New York’s Highest Court Rejects Wider Liability for Third-Party Financial Professionals

New York’s highest court, in a 4-3 ruling, Oct. 21 rejected pleas to allow broader liability for third-party financial professionals, pulling the plug on claims that…

BNA INSIGHTS: Dodd-Frank Reform Law’s Impact on Financial Firm Liquidation

The primary stated goal of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” or the “Act”) 1 is to prevent the failure of the…

Feeder Fund Sues for Repayment of Millions of Dollars in Redemptions

A feeder fund that entrusted almost all of its investors’ money to convicted fraudster Bernard Madoff Aug. 16 sued 17 of its shareholders seeking repayment of redemptions it processed based…

Court Says Private Equity Firm’s Unit May Proceed with Malpractice Claims Against Law Firm

The Supreme Court of New York July 28 gave an affiliate of Cerberus Capital Management L.P.—a leading private equity firm—the green light to pursue claims that Paul Hastings…

Bearish Real Estate Loan Climate Creates Bull Market for New Breed of Receivers

A growing and—as it happens—beneficial trend in the topsy-turvy distressed property market is the now common choice by lenders or special servicers to work out failing loans through…

FDIC Board in Split Vote Proposes Permanent Securitizations Safe Harbor Rule

The Federal Deposit Insurance Corporation’s board of directors May 11 approved a notice of proposed rulemaking on safe harbor conditions for securities originated by failed banks…

Senate Finance Committee Chairman Baucus Open to $90 Billion Bank Tax, but Says More Hearings Needed on Details

Senate Finance Committee Chairman Max Baucus (D-Mont.) said April 20 that he is open to President Obama’s proposal to impose a new $90 billion tax on large financial institutions, but there are many details that need to be worked out…

Senate Finance Committee Chairman Baucus Open to $90 Billion Bank Tax, But Says More Hearings Needed on Details

Senate Finance Committee Chairman Max Baucus (D-Mont.) said April 20 that he is open to President Obama’s proposal to impose a new $90 billion tax on large financial institutions, but there are…

ANALYSIS: Corporate Reorganizations: Having and Eating Your Cake and Getting Paid for It Too

Private Letter Ruling 201011003 allowed the following array of tax benefits as a result of the insolvency of a subgroup in a consolidated group…

Lehman Report May Create Litigation Exposure for Former Officers, Auditor, Attorneys Say

Allegations contained in a comprehensive report concerning the September 2008 bankruptcy of Lehman Brothers Holdings Inc. may expose…

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