December 1st Deadline to Adopt Executive Compensation Clawback Policies — The Consumer Finance Podcast
FCPA Compliance Report-Episode 282-SCCE CEI Wrap-up, Part II
Employment Law This Week®: Non-Solicitation Violation, SOX 304 Clawback, NLRB’s Joint-Employer Standard, OSHA’s “Walk Around” Rule
Two recent decisions in the Madoff bankruptcy cases illustrate that the legacy of Bernie Madoff will long survive the man himself. Bernie Madoff died on April 14, 2021, while incarcerated in the Federal Medical Center in...more
While there are still many unknowns in FTX’s bankruptcy including what, exactly, happened to billions of dollars of customer deposits on the former crypto trading platform, one thing is almost certain: there will be an...more
Traditional avoidance actions under the Bankruptcy Code, i.e., preferences and fraudulent transfers, have laudable goals: (a) to provide equal treatment to creditors of an insolvent company and (b) to claw back otherwise...more
Answering “no” to a certified question from the Fifth Circuit, the Supreme Court of Texas held that a transferee on inquiry notice of fraud cannot shield itself from clawback without diligently investigating its initial...more
Bankruptcy trustees continue to vigorously pursue actions in which they sue colleges, universities and other institutions of higher education to recover tuition payments made by parents for their children when the parents...more
Recently, the First Circuit held that a parent’s tuition payments on behalf of an adult child do not benefit the parent’s bankruptcy estate, and a Chapter 7 trustee may therefore claw the payments back as fraudulent...more
“An investment in knowledge always pays the best interest.” Benjamin Franklin, The Way to Wealth: Ben Franklin on Money and Success (1758). For parents paying their adult child’s college education costs, however, this...more
Transfers and transactions up to ten years old may be scrutinized, unwound and recovered by a trustee, the bankruptcy court sitting in Massachusetts recently held in the NECCO (think chalky wafer candy) bankruptcy case. The...more
The current state of the U.S. economy is relatively strong. That said, every economy remains subject to the normal ups and downs of the business cycle. Eventually, dark clouds will gather and businesses will be required to...more
Creditors’ recoveries often hinge on claw-back lawsuits that trustees bring under bankruptcy law and non-bankruptcy law. Trustees can file claims based on non-bankruptcy law because Bankruptcy Code section 544(b) allows them...more
Bankruptcy Courts throughout the country are split on the socially charged issue of whether tuition payments made by parents for their adult children can be recovered by a bankruptcy trustee as “constructively fraudulent”...more
In a unanimous 25 February panel decision, the Second Circuit Court of Appeals held that the trustee liquidating Bernard L. Madoff's investment firm can claw back billions in Ponzi scheme proceeds from investors who received...more
In Picard v. BAM LP (In re Bernard L. Madoff Investment Securities LLC), Adv. Pro. No. 10-04390 (Bankr. S.D.N.Y. Jan. 18, 2019), a matter arising out of the Ponzi scheme perpetrated by Bernard Madoff through Bernard L. Madoff...more
Bankruptcy trustees continue to vigorously pursue actions in which they attempt to “clawback” tuition paid by parents to colleges, universities and other institutions of higher education for their adult children’s...more
Basic to any acquisition and its financing are the projections of the target’s future performance. These play a key role in setting the price for the target as well as on the availability of acquisition financing. Projections...more
It is the start of a new semester, and all across the country, parents are writing tuition checks to the colleges and universities that their children attend. Colleges accept the checks on behalf of the students, the tuitions...more
A recent decision by the U.S. Court of Appeals for the Second Circuit, In re Tribune Company Fraudulent Conveyance Litigation,1 represents a significant victory for shareholders who may get cashed out in connection with a...more
A developing trend in our nation’s bankruptcy courts has been the number of lawsuits filed or threatened by bankruptcy trustees to recover tuition payments made by a student’s parents when the parents later file for...more
The US Court of Appeals for the Tenth Circuit recently upheld the grant of summary judgment for the receiver of a business that was alleged to have participated in a Ponzi scheme, finding that the clawback of funds was...more