Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Transfer of WorldCom Fraud Claim Rejected
The District Court for the Southern District of New York has rejected an attempt by nine New York City pension funds to have their fraud case against the former Chief Operating Officer of WorldCom Inc. and others transferred to state court. New York City Employees Retirement System v. Ebbers (In re WorldCom, Inc. Securities Litigation), No. 02 Civ. 8981 (March 3, 2003).
The pension funds argued that their fraud claim should be heard in state court because it was not 'related to' the bankruptcy within the meaning of the Code's subject matter jurisdiction provision, 28 U.S.C. ' 1334 (b). In addition, even if bankruptcy jurisdiction existed, the pension fund claimed that the federal court should abstain from exercising jurisdiction or at least remand the case to state court based on equitable considerations. The defendants, including WorldCom directors and underwriting investment banks, replied that the 'related-to' standard was met by the indemnification and contribution rights asserted against the company and company insurance policies covering the directors.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?