monday, may challenge the claims of Michael Cohen, a key witness, before a grand jury decides whether to charge former President Donald Trump over hush money paid to Stormy Daniels, a source familiar with the matter told Reuters. Read more.
Manhattan D.A. Alvin Bragg could charge Trump as soon as this week but any trial would still be more than a year away, legal experts said, and could coincide with the final months of the 2024 presidential campaign. U.S. House Republicans went on the offensive on Monday launching an investigation into Bragg.
Meanwhile, in separate Trump legal battles, U.S. District Judge Lewis Kaplan rejected a joint request by Trump and E. Jean Carroll to hold a single trial on whether Trump defamed the former Elle magazine columnist by denying he raped her, and Trump’s lawyers asked a Georgia court to quash a special grand jury report detailing its investigation into his efforts to overturn his 2020 statewide election defeat.
More top news:
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Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS wiped out AT1 bonds, Quinn Emanuel Urquhart & Sullivan said on Monday. Under the UBS-Credit Suisse merger deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, will receive $3.23 billion. Read more.
SVB:
SVB Financial, the bankrupt parent company of Silicon Valley Bank, lost access to its financial records after the bank was placed into receivership by the FDIC, according to court documents filed on Sunday. SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking businesses, which were not included in the FDIC’s takeover of SVB. But its Chapter 11 bankruptcy has gotten off to a “challenging” start. Meanwhile, the FDIC has decided to break up Silicon Valley Bank and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.
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The DOJ uncovered striking patterns of misconduct in its recent investigation of the Louisville Metro Police Department. Beyond the conscience-shocking behavior, the report lays out a fact-based narrative showing that Louisville police are largely unaccountable to democratic processes and governance, columnist Hassan Kanu writes. Year after year, officers have disregarded calls to follow their own policies from the community, local press, elected officials, courts, and even their own LMPD chiefs. The report calls into question the LMPD’s ability to carry out its basic functions, but it raises even more profound questions about policing and democratic governance, Kanu says.
Check out other recent pieces from all our columnists: Alison Frankel, Jenna Greene and Hassan Kanu
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