Whyte V. Barclays Follows The 546 Safe Harbor Trend
Law360, New York (June 18, 2013, 5:17 PM EDT) -- On June 11, 2013, Southern District of New York Judge Jed Rakoff dismissed the complaint of the trustee for the SemGroup estate seeking to avoid a novation made to Barclays pre-bankruptcy under a swap agreement. The court held that the pre-bankruptcy transaction constituted a safe harbored transfer made in connection with a swap agreement and thus could not be avoided by the estate.
The court held further that the safe harbor applied to actions brought under state law fraudulent transfer theories, not just those brought under federal law. Judge Rakoff stated that to permit the trustee to proceed under state law...
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