Bondholders accusing several major banks of rigging Libor told the U.S. Supreme Court Friday that there was no downside to letting them pursue a quick appeal of their antitrust claims while the broader multidistrict litigation over the alleged plot continues.
Banco Santander S.A. sold €1.5 billion ($1.97 billion) of contingent capital notes that can be converted into shares of Spain’s largest lender if capital ratios dip below certain levels, according to a regulatory filing Tuesday.
A New York federal court ruling broadening the scope of what communications MasterCard International Inc. must reveal in a $75 million contract suit brought by a jilted card servicer shows counsel can't assume discussions won't see the light of day, especially when courts have time to carefully vet the evidence, experts say.
The Federal Housing Finance Agency proposed a rule Tuesday excluding “captive” insurers and otherwise tightening eligibility for Federal Home Loan Bank membership, saying its proposed tweaks would limit risk and ensure members remain committed to providing housing finance.
A Texas federal judge refused to certify a putative class accusing Perot Investments Inc. directors of lying about risky commercial mortgage-backed securities behind the collapse of $2.5 billion hedge fund Parkcentral Global LP, ruling in an opinion unsealed Tuesday that the class isn’t numerous enough.
A Missouri couple has asked the U.S. Supreme Court to review the Eighth Circuit's dismissal of their proposed class action against Countrywide Home Loans Inc. over allegedly unauthorized mortgage fees, claiming the decision permits defendants to dodge state law claims by removing cases to federal court.
A California federal judge has approved a $32 million settlement resolving a class action alleging Bank of America Corp. violated the Telephone Consumer Protection Act, an amount the parties claim is the largest recovery ever obtained under the law, according to an order filed Friday approving the deal.
Credit Suisse Group AG is conducting an internal investigation into allegations of trader misconduct on its European equities desk, according to Tuesday news reports.
An investment bank has asked the Texas Supreme Court to revive its lawsuit over the soured $55 million sale of a majority interest in a Mexican tire distributor, following a lower appeals court’s ruling that the case should have been filed in Mexico.
O’Melveny & Myers LLP said Tuesday that it has nabbed a seasoned capital markets pro from Cravath Swaine & Moore LLP who has extensive experience representing investments banks and companies in public and private securities offerings, to join its New York office.
Citigroup Inc. and other banks won an effective end Friday to the Federal Deposit Insurance Corp.'s claims that their sale of $388 million in bad MBS helped ruin Colonial Bank, when a New York federal judge ruled that a recent Supreme Court decision meant the case was filed too late.
A Pennsylvania federal judge on Friday nixed a bid by a pair of homeowners to revive a putative class action against Citi Mortgage Inc. over allegedly improperly foreclosure fees and costs after finding that the claims did not pass muster under the state’s consumer protection law.
The Mississippi Band of Choctaw Indians has urged the U.S. Supreme Court to pass on a Dollar General Corp. appeal that could limit tribal courts' jurisdiction over nonmembers, countering a banking group's contention that companies will avoid doing business with tribes if a decision against the retailer isn’t overturned.
Former House Majority Leader Eric Cantor, R-Va., has joined Wall Street investment bank Moelis & Co. as a senior manager and board member, the company announced Tuesday, landing on his feet after a surprise primary election loss in June.
A New York judge tossed a case brought by a Saudi Arabian oil investment company against private Swiss bank Pictet & Cie that alleged it aided in a kickback scheme that cost the company $350 million, saying the use of a New York bank account in the alleged fraud didn’t establish jurisdiction in the state.
The Pennsylvania Superior Court has ruled that MERSCORP Holdings Inc. holds the power to assign mortgages in the state, ruling in favor of Bank of America NA in a foreclosure lawsuit against a homeowner who challenged the reassignment.
New York's attorney general on Tuesday hit Evans Bancorp Inc. with a lawsuit in federal court alleging the regional bank engaged in unlawful discrimination by “redlining,” or systematically denying access to mortgage loans, in Buffalo's African-American neighborhoods.
In an exclusive interview with Law360, Mary Schapiro, former chair of both the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, said she regrets not being able to pass tough money market rules while at the SEC, adding that she is "very nervous" that new provisions will do more harm than good.
The bankruptcy trustee for Bernard Madoff’s investment fund asked a New York bankruptcy judge on Thursday for time to replead cases against Credit Suisse Group AG and others in light of new standards handed down from the district court.
A New York federal judge on Friday freed Goldman Sachs Group Inc., JPMorgan Chase & Co. and others from multidistrict litigation alleging they conspired to manipulate the supply of aluminum to inflate its value, ruling that the plaintiffs lack antitrust standing and haven't sufficiently pled the existence of a conspiracy.
Recent statements from the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corp. represent the first company-specific feedback provided to the 11 largest financial companies that initially filed resolution plans in 2012 — and the required responses detailed will require a very significant amount of additional work by the first-wave filers, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
Keeping in mind that an examination by the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examination is not a deposition does not mean that firm employees should speculate or guess at answers, which can have the same devastating effect as leaving out details, say Bradley Bondi and Lex Urban of Cadwalader Wickersham & Taft LLP.
The departure of attorneys from large firms is a trend that has increased as a result of the Great Recession and its aftermath, and boutique firm partners who previously worked at large firms understand the potential large-firm pitfalls, say attorneys with Levine Kellogg Lehman Schneider & Grossman LLP.
Many companies regularly communicate with in-house legal advisers all over the globe. Are these communications privileged? By answering five questions, companies and attorneys can perform a high-level, initial assessment of legal privilege protection in a multijurisdictional context, says Martje Verhoeven-de Vries Lentsch of De Brauw Blackstone Westbroek and Haynes and Boone LLP.
Although news reports may suggest that the region is synonymous with upheaval and strife, the Middle East and North Africa are actually one of the brightest frontiers for e-commerce today, says Courtney Bowman of Proskauer Rose LLP.
Given the large number of calls that can be made electronically, damages for Telephone Consumer Protection Act violations can run into the millions. In this short video, Sutherland partner Lewis Wiener discusses the TCPA and how businesses that communicate with customers by phone or text may be impacted.
A series of discrete amendments to the Uniform Fraudulent Transfer Act — now renamed the Uniform Voidable Transactions Act — should promote better uniformity across secured lending and bankruptcy practices and provide better guidance to both courts and litigants about how avoidance actions should be adjudicated, say Jonathan Korman and Laura Amato of Reed Smith LLP.
One way to potentially expand the borrowing capacity under a subscription credit facility is for a lender to advance against more of the governmental investors in a private equity fund and, in particular, governmental investors that are public retirement systems, say attorneys with Mayer Brown LLP.
As with the growing trend of high-dollar settlements that preceded it, Capital One Financial Corp.'s recent $75 million Telephone Consumer Protection Act-related settlement — the largest yet — only makes it more likely that there will be an uptick in such class actions and related individual cases, say attorneys at Sutherland Asbill & Brennan LLP.
A recent speech by a Federal Reserve Board governor has once again raised the issue of whether bank boards should face “broadened” fiduciary duties, but creating a liability regime that would encourage further litigation and expand the potential liabilities of bank directors would accomplish little, says Kevin LaCroix of RT ProExec.