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Legislative Trial Balloon for Puerto Rico Public Corporation Insolvency Process Attracts Bondholder Attention

Last Tuesday, Puerto Rico sold its much ballyhooed $3.5 billion in non-investment grade general obligation bonds. Two days later, two legislators in Puerto Rico’s Senate filed a bill which, if enacted, would permit...more

Stanwich Clarifies Wagoner Rule in Fraudulent Transfer Cases

In the Second U.S. Circuit, the so-called Wagoner rule deprives a trustee of standing to sue third parties, such as lawyers and investment bankers, if the bankrupt corporation participated with them in defrauding creditors. A...more

Limited Defenses Available Against FDIC As Receiver

As of August 2013, since the fallout from the recent financial crisis, the FDIC as receiver for failed banks has brought suit against former directors and officers of 76 failed institutions. These lawsuits are based on...more

Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case  [Video]

Sept. 12 (Bloomberg) -- The possibility that the most significant decisions affecting Detroit will not be made in bankruptcy court elevates the motor city to the "Case of the Week" status on the bankruptcy video with...more

New York’s Lichtenstein Decision Highlights Conflicts of a Carve-Out Guarantor

The recent New York case of Lichtenstein v. Willkie Farr addresses a borrower's conflict caused, in part, by a loan covenant. The covenant invoked personal liability of the members in the event the entity files a voluntary...more

First Circuit Finds that a Private Equity Fund Can Be Liable for the Pension Obligations of its Portfolio Company

In Sun Capital Partners III, L.P. et al. v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312, 2013 WL 3814985 (1st Cir. July 24, 2013), the First Circuit held that a private equity fund could be liable for...more

Factors in Forfeiture: Eleventh Circuit Rules in Seizure of Rothstein Ponzi Assets

In a ruling applying conflicting precedents, the Eleventh Circuit identified factors courts should consider when determining whether certain accounts are subject to asset forfeiture....more

Orrick's Financial Industry Week in Review - July 22, 2013

SEC and EU Supervisory Cooperation for Asset Management Industry - On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3...more

Bear Stearns Liquidators Brings Fraud Action Against Rating Agencies

On July 9, the joint official liquidators of Bear Stearns & Co. Inc. filed suit against three rating agencies – Standard & Poors, Moody’s and Fitch – in New York state court over the agencies’ allegedly fraudulent investment...more

U.S. Supreme Court Resolves Circuit Split in Bullock v. BankChampaign, N.A.

One of the primary purposes of bankruptcy is to provide for the discharge of certain debts in order to enable a debtor to obtain a "fresh start" post-bankruptcy. Notwithstanding this specific purpose, section 523 of Title 11...more

CFPB uses enforcement powers in attempt to shut down debt relief company in Florida

This past Thursday, the CFPB announced that it filed a complaint against a Florida debt-relief company that misled consumers across the country. Following an investigation into American Debt Settlement Solutions, Inc. (ADSS)...more

Rogers Towers: Debts Non-Dischargeable When Use of Proceeds Intentionally Misrepresented

When an individual obtains a loan with no intention of repaying the lender, it is well established that such a debt is not dischargeable in bankruptcy. If, however, a debtor does not misrepresent its intent to repay the...more

How Graphics Helped a Trial Team Show Complex Data and Win

I love hearing the news that one of our clients had a great result using the work we did for them. The most recent big win I’m happy to report is Manatt, Phelps & Phillips, LLP, won a major lender liability/wrongful...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

A PowerPoint Sample for Business Trial Lawyers

The Association of Business Trial Lawyers recently asked Cogent Legal to prepare the graphics for a presentation on mock trials. The panel consisted of some of the best jury consultants in the country exploring the factors...more

Commercial Restructuring & Bankruptcy Alert - February 2013

In this Issue: - Lenders Beware - International Insolvency Laws: Will One Size Fit All? The Debate Continues - ‘Fair and Equitable’ Means More Than Amortization Schedule - Pre-Petition Security License...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

North Carolina Court of Appeals Allows Borrower to Take Breach of Fiduciary Duty Claims Against Lender to a Jury

In what may be a first for a North Carolina appellate court, the North Carolina Court of Appeals has reversed the entry of summary judgment for a lender on a borrower’s breach of fiduciary claim. In Dallaire v. Bank of...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

Second Circuit Affirms Arbitration Panel’s Finding That A Securities Clearing Firm May Be Liable As The “Initial Transferee” Of A...

On July 3, 2012, the United States Court of Appeals for the Second Circuit refused to vacate an arbitration award against Goldman Sachs Execution & Clearing, P.C. The Court left intact the arbitration panel’s finding that the...more

United States of America vs. Russell Wasendorf Sr.

Criminal Complaint

Russell Wasendorf Sr., the chief executive of the futures brokerage firm Peregrine Financial Group, violated section 1001(a)(1) & (3) of Title 18 by “making and using false statements in a matter within the jurisdiction of...more

Credit Crunch Digest -- June 2012

This digest collects and summarizes recent media reports regarding potential liability, government initiatives, litigation and regulatory actions arising from the subprime mortgage crisis and credit crunch, including cases of...more

Corporate and Financial Weekly Digest - June 1, 2012

In this issue: - NASDAQ Proposes Liberalization of Independence Exception Provisions - FINRA Provides Additional Guidance on New Suitability Rule - CFTC Roundtable to Discuss Proposed Regulations Implementing...more

In re TOUSA, Inc.— Eleventh Circuit Reinstates Widely Criticized Fraudulent Transfer Decision

On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued an opinion in the TOUSA, Inc. (“TOUSA”) chapter 11 bankruptcy cases reinstating a $480 million fraudulent transfer judgment previously...more

Just When I Thought I Was Out . . . Eleventh Circuit Rules in TOUSA that Refinanced Lenders Can Be “Pulled Back In” and Held...

On May 15, 2012, the Eleventh Circuit Court of Appeals upheld a ruling by the U.S. Bankruptcy Court for the Southern District of Florida, which required certain lenders to return $403 million in prepetition payments they had...more

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