News & Analysis as of

Trustees

Court Enters Verdict for Bank of New York Mellon in Ohio RMBS Trustee Litigation

On August 4, 2017, Judge Steven E. Martin of the Ohio Court of Common Pleas rendered a full verdict in favor of Defendant-Trustee The Bank of New York Mellon (“BNYM“) in Western and Southern Life Insurance Company, et al. v....more

Who Will Take Care of Your Pet After Your Death?

by Pessin Katz Law, P.A. on

Have you ever wondered who will take care of your pet after your death? Maryland has a pet trust law allowing owners to set aside funds for their pet’s care and to provide for a care taking system for their pet...more

Proposed Class Accuses Deutsche Bank of Improperly Using Funds for Legal Defense

On August 4, 2017, Royal Park Investments SA/NV filed a proposed class action against Deutsche Bank National Trust Co. (“DBNTC“) in the U.S. District Court for the Southern District of New York, claiming that DBNTC—in its...more

Citizenship of Aircraft Owner Trustee Establishes Federal Court Diversity Jurisdiction

by Holland & Knight LLP on

The Southern District of New York has confirmed that when the trustee of a non-citizen aircraft trust brings suit in its own name, the citizenship of that trustee may be used to establish diversity jurisdiction in federal...more

Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric...

by Jones Day on

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more

What makes a professional pension scheme trustee?

by Allen & Overy LLP on

What makes someone a professional trustee? Scheme governance requirements are increasingly heavy, and there is a growing trend to recognise the time commitment and responsibility by paying trustees – but is an individual a...more

Would a spendthrift trust help achieve your estate planning goals?

A person doesn’t have to hold onto assets until the day he or she dies with the hope that heirs will change their ways by that time. Instead, consider using a spendthrift trust that can provide protection, regardless of how...more

Paying for a debt restructuring - can costs be adopted by the Trustee?

by Hogan Lovells on

On 13 July 2017 the High Court gave its judgment in UBS AG, London Branch v. GLAS Trust Corporation Limited [2017] EWHC 1788 (Comm), a case brought by UBS against the trustee for notes issued as part of a securitisation...more

Preferences Actions Filed In Univita Holdings LLC Bankruptcy Case

by Fox Rothschild LLP on

On July 19-21, 2017, David W. Carickhoff, in his capacity as Chapter 7 Trustee of the Estates of Univita Holdings, et al., filed approximately 46 complaints seeking the avoidance and recovery of allegedly preferential and/or...more

Private family trust companies authorized under new Missouri law

by Thompson Coburn LLP on

The new Missouri Family Trust Company Act allows families to establish their own family-owned and -controlled private trust companies, which can hire banks and public trust companies to assist with investment and management...more

For your DC trustee agenda: current legal issues

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on your next...more

When can a note trustee lawfully adopt expenses incurred by noteholders? UBS AG, London Branch v. GLAS Trust Corporation Ltd. and...

by Dentons on

The Commercial Court considered the extent to which it was lawful for a note trustee to adopt and pay expenses incurred by a group of noteholders in obtaining advice in relation to a securitisation. While the judgment deals...more

Win One for the Fiduciary – The PA Supreme Court Clarifies the Interplay of UTA Provisions

As counsel to fiduciaries across our great Commonwealth, I was beginning to despair that changing one’s trustee was becoming as easy as changing the oil in one’s car. In the seminal case of Trust Under Agreement of Edward...more

Recent case law update: Treatment of Trust Assets — Akers (and others) v. Samba Financial Group (2017)

by Latham & Watkins LLP on

The English Supreme Court has delivered a ruling that provides helpful guidance on the enforceability of trusts in respect of assets located in foreign jurisdictions that do not recognise trusts. The ruling also highlights...more

Sixth Circuit’s holding that debtor in possession and liquidating trustee are one in the same for purposes of...

by Butler Snow LLP on

The Sixth Circuit Court of Appeals recently took up the controversial issue of whether a liquidating trustee’s lawsuit, alleging breach of fiduciary duty against a corporate debtor’s officers, falls within the...more

Third Party Claims Against Trustees: Resolving Competing Claims Over Trust Assets

by Sedgwick LLP on

For professional trustees and their insurers, the ability to obtain an indemnity from trust assets in the face of a claim against a trustee by a third party is obviously of critical importance, insulating the trustee from...more

Pension Alert - July 2017

by Hogan Lovells on

Hogan Lovells pension group is delighted to send you our July e-newsletter. In this newsletter you will find: - Three pension news articles, with comment and action points; - Links to our pension news updates; - A...more

The General Data Protection Regulation (GDPR): action plan for pension scheme trustees

by Hogan Lovells on

The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more

Personal data security for pension scheme trustees

by Hogan Lovells on

Cybersecurity and protection of personal data are increasingly to the forefront of concerns for pension trustees. The European General Data Protection Regulation (GDPR), applicable in the UK from 2018, will impose additional...more

Fisker’s Reach: Liquidating Trustee May Pursue Overseas Fraudulent Transfers as Unjust Enrichment

by K&L Gates LLP on

The U.S. Bankruptcy Court for the District of Delaware recently granted in part and denied in part dismissal in favor of the defendant car manufacturer in a fraudulent transfer adversary proceeding brought by the Chapter 11...more

ERISA Newsletter - Second Quarter 2017

by Proskauer Rose LLP on

Editor's Overview - Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog. Our featured article this...more

Trustee Liability in a Multi-Participant Trust

In our firm's most recent white paper, Brad Kitlowski covered the topic of exculpatory clauses in trust agreements and whether these clauses are effective to protect trustees against claims of breach of fiduciary duty. In...more

Co-Trustee Conflict Fuels California Trust Litigation

by Downey Brand LLP on

California trust litigation often stems from disagreements and hostility among family member co-trustees. Rather than picking one of their kids to serve as sole successor trustee when they die or become incapacitated, Mom and...more

Court Reviews Damages For Mental Anguish, Exemplary Damages, and Other Categories For A Trustee’s Breach Of Fiduciary Duty

by Winstead PC on

In Wells Fargo v. Militello, a trustee appealed a judgment from a bench trial regarding a beneficiary’s claims for breach of fiduciary duty, negligence, and fraud. No. 05-15-01252-CV, 2017 Tex. App. LEXIS 5640 (Tex....more

Joint DB and DC trustee agenda update: current legal issues

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees responsible for DB and DC pension arrangements, designed to help you stay up to date with key developments between trustee meetings, and to support the legal...more

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