Bond restructurings, negotiated settlements with bondholders and bond insurers, and tough talk with unionized workers are on the agenda for the next six weeks.
Sapp v. Experian Info. Solutions Inc. (E.D. Pa.)
ORDER – Plaintiffs’ class action claimed Experian violated the Fair Credit Reporting Act by misstating (in form disclosures sent to consumers) its process for verifying the accuracy of credit information. The court approves a settlement in which Experian drops the offending paragraph from its forms and provides a two-year monitoring service worth $382 to each plaintiff.
In re Clean Burn Fuels LLC (Bankr. M.D.N.C.)
OPINION – Perdue supplied corn to debtor’s ethanol plant. The trustee claimed all corn housed at the plant as property of the estate. Perdue claimed to own the corn until it crossed a weighbelt, but the court ruled that corn stored in debtor’s bins was property of the estate, with Perdue retaining an unperfected security interest that could be avoided by the trustee.
Crawford v. LVNV Funding LLC (M.D. Ala.)
MEMORANDUM OPINION AND ORDER - Filing a proof of claim is not the same thing as attempting to collect a debt. Claim is not a violation of the Fair Debt Collection Practices Act even if claim is barred by statute of limitations.
The main goal of the SEC is to persuade thousands of cities, counties and other organizations that sell bonds into complying with its disclosure rules.
A look at the major events scheduled in bankruptcy court this week.
The city's bondholders face a heightened chance of default or bankruptcy under a plan released by a state-appointed emergency manager running the city, the ratings agency said.
The Chinese solar panel maker, whose main unit is in insolvency proceedings, said it reached an agreement with some lenders to further defer its loan obligations.
New York Legal
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