Bankruptcy Blogs

Wall Street Journal

Wells Fargo forged a deal with Credit Suisse to recruit the Swiss bank's U.S. brokers in its private banking business, as Credit Suisse moves to wind down that part of its wealth management group. But UBS has been unfairly raiding Credit Suisse's broker ranks, according to an arbitration claim Credit Suisse filed with the Financial Industry Regulatory Authority, the Journal reported. ...

A Florida banker will spend 2 1/2 years in prison following his conviction for helping Scott Rothstein operate a $1 billion-plus Ponzi scheme.

Receiving Wide Coverage ...

JPMorgan's Wrist Slapped: JPMorgan Chase will pay $307 million to settle Securities and Exchange Commission and Commodity Futures Trading Commission probes into the bank's alleged failure to tell its wealth-management clients about conflicts of interest. One allegation is JPMorgan didn't tell clients it was putting their money in more-expensive funds that JPMorgan itself managed, the Wall Street Journal said. Also, JPMorgan put clients' money in third-party funds that paid fees to JPMorgan....

Did you ever wonder why certain items appear on your credit report?  The answer lies in a federal statute, 15 U.S.C. 1681c.  A consumer reporting agency may not make a report that includes the following items:

“(1) Cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

On December 17th and 18th, 2015, the Official Committee of Unsecured Creditors (the “Committee”) of Capsule International Holdings, LLC, and its affiliated debtors and debtors in possession (the “Debtors”), filed approximately 80 complaints seeking the avoidance and recovery of allegedly preferential and fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code.  The Committee also seeks to disallow claims of such preference defendants under Sections 502(d) and (j) of the Bankruptcy Code.