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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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)
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.
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.
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.
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.
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.
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.
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.