Contributor Highlights

Camisha Simmons

Bankruptcy Court Orders Bank to Disgorge Over $1.5 Million for Allowing Account Overdrafts

A recent decision of the United States Bankruptcy Court for the Northern District of Iowa serves as a reminder that banks should proceed with caution when relaxing bank procedures to appease large account holders. In the bankruptcy case Sarachek v. Luana Savings Bank (In re Agriprocessors, Inc.), the court ordered a bank to disgorge over $1.5 million for allowing repeated account overdrafts, which the chapter 7 bankruptcy trustee successfully argued were essentially short-term loans made to the debtor by the bank prior to the bankruptcy filing.

Ted Keyes

Subrogation: A Primer and Discussion of Recent CERCLA Cases

In the last few years, several recent cases have discussed the subrogation rights of insurers in the context of environmental clean-up cost claims under CERCLA. We gave a primer on subrogation and then discussed these CERCLA cases in our most recent Corporate Law Insurance Column in the New York Law Journal.