Strategic Adoption of Forum-Selection Bylaws

The suggestion in In re Revlon Shareholders Litigation, that forum-selection bylaws may be enforceable and the subsequent enforcement of such bylaws in Boilermakers Local 154 Retirement Fund v. Chevron, has resulted in the strategic adoption of forum-selection bylaws in connection with major transactions, such as mergers. 

Chancery Appoints Liquidating Trustee to Assist With Windup

In Comerica Bank v. Global Payments Direct, the Delaware Court ofChancery appointed a liquidating trustee to assist with and oversee the winding up of Global Payments ComericaAlliance LLC pursuant to Section 18-803(a) of the Delaware Limited Liability Company Act.

Bankruptcy Court’s Refusal to Appoint Financial Group as Estate Professional Is Not Misconduct

In In re Complaint of Judicial Misconduct, the United States Court of Appeals for the Ninth Circuit rejected a complaint for judicial misconduct filed by the principal owner of a financial group against a sitting bankruptcy judge who refused to approve the appointment of the financial group based on the judge’s view that the financial group had disregarded the terms of retention orders entered by the judge in other cases.

When a Settlement No Longer Is Consensual

A quick review of Bankruptcy Rule 9019 makes clear that the settlement requires court approval. But does this mean that no settlement is binding until approved by the court, such that a party can unilaterally walk away before that point?