A unanimous First Department panel held that funds holding bonds through Euroclear could sue and that a change in Chinese law did not excuse the issuer's nonpayment.
The court held that Reven's executives could not fault a judge for ruling without a hearing they had jointly asked to cancel, and it left the modified freeze in place.
A unanimous panel affirmed an Erie County judge who cut a securitized lender's legal fees and refused to stack note-rate interest on top of default interest.
A unanimous panel held that a business owing a funder 15% of its future receivables failed to show the deal was a loan, a necessary element of a usury defense.
The First Department held that Article 77 determinations that U.S. Bank reasonably accepted trust settlements in 2014 do not bar claims that U.S. Bank failed earlier to pursue Citigroup and JPMorgan over bad loans.
The appeals court affirmed Ohio's denial of a preliminary injunction and vacated Tennessee's grant, holding that prediction market contracts are not protected from state gaming laws.
The panel ruled that notes issued under indentures are not equity interests, but regular-interest certificates representing beneficial interests trigger the look-through exception, subjecting underlying mortgages to fiduciary duties.
A unanimous panel held that economist J. Gregory Sidak's suit against the International Trade Commission was neither too early nor too late, upholding a permanent injunction against an investigation built on an order from an ALJ whose appointment was never ratified.
The Second Circuit held that Switzerland's role in the UBS-Credit Suisse rescue was not commercial activity under the Foreign Sovereign Immunities Act, affirming dismissal of bondholders' claims over a $17.3 billion AT1 write-down.
The U.S. Supreme Court granted certiorari in several matters, including a Cisco case limited to two questions and consolidated FCC-related petitions set for one hour of argument.
The U.S. Supreme Court unanimously affirmed the Ninth Circuit, holding that the SEC may obtain disgorgement without first proving investors suffered pecuniary losses.