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Adam Levitin
Recent Activity
3M's earphone subsidiary, Aearo Technologies, filed for bankruptcy today in the Southern District of Indiana. This is looking like a really interesting case: it looks like a new generation of the Texas Two-Step strategy. Let's call it the Hoosier Hop.... Continue reading
Posted Jul 26, 2022 at Credit Slips
Venmo's changing the terms of its arbitration agreement, and the manner in which it is doing so is unfair and abusive to consumers. The CFPB and state attorneys general need to take action here to protect consumers. Here's the story.... Continue reading
Posted Apr 26, 2022 at Credit Slips
Exchanges play a key role in the cryptocurrency ecosystem, but no one seems to have given any consideration to so far is what happens when a cryptocurrency exchange that provides custodial services for its customers ends up in bankruptcy. We’ve... Continue reading
Posted Feb 2, 2022 at Credit Slips
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Earlier this month Professors Todd Zywicki and Thomas Miller, Jr. wrote an op-ed in the Wall Street Journal arguing against payday loan regulation, based on their new empirical paper. Miller & Zywicki wrote: Our findings will startle the rule writers... Continue reading
Posted Jan 28, 2022 at Credit Slips
I have an op-ed in ProMarkets about how Apple leverages control of the iPhone's NFC chip to push the dominance of its platform into new areas that let it hoover up more consumer data. The NFC (near field communication) chip... Continue reading
Posted Jan 12, 2022 at Credit Slips
My Georgetown colleague Jake Brooks and I have an op-ed in Politico about the best way to address the student loan debt problem. We argue that existing proposals for outright student debt relief, whether $10k, $50k, or everything, are problematic,... Continue reading
Posted Jan 12, 2022 at Credit Slips
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Remember when there were two dueling claimants for the title of CFPB Director? Well, we're now seeing a repeat of that conflict play out with the FDIC. The FDIC is governed by a five member board, consisting of the FDIC... Continue reading
Posted Dec 10, 2021 at Credit Slips
I have an op-ed in Bloomberg Law about the abuse of non-debtor releases. Many chapter 11 attorneys argue that non-debtor releases are an essential all-purpose deal lubricant and that the excesses of a few cases—Purdue Pharma, Boy Scouts—shouldn't result in... Continue reading
Posted Nov 16, 2021 at Credit Slips
President Biden has nominated Cornell Law Professor Saule Omarova to be the next Comptroller of the Currency. While the Office of the Comptroller of the Currency is not a well-known government agency outside of bank regulation circles, it is among... Continue reading
Posted Oct 7, 2021 at Credit Slips
I've been puzzling over two mysteries in the Coinbase saga: first, why does Coinbase care so much if Lend is deemed a security, and second, why did the SEC want the list of Coinbase customers who had signed up in... Continue reading
Posted Sep 13, 2021 at Credit Slips
"All fintech is regulatory arbitrage, to some degree," Felix Salmon writes at Axios. And he's right. In the last couple of days we've seen two striking examples. First, the CFPB entered into a consent order with the provider of Income... Continue reading
Posted Sep 9, 2021 at Credit Slips
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In 2020 the Massachusetts Attorney General brought one of the most significant consumer finance cases in years, a suit against subprime auto lender Credit Acceptance Corporation. If you haven’t heard of CAC, it’s a one of the largest subprime auto... Continue reading
Posted Sep 7, 2021 at Credit Slips
Judges Joan Feeney and Steven Rhodes and Professor Jay Westbrook and I have an op-ed supporting bankruptcy venue reform running in The Hill. Forum shopping has long been a problem in chapter 11, but with mass tort cases like Purdue... Continue reading
Posted Aug 6, 2021 at Credit Slips
I was really struck by a line in the Purdue Pharma plan objection of the Distributors, Manufacturers and Pharmacies (DMP). They called the Sacklers mere "out-of-the-money shareholders." That's 100% accurate. And it has important implications, one of which is in... Continue reading
Posted Jul 29, 2021 at Credit Slips
Purdue Pharma continues to peddle some malarkey about why it filed for bankruptcy in White Plains, New York. In response to my House Judiciary testimony yesterday, Purdue told the Stamford Advocate: Purdue Pharma Inc., the general partner of Purdue Pharma... Continue reading
Posted Jul 29, 2021 at Credit Slips
In the wake of today's House Judiciary Committee hearing, I got a text from an attorney who pointed out that if the Sacklers themselves filed for bankruptcy, creditors could raise non-dischargeability challenges under section 523, including for "willful and malicious... Continue reading
Posted Jul 28, 2021 at Credit Slips
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The Department of Justice appears to be mumbling out of both sides of its mouth in the Purdue Pharma bankruptcy. On July 19, DOJ filed a "statement" regarding the release of the Sacklers. Not an "objection," but a statement that... Continue reading
Posted Jul 27, 2021 at Credit Slips
I'm testifying before the House Judiciary Committee on Wednesday at a hearing entitled "Confronting Abuses of the Chapter 11 System." My written testimony can be found here. It touches on six topics: Non-debtor releases Judge-picking Lack of appellate review (especially... Continue reading
Posted Jul 26, 2021 at Credit Slips
There's a new fad in fraudulent transfers. It's called the Texas Two-Step. Here's how it goes. A company has a lot of tort liabilities (e.g., asbestos, talc, benzene, Roundup). The company transforms into a Texas corporate entity (the particular type... Continue reading
Posted Jul 19, 2021 at Credit Slips
The 2d Circuit this week joined the 5th and 10th Circuits in holding that the discharge exception in 11 U.S.C. § 523(a)(8)(A)(ii) for "an obligation to repay funds received as an educational benefit, scholarship, or stipend" doesn’t cover private student... Continue reading
Posted Jul 16, 2021 at Credit Slips
The Sacklers decided not to proceed with their threatened sanctions motion. Their counsel wrote to the case distribution list: After having heard from several parties that the motion served yesterday may be counterproductive to the deal, we are withdrawing the... Continue reading
Posted Jul 16, 2021 at Credit Slips
Judges sometimes have to recuse themselves from hearing cases because of financial or personal interests. Some of those conflicts can be spotted in advance, and judges will have standing recusal lists filed with the clerk of the court to keep... Continue reading
Posted Jul 15, 2021 at Credit Slips
Every time I think the Purdue Pharma bankruptcy couldn't get crazier, it does. The latest development is that some of the Sacklers (the Raymond branch) are seeking sanctions against five of the holdout non-consenting states for allegedly false statements in... Continue reading
Posted Jul 15, 2021 at Credit Slips
I have an op-ed out in The Hill about who should control consumer financial data. Consumer financial data is basically the most valuable type of consumer data you can find because it is so easy to monetize. Not surprisingly, banks... Continue reading
Posted Jul 6, 2021 at Credit Slips
Another recent Purdue docket item caught my notice. It is an order approving a settlement between Peter Jackson, the parent of a teenage opioid overdose victim, and Purdue and the Personal Injury Ad Hoc Committee regarding discovery requests that Purdue... Continue reading
Posted Jul 3, 2021 at Credit Slips