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    Circuit courts uphold dismissal of securities claims based on alleged fraud in sale of auction rate securities
    2011-08-03

    Two recent opinions from separate federal courts of appeal upheld the dismissal of lawsuits by sophisticated investors that suffered losses in the auction rate securities ("ARS") market against the securities broker-dealers that allegedly fraudulently induced the purchase of the ARS.1

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Duane Morris LLP, Security (finance), Fraud, Market liquidity, Limited liability company, Misrepresentation, Due diligence, Broker-dealer, Underwriting, Securities fraud, US Securities and Exchange Commission, Securities Exchange Act 1934 (USA), Second Circuit, Sixth Circuit, Circuit court
    Authors:
    Wayne A. Mack , Matthew M. Ryan
    Location:
    USA
    Firm:
    Duane Morris LLP
    Winding up insurers - priority payment of reinsurance proceeds
    2011-06-27

    Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Share (finance), Debt, Liability (financial accounting), Reinsurance, Liquidation, Underwriting, Liquidator (law), Corporations Act 2001 (Australia)
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    The insolvent insurer, the liquidator, and the reinsurance proceeds yet to come: lessons from AMACA
    2011-03-03

    Your insurer goes bust – can you as an insured claim the reinsurance proceeds? An important decision in the NSW Supreme Court gives useful guidance on when a court will allow departures from the statutory scheme controlling the application of reinsurance proceeds (Amaca Pty Ltd v McGrath & Anor as liquidators of HIH Underwriting and Insurance (Australia) Pty Ltd [2011] NSWSC 90).

    The insurer goes broke, and there are all these claimants at the door…

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Insurance, Litigation, Clayton Utz, Unsecured debt, Consideration, Debt, Reinsurance, Liquidation, Underwriting, Liquidator (law), Prejudice, Corporations Act 2001 (Australia), New South Wales Supreme Court
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    The “wake-up call” for brokers placing D&O liability - Canadian Underwriter
    2018-10-02

    In 2012, the Ontario Ministry of the Environment issued a clean-up order against 13 former directors of Northstar Aerospace Canada. Northstar was bankrupt and the directors had to pay millions because the company’s D&O policy excluded pollution. A recent article by Greg Meckbach in Canadian Underwriter examines the effect that order has had on the commercial insurance industry in Canada.

    Filed under:
    Canada, Insolvency & Restructuring, Insurance, Osler Hoskin & Harcourt LLP, Underwriting
    Authors:
    Jennifer Fairfax
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    The Canadian EETC Trilogy
    2016-06-01

    The Blakes Aviation group, representing the underwriters led by Morgan Stanley and Credit Suisse, is pleased to have assisted in the closing of the third Air Canada enhanced equipment trust certificate (EETC) transaction.

    In April 2013, we assisted in the structuring and closing of Air Canada EETC 2013-1 for five new Boeing 777 300ERs, which was a historic transaction, including the following  features:

    Filed under:
    Canada, Aviation, Insolvency & Restructuring, Blake, Cassels & Graydon LLP, Market liquidity, Underwriting, Credit Suisse, Morgan Stanley
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Ontario Court Refuses to Add Underwriters to Class Action against Bankrupt Issuer
    2016-05-03

    In a decision released April 27, 2016 in LBP Holdings Ltd. v. Allied Nevada Gold Corp., Justice Belobaba dismissed a motion by a representative plaintiff to add certain underwriters as defendants to a securities class proceeding. The defendant gold mining company, Allied Nevada, effected a secondary public offering financed as a "bought deal" by two underwriters.

    Filed under:
    Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Class action, Underwriting
    Authors:
    Bevan Brooksbank
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Settling Claims against Directors of Insolvent Companies - the current position in Spain
    2017-05-23

    As Insurers underwriting risks in Spain are aware, the recent financial crisis resulted in a significant increase in claims against directors by trustees appointed when a company enters into an insolvency process. Insolvency proceedings in Spain reach a determination as to the culpability of directors implicated in the company's demise. In this context, the Spanish courts will look at whether the directors were "guilty" or whether the insolvency was "fortuitous". However, not all determinations will express whether the director's conduct was in bad faith or wilful.

    Filed under:
    Spain, Insolvency & Restructuring, Insurance, Litigation, DAC Beachcroft, Negligence, Underwriting
    Authors:
    Beatrice Rodriguez , Victoria Uceda
    Location:
    Spain
    Firm:
    DAC Beachcroft
    Indemnification claims under the CCAA: a caution for underwriters, auditors, directors and others
    2013-01-24

    Indemnification clauses are often considered a critical component of risk mitigation strategies in legal relationships. However, as is well understood, the value of an indemnification clause, in the event it becomes applicable, is dependent on the underlying financial viability of the entity granting the indemnity.

    Filed under:
    Canada, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Bennett Jones LLP, Shareholder, Debt, Underwriting, Court of Appeal of Alberta
    Authors:
    Denise D. Bright
    Location:
    Canada
    Firm:
    Bennett Jones LLP
    Sino-Forest: Ontario Court of Appeal upholds superior court decision on “equity claims”
    2012-11-27

    In Re Sino-Forest Corporation1, the Ontario Court of Appeal upheld the interpretation of “equity claims” employed by Justice Morawetz of the Ontario Superior Court of Justice (Commercial List).

    Filed under:
    Canada, Ontario, Company & Commercial, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Shareholder, Class action, Underwriting, Court of Appeal for Ontario
    Authors:
    Virginie Gauthier , Daniel Pearlman
    Location:
    Canada
    Firm:
    Norton Rose Fulbright Canada LLP
    Sino Forest-subordination of equity interests and collateral damage
    2012-08-14

    On 27 July 2012, Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) released reasons for decision in the Sino-Forest CCAA case concerning the scope and effect of the 2009 amendments to the CCAA that subordinate “equity claims” to all other claims and provide that under a CCAA plan, no payment can be made in respect of equity claims until all other claims are paid in full.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Shareholder, Debtor, Interest, Underwriting
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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