Yesterday, the United States Supreme Court, in Merit Management Group, LP v. FTI Consulting, Inc., Case No. 16-784, ruled that the “securities safe harbor” under section 546(e) of the Bankruptcy Code, 11 U.S.C. §§ 101-1532, does not shield transferees from liability simply because a particular transaction was routed through a financial intermediary—so-called “conduit transactions.”
USA, Capital Markets, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supreme Court of the United States, Second Circuit, High Court of Justice (England & Wales), Seventh Circuit
A settlement has been announced in the Tronox Securities Litigation,[1] making it one of the first cases where the failure to publicly disclose environmental liabilities has resulted in a substantial settlement.
USA, Capital Markets, Environment & Climate Change, Insolvency & Restructuring, Insurance, Litigation, Schulte Roth & Zabel LLP, Security (finance), Fraud