Search Results for: bankruptcy

Judge John Dorsey of the United States Bankruptcy Court District of Delaware rejected in part and ruled in favor in part of a motion Friday by bankrupt cryptocurrency trading company FTX’s debtors and the Official Committee of Unsecured Creditors requesting the company’s customer list stay private. Dorsey ruled individual customer names would remain permanently sealed [...]

The US Court of Appeals for the Second Circuit ruled on Tuesday that the Sackler family, owners of Purdue Pharma, shall be granted immunity from current and future civil legal claims in exchange for a $6 billion settlement. This settlement will go towards efforts to help those suffering from opioid addiction. The Sackler family will [...]

The US Supreme Court on Thursday ruled against a group of Puerto Rico journalists who were seeking documents from the island’s financial oversight board, saying that the board is protected from such information requests by sovereign immunity. The case, Financial Oversight and Management Board for Puerto Rico v. Centro de Periodismo Investigativo, asked the court [...]

ProPublica Thursday reported that US Supreme Court Justice Clarence Thomas failed to disclose that conservative donor Harlan Crow’s holding company paid thousands of dollars in tuition for Thomas’s great-nephew, whom Thomas was raising “as a son.” The nonprofit news organization obtained a bank statement showing that Crowe made a $6,200 payment, or one month’s tuition, to [...]

The US Supreme Court Monday heard oral arguments in Lac du Flambeau Band v. Coughlin, which focuses on the effect of the Bankruptcy Code on the sovereign immunity of Native American tribes. The court will consider the question of whether Congress intended to allow people to sue Native American tribes in bankruptcy disputes and will [...]

The US Supreme Court Wednesday ruled in a slip opinion that a Chapter 7 bankruptcy debtor cannot discharge a debt that resulted from her partner’s fraudulent activity under 11 U.S.C. § 523(a)(7)(A). Justice Amy Coney Barrett authored the unanimous opinion. The statute at issue bars debtors from discharging debts “for money…obtained by…fraud.” The court ruled [...]

Crypto firm Paxos Trust Company LLC Monday announced the New York Department of Financial Service (NYDFS) ordered them, effective February 21, to cease issuing new BUSD tokens with fellow crypto firm Binance. However, Paxos “will continue to manage BUSD dollar reserves.”  Paxos claimed that, throughout the company’s existence, it “has always prioritized the safety of [...]

The US Court of Appeals for the Third Circuit Monday ruled against Johnson and Johnson’s (J&J) attempt to resolve its multi-billion dollar litigation over claims that its talcum-based powders were carcinogenic. The decision reversed an early Bankruptcy Court order in favor of J&J. The circuit court’s decision is the first judicial rejection of the so-called [...]

A gazette notification issued Friday by the Sri Lankan President’s secretary announced that President Ranil Wickremesinghe has suspended parliament until February 8, when he is to announce new long-term policies to address various issues. One of these issues is the economic crisis and clear bankruptcy Sri Lanka faces. These policies will continue to be in [...]

West Virginia Attorney General Patrick Morrisey announced Wednesday that pharmacy retailer Walgreens has agreed to pay an $83 million settlement over its opioid distribution practices within an 8-year period. The state of West Virginia sued the pharmacy chain, along with others, for failure to maintain “effective controls against diversion as a distributor and dispenser,” which [...]