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New York Law Journal

With Changes in Delaware, Creditors Ask Who Will Be Left With Standing

Corporate and Securities Litigation columnists Mark D. Harris and Margaret A. Dale discuss a recent opinion issued by the U.S. Bankruptcy Court for the District of Delaware, which held that a liquidation trustee who brought claims initially raised in an adversary proceeding by an unsecured creditors committee did not have standing to assert derivative claims on behalf of the debtor. The ruling raises a number of questions, which the authors address.
6 minute read

Daily Business Review

California's Robert Shapiro Pleads Guilty in $1.3 Billion Real Estate Ponzi Scheme

Of 9,000 investors, at least 2,600 were seniors who collectively contributed $400 million from their retirement savings.
4 minute read

New York Law Journal

Consignments: The Sports Authority Cases, Article 9 and the PEB

In her Secured Transactions column, Barbara M. Goodstein discusses two recent decisions in the Sports Authority bankruptcy which underscore the continuing challenge to UCC commentators in guiding courts and practitioners effectively through the world of consignments.
11 minute read

Delaware Law Weekly

3rd Cir.: Venezuela-Owned Oil Company Not Immune From $1.2B Judgment Over Gold Deposits

A Venezuelan government-owned oil company has failed to shake a lawsuit that resulted in a $1.4 billion judgment against it over its expropriation of a Canadian company's gold deposits.
3 minute read

New York Law Journal

Attempt to Unwind a Completed UCC Foreclosure Sale Rejected

On June 6, the Appellate Division, First Department issued 'Atlas MF Mezzanine Borrower v. Macquarie Texas Loan Holder' that will reassure the real estate lending community of the finality of foreclosure sales pursuant to the Uniform Commercial Code.
10 minute read

New York Law Journal

Singapore Court of Appeal Issues Landmark Ruling on Schemes of Arrangement in Reliance on Developments in Australia, the U.K. and Other Common Law Jurisdictions

In her Distress Mergers and Acquisitions column, Corinne Ball discusses the recent Singapore Court of Appeal decision in 'Pathfinder Strategic Credit LP v. Empire Capital Resource Pte Ltd,' which is significant for the approach adopted by the Singapore courts in restructuring a large, cross-border group enterprise with New York law-governed debt.
18 minute read

New York Law Journal

Court Defines 'Consumer Reporting Agency' Under the FCRA

In their Second Circuit Review, Martin Flumenbaum and Brad Karp discuss 'Kidd v. Thomson Reuters,' where the court determined for the first time that an entity must specifically intend to furnish a “consumer report” to qualify as a consumer reporting agency under the Fair Credit Reporting Act.
8 minute read

Texas Lawyer

Einbinder & Dunn Sued for Allegedly Being Paid Attorney Fees From Funds Slated For Client's Judgment

“Their lawyers—officers of the court—helped themselves to the very sales proceeds that this court prohibited judgment debtors from using,” the complaint said. “Defendant Einbinder refused to return or hand over the proceeds.”
3 minute read

New York Law Journal

Second Department Demonstrates Limitations to Distressed Real Estate Investors Litigating Foreclosures

A recent Second Department decision shows the limits of the ability of a subsequent owner attempting to assert defenses personal to the original owner/mortgagor in a pending foreclosure proceeding. The decision is instructive to remind practitioners regarding “personal defenses” and standing of other parties to appeal decisions.
6 minute read

Daily Report Online

LexisNexis Faces Lawsuit After Background Check Flagged a Man as Jewel Smuggler

The complaint said a LexisNexis Risk Solutions compliance platform identified the plaintiff as a man who was fined for tax evasion and suspected diamond smuggling, and has refused to acknowledge its error or ensure the false data has been removed.
6 minute read

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