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New Cases For the Week of February 18, 2008 - February 22, 2008
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Click here to search prior New Opinion summaries.
| February 21, 2008 |
Case |
Court |
Holding |
The HA 2003 Liquidating Trust v. Credit Suisse Sec. (USA) LLC
(DBN Subscription Required) |
7th Cir. |
In a suit by a trust set up to collect money for a bankrupt company's creditors against an investment banker that advised the company during a disastrous deal, judgment for defendant is affirmed where the investment banker was not grossly negligent in issuing a fairness report approving of the deal since it relied on inaccurate numbers provided by the company, and was under no contractual duty to revise its report after technology stocks began an industry-wide downturn. |
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| February 20, 2008 |
Case |
Court |
Holding |
Fox v. Koplik
(DBN Subscription Required) |
Bankr. SD NY |
In a breach of fiduciary duty case by a trustee against a debtor's insider, the testimony of a lay witness (the trustee's CPA who had investigated the debtor's and insider's activities) the admission of lay opinion testimony that
was based on a combination of a lay witness’s observations and his knowledge of
business custom and the business community’s understanding of certain kinds of
transactions and business concepts was not allowed, except to the extent that the witness own perceptions. |
In re AlphaStar Insur. Group
(DBN Subscription Required) |
Bankr. SD NY |
Defendants' motions to dismiss claims based upon deepening insolvency are granted, except as to avoidance claims. |
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| February 18, 2008 |
Case |
Court |
Holding |
In re Johns-Manville Corporation
(DBN Subscription Required) |
2nd Cir. |
Order of district court affirming in part and vacating in part the determination of the bankruptcy court regarding an objector's motions for approval of certain settlement agreements and for entry of a Clarifying Order, is reversed as the bankruptcy court erred insofar as it enjoined suits that, as a matter of state law, are predicated upon an independent duty owed by objector to the appellants, that do not claim against the res of debtor's estate, and that seek damages in excess of and unrelated to debtor's insurance policy proceeds. |
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