Justices Set To Demystify Murky Safe Harbor Clawback Law
Law360, New York (May 1, 2017, 10:59 PM EDT) -- U.S. Supreme Court justices on Monday gave bankruptcy attorneys hope that they will resolve a troublesome disagreement among circuit courts over when safe-harbor transfers apply, a split that intensified last year after the Seventh Circuit upended a longstanding understanding of clawback law protections.
At hand in the case taken up by the high court is a dispute over whether the Seventh Circuit was correct in its decision last year to look beyond the text of the Bankruptcy Code to find that a safe harbor provision forcing trustees to honor transfers to securities and financial institutions doesn't protect transfers that only move through those...
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