The United States Court of Appeals for the Second Circuit has affirmed a lower court ruling in In re Bernard L. Madoff Investment Securities LLC refusing to claw back transfers of fictitious profits made to customers in connection with a Ponzi scheme.
New York’s highest court has concluded that a "no-action" clause in a New York law-governed indenture does not bar the commencement of an action or proceeding on a securityholder’s common law or statutory claims relating to the securities ..
In Michigan State Housing Development Authority v. Lehman Brothers Derivatives Products, Inc., et al. (In re Lehman Brothers Holdings Inc., et al.) (Michigan State Housing),1 the US Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) recently held that a provision in a swap agreement that shifted the methodology for calculating termination amounts upon the debtor counterparty’s bankruptcy was enforceable under the Bankruptcy Code’s safe harbor for liquidating, terminati
In a case of significant importance to licensees of US intellectual property, the US Court of Appeals for the Fourth Circuit held in "Jaffé v. Samsung Electronics Co. (In re Qimonda)", that a bankruptcy court did not err.
On September 23, 2013, the US District Court for the Southern District of New York in "In re Tribune" held that the individual creditor suits at issue were stayed because the Creditors’ Committee was in the process of prosecuting claims for intentional fraudulent conveyance that overlapped with such suits.
On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.), the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code.