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Results: 1-10 of 12

A warning to sophisticated parties in fraud cases: do your homework

  • Kelley Drye & Warren LLP
  • -
  • USA
  • -
  • May 4 2012

On March 27, 2012, the Appellate Division, First Department issued its opinion in HSH Nordbank AG v. UBS AG, which reversed the lower court’s denial of a motion to dismiss the fraud claim

Dexia SA cites Deutsche Bank's internal MBS descriptions in suit over $1 billion in RMBS purchases

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • July 25 2011

On July 13, 2011, Dexia SA filed a lawsuit in New York State Supreme Court against Deutsche Bank AG and several of its affiliates in connection with its purchase of more than $1 billion in RMBS between 2005 and 2007 from the Deutsche Bank defendants

Talk tax quarterly news

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 22 2011

Just as we were going to press bemoaning the impending January 1, 2013 effective date of the Foreign Account Tax Compliance Act, the Internal Revenue Service and Treasury Department announced an extension of the new provisions’ withholding and reporting requirements

CDO fraud litigation and enforcement - 2011 survey

  • Lowenstein Sandler LLP
  • -
  • USA
  • -
  • June 23 2011

As of mid-2011, private plaintiffs and government regulators most prominently, the SEC continue to pursue fraud claims in connection with the marketing and sale of collateralized debt obligations (“CDOs”

Federal appellate court affirms dismissal of AIG derivative suit

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • March 28 2011

On March 17, 2011, the Second Circuit Court of Appeals affirmed a district court's dismissal of plaintiff Louisiana Municipal Police Employees Retirement System's derivative action on behalf of American International Group ("AIG") and certain of its current and former directors and officers for breaches of fiduciary duty, waste of corporate assets, unjust enrichment and contribution, as well as violations of the Securities and Exchange Act Sections 20(a) and 10(b

This week in securities litigation (October 15, 2010)

  • Porter Wright Morris & Arthur LLP
  • -
  • USA
  • -
  • October 15 2010

The focus was on Dodd-Frank this week as the Commission continued to implement the Act, issuing proposed rules regarding asset backed securities and derivatives

US “ipso facto” and UK “anti-deprivation”: the Lehman “flip” clause

  • Chadbourne & Parke LLP
  • -
  • United Kingdom, USA
  • -
  • August 18 2010

On November 6, 2009, the English Court of Appeal issued a judgment in the case of Perpetual Trustee Company Limited & another v BNY Corporate Trustee Services Ltd & another 2009 EWCA Civ 1160, an action commenced in the English High Court by the noteholders representative Perpetual Trustee Company Limited ("Perpetual"

Bankruptcy court rules that “flip clauses” violate Bankruptcy Code

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • February 5 2010

On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes

Enforceability of subordination provisions in synthetic CDOs a Lehman perspective

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • United Kingdom, USA
  • -
  • February 3 2010

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom

Lehman Brothers bankruptcy court strikes waterfall subordination provisions conditioned on bankruptcy

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • January 28 2010

On Jan. 25, 2010, the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) held that a trust deed provision reversing a priority of payment waterfall upon the bankruptcy of a credit support provider under a swap agreement is unenforceable under the U.S. Bankruptcy Code (the “Bankruptcy Code”