Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff

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March 27 (Bloomberg Law) -- There was no settlement afoot when U.S. District Judge Jed Rakoff put off a hearing on an effort by the trustee for Bernard L. Madoff Investment Securities LLC to block a $410 million settlement between New York Attorney General Eric Schneiderman and feeder fund manager J. Ezra Merkin. The judge was so interested in the legal issues that he needed a day when he could devote four hours to oral argument. In the second item, Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle See more +
March 27 (Bloomberg Law) -- There was no settlement afoot when U.S. District Judge Jed Rakoff put off a hearing on an effort by the trustee for Bernard L. Madoff Investment Securities LLC to block a $410 million settlement between New York Attorney General Eric Schneiderman and feeder fund manager J. Ezra Merkin. The judge was so interested in the legal issues that he needed a day when he could devote four hours to oral argument. In the second item, Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss the merger between AMR Corp. and US Airways Group Inc. While the merger itself isn't controversial, the U.S. Trustee is fighting against bonuses for top management. The video ends with discussion of a case from New Orleans where Wells Fargo Bank NA lost in bankruptcy court and won on appeal, only to sustain a more embarrassing defeat after remand when two courts imposed $3.2 million in punitive damages, in the process calling the bank's actions "reprehensible," "intentional and egregious." See less -

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Topics:  American Airlines, Attorney Generals, Automatic Stay, Bernie Madoff, Bonuses, Chapter 13, Class Action, Ezra Merkin, Mortgages, Punitive Damages, Settlement, US Airways, Wells Fargo

Published In: Bankruptcy Updates, Civil Procedure Updates, Consumer Protection Updates, Finance & Banking Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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