News & Analysis as of


Supreme Court Narrows Applicability of Bankruptcy Code's Safe Harbor for Securities-Related Transfers

by Pepper Hamilton LLP on

In a case that could have significant, long-term ramifications for the holders of stock and other securities, the U.S. Supreme Court vastly limited the scope of a Bankruptcy Code “safe harbor” that shields certain transfers...more

Supreme Court Limits Safe Harbor Defense in Bankruptcy "Clawback" Suits

Recently, the United States Supreme Court decided Merit Management Group, LP v. FTI Consulting, Inc., a decision that has potentially far-reaching implications for a broad range of business transactions, particularly...more

High Court Tightens Section 546(e) Safe Harbor for Securities Transaction Payments

by Jones Day on

The U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code's "safe harbor" provision exempting certain securities transaction payments from...more

Not So Safe: The Supreme Court Clarifies the Scope of the Bankruptcy Code’s Section 546(e) Safe Harbor Provision

by Shearman & Sterling LLP on

Section 546(e) of the Bankruptcy Code shields certain transfers involving settlement payments and other payments in connection with securities contracts (for example, payment for stock) made to certain financial...more

Supreme Court Clarifies Securities Safe Harbor Under Bankruptcy Code

by Holland & Knight LLP on

• In a unanimous decision, the U.S. Supreme Court ruled against the petitioner in Merit Management Group, LP, Petitioner v. FTI Consulting, Inc., affirming the decision of the U.S. Court of Appeals for the Seventh Circuit. ...more

“Clearing & Settlement” Exception to Trustee’s Avoiding Powers Saves Only Payments “To” (not “Through”) Market Intermediaries

by Burr & Forman on

Last week, the unanimous Supreme Court clarified that the “clearing and settlement” exception to a bankruptcy trustee’s avoiding powers covers only payments “to,” not merely through, financial market participants....more

Supreme Court Holds That Use of Financial Institutions as Conduits Will Not Insulate a Transaction From Avoidance Actions

by Reed Smith on

On February 27, 2018, the Supreme Court of the United States issued a unanimous decision delivered by Justice Sotomayor holding that a party otherwise subject to an avoidance action under the Bankruptcy Code is not shielded...more

The Supreme Court Reshapes the Section 546(e) Safe Harbor

by Morrison & Foerster LLP on

The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. has the potential to dramatically change how the safe harbor contained in § 546(e) will be applied to avoidance actions brought under...more

Resolving Circuit Split, US Supreme Court Holds Section 546(e) Safe Harbor Applies Only to Protected Parties

by Dechert LLP on

The Bankruptcy Code allows trustees, as well as debtors-in-possession and in some circumstances creditors’ committees, to set aside and recover certain transfers for the benefit of the bankruptcy estate. The purpose of the...more

Supreme Court Scales Back Safe Harbor Protection for Some Pre-Bankruptcy Fraudulent Transfers

by Ballard Spahr LLP on

Title 11 of the U.S. Bankruptcy Code contains provisions that allow some pre-bankruptcy transfers to be avoided, or "unwound," by a debtor in possession, trustee, or other party granted standing to do so. ...more

Something Amazing - A Unanimous Opinion by the United States Supreme Court in a Bankruptcy Case, Affirming and Remanding to the...

by Tucker Arensberg, P.C. on

Once in a while, a Supreme Court opinion crosses my desk that I cannot ignore. Such was the case today. The United States Supreme Court issued its opinion in MERIT MANAGEMENT GROUP, LP v. FTI CONSULTING, INC., a unanimous...more

Supreme Court Issues Decision on Section 546(e) Safe Harbor Provision Resolving Long-Standing Circuit Split

On February 27, 2018, the Supreme Court handed down a unanimous opinion, authored by Justice Sotomayor, resolving a Circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision...more

Supreme Court Issues Decision on Section 546(e) Safe Harbor Provision Resolving Long-Standing Circuit Split

On Feb. 27, 2018, the Supreme Court handed down a unanimous opinion, authored by Justice Sotomayor, resolving a Circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that...more

Supreme Court Narrows Bankruptcy “Safe Harbor” Fraudulent Transfer Protections

by Ropes & Gray LLP on

On February 27, 2018, the U.S. Supreme Court issued a ruling that will make it easier for bankruptcy trustees, creditors’ committees, and other bankruptcy estate representatives to claw back payments made to shareholders in...more

OMIG Releases Audit Protocols for CDPAP

by Hodgson Russ LLP on

The New York State Office of the Medicaid Inspector General ("OMIG") has released its long-awaited audit protocols for Consumer Directed Personal Assistance Program Fiscal Intermediaries ("CDPAP-FIs"). ...more

IVASS provides instructions to insurance intermediaries for preventing cyber risks

by Hogan Lovells on

IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new...more

Financial Services Quarterly Report - Fourth Quarter 2017: Hong Kong’s New Asset Management Regulations

by Dechert LLP on

The Hong Kong Securities and Futures Commission (SFC) on 16 November 2017 published its Conclusions on its one-year consultation in relation to enhancement of asset management regulation and point-of-sale transparency...more

The E-Commerce Trend Continues in High Gear: How are Ocean/Air and Other Transportation Intermediaries Responding?

by Husch Blackwell LLP on

We think it is relevant, even at this early stage at the commencement of 2018, so close to the 2017 holiday season, to note that the e-commerce explosion will continue in full force and will in the natural course of events...more

DOH Extends Deadline for Fiscal Intermediary Authorization Application to Dec. 15

by FordHarrison on

Notice of Extension. The New York State Department of Health (DOH) has extended the deadline from November 30 to close of business on December 15, 2017 for currently operating Fiscal Intermediaries under the Consumer Directed...more

FTC Hosts Workshop – “Understanding Competition in Prescription Drug Markets: Entry and Supply Chain Dynamics”

by Mintz Levin on

On Wednesday, November 8, 2017 the Federal Trade Commission (FTC) hosted a workshop seeking to explore the general question of why the cost of prescription drugs has risen greatly in recent history. The Workshop was framed...more

CDPAP Fiscal Intermediaries Must File an Application for Authorization With DOH or Cease Operations

by FordHarrison on

On November 1, 2017, the NYS DOH issued its "Application for Fiscal Intermediary Authorization" and implementation guidelines. Significantly, DOH imposed a very short timeframe, stating: "As of November 1, 2017, all existing...more

Licensing for crowd-sourced funding operators

by DLA Piper on

Amendments to the Corporations Act 2001 (Cth) (Corporations Act), introducing a crowd-sourced funding (CSF) regime, will take effect on 29 September 2017. From this date, CSF operators (intermediaries) will be able to apply...more

Third Circuit Rejects Unsecured Oil Producers’ Claims of Automatic Perfection

by King & Spalding on

On July 19, 2017, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued an opinion, upholding a district court’s ruling that downstream purchasers took oil purchased from a bankrupt intermediary, SemGroup L.P....more

Do Private Company M&A Intermediaries Need to Register with the SEC as Broker-Dealers?

by Farrell Fritz, P.C. on

Since 2014, many private company mergers and acquisitions intermediaries have chosen not to register as broker-dealers. That’s because a 2014 SEC no-action letter took the position that intermediaries that limited their...more

Investment Funds Update: Europe - Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

CSSF Circular 17/654 Dated 17 May 2017 - The CSSF published its Circular addressed to credit institutions and certain PSFs regarding the sub-delegation for IT cloud services. The CSSF has also, inter alia, amended its...more

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