In a significant development for financial institution directors and officers, the Federal Deposition Insurance Corporation (FDIC) has filed the first lawsuit in the current financial crisis against former officers of a closed financial institution arising from alleged loan losses to the bank. On July 2, 2010, the FDIC filed a complaint in federal court in California against former officers of the homebuilding division of IndyMac Bank for civil money damages. FDIC v. Van Dellen, Case No. 2:10-cv-04915-DSF-SH (C.D. Cal.) (July 2, 2010).

Yesterday, the bankrupt estate of Lehman Brothers Holdings, Inc. (Lehman) sued Barclays Capital, Inc.

The Supreme Court of Canada overturned the Ontario Court of Appeal today in what is one of the most highly-anticipated cases for the pension and insolvency bars pending before the courts. In Indalex (Re) 2013 SCC 6, the court provided clarity regarding some key questions relating to the governance of an employer-administered pension plan during a proceeding under the Companies’ Creditors Arrangement Act (CCAA). The judges split on some of the issues, but here is our brief round-up:

Late the night of Nov. 25, LandAmerica Financial Group, Inc. and its subsidiary, LandAmerica 1031 Exchange Services, Inc., filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court"), seeking bankruptcy protection for both entities. The action does not cover Commonwealth Land Title Insurance Company or Lawyers Title Insurance Company, two LandAmerica subsidiaries that are each domiciled in the State of Nebraska.

A recent decision by the Delaware bankruptcy court highlights the issues which must be considered by private equity firms, investment funds and other entities who play an active role in the management of their financially distressed portfolio companies.

As noted in our recent insolvency law update, the Western Australian Court of Appeal has recently delivered its judgment (comprising over 1,000 pages) on one of Australia's longest running pieces of litigation: Westpac Banking Corporation v The Bell Group (in liq) [No 3].

Tenth Circuit holds that Canadian nationals who conspire to commit a breach of fiduciary duty against a Delaware corporation operating exclusively in Oklahoma are subject to personal jurisdiction in Oklahoma despite their lack of physical contact with the state.  Canadian law firm alleged to have assisted the conspirators is not, however, subject to personal jurisdiction.

The Western Australian Court of Appeal has today delivered its judgment in the appeal of Westpac Banking Corporation v The Bell Group Ltd (in Liq) [2012] WASCA 157 ( The Bell Appeal ).  The Court substantially rejected the appeal.  The decision has important implications for directors, financiers and bondholder investors. It is a salutary reminder for financiers of the consequences of "knowingly receiving" a benefit from a breach of directors' duties. 

Background

31/10/2016 Pensions Update ­ October 2016 http://bakerxchange.com/rv/ff002b980788f142ab3974e23146b6f2e393d02b 1/4 Pensions Update October 2016 In this issue Court of Appeal clarifies treatment of pensions on bankruptcy PPF publishes consultation on 2017/2018 levy DWP consults on valuing pensions for the advice requirement Regulator declares rule change void Next steps in leaving the European Union Committee publishes new evidence on regulation of pension schemes Regulator launches blog Government cancels plans t

BACKGROUND

The company P Hindle & Co Pty Ltd (WA) was placed in liquidation in 2008. Mr Huxtable was appointed as liquidator of the company (Liquidator). The Liquidator acted as chairperson at a meeting of creditors in late 2010 where 4 out of a potential 161 creditors attended.