July 30, 2022

J.Crew recruits new top lawyer from rival American Eagle Outfitters

A J.Crew store logo is pictured on a building along the Lincoln Road Mall in Miami Beach, Florida March 17, 2016. REUTERS/Carlo Allegri

Register now for FREE unlimited access to Reuters.com

Register

  • Stacy Siegal has joined J.Crew as chief legal officer
  • Clothing retailer emerged from bankruptcy in September 2020

(Reuters) – J.Crew Group Inc has hired longtime retail company attorney Stacy Siegal away from American Eagle Outfitters Inc to be its new top lawyer, according to a Monday statement.

J.Crew said Siegal will be chief legal officer and corporate secretary of the New York-based company, reporting to CEO Libby Wadle.

Siegal said she is replacing J.Crew’s interim general counsel, Peter Damiano, who will remain at the company.

Register now for FREE unlimited access to Reuters.com

Register

A J.Crew spokesperson declined to comment beyond the statement. An American Eagle spokesperson didn’t immediately comment on Siegal’s departure on Monday.

J.Crew filed for bankruptcy protection in May 2020 after the COVID-19 pandemic triggered temporary store closures of its nearly 500 J.Crew, J.Crew Factory outlet and Madewell stores. A bankruptcy judge approved the clothing company’s reorganization plan in August 2020.

Siegal joined American Eagle Outfitters as general counsel in 2016, according to her LinkedIn

… Read the rest
July 30, 2022 by ATTORNEY

U.S. Treasury gives green light to Russian default insurance payouts

WASHINGTON (Reuters) -The U.S. Treasury issued a special waiver on Friday to allow investors with insurance against a Russian default, known as Credit Default Swaps, to receive their payouts.

The normally straightforward process of CDS payouts was thrown into chaos in June when Washington said its sanctions on Russia represented a total ban on buying Moscow’s debt.

An investor who buys a CDS contract usually hands over the underlying bond to the bank or fund that sold them the CDS when a default happens. It traditionally involves an auction to determine the price, but under the sanctions that exchange effectively became illegal.

The license authorizes U.S. persons to purchase or receive Russian bonds starting two days before the announced date of the auction, and up to eight business days after the auction takes place.

The committee that sets the auction date has a scheduled meeting on Monday at 1300 GMT after having met three times this week.

“OFAC has issued two General Licenses (waivers) to help U.S. and other global investors more cleanly exit their exposures to Russia,” a Treasury spokesperson said, referring to the Office of Foreign Assets Control which enforces U.S. sanctions.

The move also authorizes financial

… Read the rest
July 30, 2022 by INSURANCE

AG Paxton Announces Forrest Brumbaugh as New Deputy AG for Legal Counsel

Texas Attorney General Ken Paxton today announced the appointment of D. Forrest Brumbaugh as Deputy Attorney General for Legal Counsel. Mr. Brumbaugh comes to the Office of the Attorney General of Texas with over 28 years of experience in the private sector. Forrest was named shareholder at one of Texas’s leading law firms, Winstead Sechrest & Minick less than seven years after graduating law school.  In 2004, he became a partner at Fulbright & Jaworski, now Norton Rose Fulbright, one of the 15 largest law firms in the world. 

“I have known Attorney General Ken Paxton and his values for over 30 years,” said Mr. Brumbaugh. “I am honored that Attorney General Paxton has given me the opportunity to serve as the Deputy Attorney General for Legal Counsel. I look forward to carrying out our common goals of serving Texans.” 

“I have always been impressed with Forrest’s intelligence and creative approach to solving complex issues,” said Attorney General Paxton.  “I am excited that he is bringing those skills to our Agency as we continue our fight to protect all Texans.” 

Mr. Brumbaugh’s private practice included corporate, securities, and mergers and acquisitions, including representing some of the world’s largest institutional

… Read the rest
July 30, 2022 by LAW