Chapter 15 of the Bankruptcy Code provides a procedure to obtain recognition in the United States of a "foreign proceeding," which includes a foreign bankruptcy, insolvency, liquidation, or

In the last edition of the CRABS E-Newsletter we discussed the steps that were taken by Wells Fargo Bank, N.A. to protect records in its possession during the course of bankruptcy litigation with a Chapter 7 Trustee by using the attorney client privilege in McCarthy v. Wells Fargo Bank, N.A. (In re El-Atari), 2013 WL 593705 (Bankr. Va. 2013).  

As part of the Lehman Brothers Inc. ("Lehman") bankruptcy, the Bankruptcy Court for Southern District of New York ("Court") determined that three banks’ (the "Claimants") claims in relation to repurchase agreements ("repos") were not "customer claims" entitled to customer protection under the Securities Investor Protection Act of 1970 ("SIPA").

• FCCPA: lender may offset judgment for violations of FCCPA against amounts owing on pre-petition bankruptcy claim - In re Claudia Acosta-Garriga, No. 8:12-cv-00731-SDM (M.D. Fla.

On July 9, the joint official liquidators of Bear Stearns & Co. Inc. filed suit against three rating agencies – Standard & Poors, Moody's and Fitch – in New York state court over the agencies' allegedly fraudulent investment ratings of RMBS and CDOs. The plaintiffs allege that the defendant rating agencies knowingly misrepresented information as to the independence and accuracy of their ratings, while purposefully omitting material information from their credit rating analyses.

The United States District Court for the Middle District of Pennsylvania has held that an E&O policy issued to a now-bankrupt credit counseling company did not cover claims arising under unfair trade practices statutes, but did cover claims arising under fair debt collection statutes. Hrobuchak v. Fed. Ins. Co., 2013 WL 2291875 (M.D. Pa. May 24, 2013). The court also held that carve-outs from the policy’s definition of loss did not preclude coverage for statutory damages or damages representing the return of fees paid to the insured.

Second Circuit’s Quebecor bankruptcy decision offers comfort to capital markets participants that certain transactions will qualify for the Section 546(e) safe harbor.

Delaware Bankruptcy Court Holds that Private Equity Firm And Its Portfolio Company Are Not Liable Under Federal WARN Act

The former customers of MF Global, Inc. (MFGI) can expect another round of distributions, resulting in a recovery for 4d customers of approximately 94–96 percent and for 30.7 customers of approximately 60–84 percent.

A. Background to Chapter 9 Filing