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Securities Insolvency

Bennett Jones LLP

The Supreme Court Holds That Securities Disgorgement Orders Survive Bankruptcy

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In ruling that a securities regulatory authority's disgorgement orders (a sanction stemming from misconduct) survive a bankruptcy discharge while its administrative penalties do not, the Supreme Court of Canada endorsed the...more

Mayer Brown

UK Supreme Court Clarifies Basis of ‘Knowing Receipt’ Claims Arising From Breach of Fiduciary Duty

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"The law on 'knowing receipt' has perplexed judges and academics alike for several decades" – Lord Burrows (paragraph 99). In a decision with significant implications for claims involving fraud and breach of fiduciary duty...more

K&L Gates LLP

Doing Business in Australia

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Australia welcomes new business and foreign investment by providing a strong economy, a stable political environment and a skilled and talented workforce. Our comprehensive guide to Doing Business in Australia has been...more

Dechert LLP

Fixed to Floating Charge Security: Exploring the Spectrum of Control

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In the recent case of Avanti Communications, the English Court held that to constitute fixed charge security, a chargee’s control over the relevant charged assets does not need to be absolute. A significant amount of control...more

Bennett Jones LLP

Securities Class Actions Round-Up

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In an active year in securities class actions, Canadian courts have provided new guidance and clarity in a number of important areas. Below we briefly review a number of significant decisions in Canadian securities class...more

Latham & Watkins LLP

FDIC Vice Chairman Cautions Against New Regulation as a Response to Recent Bank Failures

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In contrast with the White House’s position, the Vice Chairman denied that loosened Dodd-Frank rules contributed to the recent bank failures. On April 12, 2023, Federal Deposit Insurance Corporation (FDIC) Vice Chairman...more

Pillsbury Winthrop Shaw Pittman LLP

Insurer Defeats Lehman Brothers Foreign Unit’s Attempt to Recover Alleged $485 Million Loss

New York state court ruled that a non-defaulting insurer’s valuation under the 1992 ISDA Master Agreement was commercially reasonable and in good faith and was not required to rely on market prices that distorted the value of...more

Dechert LLP

International Capital Markets - October 2022, Issue 7: Issuer considerations during difficult market conditions

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As we approach the end of 2022, the international debt capital markets continue to remain challenging due to the successive shocks of the COVID-19 pandemic and ongoing supply chain disruptions, the war in Ukraine and...more

Vinson & Elkins LLP

Thoughts For Boards Navigating In Turbulent Conditions

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A board of directors’ vision and leadership becomes particularly vital during times of distress. While day-to-day operations rest with management, both fiduciary duty law and sound corporate governance practices call for the...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: August 2017 - Admitting an Inability to Pay Debts as They Become Due: What Does It Mean?

Among the litany of events of defaults often found in indentures and other credit documents is an issuer’s admission in writing of its inability to pay its debts as they come due. Like other insolvency events of default, this...more

Proskauer - Corporate Defense and Disputes

In Conflict With Other Circuits, Seventh Circuit Rules That Certain Transfers Involving Financial Institution Intermediaries Not...

Section 546(e) of the bankruptcy code prohibits a bankruptcy trustee from avoiding “settlement payment[s]”, or payments “made in connection with a securities contract,” that are “made by or to (or for the benefit of)”...more

Dechert LLP

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

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General Administrative Act to Ensure Legal Certainty for Netting Agreements in the Scope of German Insolvency Law - As of June 9th 2016 BaFin issued a General Administrative Act to ensure legal certainty for netting...more

Seyfarth Shaw LLP

Securities and Corporate Governance Litigation Quarterly

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Welcome to the fourth issue of Securities and Corporate Governance Litigation Quarterly, Seyfarth’s quarterly publication of the Securities & Financial Litigation Group focusing on decisions or other items of interest for...more

Bennett Jones LLP

Indemnification Claims Under the CCAA A - Caution for Underwriters, Auditors, Directors and Others

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Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes...more

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