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General Business Civil Procedure Finance & Banking

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Third Circuit Continues the Marathon Battle Over Delaware’s Escheat Law

by Alston & Bird on

On December 4, 2017, the Third Circuit Court of Appeals vacated the Delaware federal district court’s dismissal of the plaintiffs’ claims in Marathon Petroleum Corp., et al. v. Cook. The court held that the plaintiffs did in...more

The World In U.S. Courts - Fall 2017

FSIA Does Not Exempt US Bank from Subpoena for Production of Records of Accounts Maintained by Central Bank of Nigeria - The World in U.S. Courts: Fall 2017 - Foreign Sovereign Immunity Act (FSIA)/Political Question Doctrine....more

Court Finds Confidentiality Provision In Arbitration Agreement Unconscionable, Compels Consumer Arbitration

by Carlton Fields on

The Eleventh Circuit has determined that a confidentiality provision in an arbitration clause was substantively unconscionable. The case involved a putative class action by David Johnson alleging that KeyBank National...more

Creditors Beware: Inbound Bankruptcy Rule Changes Require Heightened Awareness

On December 1, 2017, several important changes to the Federal Rules of Bankruptcy Procedure will be implemented. Those changes will impact creditors who have secured claims, judgment liens, and unsecured claims against...more

Forum Selection Clause in an Unsigned Pre-Petition Engagement Letter is Binding on Chapter 11 Trustee.

Every lawyer knows that it is important to enter into a signed engagement letter with a client before commencing legal representation. But, as one law firm recently discovered, even an unsigned engagement letter is better...more

Second Circuit Issues Key Cramdown Interest Rate Ruling

by Jones Day on

In Momentive Performance Materials Inc. v. BOKF, NA (In re MPM Silicones, L.L.C.), 2017 BL 376794 (2d Cir. Oct. 27, 2017) ("Momentive"), the U.S. Court of Appeals for the Second Circuit, in a long-anticipated decision,...more

District Court Case Highlights Advantages of ERISA Severance Plans

by Hogan Lovells on

Specialists have long touted certain significant advantages to employers that come along with maintaining ERISA severance plans, and a recent district court case highlights some of these advantages....more

Sixth Circuit Not Willing to Relent that Business Owner Was Liable for Trust Fund Tax Penalty Despite Creditor's Control over...

by Baker Donelson on

In Robert Karban, Jr. v. United States of America, earlier this year, the Sixth Circuit ruled that Mr. Karban, the owner of a manufacturing company, was a responsible person for paying over trust fund taxes, which he...more

District Of Colorado Affirms FINRA Arbitration Award

by Carlton Fields on

A Colorado federal court affirmed a FINRA arbitration award, despite a cross-motion to vacate the award on the bases of alleged panel misconduct; exceeding its powers; manifest disregard of the law; and that the award did not...more

Amending Complaints 101 By Judge Gross – Physiotherapy Holdings

by Fox Rothschild LLP on

In a 10-page decision signed November 6, 2017 in an adversary proceeding arising within the Physiotherapy Holdings bankruptcy (PAH Litigation Trust, case 15-51238), Judge Gross of the Delaware Bankruptcy Court denied a motion...more

Blog: Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2017

by Cooley LLP on

Just about every year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of...more

Bank failed to exercise discretion properly when setting collection fees

by Allen & Overy LLP on

A lender failed to exercise a contractual discretion properly when deciding on what collection fees to charge under a receivables finance agreement which allowed collection fees of “up to 15%”. The court held that the bank...more

Third party debt orders and letters of credit

by Allen & Overy LLP on

The Supreme Court decided that the legal ‘location’ (situs) of a debt due under a letter of credit is the place of residence of the debtor, not where the debt is due to be paid. The decision opens the door for third party...more

Australian Court Refuses to Stay Overlapping Class Actions

by Jones Day on

The Background: The defendant was faced with two "open" class actions (i.e. including all putative group members) in relation to the same allegations. The Issue: The defendant sought a court order permanently staying...more

European Guide to Debt Collection

This guide provides an overview of recovering proceedings for claims across Europe. Notwithstanding the EU initiatives to facilitate the recovery of a monetary claim in another EU Member State, experience teaches that calling...more

Court Of Chancery Explains Limitations Period In Equity

by Morris James LLP on

Bioveris Corporation v. Meso Scale Diagnostics, C.A. No. 8692-VCMR (Nov. 2, 2017) - Some assume that a statute of limitations will not apply in the Court of Chancery. But as this decision illustrates, that is an...more

No Standing To Pursue Fiduciary-Breach Claim Where Plan Became Overfunded During Litigation

The Eighth Circuit held that defined benefit pension plan participants who alleged breach of fiduciary duty and prohibited transaction claims under ERISA lacked standing to assert their claims because, during the course of...more

The Lawyers' Lawyer Newsletter - Halloween Issue October 2017

by Hinshaw & Culbertson LLP on

Client Intake — Due Diligence — Liability to Parties Other than Client — Holding Funds in Trust - P&P Property Ltd. V. Owen White & Catlin LLP, et al. 2016 WL 05484797 (English High Ct. of Justice, Chancery Div. 2016)...more

Pennsylvania Supreme Court Declares Dollar-Based NOL Cap Unconstitutional

by Ballard Spahr LLP on

In a unanimous decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, the Pennsylvania Supreme Court affirmed the Commonwealth Court's holding that Pennsylvania's dollar-based cap on corporate net income...more

Federal District Court: Banks Do Not Owe a Duty of Care to Non-Customers Under Tennessee Law

by Burr & Forman on

In Belle Meade Title & Escrow Corp. v. Fifth Third Bank, et al., No. 3:17-cv-874, ECF No. 26, — WL —- (M.D. Tenn. Oct. 17, 2017), a federal district court granted Regions Bank’s motion to dismiss the claims against it,...more

District Of South Carolina Denies Motion To Dismiss Action Involving Fronting Relationship

by Carlton Fields on

Applying Delaware law, a South Carolina District Court found Plaintiff had properly pled its causes of action for breach of contract, breach of fiduciary duty, negligence/gross negligence and negligent misrepresentation...more

Millennium Lab Part II: Delaware Bankruptcy Court Dispels Shadow Over Non-Consensual Third-Party Releases (For Now)

by Dechert LLP on

In trotting a path out of Chapter 11, debtors in most cases will need to engage various key stakeholders, some of whom are not entitled to a distribution in the bankruptcy. As a form of remuneration, non-debtors may insist on...more

Who can sue for breach of the non-payment terms of a bearer note?

by Dentons on

Secure Capital SA (SC) was the owner of the entire beneficial interest in a series of notes issued by Credit Suisse (the Notes). The Notes were governed by English law and issued in bearer form. SC held its interest in the...more

Second Circuit Rejects Categorical Dismissal Of Market Rates When Determining Cram-Down Interest Rates In Chapter 11

On October 20, 2017, the Second Circuit issued its long awaited ruling on several appeals from a U.S. District Court (Bricetti, J.) determination affirming the United States Bankruptcy Court (Drain, J.) in the MPM Silicones,...more

Treasury Department Report Eviscerates CFPB Arbitration Rule

by Ballard Spahr LLP on

In a scathing report released yesterday, the U.S. Department of the Treasury concludes that the CFPB’s final arbitration rule “failed to meaningfully evaluate whether prohibiting mandatory arbitration clauses in consumer...more

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