An FTX customer has launched a class-action in Florida against several prominent US and foreign entities – including Singapore’s state-owned wealth fund Temasek Holdings and Japan’s Softbank – who he accuses of “aiding and abetting” the collapsed crypto group’s alleged US$8 billion Ponzi scheme.
23 February 2023
A debt obtained by fraud cannot be discharged through the US bankruptcy system, the country’s highest court has ruled, even if the debtor is not themselves culpable for the fraudulent act.
22 February 2023
Citing a recent Third Circuit decision rejecting Johnson & Johnson’s Texas two-step bankruptcy, asbestos claimants have moved to dismiss a long-running Chapter 11 case filed by a subsidiary of US multinational Koch Industries.
21 February 2023
The Estonian trustee of an allegedly fraudulent crowdfunding platform has secured recognition of his appointment in Miami to help him track down assets and funds he believes are held in the US.
20 February 2023
The joint official liquidators of three Cayman-incorporated investment funds are seeking recognition in New York so they can gain control over US assets and support cooperation between US and Cayman courts.
16 February 2023
Courts in The Bahamas and the US have agreed to recognise FTX’s insolvency processes in each other’s jurisdictions, while the US Trustee has failed in a bid to appoint an independent examiner to investigate allegations of fraud by the crypto group.
15 February 2023
On the back of recent hires in the US and the UK, King & Spalding has added a partner from Katten Muchin Rosenman in Chicago, who brings with him experience working on the novel cross-border restructuring of Chinese solar panel manufacturer LDK Solar.
14 February 2023
A Cayman Islands liquidation under Section 92(e) of the Companies Act is not necessarily a foreign proceeding that can be recognised under Chapter 15 of the US Bankruptcy Code, warn Norton Rose Fulbright senior counsel Francisco Vazquez in New York and associate Michael Berthiaume in Dallas, as they examine a recent ruling from the Southern District of New York.
14 February 2023
Hogan Lovells is advising a security trustee that has filed a bankruptcy petition against a Ukrainian grain terminal operator on behalf of a pair of US investors, after successfully obtaining a worldwide freezing order from an English court against its owners last month.
13 February 2023
After buying time to restructure its US business with an offering of so-called “death spiral convertibles” to institutional investors last week, American homeware chain Bed Bath & Beyond has placed its Canadian arm into bankruptcy.
13 February 2023
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