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Financial Services & E-Commerce

Market Regulation: A Look Back, and a Look Forward - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
Jeffrey T. Dinwoodie, Annette L. Nazareth June 23, 2015

Over the past several years there has been a heightened interest in the operation and structure of the U.S. securities markets. Annette Nazareth and Jeffrey Dinwoodie explained the history and development of our current equity market structure. They also shed light on some of the key issues currently being debated and provided an update on the SEC’s activities in this area.

  • Jeffrey T. Dinwoodie, Associate, Davis Polk & Wardwell LLP
  • Annette L. Nazareth, Partner, Davis Polk & Wardwell LLP

Wellness International Network v. Sharif - Post-Decision SCOTUScast

SCOTUScast 6-22-15 featuring Thomas Plank.
Thomas Plank June 22, 2015

On May 26, 2015, the Supreme Court delivered its opinion in Wellness International Network, Limited v. Sharif.  This case relates to the Court’s 2011 decision in Stern v. Marshall, in which the Court held that Congress violated Article III by authorizing bankruptcy judges to decide certain claims for which litigants are constitutionally entitled to an Article III adjudication. Here the question is whether Article III allows bankruptcy judges to adjudicate such claims with the parties’ consent. 

In an opinion delivered by Justice Sotomayor, the Court held by a vote of 6-3 that Article III permits bankruptcy judges to adjudicate Stern claims with the parties’ knowing and voluntary consent. The judgment of the Seventh Circuit was reversed and the case was remanded. 

Justice Sotomayor’s opinion was joined by Justices Kennedy, Ginsburg, Breyer, and Kagan, and by Justice Alito in part.  Justice Alito filed an opinion concurring in part and concurring in the judgment. The Chief Justice filed a dissenting opinion, joined by Justice Scalia and by Justice Thomas as to Part I.  Justice Thomas also filed a dissenting opinion. 

To discuss the case, we have Thomas Plank, who is the Joel A. Katz Distinguished Professor of Law at the University of Tennessee College of Law.

Consumer Financial Protection Bureau Update - June 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser June 17, 2015

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on recent important activity at the Consumer Financial Protection Bureau (CFPB).

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP

Harris v. Viegelahn and Bullard v. Hyde Park Savings Bank - 6-2-15

Post-Decision SCOTUScast featuring Zvi Rosen
Zvi Rosen June 02, 2015

The Supreme Court recently issued two unanimous decisions in bankruptcy cases, Harris v. Viegelahn and Bullard v. Hyde Park Savings Bank

Harris v. Viegelahn, decided on May 18, involved the conversion of a Chapter 13 bankruptcy case into a Chapter 7 bankruptcy case. In Chapter 13 bankruptcy, the debtor is permitted to keep his assets but his postpetition wages are property of the bankruptcy estate and may be distributed to creditors. In Chapter 7 bankruptcy, the debtor’s assets are immediately liquidated and made available to creditors--but postpetition wages remain the debtor’s. The question in this case was whether, upon conversion from Chapter 13 to Chapter 7, postpetition wages still in the hands of the Chapter 13 trustee remain available to creditors, or must instead be returned to the debtor. In an opinion delivered delivered by Justice Ginsburg, the Court held unanimously that the debtor was entitled to the return of any postpetition wages not yet distributed by the Chapter 13 trustee.  The contrary judgment of the Fifth Circuit was reversed and the case remanded.

Bullard v. Hyde Park Savings Bank, decided on May 4, concerned whether a debtor could appeal a bankruptcy court's order denying confirmation of the debtor's proposed repayment plan. In an opinion delivered by Chief Justice Roberts, the Court held unanimously that the order denying confirmation was not a final order subject to immediate appeal.  The judgment of the First Circuit, which had dismissed the debtor’s appeal for lack of jurisdiction, was affirmed.

To discuss these cases, we have Zvi Rosen, who is a Visiting Assistant Professor of Law at the Hofstra University Maurice A. Deane School of Law.

Consumer Financial Protection Bureau Update - May 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser May 21, 2015

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on important activity at the Consumer Financial Protection Bureau (CFPB).  Developments included the CFPB's adoption of a final policy on publishing consumer complaint narratives, a moratorium on credit card issuers submitting their credit card agreements to the CFPB, the Office of Management and Budget's threat of recommending the veto of a bill that would reduce the CFPB's budget by 0.1% over then next ten years, and the D.C. Circuit Court of Appeals decision to uphold the dismissal on procedural grounds in Morgan Drexen, Inc. v. CFPB, a suit challenging the constitutionality of the CFPB.

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP