Q3 large corporate bankruptcies have surpassed the total filings for 2021 and 2022 according to reports out this week. Despite this uptick, the year is still trailing behind the total commercial filings of 2020. Dan Roe from Law.com points out that large corporate bankruptcies are being marked as one of the most prevalent areas of insolvency for 2023. The filing rates saw a sharp rise in spring and maintained their strong pace throughout summer, states data from BankruptcyData and Epiq Bankruptcy.
State Street Corp., the Boston-based financial holding company, is currently confronting a securities lawsuit, with John T. Ruskusky and Matthew W. Costello from Nixon Peabody making appearances on their behalf. The lawsuit, filed on September 9 in Massachusetts District Court, alleges that State Street failed to adhere to directives noted in four March 2018 transfer instructions. These instructions involved $8.3 million in securities originally owned by three Insight Security’s customers.
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