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Bank's lack of diligence results in denial of late claim
2011-05-25

COMMODITY FUTURES TRADING COMMISSION v. LAKE SHORE ASSET MANAGEMENT LTD. (May 11, 2011)

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Share (finance), Shareholder, Fraud, Asset management, Default judgment, Commodity market, Pro rata, Commodity Futures Trading Commission (USA)
Location:
USA
Firm:
Kelley Drye & Warren LLP
View Original Article
National gas distributors case broadens swap safe harbor, or does it?
2009-03-13

On Feb. 11, 2009, the United States Court of Appeals for the Fourth Circuit issued its opinion in Hutson v. E.I. Dupont de Nemours and Co. (In re National Gas Distributors), attempting, in a matter of first impression, to define "commodity forward agreement" for purposes of eligibility for protection under the safe harbor provisions of the Bankruptcy Code. At first blush, this decision appears to provide the additional certainty that participants in the commodities markets require.

Filed under:
USA, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Fraud, Natural gas, Safe harbor (law), Swap (finance), Commodity, Remand (court procedure), Commodity market, Prima facie, US Code, United States bankruptcy court, Fourth Circuit
Authors:
Hugh M. McDonald
Location:
USA
Firm:
Dentons
View Original Article
Auditors’ liability in fraud cases: House of Lords rules in Moore Stephens v. Stone & Rolls Limited
2010-06-03

In a decision handed down just before the end of term, auditors have won an important House of Lords ruling limiting their liability in cases where a “one man” company is used as a vehicle for fraud. The Law Lords dismissed by a majority of three to two a negligence claim brought against an audit firm for failing to detect a massive fraud at Stone & Rolls, a trading company that fell in the late 1990s – holding that the liquidators could not bring a claim for damages when the company itself was responsible for the fraud.

Background

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Bankruptcy, Letter of credit, Fraud, Audit, Negligence, Liquidator (law), Commodity market, House of Lords, Court of Appeal of England & Wales, High Court of Justice
Location:
United Kingdom
Firm:
Herbert Smith Freehills LLP
View Original Article

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