Bankruptcy Blogs

More Ex-Howrey Partners Reach Accord With Trustee

03/20/15

Four years after the fall of Howrey LLP, another batch of the law firm’s former partners have agreed to settle with its bankruptcy estate.

That this time, 47 ex-partners are chipping in $75,000—an average of just $1,595 each—but are also agreeing to drop $6.1 million in claims that they were pursuing in the case, according to court filings. Removing those claims means more money will be available for other creditors. The settlement frees the ex-partners from future Howrey-related liability.

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Prune HMDA Reporting Requirements for Small Banks

03/20/15

The CFPB wants to expand banks' data reporting requirements under the Home Mortgage Disclosure Act. But this would impose even greater costs upon local financial institutions that are already overburdened by regulation.

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Morning Scan: BNY Mellon to Pay $714M to Settle Forex Case; B of A's Breakup Proposal

03/20/15

Receiving Wide Coverage ...

Not the Best: Bank of New York Mellon agreed to pay $714 million to settle litigation that accused the custody bank of defrauding clients on currency transactions. Stemming from a lawsuit filed in February 2011, the Manhattan U.S. Attorney and the New York State Attorney General said BNY Mellon gave some clients worse prices on foreign currency trades than promised. Put another way, BNY Mellon promised "best execution" of the foreign-currency trades,...

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The Daily Docket: Standard General Says Its Offer Is RadioShack’s Only Survival Hope

03/20/15
A workman repairs the store front of a closed RadioShack location after the sign was removed in Springfield, Va., on March 12.
Shawn Thew/European Pressphoto Agency
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The Costs of Chapter 11

03/20/15

Although I keep swearing off the topic, I've written something about chapter 11 professional fees.  Again.  Over at Dealb%k.

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As Lifestyle Lift Fortunes Sag, Doctors Unite to Help Patients

03/19/15

In early March, Dr. David Santos faced an unwelcome setback at the Seattle office of plastic-surgery chain Lifestyle Lift: an eviction notice.

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How Fed Policy on Swipe Fees Quashes Market Forces

03/19/15

Banks charge merchants a quarter each time customers swipe their debit cards Â-- even though the mean cost of processing debit-card purchases has fallen to 4.4 cents. The Federal Reserve should ensure that the falling cost of debit-card processing is matched by lower fees.

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Rodgin Cohen: Pay No Attention to That Man Behind the Curtain

03/19/15

The Wall Street Journal ran a story today about H. Rodgin Cohen, the Senior Chairman of Sullivan & Cromwell and "one of Wall Street's top lawyers" decrying "the myth of regulatory capture." All I can say is wow. That's some chutzpah. 

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Are we poor?

03/19/15

If you have kids who talk as much as mine (gee, wonder where they picked up loquacity as a trait), conversations can go nearly anywhere. My boys, ages 9 and 6, are quite interested in money lately, a phenomenon driven in part by the tooth fairy and their discovery of gift cards at a recent birthday party. Here is a recent excerpt:

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