U.S. Bancorp on Tuesday announced a $53 million settlement with Freddie Mac, making it the third major bank this month to close mortgage repurchase claims with the government-controlled firm.
Bank of America NA has asked the U.S. Supreme Court to overturn a decision by California's highest court reviving a putative class action derived from the Truth in Savings Act, saying Congress clearly intended to eliminate that statute’s private right of action.
State-owned Vietnam Oil and Gas Group, also known as PetroVietnam, said Monday that it's signed agreements for a total of $795 million in export credit agreements and commercial loans from several banks to help finance the second phase of its $1.67 billion coal-fired power plant project.
U.S. financial regulators on Tuesday approved a final regulation for implementing the Volcker Rule, the Dodd-Frank Act's ban on proprietary trading by banks, bringing to a close a protracted, complex and clamorous rulemaking process and opening a new chapter of potential challenges to the regulation.
Novartis is considering a one-for-one swap of its $4 billion animal health unit for a yet-unnamed Merck division, while a Blackstone-backed landlord could find itself under new ownership in one of Germany's biggest real estate transactions of the year.
A California federal judge gave final approval Friday to a $500 million settlement of three class actions challenging Bank of America Corp.-owned Countrywide Financial Corp.’s underwriting standards for mortgage-backed securities, including $85 million in fees to the plaintiffs’ attorneys.
A New York federal judge on Friday held that the trustee liquidating Bernard Madoff’s investment firm’s estate may only assert certain claims against feeder funds on behalf of the firm’s customers if the claims are validly assigned to him.
The financial services industry has made significant progress over the past 18 months to improve its cybersecurity efforts, but still needs assistance from the government and other industries for proper risk mitigation, BB&T Corp.'s chief executive told the Financial Stability Oversight Council on Monday.
Attorneys representing several Michigan counties in litigation alleging Bank of America NA and several others failed to pay taxes on mortgage assignments urged the Sixth Circuit to reverse sanctions imposed on them for alleged harassment, saying sanctions are inappropriate because their claims were deemed nonfrivolous.
Close on the heels of two suits filed against Wells Fargo & Co. and Citigroup Inc., Los Angeles on Friday alleged Bank of America Corp. had strained its coffers with predatory lending practices that cost the city its property tax revenue.
The Asian Development Bank is providing a $900 million loan for a new, 600-megawatt supercritical coal-fired power plant in Pakistan, a country the bank said Monday was in desperate need of reliable energy.
Swiss banks had until Monday to decide whether they are going to participate in a U.S. program that requires them to disclose their cross-border activities to avoid possible criminal prosecution for aiding American tax dodgers.
English financial services group Lloyds Banking Group PLC said Saturday it will sell a portfolio of its U.K. corporate real estate loans to Promontoria Holding 87 BV for £90 million ($147.4 million), as part of the company's continued effort to sell off nonessential assets.
Occidental Petroleum is eyeing a consortium of three state-owned companies as a potential buyer for a $10 billion stake in its MENA business, while Cerberus might finally have a plan to unload at least part of gun manufacturer Freedom Group about a year after critics first pressed the firm to get rid of its holding.
Deutsche Bank AG sued billionaire investor Alexander Vik in New York court on Thursday, to force him to make good on his obligation to pay a $300 million judgment a London court awarded the bank last month over unpaid margin calls made in violation of several verbal contracts.
Unsecured creditors of bankrupt holding company North Texas Bancshares Inc. objected Friday to the company's proposed $7.4 million sale of its interests in Dallas-based Park Cities Bank, saying they lack key data needed to evaluate the deal.
DLA Piper was hit with an $80 million lawsuit in New York state court on Friday by two Cayman Islands investment funds that say the law firm helped their investment manager misappropriate more than $36 million to cover payments owed by an investment vehicle that dealt in mortgage-backed securities.
Three General Electric Co. units will pay $18 million to end part of their involvement in multidistrict litigation accusing them and other financial institutions of colluding to rig bids in the municipal bond derivatives market, according to a filing in New York federal court Friday.
Irish Bank Resolution Corp. Ltd., formerly known as Anglo Irish Bank, asked a Delaware bankruptcy judge on Thursday to reject a motion by borrowers seeking to impose conditions on the sale of its U.S. assets, saying the conditions would prevent IBRC from maximizing the assets' value.
A former Goldman Sachs Inc. trader who pled guilty to fraudulently building an $8.3 billion futures position on Friday received a nine-month prison sentence and was ordered to pay back the $118 million his illicit trades cost the firm.
In light of the proposed e-discovery amendments to the Federal Rules of Civil Procedure, businesses need to set themselves up to efficiently respond to discovery and requests for information from their counsel by implementing and following document-control policies as part of normal business practices. The failure to do so will eventually consume vast amounts of employee time, say Steven Cvitanovic and Colin Murphy of Haight Brown & Bonesteel LLP.
The Second Circuit’s opinion in Halebian v. Berv — a significant departure from its own oft-cited Joy v. North decision — highlights that a derivative plaintiff’s entitlement to discovery, if any, is inversely proportional to the showing made by a special litigation committee in support of its motion to terminate, says Donald Corbett of Lowenstein Sandler LLP.
Condominium developers are turning to the buyer-financed model to fund the pre-construction and construction phases of their projects. But a recent Florida Supreme Court ruling complicates things for realtors and lawyers who do not identify and inform their buyers of the risks of this development model, says Andrew Hall of Hall Lamb and Hall PA.
Any bank that interacts with a municipal entity should review the new municipal adviser rules to ensure that its activities are in compliance. Advice to a municipal entity or obligated person, for example, about the purchase of guaranteed investment contracts, municipal derivatives or investment strategies, could cause a bank to be deemed a municipal adviser, say attorneys with Goodwin Procter LLP.
A Georgia federal court recently ruled in Metro Brokers Inc. v. Transportation Insurance Co. that an all-risk insurance policy did not provide coverage for online fraudulent withdrawals from the company’s bank account. This decision offers guidance as to how a court may treat a policyholder’s claim under a traditional all-risk policy and the effect of broad computer fraud exclusions, says James Kitces at Robins Kaplan Miller & Ciresi LLP.
While capital call facilities for true open-end funds have been relatively rare, the opportunity is ripe for new market entrants. A traditional facility would not be feasible for an open-end fund, but a few structural tweaks should do the trick, say attorneys with Mayer Brown LLP.
Two important events this year make clear that California's anti-deficiency statutes not only protect borrowers in nearly all circumstances when dealing with a residential loan but also trump any separate agreement the lender may have with a borrower for the payment of any deficiency following either a foreclosure or a short sale, say Sylvia Arostegui and Eunice Majam-Simpson of Nossaman LLP.
Following the financial crisis of 2008, regulations were put in place to enact transparency and protect individual investors in complex financial markets. Although this has left many to believe that financial instruments have become more transparent and that there will likely be less securities litigation going forward, the reality is likely to be more complex than that, says Ilan Guedj of ARPC.
Even if the European economic recovery remains constrained, the global real asset rotation and navigation of the commercial real estate debt gap should continue to propel real estate investment up the risk curve in 2014. The growing participation of larger institutional players also signals larger deals in core markets, says Eric Rosedale, co-chairman of Dentons real estate group in Europe.
The New York State Department of Financial Services is “requiring” about 200 banks “to answer questions in real time on Dec. 12 to assess their cybersecurity policies and processes.” But the DFS will not necessarily learn anything new from the Web-based, real-time surveys, nor is that the stated intent, say Ronald Sarachan and Zoe Wilhelm of Drinker Biddle & Reath LLP.