Partner Vince Lazar Co-Leads Group that Proposed Bankruptcy Rules Approved by CFTC
Our Pro Bono Commitment
Jenner & Block Partner Vincent E. Lazar served as co-chair of the American Bar Association’s Joint Part 190 Rules Subcommittee, a group of lawyers, market participants and regulators who worked to rewrite the Commodity Futures Trading Commission regulations governing commodity broker bankruptcy cases.
The ABA subcommittee started its work in 2015, formally submitted a new set of proposed rules to the CFTC in 2017, and continued to work with the CFTC thereafter to refine the proposal. On April 14, 2020, the full commission unanimously approved the proposed rules for public comment, with final approval slated for later this summer. Several commissioners and CFTC leadership recognized the pro bono work of the ABA subcommittee at the April 14 public commission meeting.
To learn more, see the CFTC’s press release here.
Team Wins Victory for Former Students of Now-Defunct ITT Technical Institute in “Landmark” Settlement
Students of the for-profit chain would have nearly $600 million wiped out under a preliminary settlement approved by a federal bankruptcy judge on January 24, 2018. The settlement acknowledges that students who attended the college between 2006 and 2016 have a $1.5 billion claim against ITT, which closed abruptly in 2016. The settlement is expected to be finalized in June.
The team representing the student class in this pro bono matter includes Partners Melissa M. Root, Catherine L. Steege and Brian Hauck; they are serving with Harvard University’s Project on Predatory Student Lending.
“ITT perpetrated a massive fraud on students, lying to them about everything from tuition costs to their own accreditation status, and left thousands of students in massive debt that they never should have had,” said Eileen Connor, a director of litigation at the Project on Predatory Student Lending, in a press release. “This landmark settlement provides important and necessary relief to those students. ITT’s estate has now cancelled the debts of its students because of ITT’s fraudulent actions, and it’s time for the Department of Education and all private holders of ITT debt to do the same.”
News of the settlement was reported by several media outlets including the Boston Globe and the Washington Post.