• October 13, 2015

    GE Capital Sells $30 Billion Loan Portfolio To Wells Fargo

    Continuing its push to shrink itself and escape heightened government scrutiny, General Electric Co. on Tuesday announced the sale of its commercial lending and leasing business with more than $30 billion in loans outstanding to Wells Fargo & Co.

  • October 9, 2015

    2nd Circ. Won't Reconsider Argentina Central Bank Ruling

    The Second Circuit on Friday refused to reconsider its decision barring bondholders from suing Argentina’s central bank to collect the billions of dollars in debt they say the country’s government owes them, solidifying a finding that the bank isn’t the government’s alter ego.

  • October 9, 2015

    Ex-CEO Challenging SEC Court Asks 7th Circ. For Rehearing

    The former CEO of Assisted Living Concepts Inc. on Thursday asked the Seventh Circuit to rehear en banc her bid challenging the constitutionality of the U.S. Securities and Exchange Commission’s administrative court, arguing the appellate panel misinterpreted U.S. Supreme Court precedent.

  • October 9, 2015

    SEC Offers To Remove Industry Bans After DC Circ. Ruling

    The U.S. Securities and Exchange Commission said on Friday that investment advisers banned under the agency’s retroactive enforcement of a Dodd-Frank Act policy could appeal their punishment after the D.C. Circuit ruled the agency couldn’t apply the policy to earlier violations.

  • October 9, 2015

    Md. Atty Convicted Over Real Estate Loan Scheme

    A Maryland federal jury on Friday convicted an attorney of committing bank fraud by participating in a long-running real estate scam designed to fraudulently collect mortgage funds, the U.S. Department of Justice announced on Friday.

  • October 9, 2015

    Chip-Enabled Cards Still Vulnerable To Fraud, FBI Says

    Credit cards with so-called EMV microchips offer enhanced security compared to traditional magnetic-stripe cards, but shouldn’t be taken as a panacea for credit card fraud, the Federal Bureau of Investigation said.

  • October 9, 2015

    M&T, HCB Hid Violations Ahead Of $3.7B Merger, Suit Says

    A proposed shareholder class action in Delaware federal court says M&T Bank Corp. and Hudson City Bancorp Inc. hid M&T’s regulatory violations that significantly delayed the $3.7 billion merger of the two banks, costing investors some $200 million in diminished dividends.

  • October 9, 2015

    Trustee Wants Stroock Off Haggen Ch. 11 Over JPMorgan Ties

    A U.S. trustee overseeing the bankruptcy of grocery giant Haggen told a Delaware court Friday that Stroock & Stroock & Lavan LLP should not serve as counsel for the debtor, because JPMorgan Chase Bank, a participant in Haggen's credit facility, is a major client of the law firm.

  • October 9, 2015

    CMBS Delinquencies Fall In US Even As Retail Stumbles

    The rate of delinquencies among U.S. commercial mortgage-backed securities fell to 4.46 percent in September despite  the retail sector's posting an increase in delinquencies for the month, according to data released by Fitch on Friday.

  • October 9, 2015

    LoanDepot Launches IPO To Address 'Unmet' Demand

    Private equity-backed LoanDepot, the nation’s second largest nonbank consumer lender, has filed for an initial public offering as part of its effort to address “unmet” consumer demands, the company said in a filing with the U.S. Securities and Exchange Commission on Thursday.

  • October 9, 2015

    T-Mobile, Experian Face More Class Claims Over Breach

    T-Mobile and Experian were slapped with a potential class action in California federal court on Thursday over a data breach that exposed personal information on 15 million people, at least the second suit against the companies in play since the breach was announced last week.

  • October 9, 2015

    New York Signs Off On $3.7B M&T, Hudson City Merger

    The long-delayed $3.7 billion merger between M&T Bank Corp. and Hudson City Bancorp cleared its latest hurdle Friday when the New York Department of Financial Services signed off on the deal.

  • October 8, 2015

    Sidley Austin Adds Ex-Kirkland Partner To Hong Kong Team

    A former attorney for Kirkland & Ellis LLP has joined Sidley Austin LLP as a partner in its Hong Kong corporate finance team, bringing initial public offering experience in a variety of industries including railroad, pharmaceutical, hospitality and manufacturing, the firm announced Thursday.

  • October 8, 2015

    CitiGroup Escapes Discriminatory Lending Suit In Calif.

    The City of Los Angeles has dropped a California federal suit accusing CitiGroup Inc. of lending practices that allegedly discriminated against non-white borrowers by targeting them for predatory subprime loans, although a related state suit is still pending.

  • October 8, 2015

    FINRA Allowed To Share Over-The-Counter Securities Data

    The Financial Industry Regulatory Authority said Thursday the U.S. Securities and Exchange Commission approved a proposal intended to increase over-the-counter securities transparency, enabling FINRA to make OTC market data public as it does trading data for dark pools and other alternative trading systems.

  • October 8, 2015

    CalSTRS Can’t Intervene In Yen Libor-Fixing Class Action

    The California State Teachers’ Retirement System cannot intervene as a plaintiff in a class action alleging yen-denominated Libor rate-fixing by banks including Deutsche Bank, HSBC and several Japanese banks, a New York federal judge ruled Thursday.

  • October 8, 2015

    AmEx Wants TCPA Row Paused While FCC Interpretation Eyed

    American Express urged an Illinois federal court Thursday to hold off on a putative class action alleging the company made numerous debt collection calls while the D.C. Circuit weighs a recent Federal Communications Commission order clarifying the Telephone Consumer Protection Act's scope.

  • October 8, 2015

    Dana Transport Says Banks Pushed It Into $500M Default

    The owner of Dana Transport Inc. accused PNC Bank, Wells Fargo & Co. and others of costing him more than $500 million with a scheme that thrust the trucking company into default on a loan even though it was current on payments, according to a racketeering suit filed in New York on Thursday.

  • October 8, 2015

    CFPB Eyes Kickback Risk In Marketing Services Agreements

    The Consumer Financial Protection Bureau took a tough line Thursday on so-called marketing services agreements among firms that provide closing services on real estate transactions, saying such deals pose the risk of lenders engaging in illegal kickbacks.

  • October 8, 2015

    Troutman Sanders Nabs Ex-Faruki Ireland Cybersecurity Pro

    A former Faruki Ireland & Cox PLL partner and seasoned technology litigation and compliance attorney with expertise in business-impacting information technology has joined Troutman Sanders LLP to bolster the firm's privacy and financial services practices in its Orange County office, the firm has said.

Expert Analysis

  • CFPB Is Attacking Arbitration Via Class Action Waivers

    Alan S. Kaplinsky

    By the Consumer Financial Protection Bureau proposing that companies be required to insert in their arbitration provisions language excepting class actions from arbitration, the CFPB is in reality proposing an outright ban. If its proposal becomes a final regulation, most companies will simply abandon arbitration altogether, say Alan Kaplinsky and Mark Levin of Ballard Spahr LLP.

  • 10 Ways To Become A 360-Degree Lawyer

    Rosario Lozada Schrier

    Whether you’re a millennial joining the profession or a seasoned veteran, the challenges posed by the current legal market compel everyone to adapt and innovate. Law professors Rosario Schrier and Annette Torres team up to offer 10 tips to develop a more diverse skill set.

  • Springtime For 'Implementation Day' On Iran Sanctions

    Baruch Weiss

    The lifting of Iranian-related sanctions under the Joint Comprehensive Plan of Action on "Implementation Day," which is set for spring 2016, will have little impact on the ability of U.S. persons to do business with Iran. The embargo will remain in place and the U.S. will continue to enforce stringent controls on Iran-related transactions by U.S. persons, foreign entities owned or controlled by a U.S. person and foreign persons loc... (continued)

  • The State Of DOL's Whistleblower Protection Program

    Matthew S. Stiff

    While substantial room for progress remains, the U.S. Department of Labor's shortcomings in enforcing federal whistleblower protections are largely due to insufficient resources, not a lack of commitment to whistleblowers, says Matthew Stiff of Katz Marshall & Banks LLP.

  • A New Critique Of Ch. 11 Reform Carries Serious Weight

    David Griffiths

    The Loan Syndications and Trading Association's response this week to the American Bankruptcy Institute's Chapter 11 reform recommendations is thoughtful, well-researched and forceful, and its most compelling arguments turn on the importance of certainty and uniformity in bankruptcy courts, say David Griffiths and Doron Kenter of Weil Gotshal & Manges LLP.

  • Clear Contractual Terms Beat Equitable Principles — Again

    Shmuel Vasser

    A Southern District of New York ruling in Lehman Brothers v. JPMorgan Chase Bank is in line with recent decisions where courts have been unwilling to find ambiguity in a contract in order to consider equitable arguments in bankruptcy cases regarding a creditor’s conduct, say Shmuel Vasser and Shana White of Dechert LLP.

  • AML Trends Signal Changing Times For Regional Banks

    Michael F. Zeldin

    Recent activity involving state and federal bank regulators reflects an upswing in enforcement actions against regional and super-regional banks for Bank Secrecy Act and anti-money laundering compliance failures. Financial institutions that fail to take notice of these enforcement orders, and the trends within them, risk having to tackle their own costly remediation orders, say Michael Zeldin and Amy Davine Kim of BuckleySandler LLP.

  • Justices Dubious Of Protections For Spousal Guarantors

    Ronald Mann

    It seems clear from Monday’s arguments in Hawkins v. Bank of Raymore that a group of U.S. Supreme Court justices feels quite strongly that a long-standing Federal Reserve rule barring banks from requiring spousal guaranties is indefensible, and that none of the justices evinced an unqualified support for it, says professor Ronald Mann of Columbia Law School.

  • 5 Things Clients Never Tell Their Lawyers

    Francis Drelling

    Given the times we live in, it is almost inevitable that everyone will, sooner or later, need to consult with legal counsel. With that in mind, I thought it might be interesting to discuss a few things that clients just won't tell their lawyers, says Francis Drelling, general counsel of Specialty Restaurants Corp.

  • Name Game: Designating Lenders For A Loss Payee Clause

    Thomas B. Alleman

    Loan documents generally require a borrower to provide insurance on collateral in favor of the lender, often known as an open mortgage or loss payee clause. But a loss payee clause may not be enough to actually protect a lender, says Thomas Alleman at Dykema Cox Smith.