Bankruptcy Blogs

Bankrutpcy Code Section 303(i) Does Not Preempt State Law Claims by Non-Debtors

09/27/16

In Rosenberg v. DVI Receivables XVII, LLC, 2016 WL 4501675 (3d Cir. August 29, 2016), the United States Court of Appeals for the Third Circuit held that Section 303(i) of the United States Bankruptcy Code does not preempt state law claims by non-debtors for damages arising from the filing of an involuntary bankruptcy petition.

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Premier Cru American Express Billing Disputes and the Deceptive Nature of TILA Section 170

09/26/16
I'm not an oenophile.  But some folks are, and some of them spend very large amounts of money on wine, even without knowing how it tastes.  Not surprisingly, this is a market vulnerable to fraud. One fraud varietal is simply to market swill as high-end wine.  But another is to sell wine before it's even been made--basically forward contracts on wine--collecting the money at time 1 and then never delivering at time 2.  It's a simple Harold Hill (The Music Man) type scam.
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NJOY and Delivery Agent Formation Meetings Scheduled

09/26/16

It isn’t only the athletic-wear retailers going through bankruptcy (Sports Authority and Golfsmith), but retailers on the other end of the athletic spectrum – think t.v. and tobacco.

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The Real Unbundling Threat Is Rebundling

09/26/16

Up until now, no fintech company has succeeded on a mass scale to offer solutions beyond its core product. But disruptors are trying to go in that direction, and banks should watch their efforts closely.

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Morning Scan: The Payments Revolution; Wells Fargo's Clawback Question

09/26/16

Receiving Wide Coverage ...

Backwater no longer: Payment systems have long been a backwater of finance, but all that is changing, the Financial Times says in a special report on "The Payments Revolution." While the expansion of online shopping and mobile payment devices has spurred massive growth, "the industry is entering a period of extreme disruption. The dominant players — the banks and credit card companies — face an uncertain future. A fast-growing group of upstart...

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Board Diversity Is the Right Thing to Do: SEC Chair Mary Jo White

09/26/16

The staff at the Securities and Exchange Commission is working on a proposal to amend the current diversity disclosure rule to require more specificity, including information on the race, gender and ethnicity of board members and nominees. Here's why.

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It's On to the Hall of Fame for Beth Mooney

09/26/16

This year, KeyCorp executed the second-largest bank acquisition by deal value since the financial crisis and announced a groundbreaking commitment to do $16.5 billion of lending to low- and moderate-income communities across several states. Chairman and CEO Beth Mooney also purposely raised the visibility of other executives at her company, to bring more diversity of thought into the companyÂ's decision-making process. But Mooney doesn't see an end to her days of trailblazing yet.

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Venezuela

09/24/16

John Dizard has a useful, and clearly written, piece on the lay of the land in this morning's FT. What puzzles me is why PDVSA, the national oil company,  has not done a UK scheme of arrangement or a US prepack to exchange the bonds, instead of messing around with an exchange offer. But the entire situation is rather opaque.

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To Stop Hackers, Think Like One

09/23/16

Financial services IT teams must think like cybercriminals and develop an offensive approach to security at a time when threats are growing in frequency and sophistication.

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A Lot of Compliance Doesn't Mean Good Compliance

09/23/16

A compliance-at-all-cost mentality, which is the overarching attitude in many banks, results in overspending and overallocating valuable resources to meet both real and perceived compliance standards.

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