The panel ruled that notes issued under indentures are not equity interests, but regular-interest certificates representing beneficial interests trigger the look-through exception, subjecting underlying mortgages to fiduciary duties.
The Court of Appeals for the Second Circuit vacated a judgment in Safdieh v. Comm'r and remanded, holding that the Commissioner may assess penalties under Internal Revenue Code Section 6038(b).
The court held that republishing an entire viral clip and using recognizable screenshots can defeat fair-use and de minimis defenses at the pleading stage, though it affirmed dismissal of claims tied to a YouTube-embedded interview.
The panel said Jairo DeJesus was not entitled to acceptance-of-responsibility credit after trying to flee the country and later minimizing his culpability.
The Second Circuit held that Switzerland's role in the UBS-Credit Suisse rescue was not commercial activity under the Foreign Sovereign Immunities Act, affirming dismissal of bondholders' claims over a $17.3 billion AT1 write-down.
The panel said 1199 SEIU and home healthcare employers could not use a 2015 arbitration agreement to bind workers who had already left their jobs without consent.
The Second Circuit said former 1199 SEIU-represented home healthcare workers who left before a 2015 arbitration agreement are not bound by wage-and-hour arbitration awards confirmed in federal court.