Where a company brings a claim against its directors for losses caused by their wrongdoing, the Supreme Court has confirmed the established position that directors cannot escape the claim by arguing that their actions are attributed to the company itself on the basis that the directors were acting as the agents of the company.
On May 26, 2015, the United States Supreme Court ruled that Article III of the U.S. Constitution is not violated when bankruptcy courts decide matters with the knowing and voluntary consent of the litigants. Wellness Int’l Network, Ltd. v. Sharif,No. 13-935 (U.S. May 26, 2015).
On May 26, 2015, the U.S. Supreme Court ruled in favor of the firm’s client Wellness International Network, reversing a Seventh Circuit decision that held that Article III of the Constitution was violated when litigants consented to the entry of judgments by bankruptcy courts on what have come to be known as “Stern” claims. In siding with arguments made by Partner Catherine L.
The former CEO of U.S. broker-dealer Direct Access Partners (DAP), Benito Chinea, and a former DAP managing director, Joseph Demeneses, each pleaded guilty one count of conspiracy to violate the FCPA and the Travel Act in connection with a scheme to bribe an official at a Venezuelan development bank, Banco de Desarollo Económico y Social de Venezuela (BANDES), in exchange for the official’s directing BANDES’ trading business to DAP.
In Meridian Sunrise Village, LLC v. NB Distressed Debt Investment Fund Ltd., et al., No. 13-5503(W.D. Wash. Mar.
In In re Mississippi Valley Livestock, Inc., No. 13-1377 (7th Cir. Mar.