The wife of bankrupt developer Sean Dunne wants orders permitting her lawyers to cross-examine a US lawyer about his sworn statements in support of Irish proceedings challenging the validity of transfers of valuable assets by Mr Dunne to his wife the Irish Times reported. The Commercial Court will later this month hear Gayle Dunne’s application for orders permitting the cross-examination of Timothy Miltenberger, who has sworn affidavits on behalf of Richard Coan, the US trustee administering Sean Dunne’s US bankruptcy.

The liquidators of a pair of failed Cayman Islands-based hedge funds run by a former Harvard quarterback are suing Barclays PLC to claw back some $80 million they say was illegally funneled to the bank to cover margin calls, The Wall Street Journal reported. The offshore funds--ICP Strategic Credit Income Fund Ltd. and ICP Strategic Credit Income Master Fund Ltd. -- were so-called feeder funds managed by ICP Asset Management LLC, a money-management firm founded by Thomas C. Priore. Lawyers for the liquidators said in a suit filed in U.S. Bankruptcy Court in New York that Mr.

Barclays and the Royal Bank of Scotland were among six banks to be fined a total of $5.7 billion (£3.8 billion) by British and US regulators over allegations that they rigged the $5.3 trillion-a-day foreign exchange market, The Standard reported. The settlement, which also involved US banks JP Morgan, Bank of America and Citi, as well as Switzerland’s UBS, means banks have handed authorities around $10 billion to deal with the scandal. Barclays, Citi, JPMorgan and RBS also all pleaded guilty to a US antitrust violation.

The deal between the Canadian government and U.S. Steel that allowed the steelmaker to renege on its obligation to make steel in Canada — at plants in Hamilton and Nanticoke in Ontario — will remain a secret, CBC.ca reported. An Ontario Superior Court judge ruled that while it is reasonable that the deal be open, for fairness in the bankruptcy protection process, he dismissed an unsealing motion, saying he didn't have the authority to make that happen.

Cliffs Natural Resources Inc said on Wednesday it was seeking court protection from creditors of its Wabush iron ore mine and related assets in Eastern Canada, four months after it sought similar protection for its other Canadian iron ore assets. The U.S.-based iron ore and coal miner said it had concluded that a "more comprehensive restructuring and sale process" would result if it was able to include the Wabush group under the same creditor protection it obtained in January for its larger Bloom Lake iron ore assets in Quebec Superior Court.

Thirteen Brazilian and international banks filed a lawsuit in New York on Tuesday against two units of ailing engineering and oil conglomerate Grupo Schahin to recover $371 million in overdue principal and interest on loans, Reuters reported. The lawsuit comes weeks after Schahin sought for protection from creditors in Brazil and the United States, and fired 2,500 workers as a corruption scandal at key client Petróleo Brasileiro SA hampered its efforts to refinance up to 6.5 billion reais ($2.1 billion) in debt.

The Canadian and U.S. judges charged with dividing the $7.3 billion from the liquidation of Nortel Networks rejected proposals from former regional businesses and opted for a pro rata split of the money in long-awaited rulings on Tuesday, Reuters reported. Judges on the U.S. Bankruptcy Court in Wilmington, Delaware and Ontario Superior Court of Justice held an unprecedented joint cross-border trial on the dispute, with the courtrooms linked by video. The legal battle has raged for years through numerous courts, chewing up more than $1 billion in fees for lawyers and other advisors.

U.S. Steel was able to extend its creditor protection deadline to the fall, although previous court filings suggest the restructuring will go beyond the new September deadline, CBC.ca reported. This is the third extension of U.S. Steel Canada's (USSC) bankruptcy protection for its operations north of the border in Hamilton and Nanticoke. The uncontested extension was signed by Superior Court Justice Herman Wilton-Siegel Thursday.

U.S. Steel has issued a thinly veiled threat to shut down parts of its Canadian operations if its claim to be owed $2.2 billion by its struggling Canadian arm is not allowed, The Hamilton Spectator reported. In court documents filed this week, the company says objections to its claims threaten to slow the restructuring process it says must be complete by mid-summer if it is to avoid losing its critical auto contracts. At issue are objections by the Ontario government, the United Steelworkers, retirees and a former Stelco president to the parent company's claims.

Barclays Plc is entitled to $4 billion in assets stemming from the Lehman Brothers Holdings Inc. collapse, as the U.S. Supreme Court rejected an appeal from the bankruptcy trustee for the firm’s brokerage business, Bloomberg News reported. The justices left intact a federal appeals court ruling that said Barclays acquired the assets as part of a hastily drafted purchase agreement in September 2008. Barclays bought most of Lehman’s North American brokerage assets in that deal. The trustee, James Giddens, sought to recoup the money, most of which is already in Barclays’ possession.