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24 results found

Article

Carey Olsen | Guernsey | 8 Feb 2016

To be or not to be “momentous” - trustee court applications in Guernsey

As a trustee, the issue of whether a particular decision is “momentous” is often clear, as is the need to apply to court for its blessing of that

Article

Reed Smith LLP | USA | 14 Sep 2011

Director’s motion to dismiss breach of duty of good faith claim denied

The liquidating trustee appointed by the confirmed chapter 11 plan brought an adversary proceeding against a minority investor of the debtor, and a former director of the debtor, alleging that: the investor and the director had breached the fiduciary duties owed to the debtor, and the investor had defrauded the debtor.

Article

Chadbourne & Parke LLP | USA | 13 Sep 2011

Madoff trustee has no standing to bring common law claims on behalf of Madoff customers

The trustee of Bernard L. Madoff Investment Securities, LLC (“BLMIS”), Irving Picard, recently suffered a severe setback in his efforts to recover money on behalf of investors in BLMIS at the expense of the banks and other financial firms that provided services to BLMIS.

Article

Orrick, Herrington & Sutcliffe LLP | USA | 8 Aug 2011

New York Attorney General and other parties move to intervene in the Bank of America and Bank of New York Mellon settlement

On August 4, 2011, New York Attorney General Eric T. Schneiderman moved to intervene in the June 29, 2011 settlement between Bank of America and Bank of New York Mellon ("BNYM"), the trustee for 530 trusts created by Countrywide entities.

Article

McGuireWoods LLP | USA | 15 Jun 2011

The Fundamentalist Church of Jesus Christ of Latter-Day Saints v. The Honorable Denise P. Lindberg, Third District Court Judge, 2010 Utah LEXIS 115 (August 27, 2010)

In 1942, the predecessor to the Church of Jesus Christ of Latter-Day Saints formed the United Effort Plan Trust (UEP Trust) for charitable and philanthropic purposes, but conditioned membership in the UEP Trust on consecration of real and mixed property to the trust.

Article

Reed Smith LLP | USA | 15 Jun 2011

FAA registration law does not preempt state UCC where partially completed airplanes fail to satisfy FAA definition of “aircraft”

The debtor had filed its chapter 11 petition while in the process of manufacturing custom designed airplanes for several purchasers.

Article

McGuireWoods LLP | USA | 3 May 2011

Kristofer Kastner v. InTrust Bank, 2010 U.S. Dist. LEXIS 120927 (November 15, 2010)

On June 5, 1996, Jessie I. Brooks executed a trust, with InTrust Bank as trustee, for the lifetime benefit of her daughter, Nola, with the remainder of the assets distributable to her grandchild Kristofer.

Article

Day Pitney LLP | USA | 29 Mar 2011

Bindman v. Parker, Shea v. Noble, MacLeod v. McManus, King v. Nazzaro

In Bindman v. Parker, Case No. SJC-10878, 2011 Mass. LEXIS 151 (Mar. 18, 2011), the Supreme Judicial Court allowed the reformation of two qualified personal residence trusts (QPRTs) to conform with the tax-saving intent of the settlors, a husband and wife.

Article

AO HALL Advocates | Guernsey | 15 Mar 2011

Trustees’ Morning After Pill remedy no more!

Since 1975 trustees have had the benefit of what is often referred to as the "Morning After Pill", also called the Hastings-Bass principle.

Article

Hodgson Russ LLP | USA | 8 Mar 2011

Former trustee’s argument regarding mental state solidifies his liability for losses to profit-sharing plan

The current trustees of a medical practice's profit-sharing plan sued the plan's former sole trustee for breach of fiduciary duty under ERISA related to losses he caused to the plan.

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