HSBC Holdings PLC v. Picard
U.S. Supreme Court
1. Whether applying Bankruptcy Code Section 550(a)(2) to permit recovery of the proceeds of a foreign transaction that occurred abroad between two foreign parties governed by foreign law constitutes a “domestic” application of Section 550(a)(2) for the purpose of an extraterritoriality analysis.
2. Whether a bankruptcy court’s and district court’s abstentions from applying U. S. law on grounds of international comity should be reviewed for abuse of discretion, as all seven other circuits that reached the issue have held, or de novo, as the court below held.