Statutory Direct Action Settlement Counsel’s appeal of the District Court’s March 1, 2012 order reversing the Bankruptcy Court’s January 20, 2011 final judgment was argued before the Second Circuit Court. The Court has taken the matter under advisement. Further updates will be issued as the case progresses.

Statutory Direct Action Settlement Counsel’s appeal of the District Court’s March 1, 2012 order reversing the Bankruptcy Court’s January 20, 2011 final judgment has been set for oral argument before the Second Circuit on January 10, 2013.  Further updates will issued as the case progresses.

On March 15, 2012, Statutory Direct Action Settlement Counsel appealed the District Court’s March 1, 2012 order reversing the Bankruptcy Court’s January 20, 2011 final judgment to the Second Circuit Court of Appeals.  It is anticipated that briefing on the appeal will be completed in October.  Further updates will issued as the case progresses.

On March 1, 2012, the United States District Court for the Southern District of New York reversed the Bankruptcy Court’s January 20, 2011 final judgment on the December 16, 2010 order granting, inter alia, Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement.  Further updates will issued as the case progresses.

The hearing to complete oral argument on Travelers’ appeal to the United States District Court for the Southern District of New York of the January 20, 2011 final judgment on the December 16, 2010 order granting, inter alia, Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement settlement proceeds has been scheduled for January 9, 2012.  Further updates will issued as the case progresses.

The issues raised in Travelers’ appeal to the United States District Court for the Southern District of New York of the January 20, 2011 final judgment on the December 16, 2010 order granting, inter alia, Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement settlement proceeds have been briefed. Oral argument before the District Court was commenced on October 26, 2011, but was adjourned before the argument was completed. A date for the oral argument to be completed has not yet been set. Further updates will issued as the case progresses.

Travelers today filed a notice that it is appealing to the United States District Court for the Southern District of New York the January 20, 2011 final judgment on the December 16, 2010 order granting, inter alia, Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement settlement proceeds. Further updates will be issued as the case progresses.

The Bankruptcy Court for the Southern District of New York today entered a unitary final judgment on its December 16, 2010 order granting, inter alia, Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement settlement proceeds. Travelers has signaled that it intends to appeal this judgment. In addition, the Bankruptcy Court today entered a stipulated order modifying the Statutory Direct Action Settlement Fund Distribution Procedures Claims Filing Deadline. The Statutory Direct Action Settlement Fund Distribution Procedures Claims Filing Deadline is now March 16, 2011. Further updates will be issued as the case progresses.

On December 16, 2010, the Bankruptcy Court for the Southern District of New York entered an order granting Statutory Direct Action Settlement Counsel’s motion to compel payment of the Statutory Direct Action Settlement Agreement settlement proceeds. On December 17, 2010, Travelers filed a motion requesting that the Court’s order be entered as a judgment and that there be a stay of execution of the judgment pending appeal. Statutory Direct Action Counsel will be responding to Travelers’ motion. A hearing on Travelers’ motion has been scheduled for January 19, 2011. Further updates will be issued as the case progresses.

Travelers’ petitions to the United States Supreme Court for certiorari and mandamus review of the Second Circuit Court of Appeals March 22, 2010 ruling were denied on November 29, 2010. Meanwhile, the Statutory Direct Action Settlement Counsel’s motion to compel payment of the settlement proceeds pending before the Bankruptcy Court for the Southern District of New York has been argued and is under advisement. Further updates will be issued as the case progresses.