Inside The 2nd Circ.'s Broad Reading Of Section 546(e)

Law360, New York (August 13, 2013, 1:24 PM EDT) -- The U.S. Court of Appeals for the Second Circuit recently affirmed a broad reading of the safe harbor of U.S. Bankruptcy Code Section 546(e), which protects from avoidance both “margin payments” and “settlement payments” as well as transfers made in connection with a “securities contract.”

In Quebecor, the Second Circuit affirmed decisions of the bankruptcy and district courts and held that the purchase by Quebecor World (USA) Inc. (“QWUSA”) of $376 million worth of notes issued by its affiliate, Quebecor World Capital Corp. (“QWCC”), was protected...
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