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Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court...

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment...more

1st Circuit Limits Secured Lender’s Right to Post-Petition Interest by Applying Flexible Standard

In an important decision for lenders, the 1st Circuit Court of Appeals recently decided In re SW Boston Hotel Venture LLC, holding that a bankruptcy court was right to give a lender a claim for post-petition interest...more

Compliance Matters: We interrupt our regularly scheduled programming…

While we strive to bring you the latest regulatory matters that we believe you will find important for compliance purposes, we would like to take a moment to bring you information that may be just as valuable....more

Alberta Court of Queen’s Bench Confirms Rectification Cannot Remedy Unanticipated Tax Consequences

The recent decision of the Court of Queen’s Bench of Alberta in Graymar Equipment (2008) Inc v Canada (Attorney General), 2014 ABQB 154 is an important reminder of the limited nature of the equitable remedy of rectification...more

Canadian Court Certifies Visa/Mastercard Class Action

In reasons publicly released on Thursday March 27, 2014, Chief Justice Bauman certified two classes of Canadian merchants who allege a price-fixing conspiracy related to Visa and MasterCard interchange fees. As the first...more

The Commercial Decision Reviews Arbitrations: Three Recent Decisions Clarify Standards For Actions Brought Pursuant To Article 75...

Several recent decisions by Commercial Division Justices, two of them affirmed by the First Department, have clarified the limitations and standards applied in actions brought pursuant to Article 75 of the CPLR. Article 75...more

NY Court Rejects Recourse Triggers Accepted in Cherryland and Gratiot

In a prior post (“Emerging Statutory Threats to Recourse Triggers”), we tackled Michigan and Ohio statutes that invalidated non-recourse triggers sprung by certain types of insolvency events. As noted there, the statutes were...more

Changes in the California Legal Environment for Commercial Lenders and the Dangers of “Extending and Pretending” in Dealing with...

I have recently reviewed several articles about the recent trial court decision of Zigner v. Pacific Mercantile Bank, Orange County Case No. 30-2010-00337433 (filed in January 2010). Our firm did not represent any party in...more

Proceed with Caution When Foreclosing in Washington State: Split Decisions Regarding Deficiency Claims

Last week, the Washington Court of Appeals, Division One, ruled that, notwithstanding the anti-deficiency provision in the state's Deeds of Trust Act, a lender can pursue a deficiency judgment against a guarantor following a...more

Commercial Financial Services Brief: Can My Bank Recover Costs Related to Replacing Debit or Credit Cards?

Many financial institutions are counting the costs they are incurring for replacing customer debit or credit cards as a result of recently discovered security breaches at various national retailers. These costs will be...more

Enforcing “Bad Boy” Guaranties When The Borrower Files For Bankruptcy Protection

Have you ever gone through an entire foreclosure action only to have the borrower, usually a special purpose entity, file for bankruptcy protection on the eve of sale? If you have - and what lender hasn’t? - you know how...more

The Devil Is In Those Details: Supreme Court Holds That the Clock for the Appeal of an ERISA Decision Began Running Sooner Than...

The U.S. Supreme Court has ruled that the plaintiffs, a group of union-affiliated employee benefit funds (the Funds), waited too late to give notice of their appeal from the trial court’s judgment on the merits of their case...more

Arizona Court of Appeals Holds That Certain Residential Developers Are Not Protected By The Anti-Deficiency Statute After...

Nearly three years ago, in M&I Marshall & Isley Bank v. Mueller, the Arizona Court of Appeals held that the Arizona anti-deficiency statute protects a borrower who started, but never completed, construction of a single-family...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

Agencies Retreat on TruPS CDOs

Following the filing of a lawsuit by the American Bankers Association (ABA) and others, on January 14, five federal agencies approved an interim final rule to permit banking entities to retain interests in certain...more

Eleventh Circuit Holds Collection Fee Based On Percentage Of Principal Owed In Violation Of Contract Terms Violated FDPCA

On January 2, the U.S. Court of Appeals for the Eleventh Circuit held that a debt collector violated the FDCPA by collecting a fee based on a percentage of the principal owed when the contract allowed a fee only for the...more

Are Pension Benefits Deductible From Severance Pay?

The Supreme Court recently decided this issue in Waterman v. IBM, 2013 SCC 70, finding that pension benefits received during the notice period (notice of termination in civil law) were not deductible from damages paid to an...more

Arizona Supreme Court Reinstates Increased Campaign Contribution Limits

Last Tuesday, the Supreme Court of Arizona issued an order in Arizona Citizens Clean Elections Commission v. Superior Court, No.CV-13-0341-PR (December 17, 2013), vacating the opinion of the Court of Appeals and lifting that...more

Stay Away: Some Exceptions And Bases For Relief From The Bankruptcy Code’s Automatic Stay

The automatic stay provided for by section 362 of the Bankruptcy Code is triggered immediately upon the filing of a debtor’s petition with the Bankruptcy Court. Unfortunately, many business owners and managers have a basic...more

Set Off Rights: Recovering Goods or Proceeds from a Bankrupt Client

When a client goes bankrupt, an unpaid supplier is often left with few remedies. Generally speaking, the unpaid supplier’s recovery is limited to their proportional share of what is left of the proceeds from the bankrupt’s...more

UK Capital Maintenance Principle May Restrict Damages Awards

Obiter dicta by High Court suggests that damages may not be available as a remedy where an English company breaches a contractual obligation and performance of that obligation would have required a breach of the "capital...more

S.D.N.Y. Holds TILA Short-Form Credit Card Notice Violations Subject To Statutory Damages

On November 4, the U.S. District Court for the Southern District of New York held that credit card holders may pursue statutory damages for alleged violations of Regulation Z’s short-form credit card notice requirement, even...more

Issues of Agency in Garnishment Procedures

It is well established that after a judgment of default, a creditor may serve a writ of garnishment upon the debtor’s employer to collect the unpaid principal and interest of the underlying loan from the employee’s monthly...more

Oppression Remedy & Creditors

As we have discussed before, the oppression remedy is a potentially powerful tool, which can be used in a range of circumstances by a variety of corporate stakeholders, including shareholders, directors and officers, and...more

New Chapter 11 Fee Guidelines… Will They Really Help to Contain Attorneys’ Fees?

Recently the Office of the U.S. Trustee issued new guidelines for the payment of attorneys’ fees and expenses in Chapter 11 cases with $50 million or more in assets and $50 million or more in liabilities. According to K&L...more

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