Last year, the U.S. Supreme Court barred the use of nonconsensual third-party releases in Chapter 11 cases, holding that the Bankruptcy Code did not provide a basis to nonconsensually release claims against third parties...more
Nearing its 20th anniversary, chapter 15 of the Bankruptcy Code is an invaluable framework for coordinating cross-border bankruptcy cases involving foreign debtors that have assets located in the United States. It includes a...more
"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have...more
Last week, the Supreme Court issued a unanimous decision in Republic of Hungary v. Simon, a case concerning the scope of immunity under the Foreign Sovereign Immunities Act’s (FSIA) expropriation exception....more
The Fourth Circuit Court of Appeals recently rejected challenges to a district court’s decision to confirm a Hong Kong arbitration award, including arguments that confirming the award violated public policy and international...more
The expansion of global commerce in recent years has been accompanied by a significant increase in the volume of cross-border bankruptcy cases. Many of those cases involve "recognition" of foreign bankruptcy or insolvency...more
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." It has been generally understood that recognition of a foreign...more
In cases under both chapter 15 of the Bankruptcy Code and its repealed predecessor, section 304, U.S. bankruptcy courts have routinely recognized and enforced orders of foreign bankruptcy and insolvency courts as a matter of...more
(WASHINGTON-October 22, 2020) The heirs to the Jewish art dealers who were forced to sell the medieval devotional art collection known as the Welfenschatz (in English, the Guelph Treasure) to agents of Hermann Goering in 1935...more
(WASHINGTON-July 2, 2020) The United States Supreme Court today agreed to hear the appeal by Germany and the Stiftung Preussischer Kulturbesitz (SPK) seeking to dismiss the restitution claim by the heirs to the so-called...more
The Court of Appeal has granted an anti-enforcement injunction restraining a US company from taking steps to enforce a US judgment in the US courts where such enforcement exorbitantly interferes with the jurisdiction of the...more
Virtually all significant antitrust cases these days have an international component. Markets now are worldwide. Consequently, one of the most frequently litigated—and most important issues—is the extent of U.S. jurisdiction....more
The parties entered into a contract under which the plaintiff Cerner Middle East Limited would provide hardware, software, and services to iCapital S/E to facilitate iCapital’s fulfillment of a contract that it had been...more
U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." Since chapter 15 of the Bankruptcy Code was enacted in 2005, it has...more
For more than a century, courts in England and Wales have refused to recognize or enforce foreign court judgments or proceedings that discharge or compromise debts governed by English law. In accordance with a rule (the...more
On October 1, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission ("CFTC") published a white paper entitled "Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to...more
Parties involved in cross-border bankruptcy /restructuring situations may be wary of the risk that repeated litigation in different courts with jurisdiction over the same debtor will result in conflicting judgments. The...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
On September 16, 2016, District Judge J. Paul Oetken (S.D.N.Y.) denied plaintiff Comcast Corp.’s (“Comcast”) motion for a preliminary injunction seeking to enjoin defendant Rovi Corp. (“Rovi”) from continuing to litigate its...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