On Sunday of July 4th weekend, U.S. District Judge Jed Rakoff ruled that those provisions do not reach beyond U.S. borders for purely foreign transactions.
Last week, Judge Rakoff of the U.S. District Court for the Southern District of New York addressed whether section 550(a)(2) of the U.S. Bankruptcy Code applies to wholly foreign transfers. This Client Advisory discusses Judge Rakoff’s decision and its implications for non-U.S. creditors.
