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Court allows creditor to garnish top-hat plan benefits

Winston & Strawn LLP
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USA
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April 18 2013

In Sposato v. First Mariner Bank, 2013 WL 1308582 (D. Md. March 29, 2013), a federal district court allowed the creditor (First Mariner Bank) of a

Investors in failed mutual bank cannot convert investment into a deposit

Winston & Strawn LLP
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USA
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February 11 2013

On February 4th, the United States Court of Appeals for the Seventh Circuit affirmed the dismissal of claims brought by plaintiffs, who controlled a

Hostess liquidation and BCTGM union

Winston & Strawn LLP
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USA
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December 6 2012

Approximately 5,000 Bakery Confectionery Tobacco and Grain Millers Union (BCTGM) members across the country struck Hostess Brands, Inc., to protest the company’s imposition of its last, best, and final contract

Sixth Circuit holds that severance pay is not subject to FICA taxes

Winston & Strawn LLP
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USA
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October 10 2012

A few weeks ago, the Sixth Circuit affirmed the Western District Court of Michigan’s holding in U.S. v. Quality Stores Inc., 424 B.R. 237 (W.D. Mich. 2010), that severance payments made to employees pursuant to an involuntary reduction in force were not “wages” for Federal Insurance Contribution Act (“FICA”) tax purposes

Ambiguous OTS order did not require bank's parent to ensure bank met capital requirements

Winston & Strawn LLP
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USA
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September 17 2012

On September 14, the Sixth Circuit affirmed the trial court's finding that a failed bank's parent did not make a capital maintenance commitment to the bank

Judgments against Ponzi scheme net gainers are dischargeable in bankruptcy

Winston & Strawn LLP
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USA
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August 27 2012

On August 20th, the U.S. Court of Appeals for the Tenth Circuit reversed a trial court's ruling finding that judgments against Ponzi scheme "net gainers" were non-dischargeable in bankruptcy

After Peregrine's collapse, NFA announces review of audit procedures

Winston & Strawn LLP
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USA
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July 23 2012

On July 16th, the National Futures Association ("NFA") announced it has requested that the Special Committee for the Protection of Customer Funds, consisting of the public representatives on NFA's Board of Directors, retain the services of a national law firm to conduct a careful internal review of NFA's audit practices and procedures, and the execution of those procedures in the specific instance of Peregrine Financial Group, to assure that the right procedures are in place and that they are being properly followed

ABA interim report on ESI in bankruptcy cases

Winston & Strawn LLP
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USA
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June 28 2012

On March 15, 2012, the American Bar Association’s Electronic Discovery (ESI) in Bankruptcy Working Group (the “Working Group”) published an interim report addressing certain principles and suggested best practices for electronic discovery in bankruptcy cases (the “Interim Report”

FDIC and Treasury issue orderly liquidation rule

Winston & Strawn LLP
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USA
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June 25 2012

On June 22nd, the Federal Deposit Insurance Corporation ("FDIC") and the Treasury Department issued a final rule on the calculation of the maximum obligation limitation ("MOL"), as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"