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    FTX Bankruptcy—What Could Be Next for the Industry?
    2022-11-30

    One of the world’s largest cryptocurrency exchanges—FTX Trading Ltd.—and many of its affiliates filed for bankruptcy earlier this month.1 While the full impact of the FTX bankruptcy is not yet clear, various responses from the executive branch and federal and state regulators indicate that, in the short term, agencies will continue to use their existing authorities to seek information about the practices of crypto market participants and to enforce existing rules to protect customers and avoid further market contagion.2 The following statements may indicate what market

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Wilmer Cutler Pickering Hale and Dorr LLP, Bitcoin, Due diligence, Cryptocurrency, US Securities and Exchange Commission, FINRA, Commodity Futures Trading Commission (USA), Federal Deposit Insurance Corporation (USA), US Congress, National Futures Association (USA)
    Authors:
    Yoon-Young Lee , Tiffany J. Smith , Matthew B. Kulkin , Michael Held , Susan Schroeder , Eliza Gonzalez
    Location:
    USA
    Firm:
    Wilmer Cutler Pickering Hale and Dorr LLP
    Arbitration round-up
    2011-08-03

    Timeliness:

    Ohio Farmers Insurance Co. v. City of Akron, Case Nos. 25642, 25725 (Ohio Ct. App. July 20, 2011) (affirming confirmation of award; panel properly found “good cause” for delay in seeking confirmation; rule providing one year to seek confirmation deemed not a statute of limitations).

    Partiality:

    Filed under:
    USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jorden Burt LLP, Statute of limitations, Vacated judgment, Standard of review, Motion to vacate, FINRA, Fifth Circuit, Eleventh Circuit, Third Circuit, US District Court for the Southern District of New York, US District Court for District of Columbia
    Authors:
    Michael Wolgin
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Third Circuit Makes Clear That Plan Releases Can Extend To Post-Confirmation Acts
    2018-09-17

    We have discussed plan releases in prior posts. Oftentimes, disputes involving plan releases revolve around whether, and in what contexts, third-party releases in plans are appropriate. Recently, the Third Circuit Court of Appeals addressed the relatively unique question of whether releases in a confirmed plan are binding upon post-confirmation purchasers of the debtor’s stock.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Res judicata and issue estoppel, US Securities and Exchange Commission, FINRA, Supreme Court of the United States, Third Circuit
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit Enforces Plan Releases Against Later-Purchasing Shareholders Bringing Claims Concerning Post-Confirmation Conduct
    2018-08-24

    Bankruptcy plans often include provisions releasing debtors and their officers and directors from certain potential liability. In Zardinovsky v. Arctic Glacier Income Fund, No. 17-2522 (3d Cir. Aug. 20, 2018), the United States Court of Appeals for the Third Circuit held that such a provision bound shareholders who purchased the shares after confirmation, as to post-confirmation claims including securities fraud and breach of fiduciary duty.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, FINRA, Third Circuit
    Authors:
    Jonah Wacholder , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Funds Talk: June 2017
    2017-06-01

    Funds Talk: June 2017

     

    Topics covered in this issue include:

    Filed under:
    USA, New York, Capital Markets, Derivatives, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Securitization & Structured Finance, Tax, Kramer Levin Naftalis & Frankel LLP, Computer security, FINRA, Seventh Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Southern District of New York confirms FINRA arbitration award
    2010-05-17

    Following an initial FINRA arbitration award holding Steven Singer liable to Hartford Financial Holdings for compensatory damages, Mr. Singer filed Chapter 7 bankruptcy. After a complicated procedural history, the Bankruptcy Court granted relief from the automatic stay and allowed Hartford to proceed with this action in US District Court for the Southern District of New York.

    Filed under:
    USA, New York, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jorden Burt LLP, Interest, Arbitration award, Remand (court procedure), FINRA, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Bankruptcy: an opportunity to settle FINRA member - employee disputes
    2013-10-28

    Last year, a U.S. bankruptcy court held that a bankruptcy trustee could settle a Financial ‎Industry Regulatory Authority (“FINRA”) suit against a broker-dealer by its former employee ‎seeking damages and expungement of alleged false and defamatory FINRA Form U-5 ‎termination disclosure language, over the objection of the former employee-debtor.2  Once a ‎bankruptcy case is filed by a former employee, the claims become property of the bankruptcy ‎estate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lewis Roca Rothgerber Christie LLP, Bankruptcy, Debtor, Defamation, Broker-dealer, FINRA, United States bankruptcy court
    Authors:
    Susan M. Freeman , Edwin A. Barkel
    Location:
    USA
    Firm:
    Lewis Roca Rothgerber Christie LLP
    FTX Bankruptcy—What Could Be Next for the Industry?
    2022-11-30

    One of the world’s largest cryptocurrency exchanges—FTX Trading Ltd.—and many of its affiliates filed for bankruptcy earlier this month.1 While the full impact of the FTX bankruptcy is not yet clear, various responses from the executive branch and federal and state regulators indicate that, in the short term, agencies will continue to use their existing authorities to seek information about the practices of crypto market participants and to enforce existing rules to protect customers and avoid further market contagion.2 The following statements may indicate what market

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Bitcoin, Due diligence, Cryptocurrency, US Securities and Exchange Commission, FINRA, Commodity Futures Trading Commission (USA), Federal Deposit Insurance Corporation (USA), US Congress, National Futures Association (USA)
    Location:
    USA
    Third Circuit Makes Clear That Plan Releases Can Extend To Post-Confirmation Acts
    2018-09-17

    We have discussed plan releases in prior posts. Oftentimes, disputes involving plan releases revolve around whether, and in what contexts, third-party releases in plans are appropriate. Recently, the Third Circuit Court of Appeals addressed the relatively unique question of whether releases in a confirmed plan are binding upon post-confirmation purchasers of the debtor’s stock.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Res judicata and issue estoppel, US Securities and Exchange Commission, FINRA, SCOTUS, Third Circuit
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit Enforces Plan Releases Against Later-Purchasing Shareholders Bringing Claims Concerning Post-Confirmation Conduct
    2018-08-24

    Bankruptcy plans often include provisions releasing debtors and their officers and directors from certain potential liability. In Zardinovsky v. Arctic Glacier Income Fund, No. 17-2522 (3d Cir. Aug. 20, 2018), the United States Court of Appeals for the Third Circuit held that such a provision bound shareholders who purchased the shares after confirmation, as to post-confirmation claims including securities fraud and breach of fiduciary duty.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, FINRA, Third Circuit
    Authors:
    Jonah Wacholder , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
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