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New York Court of Appeals to consider vast expansion to Koehler: turnover of assets at a non-US subsidiary

The US Court of Appeals for the Second Circuit recently certified to the New York Court of Appeals two questions concerning the ability of a judgment creditor to garnish accounts of judgment debtors at non-US subsidiaries of banks that have branches in New York or are otherwise subject to jurisdiction in New York.

USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Personal property, Subsidiary, Second Circuit, US District Court for the Southern District of New York
Lehman bankruptcy court holds that pre-petition collateral transfers and guaranties to clearing bank are safe harbored

On April 19, 2012, the Lehman bankruptcy court handed down its decision on the long-pending motion to dismiss filed by JPMorgan Chase Bank, N.A., in response to Lehman Brothers Holdings Inc.’s $8.6 billion avoidance action against it. The action sought to recover the value of collateral taken by JP Morgan in its role as principal clearing bank to Lehman in the run-up to the Lehman insolvency.

USA, Insolvency & Restructuring, Litigation, Mayer Brown, Clearing (finance), Collateral (finance), JPMorgan Chase, Lehman Brothers, United States bankruptcy court
Leave to appeal granted in Indalex

The Supreme Court of Canada granted leave to appeal yesterday in Indalex Limited (Re). This is an appeal from the Ontario Court of Appeal (2011 ONCA 265). Please see our Financial Services and Banking E-news Bulletin dated April 25, 2011, for a detailed summary of the decision of the Ontario Court of Appeal.

Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Heenan Blaikie LLP, Debtor, Supreme Court of Canada, Court of Appeal for Ontario