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Join the Securities Litigation and Enforcement Group on LinkedInSEC challenges billionaire’s bankruptcy filing | Bloomberg
Samuel Wyly, the billionaire investor who filed for bankruptcy earlier this week, is trying to burn through cash with extravagant spending before his assets can be frozen in a Securities and Exchange Commission civil suit, lawyers for the agency told a judge. via SEC challenges billionaire’s bankruptcy filing | Bloomberg
Madoff trustee is dealt fresh legal setback — Reuters
In a decision on Sunday, U.S. District Judge Jed Rakoff said the trustee, Irving Picard, could not invoke federal bankruptcy law to recover money transferred outside the United States between foreign entities, citing a presumption that the law does not apply extraterritorially. via Madoff trustee is dealt fresh legal setback — Reuters
Federal judge overseeing Madoff liquidation dies — Reuters
The federal bankruptcy judge presiding over the liquidation of assets related to Bernard Madoff’s epic Ponzi scheme has died, a clerk to the U.S. Bankruptcy Court in New York said on Monday. U.S. Bankruptcy Judge Burton Lifland, 84, died on Sunday, according to the clerk, Vito Genna. Genna said he did not know the cause […]
Guest Post: Bankruptcy in Securities Class Actions: Case Outcomes, Individual Liability and Side A Protection — The D & O Diary
…The data indicate that cases involving bankrupt companies are in fact successful for plaintiffs more than are cases against solvent companies. Among cases filed since 2000, only 29% of cases involving bankrupt companies were dismissed or voluntarily dropped, compared to 46% of cases against solvent companies. The low rate of dismissal for these cases suggests that they […]
Hedge Funds Appeal “Gross Injustice” Of WaMu Ruling
Funds argue opinion “rewrote the rules for these cases retroactively — invoking a series of new legal standards.”
Judge Says Hedge Funds May Have Used Inside Information
Court questions whether hedge funds used confidential information to trade in the debt of Washington Mutual.
April 7 Webcast: Prosecuting and Defending Constructive Fraudulent Transfer Claims
Please join Alan Stone, Jeff Litvak and Jack Schwager for this free webcast.
Madoff Feeder Fairfield Seeks U.S. Court Protection
Major Madoff feeder fund seeks U.S. recognition of British Virgin Islands bankruptcy case.
E&Y Shoots Back at Critics of Lehman Audit
E&Y client letter on “Repo 105” surfaces on re: The Auditors blog.
Madoff Bankruptcy Judge Enables Immediate Appeal of Controversial Damages Calculation Order
Judge’s certification of controversial order allows immediate appeal.