News & Analysis as of

Fraudulent Transfers

Hogan Lovells

Draft with care – Hong Kong court highlights the importance of proper pleadings

Hogan Lovells on

The Hong Kong Court of First Instance case has denied declaratory and payment order relief sought by a company that had been the victim of cyber fraud because of issues with their pleadings. In the judgment, the Honourable...more

Fox Rothschild LLP

Business Court Finds that Alleged Lack of Diligence by Law Firm Had No Impact on Large Trial Court Loss

Fox Rothschild LLP on

Facing a $12.8 million judgment, a plaintiff sought recourse in a legal malpractice claim against his trial counsel for its alleged role in that unhappy result. But his undoing was the Business Court’s focus on whether he...more

White & Case LLP

High Court: Recipient bank not unjustly enriched by fraudulent payment

White & Case LLP on

In Tecnimont Arabia Limited v National Westminster Bank plc, the High Court considered the extent of a bank's liability to victims of fraud who were not direct customers. The High Court found that the bank had not been...more

Arnall Golden Gregory LLP

You Never Give Me Your Money: Initial Recipient of Funds is Not Always a “Transferee” Liable for Fraudulent Transfers

Arnall Golden Gregory LLP on

In a recent summary order in an appeal from a bankruptcy court, the United States Court of Appeals for the Second Circuit reaffirmed that mere receipt of a fraudulent transfer is not always sufficient to render the recipient...more

Jones Day

Delaware Bankruptcy Court Rejects Use of Tax Code Look-Back Period in Avoidance Action

Jones Day on

The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to avoid fraudulent transfers is an important tool to promote the bankruptcy policies of equality of distribution among creditors and maximizing...more

McGlinchey Stafford

When does a plaintiff have a right to a jury trial under the CSPA? - McGlinchey Commercial Law Bulletin

McGlinchey Stafford on

Fraudulent Transfer Act Allan v. Allan, 8th Dist. Cuyahoga Nos. 110177, 110179, 2022-Ohio-1488- In this appeal, the Eighth Appellate District reversed the trial court’s decision under the Fraudulent Transfer Act case to...more

Miller Canfield

Michigan Tax Foreclosures in Bankruptcy - An Auction and a Right to Claim Surplus Proceeds Insulates Against Challenge as a...

Miller Canfield on

In January, Miller Canfield reported on Lowry v. Southfield Neighborhood Revitalization Initiative (In re Lowry), an opinion from the Sixth Circuit Court of Appeals. Lowry held that a taxpayer in bankruptcy could challenge a...more

Freeman Law

Successor Liability for Unpaid Taxes

Freeman Law on

Generally, the purchaser of assets does not assume the liabilities of the seller.  Successor liability, however, is an exception to the general rule. Under the successor-liability doctrine, the IRS may seek to recover unpaid...more

Kelley Drye & Warren LLP

Ten Years Gone – Delaware Bankruptcy Judge Rejects Effort to Extend Lookback Period for Avoidance of Pre-Bankruptcy Transfers

Kelley Drye & Warren LLP on

A recent decision by Delaware Bankruptcy Judge John Dorsey will limit the ability of bankruptcy trustees to expand the lookback period for avoiding pre-bankruptcy transfers beyond the four years provided under most state law...more

Burr & Forman

Fraudulent Transfers of Property Listed for Sale on the Internet

Burr & Forman on

Scammers are taking advantage of the active real estate market. Recently, I was contacted by a client who received a call from a lawyer in another state to verify a signature on a deed for the client’s lot being sold;...more

Nelson Mullins Riley & Scarborough LLP

A Growing Circuit Split: Does the IRS Have Sovereign Immunity from Fraudulent Transfer Claims under 11 U.S.C. § 544(b)(1)?

Nelson Mullins Riley & Scarborough LLP on

In a March 8, 2022 decision, the United States Court of Appeals for the Fourth Circuit issued an opinion holding, in part, that the Internal Revenue Service (the “IRS”) does not have sovereign immunity for claims arising...more

Jones Day

U.S. Supreme Court Bankruptcy Roundup

Jones Day on

This Term, the U.S. Supreme Court accepted certiorari in Siegel v. Fitzgerald (In re Circuit City Stores, Inc.), 996 F.3d 156 (4th Cir. 2021), cert. granted, No. 21-441 (U.S. Jan. 10, 2022), in order to resolve the growing...more

McDermott Will & Emery

Self-Dealing Lawyer Held Jointly and Severally Liable in Trade Secret Misappropriation

McDermott Will & Emery on

The US Court of Appeals for the Fifth Circuit affirmed a judgment holding a lawyer jointly and severally liable for trade secret misappropriation and fraudulent transfer and enjoining any further use of the trade secrets...more

Morgan Lewis

Tribune: Lessons Learned and Relearned

Morgan Lewis on

This is how Tribune ends: not with a bang, but a whimper. The 12-year litigation saga, rooted in the spectacular failure of the media and sports conglomerate’s 2007 leveraged buyout, reached an end in late February with a...more

Miller Nash LLP

The Ninth Circuit Hooks a California Policyholder Win Under a Commercial Crime Policy in a Phishing Scam Case

Miller Nash LLP on

The Ninth Circuit Court of Appeals delivered a policyholder insurance coverage win in a phishing case centered in Long Beach, California (home of our California office), in Ernst & Haas Mgt. Co. v. Hiscox, Inc., 23 F.4th 1195...more

McGuireWoods LLP

U.S. Supreme Court Declines Review Ending Shareholder Fraudulent Transfer Litigation in Tribune

McGuireWoods LLP on

After more than a decade, litigation resulting from the failed leveraged buyout (LBO) of media giant Tribune Company has finally drawn to a close. On Feb. 22, 2022, the U.S. Supreme Court declined to review the latest...more

Wiley Rein LLP

Commercial Crime Policy Covers Loss Involving Fraudulent Email Directing Employee to Make Payments

Wiley Rein LLP on

The United States Court of Appeals for the Ninth Circuit, applying California law, has held that a loss resulting from an employee’s payments made to a third party after receiving fraudulent emails directing her to wire funds...more

Rivkin Radler LLP

Insurance Update - February 2022

Rivkin Radler LLP on

Causation, an issue courts often wrestle with when deciding insurance coverage issues, lands the starring role in our February Insurance Update. •A county experienced higher costs due to the opioid crisis. Does its...more

Rivkin Radler LLP

Me, Myself, and I: Tax Liabilities and Dealing with One’s Own Business

Rivkin Radler LLP on

“It’s My Business”- The owner of a closely held business will often find it difficult to distinguish the business from their own person. That is certainly true for a sole proprietorship. In many cases, unfortunately, the...more

Freeman Law

Tax Court in Brief – Slone v. Commissioner

Freeman Law on

Tax Litigation: The Week of February 7 – February 11, 2022 Williams v. Commissioner Slone v. Commissioner Slone v. Comm’r, T.C. Memo 2022-6 | February 7, 2022 | Lauber, J. | Dkt. Nos. 6629-10, 6630-10, 6631-10, 6632-10...more

Farella Braun + Martel LLP

Crime Insurance for Social Engineering Thefts: The Ninth Circuit Finally Joins the Party

Farella Braun + Martel LLP on

Corporate policyholders often assume their computer fraud crime insurance will cover so-called social engineering thefts. Reasonably so. Fraudsters commit these crimes by using computers to trick innocent employees into...more

Freeman Law

Texas Tax Roundup—January 2022

Freeman Law on

Hiya folks, and welcome to the inaugural installment of our new series giving you a quick recap of what’s happened in the world of Texas taxes in the month gone by. Let’s get started!...more

McGuireWoods LLP

New Complaint – Schwartz v. McGregor

McGuireWoods LLP on

Schwartz v. McGregor was filed in the District Court of Denver County, Colorado on January 10, 2022, seeking relief under Colorado’s Uniform Fraudulent Transfer Act, C.R.S. § 38-8-101-112 (“CUFTA”), including a turnover and...more

Freeman Law

What Can the State of Texas Do to Collect State Taxes?

Freeman Law on

So, the Texas Comptroller of Public Accounts (“Comptroller”) says you owe state tax. If the deficiency determination hasn’t yet become final, you still may be able to challenge the underlying tax liability (for more on that,...more

Jenner & Block

Recent Developments in Bankruptcy Law, January 2022

Jenner & Block on

1. AUTOMATIC STAY - 1.1 Covered Activities - Taggart v. Lorenzen standard applies to stay violation in a corporate case. The debtor sold assets prepetition. After the petition date, the buyer demanded payment of certain...more

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