Read Securities Law news, alerts, and legal commentary from leading lawyers and law firms:
Compliance Advice on SEC’s Market Access Rule from Julie Dixon of Titan Regulation
Lawyer: European M&A Could Rise Despite Risks
Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk
Are Political Intelligence Practice Groups Too Risky?
Greenberger: Derivatives Legislation Would Seriously Weaken Dodd-Frank
Bill on Bankruptcy: Lehman Test Case on Judicial Nullification
S&C's Cohen: Brown-Vitter Punishes Banks For Being Big
Cohen: Cyprus Is Not A Template For Future Restructurings
Release of new book on the 'Best Practices Under the FCPA and Bribery Act"
Bill on Bankruptcy: Kodak Plan Bumps the Debt, Craters Stock
STOCK Act Loses Much of Its Teeth, but Members of Congress Aim to Change That
Lessons Learned from the Parker Drilling DPA and Ralph Lauren NPA
Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated
Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading
Lessons Learned from the BizJet Executives FCPA Enforcement Actions
Konczal: Dodd-Frank Reforms Get Roughed Up in Court
Bill on Bankruptcy: ResCap Report, a Bargain at $83 Million
Sullivan & Cromwell's M&A Hotline is Ringing
Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform
On June 11, 2013, Southern District of New York Judge Jed Rakoff dismissed the complaint of the Trustee for the SemGroup estate seeking to avoid a novation made to Barclays pre-bankruptcy under a swap agreement. The Court...more
Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive...more
The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and...more
On May 17, DBRS released its criteria for rating market-linked securities. On May 17, DBRS released a criteria report relating to Canadian bankruptcy and restructuring legal considerations. On May 15, Moody’s released its...more
If your company is sued to recover money or property transferred to it by a debtor prior to the filing of its bankruptcy petition, be aware that there is a potentially dispositive defense under Section 546(e) of the...more
FCStone, a New York-based commodities brokerage firm, was recently ordered to return a transfer of $15.6 million to the bankruptcy estate of Sentinel Management Group. Approximately $1.1 million of this amount constituted a...more
Investors wanting to equip and position themselves to negotiate a debtor's restructuring may temporarily relinquish their ability to buy and sell securities in exchange for access to material nonpublic information ("MNPI")....more
Because debtors may avoid certain transfers and contracts entered into during the ninety days before they filed their bankruptcy petition, trade creditors are understandably nervous about entering into contracts with...more
Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes...more
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund (Reserve Fund) and its principals sued the fund’s independent trustees, laying the blame for the...more
Certain recent legal developments will likely impact acquisition finance. This article will survey some of the more notable ones. We discussed in the last newsletter the Eleventh Circuit Court of Appeals’ decision in...more
The American Bankruptcy Institute’s commission studying reforms of the U.S. bankruptcy code has distressed-debt investors near the top of its agenda. But so far the institute's not getting much backing from the bankruptcy...more
The United States Bankruptcy Court for the Southern District of New York issued a memorandum decision in the Lehman Brothers Inc. (LBI) liquidation proceeding confirming the LBI trustee’s determination that certain claims...more
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
On October 4, 2011, in the case of In re Lehman Brothers Inc., the Bankruptcy Court in the Southern District of New York (the "Court") held that a cross-affiliate setoff provision contained in a swap agreement was not...more
The enforcement of triangular setoffs in bankruptcy, where affiliates set off their claims against the debtor, received another setback in a recent decision in the Lehman bankruptcy cases. See In re Lehman Brothers Inc., No....more
In this Issue: CRAB Bites – Bad Boy Guaranties; CR&B Alert Case Update – Seventh Circuit Upholds Lenders’ Credit Bidding Rights in River Road Decision; Shareholders Permitted to Retain Ownership Under ‘New Value Exception’ to...more
Introduction The Bankruptcy Code generally allows trustees and debtors-in possession to seek to avoid and recover fraudulent and preferential transfers made prior to bankruptcy. One of the exceptions to this general rule...more
Introduction Section 546(e) of the Bankruptcy Code provides a “safe-harbor” for certain transfers involving the purchase or sale of securities and protects those transfers from avoidance as constructive fraudulent...more
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
A recent NY court ruling may have set the stage for greater auditor protection, following a stricter interpretation of the in pari delicto doctrine in situations in which undetected accounting frauds have resulted in...more
Barely 24 hours old — the Massachusetts Supreme Judicial Court’s U.S. Bank v. Ibanez decision is already a huge national story. CNN-Money calls it a “beat down” of the big banks. Reuters says its a “catastrophe risk” for...more
Section 2(a)(iii) of the ISDA Master Agreement, Similar Clauses and Insolvency There have been so many articles written and opinions expressed on the spate of cases on the effect of how netting provisions in...more
Financial statements play an integral role in business as well as a multitude of legal matters, including, but not limited to, bankruptcy, mergers and acquisitions, shareholder disputes, fraud and class action activities. As...more
This is our second update regarding the collapse of securities firm Bernard L. Madoff Investment Securities LLC (“BMIS”) and the associated fraud scheme to which its founder, Bernard Madoff, admitted in December. The...more
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