News & Analysis as of

Creditors Supreme Court of the United States

United States Supreme Court Limits Definition of Debt Collector Under the Fair Debt Collection Practices Act

by Bracewell LLP on

On June 12, 2017, the United States Supreme Court issued an opinion resolving a circuit court split as to whether a company that collects debts that it purchased for its own account would fall within the statutory definition...more

The Supreme Court Delivers a Unanimous Opinion in favor of Debt Purchasers

by McNair Law Firm, P.A. on

In today’s political environment, having unanimous support on an issue is exceedingly difficult particularly on issues emanating from our Executive and Legislative branches of government. Hope springs eternal however, and...more

SCOTUS’s FDCPA Opinion in Henson v. Santander: It’s Not Debt Collection When You Own It

by Balch & Bingham LLP on

Yesterday, the Supreme Court of the United States issued its opinion in Henson v. Santander Consumer USA, Inc.—Justice Gorsuch’s first as a Supreme Court Justice. The question presented was whether “individuals and entities...more

From the Top: U.S. Supreme Court to Hear Case on Scope of Section 546(e)'s Safe Harbor

by Jones Day on

On May 1, 2017, the U.S. Supreme Court agreed to hear Merit Management Group v. FTI Consulting, No. 16-784, on appeal from the U.S. Court of Appeals from the Seventh Circuit. See FTI Consulting, Inc. v. Merit Management...more

New Supreme Court Decision Reminds Parties to Bankruptcies to Keep their Priorities Straight

In a recent decision, the U.S. Supreme Court turned aside the efforts of a debtor and a group of creditors to make an end-run around the Bankruptcy Code’s priority rules by distributing assets to junior creditors ahead of...more

Distressed Download

Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more

The United States Supreme Court Expands Discharge Exception to Include Fraudulent Transfers

Bankruptcy Code Section 523(a)(2)(A) provides that a debtor may not receive a discharge for a debt for "money, property, services… to the extent obtained by: (A) false pretenses, a false representation or actual fraud… ." In...more

Ninth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope Impact Third Party Investors

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief...more

Of ECOA and the FDCPA – A Tie in the Supreme Court and A Fourth Circuit Win for Debt Collection

It was a busy week in the fabled halls of justice last week as judges undoubtedly worked to get out a few more opinions before Easter break. Two opinions, one from the Supreme Court and one from the Fourth Circuit Court of...more

US Supreme Court Fails to Resolve Guarantors’ Status Under ECOA

by Lane Powell PC on

On March 22, in an Equal Credit Opportunity Act (ECOA) case that was closely followed and highly anticipated, the U.S. Supreme Court (in a four-to-four vote) failed to issue a definitive ruling regarding whether Regulation B...more

Delaware Bankruptcy Court Holds, Twice: “ASARCO is Here to Stay” (But Your Authors Have Hatched Another Plan; Read Below!)

by Bryan Cave on

You may recall the holding and analysis of ASARCO from Jay’s previous post, here. At bottom, ASARCO followed a strict interpretation of Section 330(a) of the Bankruptcy Code, holding that professionals are allowed to charge...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

Que Certa, Certa: Supreme Court Creates Uncertainty with “Cert” Review of Puerto Rico Recovery Act

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more

October 2015: Bankruptcy & Restructuring Litigation Update

Third Circuit Heads in Opposite Directions Regarding the Doctrine of Equitable Mootness. In two recent opinions issued within a month of each other, Third Circuit judges have argued in favor of overturning, and then...more

Recent New York Decisions Bolster Right to Broad Discovery in Aid of Judgments

by King & Spalding on

New York is a key venue for the enforcement of judgments and arbitral awards, and two recent decisions concerning post-judgment discovery demonstrate that while courts will apply their execution and garnishment authority with...more

US Supreme Court Decision in Bank of America, N.A. v. Caulkett

by Barley Snyder on

In a 9-0 decision released on June 1, 2015, the US Supreme Court ruled, in Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995 (2015), that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien...more

Potential Implications For Financial Institutions After Last Week’s SCOTUS Decision Guaranteeing A Right For Same-Sex Couples To...

by Balch & Bingham LLP on

Today the Southeast Financial Litigation Monitor sat down with Balch Partner John Pickering, member of the Financial Industries Section and leader of the Real Estate, Credit and Commercial Practice Group, to discuss the...more

"Strip, Strip Hooray!" - Supreme Court Settles Chapter 7 Lien-Stripping Debate

by Shipman & Goodwin LLP on

Twenty-three years after initially visiting the issue, the United States Supreme Court has recently settled what some would call “the single most important unresolved issue in consumer bankruptcy” - whether Chapter 7 permits...more

U.S. Supreme Court Holds that Out of the Money Mortgages Cannot be Stripped Off in Chapter 7 Bankruptcy Cases

by Dechert LLP on

The U.S. Supreme Court held that a secured creditor in a chapter 7 bankruptcy case is protected from having its lien “stripped off” even if the collateral securing its claim is worth less than the claims asserted by a senior...more

The Supremes Tell the Eleventh Circuit: No Lien Stripping

by Baker Donelson on

On June 1, 2015, the United States Supreme Court issued a unanimous ruling resolving a split amongst circuit courts in which the 11th circuit was the singular minority, addressing the permissibility of “lien-stripping” in...more

United States Supreme Court Begrudgingly Extends Dewsnup Decision

United States Supreme Court Begrudgingly Extends Dewsnup Decision in Holding That Chapter 7 Debtors May Not Strip Off Wholly Unsecured Junior Mortgages in Bankruptcy - On June 1, 2015, the United States Supreme Court, in...more

The Supreme Court Continues Stability In The Secondary Mortgage Market

by McCarter & English, LLP on

On Monday, the Supreme Court reaffirmed the principle that junior “underwater” residential mortgage liens can “pass through” a bankruptcy case unaffected. In Bank of America, N.A. v. Caulkett, the Supreme Court held...more

The Supreme Court Prohibits Chapter 7 Debtors From Stripping Off Wholly Underwater Liens in Bankruptcy

by Buchalter on

On June 1, 2015, the United States Supreme Court in Bank of America, N.A. v. Caulkett, 575 U.S. ____ (2015), unanimously held that a Chapter 7 debtor cannot strip off wholly “underwater” liens secured by the debtor’s...more

Chapter 7 Debtors Cannot Strip Off Junior Liens on Underwater Home Loans, United States Supreme Court Rules

Yesterday, the United States Supreme Court ruled that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that—based on the value of the property and the amount of claims secured by...more

Mind the Statutory Gap (aka A Jurisdictional Mess)

As we all know, on June 9 of this year, the Supreme Court issued its long awaited decision in Executive Benefits Ins. Agency vs. Arkison, 134 S. Ct. 2165, 189 L. Ed. 2d 83 (2014), which we had hoped would resolve the open...more

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