Fulltext Search
House passes bank bankruptcy bill – pressure now on Senate to act

On December 1, 2014, the U.S. House of Representatives passed the Financial Institution Bankruptcy Act of 2014(FIBA).  The legislation passed on a voice vote and is supported by the major Wall Street banks.

USA, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Court rejects debtor’s attempt to reject part of an integrated contract

All bankruptcy practitioners know that a debtor may choose which contracts to assume and which contracts to reject.  But may a debtor reject contracts that are part of an overall, integrated transaction?  In a recent bankruptcy decision, the court found the answer to be no, at least if the parties are careful in drafting their contracts.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Supreme Court upholds limited bankruptcy court jurisdiction over defendants in fraudulent transfer actions; leaves an open door to constitutional challenges when parties face a trial in bankruptcy court

On June 9, 2014, the Supreme Court issued a decision in Executive Benefits Insurance Agency v. Arkison, a case that tested the extent of the jurisdiction of bankruptcy court judges to decide fraudulent transfer and certain other claims against non-debtors. Ropes & Gray LLP represented the petitioner in obtaining certiorari and in the Supreme Court proceedings.

USA, Insolvency & Restructuring, Litigation, Ropes & Gray LLP, Standard of review, Supreme Court of the United States, United States bankruptcy court
WaMu court allows equity committee to pursue “equitable disallowance” of noteholder claims based on allegations of insider trading

On September 13, 2011, Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware granted standing for an equity committee in In re Washington Mutual, Inc. (“WaMu”) to seek “equitable disallowance” of claims held by noteholders that had traded claims after engaging in negotiations with WaMu over the terms of a global restructuring.

USA, Delaware, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Ropes & Gray LLP, Confidentiality, Shareholder, Debtor, Security (finance), Fiduciary, Hedge funds, Insider trading, Non-disclosure agreement, Supreme Court of the United States, United States bankruptcy court, US District Court for District of Delaware