The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the “FDIC Board”) meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. Chairman Bair’s valedictory meeting was not merely ceremonial; it also covered several key developments regarding the timing of a final rule on resolution plans under section 165(d) of Title I and a final rule on the Orderly Liquidation Authority (“OLA”) under Title II.
A. RESOLUTION PLANS/ LIVING WILLS
On July 6, the FDIC adopted a final rule addressing the rights and powers of the FDIC as a receiver of a nonviable systemic financial company under the orderly liquidation provisions of Title II of the Dodd-Frank Act. The rule addresses: (i) recoupment of compensation from senior executives and directors as well as the receiver's power to avoid fraudulent and preferential transfers; (ii) the priority of claims; and (iii) the receivership administrative claims process as well as secured claims procedures. The lin
On July 6, 2011, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule (the “Final Rule”) addressing certain provisions of the Orderly Liquidation Authority (“OLA”) contained in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).1
En este artículo abordamos un cambio significativo en la legislación portuguesa: el Decreto-Ley nº 48/2024, de 25 de julio, que aportó una nueva dinámica a la prevalencia del derecho de retención sobre la hipoteca. Este tema es crucial para comprender las implicaciones en el marco jurídico actual, especialmente en los casos de insolvencia y rescate de empresas.
On July 25, 2011, JPMorgan Bank filed a third-party complaint against the FDIC in the Southern District of Ohio, claiming the FDIC indemnified JPMorgan when it agreed to buy assets from Washington Mutual, which went bankrupt in 2008. JPMorgan alleges that it only accepted certain narrow WaMu liabilities in its agreement with the FDIC, specifically excluding liabilities relating to WaMu's pre-closing activities. Western and Southern Life Insurance Company has since sued JPMorgan for fraudulent misrepresentation in connection with the sale of $650 million in mortgage-backed securi
In this article we address a significant change in Portuguese legislation: Decree-Law no. 48/2024 of 25 July, which brought a new dynamic to the prevalence of the right of retention over the mortgage. This topic is crucial to understanding the implications for the current legal framework, especially in cases of insolvency and company rescue.
The bankruptcy court presiding over the FTX Trading bankruptcy last month issued a memorandum opinion addressing valuation of cryptocurrency-based claims and how to “calculate a reasonable discount to be applied to the Petition Date market price” for certain cryptocurrency tokens.
The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.
The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.
Digital assets may be new, but existing English insolvency laws and principles can deal with them. So finds the UK Jurisdiction Taskforce (UKJT) in its ‘Legal Statement on Digital Assets and English Insolvency Law’, published this week.
Key takeaways include: