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SEC Efforts To Compel SIPIC Coverage For Stanford Victims Rejected

The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more

SEC Obtains Freeze Order Against Recidivist And His Entities

The Commission brought an action against a securities law recidivist and his entities who had raised about $22 million in a fraudulent investment scheme. When the action was filed a temporary freeze order was obtained. Later...more

Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions In Swap

Judge James M. Peck issued an important opinion in the Lehman Brothers bankruptcy late last month. The opinion protects a non-debtor counterparty's right to rely on a contractually agreed methodology for damages calculations...more

Narrow Interpretation of "Customer" Under SIPA Is Affirmed by the Second Circuit

On February 22, 2013, the United States Court of Appeals for the Second Circuit in In re Bernard L. Madoff Investment Securities LLC held that certain individuals who had invested indirectly in Bernard L. Madoff Investment...more

Lehman Bankruptcy Update: Lehman Reaches $38 Billion Deal With European Unit

The Trustee overseeing the liquidation under the Securities Investor Protection Act (“SIPA”) of Lehman Brothers Inc. (“Lehman”) in the U.S. and the Joint Administrator of Lehman Brothers International (Europe) (“LB Europe”)...more

Lehman client money judgment – impact on MF Global clients

On 29 February 2012 the Supreme Court of England and Wales dismissed the appeal by GLG Investments and ruled that clients whose money had not been properly ring-fenced when Lehman Brothers International (Europe) (“LBIE”) went...more

UK Supreme Court Lehman Client Money Decision

On February 29, the UK Supreme Court handed down its decision upholding, in part unanimously and in part by a 3-2 majority, the Court of Appeal’s November 2010 decision in the LBIE client money case - Re Lehman Brothers...more

Recent Seventh and Ninth Circuit Cases Affect Federal Equity Receiverships

The Securities and Exchange Commission, Federal Trade Commission, and Commodities Futures Trading Commission often seek appointment of receivers in civil enforcement actions, including in actions alleging operation of...more

MF Global Initial Meeting of Clients and Creditors – 9 January 2012 at 11 a.m.

The initial meeting of client and creditors of MF Global UK Limited ("MFG UK") took place yesterday, 9 January 2012, at 11 a.m. The meeting was chaired by Richard Heis (the "Chairman"), one of the joint special administrators...more

MF Global Special Administrators Release Their Proposals

On 16 December 2011 the special administrators of MF Global UK Limited ("MFG UK") published their proposals for achieving the purpose of the special administration. Purpose of the proposals The special...more

Claims Under TBA Contracts Do Not Qualify as Customers’ Claims in Broker-Dealers’ Liquidation

Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York on December 8, 2011 issued an opinion on a motion of the Lehman Brothers Inc. (“LBI”) trustee (“Trustee”) to confirm his...more

SIPC Trustee Provides Updates on Prospective Claims Process

Although no official claims process has been announced, on November 10 and 11, the Trustee and its counsel provided additional information to securities claimants of MF Global Inc. ("MFGI") on how the process will work....more

MF Global: US Update as of November 9, 2011 - SIPC Trustee Announces Transfer of Additional Commodity Accounts

On November 7, 2011, the SIPC Trustee (the "Trustee") announced that MF Global Inc. ("MFGI") commodity customer accounts that had not yet been transferred by the Trustee can now be transferred provided that the account holder...more

District Court Ruling Could Significantly Limit Madoff Trustee's Claims Against Mets' Owners

On September 27, 2011, U.S. District Judge Jed S. Rakoff issued an important ruling in the action commenced by Irving Picard ("Trustee"), trustee for Bernard L. Madoff Securities LLC ("Madoff"), against a group of individuals...more

ISDA Master Agreement: High Court Interprets Section 2(a)(iii)

Introduction For all of the legal difficulties which market participants are facing in light of the insolvency of Lehman Brothers, the insolvency is providing the Courts with the opportunity to pass judgment on many of...more

Will There Be More Assets to Recover for LandAmerica Creditors?

Just last Wednesday, October 27, 2010, the LandAmerica 1031 Exchange Company Liquidating Trustee (the “Trustee”) and CitiGroup Global Markets, Inc. (“CGMI”) reached an agreement for the purchase of all auction rate securities...more

Fact Inquiry Necessary to Determinate Which Sales of Securities Were "By Means Of" Misstatements

The U.S. Bankruptcy Court for the District of Massachusetts recently denied a motion for summary judgment on the issue of damages by investors in Access Cardiosystems, Inc. against one of the defendants, Randall Fincke. The...more

Ninth Circuit Declares No General Alter Ego Claim Exists In CA Law

When alter ego is alleged, the question may arise as to whether the theory is to be applied generally (i.e., for all of the creditors) or specifically (i.e., in the particular case presented by the creditor). This...more

California Court Of Appeal Holds That Shareholders Have Standing To Pursue Derivative Actions After Dissolution Of A Corporation

In Favila v. Katten Muchin Rosenman LLP, 188 Cal. App. 4th 189 (2d Dist. 2010), the California Court of Appeal reversed the trial court’s denial of plaintiff’s motion for leave to amend its complaint and dismissal of...more

What is Securitization

Basic meaning of securitisation: "Securitisation" in its widest sense implies every such process which converts a financial relation into a transaction. History of evolution of finance, and corporate law, the latter...more

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