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2nd Circuit

Securities Invest. Protection Corp. v. 2427 Parent Corp. (In re Bernard L. Madoff Invest. Securities LLC)

Citation: 
Nos. 14‐97‐bk(L) (August Term 2014)
Ruling: 
The Securities Investor Protection Act, 15 U.S.C. § 78aaa, et seq. (“SIPA” or “the Act”), does not permit an inflation or interest adjustment to “net equity” claims for customer property.
Judge(s): 
STRAUB, WESLEY, and LIVINGSTON
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Andrews v. McCarron

Citation: 
No. 14-1422-bk (2nd Cir. February 11, 2015) (Summary Order)
Ruling: 
In Summary Order, with no precedential effect, the Court held that individual debtors were collaterally estopped in the context of non-dischargeablity litigation in bankruptcy from relitigating whether their conduct underlying a judgment obtained against them in a different court prior ...
Judge(s): 
Barrington D. Parker, Peter W. Hall, and Debra Ann Livingston, Circuit Judges
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Kirschenbaum v. U.S. Dept. of Labor (In the Matter of Robert Plan Corp.)

Citation: 
No. 14-1144 (2d Cir.) (Feb. 5, 2015)
Ruling: 
Although the trustee is required to administer the debtor corporation's ERISA plan under 11 U.S.C. 704(a)(11), the bankruptcy court lacks jurisdiction to award compensation from the assets of the plan to the trustee and his professionals for services performed administering ...
Judge(s): 
Katzman, Lohier & Droney
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Lucas v. Dynegy Inc. (In re Dynegy, Inc.)

Citation: 
No. 13-2581, Slip Op. (2d Cir. Oct. 31, 2014)
Ruling: 
The circuit court affirmed the district court's ruling that the appellant lacked standing to opt out of or object to the reorganization plan on behalf of a putative class in a separate securities class action. They likewise affirmed the ...
Judge(s): 
Murtha, J. (sitting by designation); Walker, J.; Hall, J.
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Official Committee of Unsecured Creditors of Motors Liquidation Co. v. JP Morgan Chase Bank (In re Motors Liquidation Co.)

Citation: 
2015 U.S. App. LEXIS 859 (2nd Cir. Jan. 21, 2015)
Ruling: 
A secured party's authorization to file a UCC-3 termination statement of a UCC-1 Financing Statement filed under the Article 9 of the Uniform Commercial Code (UCC) is all that is required to effectuate a termination of the filed Financing Statement; ...
Judge(s): 
Winter, Wesley and Carney
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Official Committee of Unsecured Creditors of Motors Liquidation Co. v. JP Morgan Chase Bank

Citation: 
Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank, N.A. (In re Motors Liquidation Company), Docket No. 2013-02187, --- F.3d --- (2d. Cir. Jan. 21, 2015)
Ruling: 
The UCC-3 termination statement filed by the debtor terminating three UCC-1s, including one mistakenly included that related to a separate term loan, was effective to terminate the security interest in the term loan even though the secured creditor did not ...
Judge(s): 
Winter, Wesley, and Carney, Circuit Judges
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Harbour Trust Co. Ltd. v. Aaron (In re Plusfunds Group, Inc.)

Citation: 
Case No. 14-817-bk(L) (2d Cir. Jan. 21, 2015) (Summary Order, not precedential)
Ruling: 
Second Circuit held that the bankruptcy court abused its discretion when it denied a motion to reopen the bankruptcy case without considering what prejudice, if any, would result from granting the request. After recognizing that the decision to grant ...
Judge(s): 
Winter, Cabranes, Raggi
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Angio Dynamics, Inc. v. Biolitec, Inc.

Citation: 
Docket No. 12-4364-cv (2nd Cir. January 9, 2015)
Ruling: 
Non-party parent of debtor in appellate litigation was not permitted to be substituted for its subsidiary that settled underlying litigation (through its bankruptcy trustee) and dismissed appeal, since Federal Rule of Appellate Procedure 43(b) applies only when a party is ...
Judge(s): 
Cabranes, Hall, Chin, Circuit Judges
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National Credit Union Administration Board v. Golman, Sachs & Co.

Citation: 
December 23, 2014 Second Circuit Court of Appeals Docket No. 14-312-cv, 2014 U.S. App. LEXIS 24390
Ruling: 
The Second Circuit Court of Appeals affirmed the District Court’s decision that the National Credit Union Administration Board (“NCUA”), acting as liquidating agent for a failed credit union (the “CU”), was empowered by 12 U.S.C. § 1787( c ) to ...
Judge(s): 
Winter, Leval, and Lynch, Circuit Judges:
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Picard v. Ida Fishman Revocable Trust (In re Bernard Madoff Investment Securities LLC)

Citation: 
12-2557-bk(L)
Ruling: 
SIPA Trustee's avoidance claims to recover fictitious profits paid by Bernard L. Madoff Securities LLC to hundreds of customers were not avoidable and fell within the section 546(e) safe harbor because such payments constituted securities-related payments. Section 546(e) applied ...
Judge(s): 
Parker, Lynch and Droney
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