ANOTHER BANKRUPTCY BOOM? - Large corporate bankruptcies by Q3 have already surpassed total filings for 2022 and 2022, according to two reports out this week. This year still trails total commercial filings in 2020, but, as Law.com’s Dan Roe reports, large corporate bankruptcies are among the most common areas of insolvency for 2023. Meanwhile, filing rates accelerated this spring and held strong throughout the summer, according to BankruptcyData and Epiq Bankruptcy.
ON THE RADAR - John T. Ruskusky and Matthew W. Costello of Nixon Peabody have entered appearances for State Street Corp., a Boston-based financial holding company, in a pending securities lawsuit. The action, filed Sept. 9 in Massachusetts District Court by Demeo LLP on behalf of Insight Securities Inc., accuses State Street of failing to follow directives contained in four March 2018 transfer instructions that involved $8.3 million worth of securities owned by three of Insight’s customers. The case, assigned to U.S. District Judge Myong J. Joun, is 1:23-cv-12138, Insight Securities, Inc. v. State Street Bank and Trust Co. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.
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