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    Stockton Judge: pension obligations are not impervious to impairment in Chapter 9 bankruptcy. What comes next?
    2014-10-16

    The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case, and has now been fatally wounded by 

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Protect your estate from beneficiary bankruptcy: lessons from Clark v. Rameker
    2014-09-16

    In the preparation of a comprehensive estate plan for a client, an attorney must consider the size of the estate, the manner in which assets are titled, transfer and income tax issues, and family dynamics.  In light of the recent United States Supreme Court decision in Clark v. Rameker[1], ("Clark") there is now one more area of concern.

    Before Clark

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Tax, Wills & Probate, Ryley Carlock & Applewhite, Bankruptcy
    Authors:
    Mark H. Boscoe , Amber D. Curto
    Location:
    USA
    Firm:
    Ryley Carlock & Applewhite
    Third Circuit rules failure to appeal leaves union and its retirees without a remedy
    2014-09-09

    On August 28, 2014, the Court of Appeals for the Third Circuit[1] delivered a stern admonition about the risk of failing to appeal when it ruled that a union that had not filed a notice of appeal could not benefit from a successful appeal by another union in the same matter.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Trade union, Third Circuit
    Authors:
    Todd E. Phillips , Kevin C. Maclay , James P. Wehner
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Section 363(f) retires ERISA-based successor liability claims
    2014-08-11

    As this Blog has discussed in a number of recent posts, free and clear sales under section 363(f) of the Bankruptcy Code often lead to disputes over whether section 363(f) can strip assets of particular types of claims and interests. Although section 363(f) plays an important role in maximizing the value of a debtor’s assets in a section 363 sale, adversely affected parties may object to those assets being sold free and clear of their claims.

    Filed under:
    USA, Delaware, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Employee Retirement Income Security Act 1974 (USA), Debtor
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Ormet allowed to sell bankrupt Ohio facility free and clear of unfunded pension obligations
    2014-08-08

    Ormet, a Delaware corporation, recently went bankrupt and shuttered its facilities in Ohio and Louisiana. As part of the bankruptcy proceedings, Ormet agreed to sell its Ohio plant for $25 million. The Steelworkers Pension Trust, the union representing Ormet’s employees, tried to delay the closing on the theory that the deal approved by the judge improperly extinguished the Trust’s $5.5 million pension claim and that the Section 363 sale violated the Employee Retirement Income Security Act or the Multiemployer Pension Plan Amendments Act. The Trust lost.

    Filed under:
    USA, Louisiana, Ohio, Employee Benefits & Pensions, Insolvency & Restructuring, Roetzel & Andress, Bankruptcy
    Authors:
    Matthew D. Austin
    Location:
    USA
    Firm:
    Roetzel & Andress
    Oral argument on Detroit bankruptcy postponed in part
    2014-07-28

    Last Friday, the Sixth Circuit postponed oral argument in some of the pending cases in the appeal from the bankruptcy judge’s decision that Detroit was entitled to creditor protection under Chapter 9 of the U.S. Bankruptcy Code and could try to alter the terms of workers’ pensions. The postponement was apparently granted to allow various pension groups to settle with the city.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Colter Paulson
    Location:
    USA
    Firm:
    Squire Patton Boggs
    U.S. Supreme Court denies bankruptcy protection for inherited IRAs
    2014-07-17

    The U.S. Supreme Court’s recent decision in Clark v. Rameker has given individuals with IRAs a new reason to consider the use of trusts as their designated beneficiaries.  On June 12, 2014, the Court’s unanimous decision made clear that inherited IRAs do not receive bankruptcy protection under federal law.

    FEDERAL EXEMPTION

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tucker Ellis, Bankruptcy, Debtor
    Authors:
    Susan L. Racey , Thomas W. Coffey , Robert S. Frost , Peter A. Igel , Erica E. McGregor , Rennie C. Rutman
    Location:
    USA
    Firm:
    Tucker Ellis
    U.S. Supreme Court rules inherited IRAs not exempt from creditors’ claims in bankruptcy
    2014-07-16

    The recent unanimous decision of the United States Supreme Court (the “Court”) in Clark v. Rameker, 573 U.S. _____ (2014) held that inherited IRAs do not constitute “retirement funds” within the meaning of section 522(b)(3)(C) of the United States Bankruptcy Code. Consequently, inherited IRAs are not exempt from creditor claims in bankruptcy proceedings. The Court’s holding highlights the importance of sound financial and estate planning to protect inherited retirement plan assets from claims of a beneficiary’s creditors.

    Background

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dykema Gossett PLLC, Bankruptcy, Internal Revenue Code (USA), Supreme Court of the United States
    Authors:
    David P. Dunaway , Michael G. Cumming , William C. Lentine
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Important Supreme Court ruling on inherited IRAs
    2014-06-30

    An inherited individual retirement account (IRA) is one set up and funded by the owner, who has died and named someone as the beneficiary of the IRA. As the owner of an inherited IRA, the beneficiary may withdraw the IRA funds at will, and must start withdrawing the funds at some point, depending on who the beneficiary is and whether the owner died before or after age 70 1/2.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Saul Ewing LLP
    Authors:
    Robert H. Louis
    Location:
    USA
    Firm:
    Saul Ewing LLP
    The nays have it: inherited IRAs are not exempt assets in bankruptcy
    2014-06-23

    On June 12, the United States Supreme Court in Clark v Rameker resolved the question that has recently split the 5th and 7th Circuits– Are inherited IRAs protected from the beneficiary’s creditors in a bankruptcy proceeding? The Court unanimously held that they are not.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Supreme Court of the United States
    Authors:
    Stephanie L. Moll , Kathleen R. Sherby
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)

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