CNBC discusses the Labor Department's latest report on the U.S. labor market. According to the report, a record 4.3 million workers left their jobs in August, with workers in food service and retail industries leading the way. The number of job openings also saw a sharp decline during the month as hiring fell. [CNBC; Oct. 12, 2021]

Bloomberg examines the stablecoin Tether and the increasing regulatory and public concerns over its liquidity. The $69 billion worth of "stable coin" in circulation is supposed to be backed by one U.S. dollar for each issuance, but the size of Tether's dollar reserves, which some critics argue do not exist, now threatens wider, systemic risk to the financial system. [Bloomberg; Oct. 7, 2021]

The Wall Street Journal reports that a New York bankruptcy judge overseeing the chapter 11 case of the owners of the Williamsburg Hotel rejected attempts by the U.S. Trustee to replace hotel management and to convert the case to a chapter 7 liquidation, allowing the case to proceed with a proposed restructuring plan. [WSJ; Oct. 6, 2021]

Reuters reports on a recent decision from the Tenth Circuit finding that a 2017 law that increased fees payable to the U.S. Trustee is unconstitutional because it fails to apply the fees uniformly in all states, including the states that have bankruptcy administrators instead. This decision deepens a split among the circuits on this issue, with the Second and Tenth Circuits finding violations of the U.S. Constitution's bankruptcy uniformity requirement on the one hand, and the Fourth and Fifth Circuits upholding the 2017 law on the other. [Reuters; Oct. 5, 2021]

Visit us at

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe - Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2020. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.