Litigation, USA updates

Third Circuit finds non-debtor cannot assert DUFTA claim
Norton Rose Fulbright LLP
  • USA
  • 10 April 2018

The Third Circuit recently held that non-debtor subsidiaries cannot be liable for allegedly fraudulent transfers under the Delaware Uniform Fraudulent Transfer Act. The case arose out of a mining company's efforts to enforce a $1.2 billion arbitral award that it had obtained against the Bolivarian Republic of Venezuela. This decision is likely to be relevant to other proceedings, including the multiple pending proceedings against Venezuela arising out of its economic nationalisation from 2007 to 2011.

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