Interest Payments

News & Analysis as of

General Court of the EU Dismisses Trioplast Application Seeking Reimbursement of Interest Paid for Being Late in Paying Cartel...

With a judgment handed down on 12 May 2016 (Case T-669/14, Trioplast Industrier AB v. European Commission), the General Court of the European Union (GCEU) dismissed an action brought by Trioplast Industrier AB (Trioplast...more

Ninth Circuit Bankruptcy Appellate Panel Holds that an Oversecured Creditor Is Entitled to Default Interest After the Petition...

In Wells Fargo Bank, N.A. v. Beltway One Dev. Grp., LLC (In re Beltway One Dev. Grp., LLC), 547 B.R. 819 (B.A.P. 9th Cir. 2016), the Ninth Circuit Bankruptcy Appellate Panel recently held that an oversecured creditor is...more

Corporate Trustees and Cash Managers: can historic miscalculations and underpayments be an Event of Default? The English High...

We now have the English High Court’s first judgment concerning the position of Class X Notes in a CMBS structure. The rights of the Class X Notes in the Windermere VII CMBS were considered by the Court in Hayfin Opal Luxco 3...more

New qualifying private placement exemption from UK withholding tax on interest: good news

The Finance Act 2015 introduced certain gateway conditions for the new exemption from UK withholding tax on interest payments for "qualifying private placements." The Qualifying Private Placement Regulations 2015 setting out...more

March 2016 Pooling Results in Lower SBIC Debenture Rate

The March 2016 pooling of Small Business Investment Company (SBIC) debentures was priced at 2.507%, which is near the all-time record low rate. This is reduced from the previous semi-annual pricing of 2.829% for SBIC...more

Perspectives - February 2016

I Just Received Drafts of Construction Loan Documents from My Lender, Now What? I have heard the following statement many, many times over the course of my career: “Do I really need to hire an attorney to close a simple...more

New Withholding Tax Exemption for Private Placements in the UK

Interest paid by UK companies is generally subject to withholding tax at 20%. Although various exemptions apply, most notably in respect of interest payments to banks and other UK companies, and in respect of securities...more

OECD Publishes Final BEPS Project Reports

A focus on hybrid arrangements, interest deductions, treaty abuse and permanent establishment structures. On 5 October 2015, the OECD published its highly anticipated final reports in relation to Base Erosion and Profit...more

Lands’ End Requests Dismissal of “Made in U.S.A.” Class Action After Reimbursing Plaintiff

Last week, Lands’ End tried a second time to dismiss a “Made in U.S.A.” class action with the novel argument that, because the company had already reimbursed the plaintiff for the necktie she purchased, she is not injured and...more

CFPB Settles with Payment Processor and Mortgage Servicer over Deceptive Mortgage Advertisement Allegations

On July 28, the CFPB announced that a Colorado-based payment processor, along with a Virginia-based mortgage servicer, agreed to pay a total of $38.5 million to resolve allegations that both entities used misleading...more

Massachusetts Tax Developments - A Reed Smith Quarterly Update: June 2015

Welcome to the latest Reed Smith Massachusetts State Tax Quarterly Update. In this update, we’ll look at the most recent developments in Massachusetts corporate tax, provide some administrative updates, and discuss some hot...more

Florida Ad Valorem Property Tax Refund Interest

The Florida Legislature, in its continuing attempt to level the property tax playing field, provided that interest be paid on taxes collected above the tax ultimately warranted by the property assessment. ...more

Unclaimed Property New Year Checklist

There is much to consider in 2015 with respect to unclaimed property. Here are some of the highlights and action items to focus on as you move into the new year...more

Municipal Bond Interest Paid By a Bond Insurer After an Issuer’s Bankruptcy Discharge Can Remain Tax-Exempt

In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus...more

Is Interest Paid in a Divorce Buyout Deductible?

In my last article, I discussed this topic: If the divorce-related buyout of the Departing Spouse’s interest in a company will be paid in installments, what terms should the Departing Spouse request (and the Remaining Spouse...more

Sixth Circuit: Attempt To Collect Statutory Interest Violates FDCPA If Displaced By Contract

In Stratton v. Portfolio Recovery Assoc., LLC, No. 13-6574 (6th Cir. Oct. 24, 2014), the Sixth Circuit reversed dismissal of a putative class action, holding a party’s waiver of statutory interest in favor of a different...more

Interest Deductions When Interest Added to Principal Balance

A cash basis taxpayer owes interest and principal to a lender on a home mortgage loan. The taxpayer goes to another lender, borrows additional money against the residence, and uses the loan proceeds to pay off the accrued...more

Wisconsin Court of Appeals Provides a Lesson in Documenting the Settlement

A recent case from the Wisconsin Court of Appeals demonstrates the necessity of properly documenting the details of a settlement after agreement is reached on the amount. In Singler v. Zurich American Insurance Co.,...more

HUD Issues Final Rule Eliminating ‘Post Payment’ Interest Charges, Preventing FHA Loans from Being Prohibited Next Year

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to allow FHA-approved lenders to charge an FHA loan borrower interest only through the date the loan is prepaid. The final...more

New Decision on Enforceability of Make Whole Provisions

Another bankruptcy court — this time in New York — has weighed in on the issue of whether “make whole” provisions are enforceable in bankruptcy. See In re MPM Silicones, LLC, et al. (a/k/a Momentive Performance...more

HUD Issues Final Rule To Eliminate Post-Payment Interest On FHA Loans

On August 26, HUD issued its final rule prohibiting mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The final rule is responsive to the CFPB’s ATR/QM rule, under which...more

Freedom to Contract Prevails in New Mexico

Is freedom to contract a good thing for everybody? First Baptist Church of Roswell v. Yates Petroleum Corp. says yes, and confirms that the public policy in New Mexico is freedom to contract. In this case, it was to avoid...more

Supreme Court’s Latest Interpretation on Late Payment Interest

The Supreme People’s Court of China recently issued an interpretation on how to calculate the interest accrued on delayed payment – Interpretation of the Supreme People’s Court of Several Issues Concerning the Applicable Law...more

Illinois Supreme Court Debates Damages Measures for Malpractice in Securities Cases

Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Goldfine v. Barack, Ferrazzano, Kirschbaum and Perlman. Goldfine poses a number of issues about legal malpractice actions arising...more

A Closer Look Into FBAR Late Payment And Interest Penalties Through The Zwerner Settlement – What Were The Penaties And Interest?...

While much about the Zwerner case (U.S. v. Zwerner, Case No. 13-22082-CIV, So. Dist. Fl.) has been discussed regarding the FBAR penalties, there has not been much attention paid to the 6% late payment penalty and interest...more

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