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    Seventh Circuit Addresses Scope of Section 546(e)
    2024-03-29

    We have previouslyblogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11 U.S.C. §§ 544, 547, 548.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Bank of Montreal Financial Group
    Authors:
    Daniel A. Lowenthal , Jonah Wacholder
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Attacking fraudulent conveyances: What is the time limit?
    2023-10-10

    In Bank of Montreal v. Iskenderov, 2023 ONCA 528, the Ontario Court of Appeal held that actions to set aside a conveyance under section 2 of the Fraudulent Conveyances Act are subject to the basic two-year limitation period under the Limitations Act, 2002 – not the ten-year period prescribed by section 4 of the Real Property Limitations Act.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Bank of Montreal Financial Group, Bankruptcy and Insolvency Act 1985 (Canada), Limitations Act 2002 (Canada), Court of Appeal for Ontario
    Authors:
    Fraser Mackinnon Blair
    Location:
    Canada
    Firm:
    Dentons
    Second Circuit Rules That Syndicated Term Loans Are Not Securities
    2023-09-27

    On August 24, 2023, the U.S. Court of Appeals for the Second Circuit held in Kirschner v. JP Morgan Chase Bank, N.A. et al. that certain syndicated term loans2 at the center of a transaction involving JP Morgan Chase and other banks were not securities under state law. While the Second Circuit did not foreclose the possibility that syndicated term loans could be securities under different circumstances,3 for now Kirschner cements the long-standing view -- following Banco Espanol de Credito v.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Cahill Gordon & Reindel LLP, Medicare, Medicaid, Confidential information, US Securities and Exchange Commission, US Department of Justice, Federal Deposit Insurance Corporation (USA), Bank of Montreal Financial Group, False Claims Act 1863 (USA)
    Location:
    USA
    Firm:
    Cahill Gordon & Reindel LLP
    Indiana District Court Declines to Read Restrictions into Section 546(e) Securities Contract Safe Harbor
    2023-05-23

    On May 2, 2023, the US District Court for the Southern District of Indiana reversed a bankruptcy court’s ruling that read limitations into the application of Bankruptcy Code Section 546(e)’s safe harbor to a stock purchase transaction. Specifically, the District Court relied on the plain language of Section 546 in determining that a chapter 7 trustee could not avoid the transfer of $24.9 million by the debtor to repay a bridge loan in connection with a financed acquisition of the debtor’s stock two years prior to its bankruptcy filing.

    Filed under:
    USA, Indiana, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Hunton Andrews Kurth LLP, Bank of Montreal Financial Group, Supreme Court of the United States
    Authors:
    Justin F. Paget , Jennifer E. Wuebker
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Court of Appeal summaries (July 11, 2022 - July 15, 2022)
    2022-07-15

    Good afternoon.

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 11, 2022. There were many interesting cases this week.

    In Humphrey v. Mene Inc., the Court allowed an appeal in part and reduced damages for wrongful dismissal from twelve months to seven as a result of the plaintiff’s failure to reasonably mitigate by accepting another comparable position seven months after she had been dismissed. The awards of aggravated and punitive damages were upheld.

    Filed under:
    Canada, Ontario, Banking, Capital Markets, Employment & Labor, Insolvency & Restructuring, Insurance, Litigation, Real Estate, Blaney McMurtry LLP, Bankruptcy, Power of attorney, Aon, Bank of Montreal Financial Group, Thomson Reuters, Bank of Nova Scotia, Court of Appeal for Ontario, British Columbia Supreme Court
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Seventh Circuit Addresses Scope of Section 546(e)
    2024-03-29

    We have previouslyblogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11 U.S.C. §§ 544, 547, 548.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, Bank of Montreal Financial Group
    Authors:
    Daniel A. Lowenthal , Jonah Wacholder
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Attacking fraudulent conveyances: What is the time limit?
    2023-10-10

    In Bank of Montreal v. Iskenderov, 2023 ONCA 528, the Ontario Court of Appeal held that actions to set aside a conveyance under section 2 of the Fraudulent Conveyances Act are subject to the basic two-year limitation period under the Limitations Act, 2002 – not the ten-year period prescribed by section 4 of the Real Property Limitations Act.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy and Insolvency Act 1985 (Canada), Bank of Montreal Financial Group, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Dentons
    Second Circuit Rules That Syndicated Term Loans Are Not Securities
    2023-09-27

    On August 24, 2023, the U.S. Court of Appeals for the Second Circuit held in Kirschner v. JP Morgan Chase Bank, N.A. et al. that certain syndicated term loans2 at the center of a transaction involving JP Morgan Chase and other banks were not securities under state law. While the Second Circuit did not foreclose the possibility that syndicated term loans could be securities under different circumstances,3 for now Kirschner cements the long-standing view -- following Banco Espanol de Credito v.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Medicare, Medicaid, Confidential information, False Claims Act 1863 (USA), US Securities and Exchange Commission, US Department of Justice, Federal Deposit Insurance Corporation (USA), Bank of Montreal Financial Group
    Location:
    USA
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