The New York State Department of Financial Services urged the DOL to reconsider a proposed amendment that requires plan fiduciaries to recommend investments based solely on financial considerations, arguing that the amendment would discourage the consideration of environmental, social and governance-related investments.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
The Alternative Reference Rates Committee proposed legislation for New York, designed to provide clarity for legacy financial instruments and contracts that have no, or inadequate, fallback provisions addressing the cessation of LIBOR.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.
Cadwalader attorneys analyzed a decision by the U.S. Court of Appeals for the Second Circuit affirming a ruling dismissing constructive fraudulent conveyance claims based on the Bankruptcy Code's safe harbor protections for certain financial contracts.
In Vintage Rodeo Parent, LLC v. Rent-A-Center, Inc., the Delaware Court of Chancery determined that Rent-A-Center, Inc. properly ended its merger agreement with Vintage Capital Management LLC after Vintage neglected to submit a notice to extend the drop-dead date for its pending $1.37 billion buyout of Rent-A-Center.
On March 18, 2019, the U.S. Bankruptcy Court of the Southern District of New York enforced a mortgage lender's claim for a prepayment premium, despite the lender's prepetition acceleration of the loan due to the debtor's default.
The Delaware Court of Chancery denied a motion to dismiss a lawsuit brought by a stockholder who challenged a voting proxy agreement and two stock issuances concerning a corporate merger and an acquisition.
The Delaware Chancery Court decision serves as a powerful reminder of the broad freedom of contract that Delaware law accords entities such as LLCs. The decision offers the promise of great latitude to contracting parties and the threat of serious pitfalls for parties that fail to carefully protect their interests in the agreement.
Cadwalader attorneys reviewed a recent decision by the Delaware Court of Chancery that offers insight into the factors a court will consider persuasive in determining whether an enforceable oral contract has been formed between parties.
The First Department of the New York Appellate Division found that the seller of protection under a credit default swap ("CDS") did not act in bad faith when it took certain actions affecting the price of a security that effectively reduced the settlement amount owed by the seller under the CDS.
The Investment Company Institute criticized a State of California final feasibility report recommending the establishment of state-run, tax-advantaged, retirement investment plans for workers who do not have access to an employer-sponsored retirement savings plan.