Forum
U.S. Supreme Court
Case Status
Decided
Docket Number
Term
Cert. Denied
Lower Court Opinion
Questions Presented
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.
Case Updates
Cert. petition denied
June 01, 2020
U.S. Chamber urges Supreme Court to review whether a bankruptcy trustee may use the Bankruptcy Code to claw back purely foreign transactions between foreign entities or whether such claims are barred by the presumption against extraterritoriality
October 02, 2019
Click here to view the amicus brief filed jointly by the U.S. Chamber, Securities Industry and Financial Markets Association, and the Institute of International Bankers.
Jeffrey A. Udall of Walden Macht & Haran LLP served as co-counsel for the amici.
Case Documents
- Lower Court Opinion -- HSBC Holdings PLC v. Picard (Second Circuit).pdf
- Cert. Petition -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf
- Appendix -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf
- U.S. Chamber and SIFMA IIB Amicus Brief -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf
- Picard Brief in Opposition -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf
- SIPC Brief in Opposition -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf
- Reply Brief for Petitioners -- HSBC Holdings PLC v. Picard (U.S. Supreme Court).pdf