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Frozen Assets

Conyers

Cryptocurrency: the Next Chapter in the Valuation Conundrum

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Earlier this week, the Singapore High Court handed down a decision concerning cryptocurrency valuation in the context of assessing damages for breach of contract and made some important observations in the process. The Court...more

Carlton Fields

Eleventh Circuit Finds District Court Lacked Jurisdiction to Freeze Defendant’s Assets During Pendency of Action to Confirm...

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In Noble Prestige Ltd. v. Galle, the Eleventh Circuit Court of Appeals considered whether the trial court properly granted a preliminary injunction barring the defendants from dispersing assets during the pendency of the...more

Sheppard Mullin Richter & Hampton LLP

Remedy for Russian Aircraft Expropriation – FSIA Lawsuit

Is it possible that the Russian government wants to compensate the aviation leasing companies for aircraft and engines that the government expropriated?  Russia expropriated aircraft and engines of multiple U.S. leasing...more

Hinch Newman LLP

FTC Acts to Stop Alleged Real Estate and Online Commerce Coaching Scheme Targeting Spanish-Speaking Consumers

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As previously blogged about here by FTC defense lawyer, the Federal Trade Commission and state attorneys general continue to aggressively investigate and prosecute those that advertise, market, distribute, promote and sell...more

Lowenstein Sandler LLP

SVB FALLOUT: How VC-backed Startups May Extend Payroll & Avoid Furloughs

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In light of the FDIC takeover of Silicon Valley Bank (SVB), many of our startup, growth company, and fund clients have asked about how to manage their obligations to pay their team members during a period when the company’s...more

Husch Blackwell LLP

Celsius Bankruptcy Update: Who Owns the Crypto?

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On June 12, 2022, one of the largest crypto lenders in the nation, New Jersey-based Celsius Networks, froze all withdrawals and transfers between its various customer accounts, citing “extreme market conditions,” which in...more

Cozen O'Connor

CFPB Publishes Complaint Bulletin Highlighting Rise in Crypto-Asset Complaints

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The CFPB published a complaint bulletin analyzing consumer complaints it recently received related to crypto-assets. It highlights predominant consumer issues including fraud, theft, hacks, scams, transaction issues, customer...more

Hogan Lovells

Frozen assets report due 11 November for UK Persons holding or controlling frozen assets

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On 2 September 2022, HM Government – through the Treasury – exercised its power to request information by issuing a financial sanctions notice requesting that all persons that hold or control funds or economic resources...more

Bracewell LLP

Crypto Assets in the Voyager Bankruptcy: Can Customers Recover?

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The crypto winter has overcast the summer for many Voyager customers. Upon the commencement of Voyager’s chapter 11 filing in July, customer accounts were frozen. Unable to trade their own crypto assets, some frustrated...more

BCLP

Liquidating Frozen Assets: When Foreign Policy Meets Sanctions Enforcement

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In their June 2022 report “The cost of complacency: illicit finance and the war in Ukraine”, the House of Commons Foreign Affairs Committee (the “FAC”) condemned the UK Government’s historic lack of commitment to tackling...more

Awatif Mohammad Shoqi Advocates & Legal...

Latest Amendments on Cheque Bounce in the UAE

The law related to cheque bounce has undergone a change in recent times in the UAE. The law on cheque bounce in the UAE is codified in the Federal Law No 18 of 1993 concerning commercial transactions law (Commercial...more

King & Spalding

Russia’s Payment of Principal and Interest in Rubles of U.S. Dollar-Denominated Debt May Give Rise to Claims under International...

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On April 11, 2022, the EMEA Credit Derivatives Determinations Committee (CDDC) determined that the state-owned Russian Railways is in default on a missed bond payment. Russian Railways tried to make the interest payment due...more

Morrison & Foerster LLP

Seven Takeaway Points from OFSI’s Annual Review 2020-2021

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On 14 October 2021, the Office of Financial Sanctions Implementation (“OFSI”) published its annual review for the financial year 2020-2021 (the “Annual Review”). Under the leadership of its new Director, Giles Thomson,...more

Conyers

Resealing of Foreign Grants of Probate in the British Virgin Islands

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Where a person has died and left assets in the British Virgin Islands (BVI), it is not possible to deal with those assets without first obtaining a grant of representation from the relevant local Court. The rule applies to...more

Morrison & Foerster LLP

Trump Threatens Sanctions Against The International Criminal Court

The United States has for decades utilized its economic clout to pursue sanctions against rogue governments and regimes, terrorists, narcotics traffickers, and human rights abusers. Now, with roughly half a year left in his...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

Bass, Berry & Sims PLC

Chris Lazarini Discusses Resolution for Competing Demands for Decedent’s Assets

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Bass, Berry & Sims attorney Chris Lazarini discussed a case in which a brokerage firm filed a complaint for interpleader seeking judicial resolution of a challenge to a deceased client’s assets. Upon the client’s death, the...more

Thomas Fox - Compliance Evangelist

Farewell to Ralph Stanley and a Success in Repatriation

Yesterday I honored Scotty Moore, the lead guitarist for Elvis Presley, who died last week. Today I want to pay homage to another equally large giant from the world of music who recently died, Ralph Stanley. Stanley,...more

Latham & Watkins LLP

Supreme Court Clarifies that Loans are to be Considered Part of the Defendant’s Assets for the Purposes of a Standard Form...

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Case: JSC BTA Bank v Ablyazov [2015] UKSC 64 Introduction - A freezing order is an interim injunction that prevents a party to litigation from dealing with their assets until judgment (and on occasion, after...more

McGuireWoods LLP

SEC Freezes Hacker’s Assets

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Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Greenberg Glusker LLP

Daily Fantasy Sports Industry Could Fall Apart After Scandal

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Greenberg Glusker litigation partner Ricardo Cestero was quoted in a Law360 article, Daily Fantasy Sports Industry Could Fall Apart After Scandal, (subscription required), addressing a customer class action filed against the...more

Proskauer - Corporate Defense and Disputes

New DOJ Policy on Asset Forfeiture in Structuring Offenses

In an effort to lessen the risk that businesses and individuals performing legitimate financial transactions will have funds frozen through a prosecutor’s use of forfeiture laws, on March 31, Attorney General Eric Holder...more

Foley & Lardner LLP

CFPB and FTC Stop Two Payday Lending Scams

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In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating...more

Dechert LLP

Change to HM Treasury's policy in relation to receiving funds from an individual or entity subject to EU Sanctions

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The UK HM Treasury (“HMT”) is changing its policy in relation to funds received in the UK that have come either directly or indirectly from an individual or entity outside of the EU that is subject to EU Sanctions (a...more

K&L Gates LLP

UPDATE: Developments in the Ukraine and Impact on Investments

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Following the agreement between G7 leaders on 25 April to promptly impose additional sanctions on Russia as it has failed to deliver on its Geneva commitments, the EU and the U.S. have now added new individuals and entities...more

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