U.S. Bank Nat'l Assoc. v. Verizon Communications, Inc., et al., No. 13-10752 (5th Cir. 2014)
Annotate this CaseIdearc, a corporation spun-off from its parent corporation, Verizon, filed for bankruptcy protection and the confirmed plan of reorganization created a litigation trust. In this case, the trustee filed suit against Verizon and others, alleging various federal and state law claims in connection with the spin-off. The court concluded that the trustee was not entitled to a jury trial where the trustee's fraudulent transfer claims against Verizon are integral to the restructuring of the debtor-creditor relationship through the bankruptcy court's equity jurisdiction; resolution of Verizon's proof of claim in the bankruptcy court would necessarily resolve the fraudulent transfer issue; and, therefore, the court affirmed the district court's order granting the motion to strike the jury. The court affirmed the district court's denial of reconsideration of its holding that Idearc was a wholly-owned subsidiary of Verizon because the request to reconsider was untimely, based entirely on evidence that was available at the summary judgment stage, and lacked merit. Finally, the court rejected the trustee's challenges to the district court's evidentiary rulings; affirmed the district court's finding that Idearc was worth at least $12 billion on the date of the spin-off; and affirmed the district court's conclusions of law.
The court issued a subsequent related opinion or order on September 2, 2014.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.