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The Seemingly Interminable Garlock Saga: Where Are We Now?

As reported in our February 2014 edition, the bankruptcy court estimating Garlock Sealing Technologies, LLC’s asbestos liability uncovered significant evidence “that the last 10 years of its participation in the tort system...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

Directors' duties and collective responsibility

Directors owe duties to their company to act in good faith in the interests of the company, but how far can they avoid liability if they rely on their fellow directors, or if they are outvoted in a collective decision? A...more

Ninth Circuit Rejects Class Action Settlement Providing Conditional Incentive Awards

Earlier this week, the United States Court of Appeals for the Ninth Circuit reversed approval of a $45 million class action settlement that had been reached with three credit reporting agencies in Radcliffe v. Experian...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

Obligations To Pensioners In An Insolvency: Supreme Court Clarifies The Law

The Supreme Court of Canada overturned the Ontario Court of Appeal today in what is one of the most highly-anticipated cases for the pension and insolvency bars pending before the courts. In Indalex (Re) 2013 SCC 6, the court...more

FHFA Can Pursue Claims Against Non-Debtor Affiliates of Residential Capital

On July 17, Judge Denise Cote of the United States District Court for the Southern District of New York ruled that the Federal Housing Finance Agency (“FHFA”) can pursue certain RMBS-related claims against affiliates of...more

Whalen: Go Back To The Future To Fight Fraud With Equity Receivers [Video]

May 23 (Bloomberg Law) -- Chris Whalen, senior managing director at Tangent Capital Partners, and Bill Rochelle from Bloomberg News talk with Bloomberg Law's Lee Pacchia about how the so-called in pari delicto defense stops...more

Appointing An Examiner is not a Simple Task

Three cases provide examples of situations in which the courts considered an outside overseer. Allegations of impropriety by a bankrupt company's management can fuel heated litigation in bankruptcy cases — including...more

EMAK Worldwide, Inc. v. Kurz, et al., No. 512, 2011 (Del. Apr. 17, 2012)

In this appeal, the Delaware Supreme Court affirmed an interim fee award of $2.5 million to plaintiff’s attorneys, which the Court of Chancery granted following its decision in Kurz v. Holbrook, 989 A.2d 140 (Del. Ch. 2010),...more

Litigation Alert -- April 2012

In This Issue: The Face That Launched A Thousand Lawsuits - Madoff's Legacy; The Bark of the Claw Back is Worse than its Bite; and The Latest Battle: to Withdraw or not to Withdraw the Reference. Excerpt from The...more

What’s In a Name? Fifth Circuit Rejects Formulaic “Legal Title” Standard of Ownership In Favor of “Control” Test

Asserting a fraudulent transfer claim is one of the most powerful tools a debtor in possession or trustee has under the Bankruptcy Code. Of course, a debtor can only seek to avoid a transfer of property in which it had an...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

Gaming Legal News - July 27, 2011 • Volume 4, Number 23

In This Issue: - BARSTOW BOUNCES BACK by Dennis J. Whittlesey - SOMEWHERE IN NORTHERN CALIFORNIA IS A REALLY ANGRY TRIBE… by Dennis J. Whittlesey An Excerpt From: BARSTOW BOUNCES BACK With the announcement...more

Protect your business from debtors that go bust.

A business that has no measures in place to protect itself from customers that go bust, risk going bust themselves. Indeed if a key account that generates 60% of revenue becomes insolvent that will have serious implications...more

United Kingdom: Abandoned Property

When a tenant leaves goods at the premises at the end of its lease, the landlord may want to dispose those goods so that he can re-let the premises. In this article, Ben Lomer and Michelle Farmer, of Druces LLP's Dispute...more

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