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House Financial Services Committee releases staff report on MF Global

Katten Muchin Rosenman LLP
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USA
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November 16 2012

The US House of Representatives Financial Services Subcommittee on Oversight and Investigations (Committee) has released a report on the collapse of MF Global (Report

FDIC issues proposal regarding enforceability of contracts for systemically important financial institutions

Katten Muchin Rosenman LLP
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USA
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March 23 2012

On March 20, the Federal Deposit Insurance Corporation (FDIC) proposed a rule (Proposed Rule), with request for comments, that implements section 210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act) , which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a covered financial company), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate, or provide for other remedies based on the insolvency, financial condition or receivership of the covered financial company

Second Circuit affirms Madoff trustee's net equity calculation

Katten Muchin Rosenman LLP
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USA
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August 19 2011

The United States Court of Appeals for the Second Circuit found in favor of the trustee (the Trustee) presiding over the liquidation of Bernard L. Madoff Investment Securities (BMIS), affirming the Trustee’s calculation of “net equity” in the BMIS liquidation

Clawback of fraudulent transfers from investors“good faith” defense update

Katten Muchin Rosenman LLP
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USA
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September 30 2010

Given the overarching Madoff Ponzi scheme as well as other mini-Madoff schemes that surfaced in its wake, many have been following issues arising from the ability of a trustee to claw back transfers (either as preferential or as fraudulent transfers) from investors who redeemed their interests in a private investment fund or managed account that turned out to be a Ponzi scheme

Treasury issues final consultation on investment firms insolvency arrangements

Katten Muchin Rosenman LLP
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USA
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September 17 2010

On September 16, HM Treasury published its third consultation on new insolvency arrangements for investment firms

Motion to dismiss Lehman-related securities class action denied

Katten Muchin Rosenman LLP
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USA
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May 28 2010

Judge John Koeltl in the U.S. District Court for the Southern District of New York recently denied a motion to dismiss a securities class action arising, in part, from the Lehman Brothers bankruptcy filing

Bankruptcy judge makes important ruling impacting Madoff investors

Katten Muchin Rosenman LLP
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USA
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March 5 2010

A recent court ruling by U.S. Bankruptcy Judge Burton Lifland clarifies the process for determining how much money investors may be entitled to receive in connection with the Securities Investor Protection Corporation (SIPC) proceeding involving the Madoff Ponzi scheme

Non-parties enjoined from filing bankruptcy petitions against entities in receivership

Katten Muchin Rosenman LLP
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USA
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January 9 2009

The Securities and Exchange Commission brought an action against several individuals and related investment entities (the Wextrust Entities) who allegedly participated in a Ponzi scheme that purportedly defrauded over 1,000 investors of approximately $255 million

Treatment of customers and financial counterparties in stockbroker liquidations under SIPA and the Bankruptcy Code

Katten Muchin Rosenman LLP
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USA
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June 4 2008

With the possibility of a major stock brokerage liquidation appearing more likely than it has been in recent periods, the effect of a liquidation on customers and financial counterparties has become of great interest to many of our clients and others