Bankruptcy Blogs

Deloitte says it was hacked; another SoFi executive exits

09/26/17

The accounting firm says only a "very few" clients were affected by the cyberattack; former CEO Mike Cagney's wife, the lender's chief tech officer, is leaving.

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Forget millennials: Baby boomers need app innovation, too

09/26/17

Theodora Lau, director of market innovation at AARP, says financial companies and fintechs should consider the over-50 crowd in their app designs.

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Toys "Я" US's Curious Bankruptcy Venue

09/25/17

Toys "R" Us filed for bankruptcy with impeccable timing--the very morning I was teaching my Financial Restructuring class about the commencement of the bankruptcy process. I decided to take my class through the TRU petition on PACER. Some 19 TRU entities filed in the Eastern District of Virginia, Richmond division. Only one of those 19 entities is a Virginia entity. I don't know the domicile of the other entities, but TRU is headquartered in New Jersey, and I'd be shocked if there wasn't at least one Delaware entity in the family.  

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WARN Act Claims after Spokeo v. Robins

09/25/17

I'm musing out loud here, but does the Supreme Court's holding in Spokeo v. Robins—that a suit claiming statutory damages without alleging actual damages lacks Article III standing—impact WARN Act claims in bankruptcy? The WARN Act is a labor law that requires advance notice of certain plant closings--basically advance notice of mass layoffs. Failure to provide such notice results in statutory damages, even though there might not be any actual damages.

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Breaking Banks: How men can support women in fintech

09/25/17

Brett King talks about diversity in fintech with Anouska Streets, head of engineering at Finkit, a unit of digital banking software company Monitise; and Colleen Wilson, founder and CEO of consulting firm Collaborate Chicago.

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Is Trump’s FSOC still a regulator? Maybe it never was

09/25/17

The Trump administration has implemented an apparent role reversal for the Financial Stability Oversight Council, leaving the true intended role of the post-crisis systemic risk body unclear.

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Pam Joseph resigns as TSYS COO, president

09/25/17

TSYS has announced the resignation of Pam Joseph, less than 17 months after she joined the company as president and chief operating officer.

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CFPB examiners moved through training program too fast, IG says

09/25/17

The Consumer Financial Protection Bureau may have commissioned some examiners before they were prepared, a new report has found.

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Deloitte email platform and client data hit by cyberattack

09/25/17

The auditing and consulting firm said Monday that it’s currently informing the clients affected and has notified governmental authorities after it became aware of the incident.

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More diverse ownership could save black-owned banks, author says

09/25/17

In a new book, Mehrsa Baradaran argues that the same forces of poverty that African-American banks were supposed to alleviate are now holding them back.

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