Oral Contract claims- Scott v. First Choice Auto Clinic, Inc., 10th Dist. Franklin No. 2023-Ohio-3855. In this appeal, the Tenth Appellate District affirmed in part and reversed in part the trial court’s decision to...more
On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more
On January 25, 2023, the SEC reproposed its 2011 proposed rule to prohibit certain securitization participants from engaging in transactions that present conflicts of interest vis-à-vis ABS investors. This note answers a...more
In the inaugural edition of Debt Download, we covered recent trends in the U.S. debt finance markets. This month, we take a look at what’s happening in the U.K. and Europe....more
Whether you run a nonprofit or serve on the Board, you have a responsibility to make sure the organization is both in compliance to weather the storm and take advantage of growth opportunities. There never seems to be enough...more
The Luxembourg law dated 5 August 2005 on financial collateral arrangements, as amended (the “Collateral Law”), has been tremendously successful in providing a framework for Luxembourg security interests, offering bankruptcy...more
On 9 February 2022, the Luxembourg Parliament voted to adopt a law that will bring about long-awaited reform of the Luxembourg’s securitisation regime. The law of 25 February 2022 – which was published in the Luxembourg...more
On August 26, 2021, the Statutory Accounting Principles (E) Working Group (SAPWG) of the National Association of Insurance Commissioners (NAIC) directed a new “43R study group” to continue work on a proposed principles-based...more
Massachusetts Superior Court BLS Finds No Duty to Disclose Alleged Preliminary Merger Discussions, Northern District of California Declines to Dismiss Oracle Fraud Class Action Suit, SCOTUS Hears Oral Argument in Goldman...more
IN THIS ISSUE - Illinois Federal Judge Finds COVID-19, Not TD Ameritrade, Responsible for Losses; Supreme Court to Address Scope and Application of Basic Presumption of Classwide Reliance in Securities Class Actions;...more
Supply-chain credit risk is a continuous risk vendors and suppliers face, and it is a risk that has some extra venom during the holiday season. With a highly distressed retail sector, suppliers are, as always, seeking to...more
It was reported on November 3, 2020, that the Shanghai Financial Court had recognized an August 2018 Hong Kong judgment, which ordered a Mainland Chinese company, CEFC Shanghai International Group Limited (“CEFC”), to pay a...more
"Safe harbors" in the Bankruptcy Code designed to insulate non-debtor parties to financial contracts from the consequences that normally ensue when a counterparty files for bankruptcy have been the focus of a considerable...more
In Lehman Brothers Special Financing Inc. v. Branch Banking & Trust Co. (In re Lehman Brothers Holdings Inc.), No. 18-1079, --F.3d--, 2020 WL 4590247 (2d Cir. Aug. 11, 2020), the Second Circuit held that provisions in a swap...more
After nearly 10 years of litigation, the Second Circuit has weighed in on an appeal in an adversary proceeding arising out of the Lehman Brothers bankruptcy. The August 11, 2020, decision confirms that a trustee’s termination...more
On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to...more
For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of swap agreements. These clauses, which are...more
Swaps, together with repurchase agreements, forward contracts, securities contracts and commodities contracts receive special treatment under the bankruptcy code-they are largely exempt from the automatic stay, bankruptcy...more
The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more
The Situation: The regulatory agencies responsible for administering the Volcker Rule have amended the covered fund provisions of the rule. The Result: Modifications to the definitions of "ownership interest" and "loan...more
On April 7, in Arkansas Teacher Retirement System, et al. v. Goldman Sachs Group, Inc., a Second Circuit panel declined to narrow the scope of the inflation-maintenance theory of securities fraud and split 2-1 in affirming...more
Decisions by state and local governments in the U.S. to control the spread of the COVID-19 virus through shelter-in-place orders and business closures have resulted in both a sharp increase in unemployment and a sharp...more
Last week the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures...more
Three recent corporate trust decisions provide insight into issues of jurisdiction, standing of indirect holders and the authority of limited direct certificateholders to direct trustees. The U.S. Supreme Court has left alone...more
Spikes in sales in high-risk countries do not translate into sustained growth and without an effective compliance program in place your company may actually lose money....more