General Business Civil Procedure Finance & Banking

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NY Court of Appeals Clarifies What May Constitute a Binding Agreement in the Sale of Syndicated Loans

A unanimous New York Court of Appeals recently held that the acceptance of an auction bid for the sale of a syndicated loan may constitute a final and binding trade, even if there is language indicating that the agreement is...more

Second Circuit Reverses Marblegate Decision

Trust Indenture Act Section 316(b) Limited to Actual Amendments to An Indenture’s Core Terms - Seyfarth Synopsis: On January 17, 2017, in a 2-1 decision in Marblegate Asset Management, LLC v. Education Management Finance...more

The Redemption 'Make Whole' Remedy Controversy – An Easy Fix

The new year has brought an unexpected controversy in an otherwise very issuer-friendly high yield bond market, one involving limiting the available remedies following default that were expanded in last year’s decision by the...more

Second Circuit Court of Appeals Overturns District Court Decision in Marblegate Regarding Section 316(b) of Trust Indenture Act

On January 17, 2017, the US Court of Appeals for the Second Circuit ruled in favor of the defendant in Marblegate Asset Management, LLC v. Education Management Finance Corp., by vacating the decision of the District Court for...more

Real Property & Title Insurance Update: Week Ending January 13, 2017

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

Disclaimers effective to protect issuer from liability to secondary market investor – importance of basis or "duty-negating"...

The Court of Appeal in Taberna Europe CDO II plc v Selskabet (formerly Roksilde Bank A/S) (In Bankruptcy) [2016] EWCA Civ 1262 overturned a ruling against the issuer of subordinated notes who, at first instance, was found to...more

Second Circuit Finds Special Servicer's Repurchase Claim Barred by Statute of Limitations, POLSINELLI'S Loan Originator Client...

The Second Circuit recently REVERSED a S.D.N.Y decision granting summary judgment in favor of a CMBS Trust whose Special Servicer sued POLSINELLI'S commercial loan Originator client seeking repurchase of a loan due to the...more

Real Property & Title Insurance Update: Week Ending January 6, 2017

REAL PROPERTY UPDATE - Foreclosure – Involuntary Dismissal: although lender’s witnesses failed to explain lender’s loan payment history statement, the statement reflected the principal amount due and had been admitted...more

Court Upholds SEC on “Backtested” Investment Strategy Illustrations

An investment adviser seeking to show how a particular investment strategy would have performed during specified time periods would be well advised to: use only historical performance data and not a mix of historical...more

Corzine Settles CFTC’s MF Global Charges for $5 Million

The U.S. Commodity Futures Trading Commission has obtained a federal court Consent Order against Defendant Jon S. Corzine, former CEO of MF Global Inc., requiring him to pay a $5 million civil monetary penalty for his role in...more

US Lenders - Missing Parenthesis Could Cost You a Bundle

As the case of NNN Realty shows, years of litigation and legal costs could be avoided with proper use of punctuation marks. A lender made a secured real estate loan to several entities who owned the real estate as tenants in...more

Commercial Division Trial to Address Collateral Call and Dispute Resolution Provisions of ISDA Agreements

In a case with potentially broad implications for participants in the leveraged loan and derivatives markets, Justice Eileen Bransten will conduct a bench trial starting next week in the long-running dispute between a...more

Fourth Circuit Refuses To Vacate FINRA Arbitration Award, Despite Party’s Claim That It Had No Opportunity To Participate In...

UBS Financial Services’ motion to vacate a FINRA arbitration award was denied, despite its claims that the panel was improperly chosen and that the panels damages award was flawed in that it did not impose an offset. UBS...more

Tenth Circuit Affirms Refusal To Compel Arbitration Where Agreements Contained Conflicting Arbitration Provisions

Mr. Ragab sued two financial companies and a corporate officer for misrepresentation and for violating several consumer credit repair statutes. There were six agreements between the parties, including, for example, a...more

Commercial Division Enforces Strict Compliance With Change-of-Control Notice Requirement

In GSMC II 2006-GC6 Bridgewater Hills Corporate Center, LLC v. Lexington Realty Trust, Case No. 653117/2015, 2016 BL 378261 (N.Y. Sup. Ct. Nov. 2, 2016), Justice Jeffrey K. Oing of the Commercial Division denied a motion to...more

Why Brexit is Not Bad News For UK-Based Arbitration and Litigation

A lot has been said about the uncertainties surrounding Brexit and its likely impact on doing business with and within the UK. Will London remain Europe’s financial centre? Will the UK reinstate customs duties on imports and...more

Strict Compliance with Performance Bonds

Performance bonds and bank guarantees are commonly used as forms of security under construction and engineering contracts. Calling on a performance bond or bank guarantee requires, in most countries, "strict" compliance with...more

Brazil’s top court strikes down validity of arbitration clause in franchise agreement

In a recent and potentially far-reaching decision, the Superior Tribunal of Justice – the highest court of Brazil for non-constitutional matters with responsibility for harmonizing interpretation of federal laws by the state...more

Supreme Court Clarifies Insider Trading

The U.S. Supreme Court has clarified what constitutes illegal insider trading by making it easier for the government to bring such cases. In a Dec. 6, 2016, unanimous decision in Salman v. United States, the court held that...more

United States Supreme Court Clarifies Standard for Insider Trading

Today, the United States Supreme Court held that an individual may be convicted of insider trading after receiving an investment tip from an insider who obtained no direct financial benefit from the disclosure. In a unanimous...more

SC Court of Appeals Rules Against Absentee Guarantor - Power of attorney afforded normal contract interpretation rules

On August 3, 2016, the South Carolina Court of Appeals released First South Bank v. Rosenberg, Op. No. 5437 (S.C.Ct.App. filed August, 3, 2016) (Shearouse Adv.Sh. No. 31 at 75). In First Bank, the Court of Appeals considered...more

NY Court of Appeals Finds Personal Jurisdiction Based on Use of NY Correspondent Bank Accounts

A sharply divided New York Court of Appeals recently held that defendants who allegedly made intentional and repeated use of New York correspondent bank accounts for money laundering thereby purposefully transacted business...more

U.S. District Court: Fund Trustees Cannot Rely on Attorney-Client Privilege in Section 36(b) Case

A federal district court has ordered mutual fund trustees to produce privileged documents to a plaintiff who sued an investment adviser accused of charging excessive investment advisory fees. The November 21, 2016 order may...more

New York Court Upholds Insider-Trading Verdict

U.S. District Judge Jed Rakoff denied motions for judgment as a matter of law or for a new trial after a jury found the defendants civilly liable for insider trading. The decision in SEC v. Payton (S.D.N.Y. Nov. 29, 2016)...more

Clarity on Clawback Claims in Cayman

The Cayman Islands Court of Appeal recently smoothed the path for Cayman liquidators to pursue clawback claims. The decision clarifies the Cayman courts’ approach to voidable preference payments, making it easier for Cayman...more

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