Topic: Fraud investigations
“Pharma Bro” group files Ch11 following antitrust suit
A biopharmaceutical group whose founder Martin Shkreli infamously hiked the price of one of its best-selling drugs by 4,000% has entered Chapter 11, citing “reputation harm” and expensive litigation caused by Shkreli’s leadership.
16 May 2023
Cuban debt was validly assigned but guarantee was not, English court finds
An offshore fund holding defaulted Cuban sovereign debt obtained the necessary consents to be assigned that debt and may pursue enforcement against the state’s former central bank, an English court has found – but it did not obtain consent to transfer accompanying guarantees provided by the Cuban government.
05 April 2023
Willkie partner joins Greenberg as European restructuring co-head
Greenberg Traurig has hired a partner from Willkie Farr & Gallagher’s Italian affiliate to co-chair its restructuring and compliance groups.
04 April 2023
Rajah & Tann partners set up conflict resolution boutique in Singapore
Two former Rajah & Tann partners have quit the firm with eight colleagues to set up what they say is a “first-of-its-kind” boutique in the Lion City.
03 April 2023
INSOL International, New Delhi: does Instagram make asset tracing easier?
Is the current class of unscrupulous businessmen and women worried more about likes than the law? At INSOL International’s first in-person event in India since the start of the covid pandemic, practitioners discussed cross-border asset tracing in India and whether discretion is a dying art among fraudsters.
27 March 2023
Foreign banks and investors accused of “aiding” FTX fraud in Miami suit
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
Fraudulent debt can’t be discharged through bankruptcy, US Supreme Court rules
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
Estonian trustee secures Ch15 recognition to investigate alleged fraud
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
FTX authorised to retain S&C in face of “incendiary” last-minute allegations
Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.
20 January 2023
Celsius ruling “should be helpful” to FTX customers, ex-CEO faces fraud suit
After a New York court ruled this week that bankrupt crypto brokerage Celsius owns funds deposited by thousands of investors, lawyers in the US and Singapore tell GRR the decision provides important drafting lessons and may prove a useful precedent for FTX customers.
06 January 2023