In Short
The Situation: For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary question of constitutionality in the context of an insolvency proceeding and handed down its decision on March 6, 2024.
Highlights
金杜合伙人苏萌律师应联合国国际贸易法委员会（UNCITRAL）邀请作为碳交易及金融领域专家，于2024年1月31日和2月1日参加在维也纳举行的联合国贸易法委员会（UNCITRAL）专家组与国际统一私法协会（UNIDROIT）工作组关于自愿碳信用（VCC）法律性质的联席会议[1]。在联席会议上，苏律师就工作报告内容参与讨论并发表观点，并就中国自愿碳市场发展状况对研究报告做出修订和补充。
Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of January 15, 2024.
HFW DISPUTES DIGEST 2023
Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.
This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.
The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that from at least 2018 until its declaration of bankruptcy in July 2022, Voyager enticed consumers with promises that their deposits were insured by the Federal Deposit Insurance Corporation (FDIC) and were “safe.” However, consumers’ deposits with Voyager were not eligible for FDIC insurance and were not protected in the event that Voyager failed.
Lehman Bros. Int'l (Europe) (In Admin.) v. AG Fin. Prod., Inc., No. 653284/2011 (Sup. Ct. N.Y. County May 17, 2023) [click for opinion]
With all the market turmoil and headlines about insolvencies or potential insolvencies in the financial sector and the wider markets, and potential rescue of stressed/distressed entities, many clients are concerned, and should be thinking, about the potential impact of these developments on their derivatives (commonly documented under an ISDA master agreement (an ISDA)) and, in particular: (a) if the relevant event constitutes a default, potential event of default, event of default or termination event or, alternatively, will trigger automatic early termination, under their ISDAs with their
From investors to regulators, FTX Trading Ltd (FTX) filing for bankruptcy was unexpected by all. A catalyst for litigation and regulation over the years to come, this collapse will serve as a warning, particularly to cryptocurrency insurers.
What happened?
In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “Application”) made by the administrators (the “Administrators”) of Lehman Brothers International (Europe) (LBIE) relating to the construction and effect of certain bankruptcy-related events of default (“Events of Default”) specified under the ISDA Master Agreements (as defined below), specifically: