News & Analysis as of

Trustees

Maritime Liens and the Automatic Stay: Impact of the Ninth Circuit’s Barnes Decision

by Garvey Schubert Barer on

Can a Bankruptcy Court order the sale of a vessel “free and clear” of a seaman’s maritime lien for maintenance and cure under Bankruptcy Code § 363? According to the Ninth Circuit’s recent ruling in Barnes v. Sea Hawaii...more

Check Pleas: Reimbursement Check Delivered to Employee Pre-Petition is Unauthorized Post-Petition Transfer

Section 549 of the Bankruptcy Code permits a trustee or debtor in possession to avoid (and ultimately recover) a transfer of the debtor’s property “that occurs after the commencement of the case” and “is not authorized under...more

Court Affirmed Summary Judgment For A Trustee Due To An Exculpatory Clause

by Winstead PC on

In Kohlhausen v. Baxendale, the court affirmed a summary judgment for a trustee on the basis of an exculpatory clause in a trust document. No. 01-15-00901-CV, 2018 Tex. App. LEXIS 1828 (Tex. App.—Houston [1st Dist.] March 13,...more

FinCEN guidance provides answers on new beneficial ownership rule

by Thompson Coburn LLP on

The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New...more

Financial Services Quarterly Report - First Quarter 2018: Hong Kong SFC Publishes Consultation Proposals on Public Fund...

by Dechert LLP on

Following an initial “soft” consultation with industry participants and relevant stakeholders, the Securities and Futures Commission (SFC) launched a three-month consultation on proposed amendments to the Code on Unit Trusts...more

Supreme Court Narrows Scope of Safe Harbor Exception for Securities Clawbacks

by Hogan Lovells on

On February 27, 2018, the U.S. Supreme Court resolved a circuit split under the Bankruptcy Code and determined that where funds passed through financial institutions acting as payment conduits, where the ultimate transfer...more

Court Reversed Order Removing Trustee Where Trustee Did Not Receive Notice Of The Hearing

by Winstead PC on

In In re Estate of Moore, the court of appeals addressed the proper procedure for removing an acting trustee and appointing a successor trustee. No. 08-14-00298-CV, 2018 Tex. App. LEXIS 1950 (Tex. App.—El Paso March 15, 2018,...more

Delaware District Court Dismisses Appeal by Creditors’ Committee After Case is Converted from Chapter 11 to Chapter 7

The Bankruptcy Code provides for the appointment of a creditors’ committee in chapter 11 bankruptcy cases. See 11 U.S.C. § 1102. There is no parallel provision applicable to chapter 7 cases. When a bankruptcy case is...more

Colleges’ Liability For Defaulting Parents Narrowing?

by Akerman LLP on

Good news for colleges: Connecticut may be on the leading edge of a trend to bar bankruptcy trustees from pursuing colleges when parents default on their “Parent PLUS” loans. When a parent signs a “Parent PLUS” loan to...more

Protecting DB pension schemes: what’s ahead for trustees and sponsors?

by Allen & Overy LLP on

The government’s plans to protect defined benefit schemes include: governance changes for trustees; new intervention and penalty powers for the Regulator; and a duty for corporates to make a statement, in advance of sales or...more

The Supreme Court - March 27, 2018

by Dorsey & Whitney LLP on

Hall v. Hall, No. 16-1150: Petitioner Elsa Hall and respondent Samuel Hall are siblings litigating against each other in two consolidated cases surrounding the management of their mother’s property and estate. One of the...more

Joint DB and DC trustee agenda update: current legal issues April 2018

by Allen & Overy LLP on

Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up-to-date with key developments between trustee meetings, and to support the legal update item on...more

It’s All About Trust

Trusts are popular estate planning tools people use for a variety of reasons including providing for the long-term management of assets for minor beneficiaries, people with disabilities, or financially irresponsible adults....more

Lehman Brothers to Pay $2.38 Billion in Connection with RMBS Claims

On March 8, 2018, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York issued a decision from the bench valuing RMBS breach of representation and warranty claims against...more

Virginia Amends Provisions Relating to Foreclosure, Notices of Sale for Deceased Owners, and Disposition of Sale Surplus

by Weiner Brodsky Kider PC on

The state of Virginia recently enacted House Bill 755 that amends provisions of Virginia statutes relating to foreclosure, notices of sale when an owner is deceased, and disposition of surplus from sale, effective July 1,...more

SDNY Grants Trustees’ Motion to Dismiss Triaxx CDOs’ RMBS Claims with Prejudice

On March 8, 2018, Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York issued a Memorandum and Order granting Defendants’ motion to dismiss Plaintiffs’ Third Amended Complaint...more

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

S.D.N.Y. Denies Plaintiffs’ Request to Use Sampling in RMBS Action Against Trustee

On February 23, 2018, Judge Lorna G. Schofield of the United States District Court for the Southern District of New York rejected Plaintiffs’ objection to U.S. Magistrate Judge Sarah Netburn’s opinion and order denying...more

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

The General Data Protection Regulation (GDPR): action plan for pension scheme trustees - (revised March 2018)

by Hogan Lovells on

The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more

Blog: Safe Harbor Rule Narrowed: Supreme Court Opens Door for Possible Avoidance of Previously Protected Transactions

by Cooley LLP on

Over the last twenty years, courts have increasingly insulated transactions from avoidance as fraudulent transfers by invoking the so-called “settlement payment” defense codified in section 546(e) of the Bankruptcy Code. The...more

U.S. Supreme Court Narrows the Scope of the Section 546(e) Safe Harbor

by Alston & Bird on

Resolving a circuit split, the U.S. Supreme Court’s ruling excludes protection for certain transferees when a settlement payment merely passes through an intermediary. Our Bankruptcy & Financial Restructuring and Finance...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

Defence + Indemnity: February 2018 - VI. SURETY AND BOND ISSUES

by Field Law on

VI. SURETY AND BOND ISSUES - A. Supreme Court of Canada finds obligee/trustee under a Labour and Material Payment Bond breached the fiduciary duty owed to a claimant by failing to disclose existence of the Bond. Valard...more

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