News & Analysis as of

Trustees

ERISA’s Six-Year Statute of Repose for Fiduciary-Breach Claims Can Be Tolled

The Eleventh Circuit ruled that ERISA’s six-year statute of repose can be tolled by the parties even though it is a statute of repose. During pre-litigation negotiations between the U.S. Department of Labor and a trustee of...more

Anti-money Laundering Regulations: New HMRC Reporting Duty for Pension Scheme Trustees

by Reed Smith on

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force on 26 June 2017 and impose new registration and reporting duties on trustees,...more

Bankruptcy Trustees Are Entitled To Jury Trials Too?!

by Fox Rothschild LLP on

Americans generally cherish their right to a jury trial under the Sixth and Seventh Amendments to the United States Constitution and the media certainly perpetuate the idea that jury trials are the norm. However, there are...more

Waivers of Jury Trials and Lawsuits in Bankruptcy Cases

Figuring out when a pre-petition waiver of a jury trial will be respected in lawsuits brought in bankruptcy cases can be tricky. In a recent case, In re D.I.T., Inc., 2017 Bankr. LEXIS 3386 (Bankr. S.D. Fla. Oct. 2, 2017), a...more

In Preference Suit, Seventh Circuit Holds That Debtor’s Assignment of Contractual Rights Does Not Negate Creditor’s New Value...

In Levin v. Verizon Bus. Global, LLC (In re OneStar Long Distance, Inc.), 2017 U.S. App. LEXIS 18374 (7th Cir. Sept. 22, 2017), the Seventh Circuit recently addressed a situation where a debtor sought to reduce a creditor’s...more

Petition Denied to Remove Wilmington Trust as the Trustee of du Pont Family Trusts

by Morris James LLP on

Wilmington Trust serves as the sole trustee for certain du Pont Family Trusts established in the 1940s and 1950s. For many years, Wilmington Trust was closely associated with the du Pont family, and was managed in part by...more

TN Trust Code Authorizes Pre-Dispute Arbitration Agreement: Not Per Se Breach of Duty, but May Not Bind Non-Signatory Beneficiary

by Burr & Forman on

The Tennessee Supreme Court recently held that Tennessee’s Trust Code and broad trust-instruments authorize a Trustee’s execution of a pre-dispute arbitration clause. That isn’t a per se breach of fiduciary duty, but the...more

The Limits Of Exclusive Use Rights In Condominium Common Areas

by Pierce Atwood LLP on

It’s not unusual for condominium documents to set aside parts of the development’s common area for the exclusive use of particular units.  This device allows the developer to offer a degree of privacy in decks,...more

Do You Have a Foreign Trust?

The answer in the litigation context may not be black and white because it requires a careful, analytical walk through the applicable sections of the Internal Revenue Code, the appropriate regulations and the nonexclusive...more

Pensions Hazard for PE Buyers on Carve-Out Deals

by Latham & Watkins LLP on

Corporate carve-outs have become increasingly popular in recent years, as buyout firms scour the market for primary deals. In an environment in which the UK Pensions Regulator (the Regulator) is becoming more active, in our...more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

Court Addresses Breach Of Fiduciary Duty and Partition Issues In Trust Dispute

by Winstead PC on

In Koda v. Rossi, a mother created a trust that provided that her son was to serve as trustee and that she, he, and a daughter were the beneficiaries. No. 11-15-0150-CV, 2017 Tex. App. LEXIS 8194 (Tex. App.—Eastland August...more

Further ESOP Transaction Guidance Set Forth in Latest DOL Settlement Agreement

by Holland & Knight LLP on

On the heels of a recent settlement agreement with an institutional employee stock ownership plan (ESOP) trustee, the U.S. Department of Labor (DOL) and individual trustee James F. Joyner III (Joyner) entered into a...more

Your Foreclosure Hearing Just Got More Crowded

by Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Anti-SLAPP Case Features Arm Wrestling Siblings and a Prep School

by Downey Brand LLP on

California’s anti-SLAPP statute has generated another published case for trust and estate lawyers to ponder. Last week, in Urick v. Urick (2017) ___ Cal.App.5th ___, the California Court of Appeal confirmed that anti-SLAPP...more

Releases: End of the Road or Just a New Beginning?

by Farrell Fritz, P.C. on

The fiduciary who thinks a receipt and release is the answer to all future claims for an accounting and liability may have a surprise in store. Over the past several months, Surrogates have explored the issue of receipts and...more

Eroding the Majority Rule: Another Circuit Concludes That Lease Can Be Extinguished in Free-and-Clear Bankruptcy Sale

by Jones Day on

The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more

The Pension Regulator: online materials for trustees of occupational pension schemes

by Hogan Lovells on

The Pensions Regulator (tPR) has issued a multitude of codes of practice, guidance notes and other documents to assist pension scheme trustees to understand and better perform their role. However, knowing what help is...more

Focus on Health Care Provider Bankruptcies

by Jones Day on

The next few years are expected to see a significant increase in the volume of bankruptcy cases filed by health care providers. Thus far in 2017, the number of bankruptcies in health care-related sectors, including hospitals,...more

Debtor’s Failure to Disclose No Longer Deadly in Eleventh Circuit

by Perkins Coie on

Employers and other defendants suffered a setback recently. Most large companies have been sued by an employee who failed to disclose the lawsuit or cause of action in their individual bankruptcy case. For many years, the...more

Yet Another Ruling Deepens the Divide on Whether the Bankruptcy Code’s Avoidance Provisions Apply Extraterritorially

by Jones Day on

The ability to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to a non-U.S. transferee—as is increasingly common...more

DOL Settlement Agreement Provides ESOP Transaction Guidance

by Holland & Knight LLP on

• The U.S. Department of Labor (DOL) and First Bankers Trust Services Inc. (FBTS) have entered into a settlement agreement filed in U.S. District Court for the Southern District of New York, resolving a case challenging FBTS'...more

For your DC trustee agenda: current legal issues

by Allen & Overy LLP on

Prepare for GDPR compliance UPDATED! - New data protection rules will apply from 25 May 2018 under the General Data Protection Regulation. GDPR preparation will be a significant issue, requiring a wide-ranging review of...more

Staff Addresses Family Trusts With Multistate Trustees

by Allen Matkins on

When the Securities and Exchange Commission two years proposed amendments to Rule 147 and adoption of Rule 147A, I commented on an issue that I foresaw with respect to family and other non-business trusts...more

South Carolina Federal Court Orders Separate Trials Of Primary And Third-Party Claims In Reinsurance Trust Investment Dispute

by Carlton Fields on

A federal district court in South Carolina recently granted motions to bifurcate a trial involving various claims, crossclaims, and counterclaims between an insured, reinsurers, and a reinsurance agreement trustee. ...more

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