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|Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance|
Paul J. Ahn, Michael Greenberg, David D. Luce, Gerald Rokoff; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment company or PFIC tax rules.
|Coming Soon - Mandatory Clearing of Interest Rate Swaps Under EMIR|
Brian Barrett, James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe; Sutherland Asbill & Brennan LLP;
September 2, 2015, previously published on September 1, 2015On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU IRS Clearing Rules). The EU IRS Clearing Rules are subject to approval by...
|Overview of the Landscape for Evaluating Creditors' Breach of Fiduciary Duty Claims in Delaware|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 2, 2015, previously published on August 31, 2015In our prior post, we discussed the standard a creditor must meet to sue an insolvent corporation for breach of fiduciary duties, as laid out in the Quadrant Structured Products Co., Ltd. v. Vertin decision. Another notable takeaway from the Quadrant decision was the Court’s overview of the...
|Eleventh Circuit: Enhanced TILA Disclosure and Remedies Not Applicable to UCC Article 9 Fixture Filers, As No Security Interest Created in Consumers’ Homes|
Murray B. Silverstein, Jonathan S. Tannen; Greenberg Traurig, LLP;
September 1, 2015, previously published on August 31, 2015The Eleventh Circuit recently ruled that fixture filings do not expose lenders to the enhanced disclosure requirements or remedies of the federal Truth in Lending Act (TILA), holding that a security interest in goods-even if the goods are deemed fixtures-does not extend to consumers’ homes.
|Mixed Result on FDIC Appeal Of Failed-Bank D&O Claims|
George A. LeMaistre; Jones Walker LLP;
August 27, 2015, previously published on August 27, 2015A federal appellate court last week delivered a mixed result to the FDIC in deciding the agency's appeal of trial-court judgments that had been entered in favor of defendant directors and officers of a failed North Carolina bank.
|Italian Bankruptcy Law Reform Emphasizes Flexibility for Borrowers, Active Role for Creditors|
Francesco Squerzoni; Jones Day;
August 26, 2015, previously published on August 2015During the last few years, the section of Royal Decree No. 267 of March 16, 1942 (the "Italian Bankruptcy Law") dedicated to pre-insolvency proceedings has been reformed extensively by the Italian legislature. The purpose of the reform is to provide distressed Italian entities with a more...
|Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases|
Jason W. Johnson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 26, 2015, previously published on August 25, 2015A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down the west coast through Fort Myers. The new procedures affect all Chapter 13...
Second Circuit Denies Midland’s Request For Rehearing On Its Decision That
Upended Longstanding Principles of Lending Law|
Nathan Bull, Scott A. Cammarn; Cadwalader, Wickersham & Taft LLP;
August 26, 2015, previously published on August 26, 2015On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative, rehearing en banc, of the Second Circuit’s recent...
|The Consumer Financial Protection Bureau's Case against Citibank for Violations Relating to Credit Card Add-On Products|
Brooks F. Bossong; Nexsen Pruet, LLC;
August 25, 2015, previously published on August 25, 2015Today we’re taking a look at the CFPB’s recent enforcement case against Citibank, N.A. (“Citibank”) and two of Citibank’s subsidiaries, Department Stores National Bank (“DSNB”) and Citicorp Credit Services, Inc.
|The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims|
Cheryl I. Aaron, Travis Cole McCullough, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
August 25, 2015, previously published on August 24, 2015In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose between dozens of oil producers (the Producers) that sold oil to...