A risk retention group (RRG) is a state-chartered insurance company that insures commercial businesses and government entities against liability risks, including medical malpractice. In 2017, Oceanus Insurance Company, RPG,...more
In a sweeping decision, the United States Court of Appeals for the D.C. Circuit recently affirmed a District Court Contempt Order issued against three Chinese banks for failing to comply with U.S. government subpoenas. In...more
The Bottom Line - In vacating judgments from both the District Court and the Bankruptcy Court of the Southern District of New York, the Second Circuit held, in In re Picard, 917 F.3d 85 (2d Cir. 2019), that the trustee...more
On February 25, 2019, the United States Court of Appeals for the Second Circuit issued a decision holding that a trustee is not barred by either the presumption against extraterritoriality or by international comity...more
On February 25, 2019, the U.S. Court of Appeals for the Second Circuit vacated the bankruptcy court’s dismissal of avoidance actions brought by Irving Picard, the trustee (Trustee) for the liquidation of Bernard L. Madoff...more
In a matter between Petitioner Vitaly Smagin and Respondent Ashot Yegiazaryan, the London Court of International Arbitration awarded Smagin about $72 million in damages plus about $20 million in interest and fees....more
In most instances, a tie means there is no winner and no loser. Not so with the U.S. Supreme Court’s 4-4 tie in the “Culverts Case” (one branch of the sprawling U.S. v. Washington case) on June 11, 2018. Instead, by...more
Today the United States Supreme Court issued a 4-4 per curiam decision (Justice Kennedy was recused) affirming the United States Court of Appeals for the Ninth Circuit’s decision in the Culverts case, which is the latest...more
Two United States Bankruptcy Judges for the Southern District of New York recently issued a joint opinion addressing common issues raised by motions to dismiss in two separate adversary proceedings – one pending before Judge...more
On April 24, 2018, the Supreme Court of the United States will hear arguments on the issue of whether a court may exercise independent review of the meaning of a foreign country’s domestic law, or whether a court is “bound to...more
On January 12, 2018, the United States Supreme Court granted certiorari in Animal Science Products v. Hebei Welcome Pharmaceutical Co. (In re Vitamin C Antitrust Litigation), No. 16-1220. The issue before the Supreme Court is...more
On Friday, January 12, 2018, the United States Supreme Court agreed to hear the appeal of two Vitamin C purchasers in what has become known as In re: Vitamin C Antitrust Litigation. Appellants are seeking to overturn a 2016...more
In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more
The U.S. Supreme Court on June 26, 2017, took the somewhat unusual step of inviting the Acting Solicitor General to express the views of the United States regarding Animal Science Products, Inc. v. Hebei Welcome...more
Last week, the Second Circuit affirmed that U.S. courts should, and indeed must, defer to a foreign government’s interpretation of its own laws. That should hardly be a controversial proposition, but up until now, lower...more
The Second Circuit recently set aside a $147 million verdict against two Chinese companies accused of conspiring to fix the price and supply of vitamin C sold to U.S. buyers. In re Vitamin C Antitrust Litigation. The panel...more
On September 20, 2016, the U.S. Court of Appeals for the Second Circuit issued its decision in a closely watched dispute over the question of whether foreign companies may be held liable under U.S. antitrust law for price...more
Forced to choose between the competing concerns of international comity and United States antitrust law in In re: Vitamin C Antitrust Litigation, a unanimous panel of the Court of Appeals for the Second Circuit decided this...more
Late last week, the U.S. Court of Appeals for the Ninth Circuit determined a court had jurisdiction to decide a trademark lawsuit filed by a U.S. grocery store against a Canadian reseller where the products at issue were only...more
Decision confirming an arbitral award annulled in Mexico, underscores US courts’ pro-enforcement position and highlights different approaches undertaken by courts around the world. On August 2, 2016, the United States...more