A Japanese bank agreed to pay the New York State Department of Financial Services $33 million to settle claims relating to the conduct occurring prior to the bank's conversion of its state-licensed branches to federally licensed branches in November 2017.
Cadwalader attorneys analyzed a Third Circuit decision holding that distributions to a debtor's first lien creditors are governed by the Bankruptcy Code and not an intercreditor agreement's waterfall provision on the enforcement of collateral remedies.
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