Delaware

Alleged customer fraud hits WSFS earnings

01/05/18

The company will also record a charge tied to the impairmant of its deferred-tax asset.

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WSFS Financial, SoFi to offer cash management account

12/07/17

The Delaware bank will process payments and provide debit card sponsorship services for SoFi Money, which is set to debut next year.

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The Bancorp in Del. warns of possible litigation over distribution dispute

11/10/17

The disagreement is tied to Walnut Street, an entity formed in 2014 to move certain commercial loans out of the bank. Separately, the company is facing a civil money penalty from the FDIC tied to issues with a third-party payment processor.

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M&T's Wilmington Trust to pay $44M to settle allegations of loan fraud

10/11/17

Wilmington Trust and some of its executives had been accused of intentionally understating past-due loans in 2009 and 2010.

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Study shows 30% gender pay gap in financial services

07/06/17

PwC reports a modest improvement in its gender pay gap. A study finds a big gender pay gap in the U.K’s financial services industry. Plus, female founders speak out about sexual harassment and explain why they kept quiet before.

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Who owns what, really? In securities, Delaware may soon clear things up

07/05/17

Delaware corporations will soon be able to issue shares on a blockchain. Beyond the capital markets, the move has implications for the way banks stake their claims to collateral.

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State incorporation laws: Good for crooks, bad for banks

04/10/17

The allowance by some states for companies to incorporate without disclosing beneficial owner information significantly hampers anti-money-laundering efforts and drives up bank costs.

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Santander Consumer agrees to $26M settlement with state AGs

03/29/17

The subprime auto lender funded loans through a group of car dealers that it knew had track records of high default rates and fraud, authorities in Massachusetts and Delaware said.

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Satcon Technology Corp. Preference Actions Update

11/29/14

On October 17, 2014, Charles M. Forman, the Chapter 7 Trustee of the Satcon Technology Corp. bankruptcy estate, filed a number of complaints seeking the avoidance and recovery of alleged preferential transfers pursuant to Sections 547 and 550 of the Bankruptcy Code.  To review a prior post concerning the filing of these complaints, click here.

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Section 503(b)(9): “Receipt” of Goods Discussion

10/29/14

Under Section 503(b)(9) of the Bankruptcy Code, creditors may receive administrative-expense priority for the value of goods “received” by the debtor within 20 days before the debtor’s bankruptcy filing in which the goods have been sold to the debtor in the ordinary course of business. 11 U.S.C. § 503(b)(9).

The question becomes: when are goods considered to be “received” under Section 503(b)(9) of the Code?

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