Banking

  • September 2, 2014

    Libor Investors Push High Court To Allow Immediate Appeal

    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.

  • September 2, 2014

    Banco Santander Sells $2B In Riskiest Bank Debt

    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.

  • September 2, 2014

    MasterCard Ruling A 'Scary Reminder' On Privilege Limits

    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.

  • September 2, 2014

    FHFA Floats Tighter Regs For Funding From Home Loan Banks

    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.

  • September 2, 2014

    Class Cert. Denied In Collapsed $2.5B Hedge Fund Row

    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.

  • September 2, 2014

    High Court Asked To Review Countrywide Loan Fee Class Suit

    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.

  • September 2, 2014

    BofA Strikes Historic $32M Settlement To End TCPA Action

    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.

  • September 2, 2014

    Credit Suisse Reportedly Probing Trader Misconduct

    Credit Suisse Group AG is conducting an internal investigation into allegations of trader misconduct on its European equities desk, according to Tuesday news reports.

  • September 2, 2014

    Texas Justices Asked To Revive Suit Over $55M Tire Co. Deal

    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.

  • September 2, 2014

    O’Melveny Nabs Ex-Cravath Capital Markets Pro In NY

    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.

  • September 2, 2014

    High Court Decision Time-Bars $388M MBS Suit, Judge Rules

    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.

  • September 2, 2014

    Class Claims In Citi Mortgage Fee Suit Won't Get 2nd Chance

    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.

  • September 2, 2014

    Choctaw Tribe Asks Justices To Pass On Dollar General Case

    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.

  • September 2, 2014

    Ousted House Leader Eric Cantor Joins Moelis & Co.

    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.

  • September 2, 2014

    Saudi Oil Bribe Suit Against Swiss Bank Won't Be Heard In NY

    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.

  • September 2, 2014

    Pa. Appeals Court Says MERS Can Assign Mortgages

    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.

  • September 2, 2014

    NY Accuses Evans Bank Of Racial Bias In Mortgage Loans

    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.

  • September 2, 2014

    Mary Schapiro Fears SEC Money Market Rules Fall Short

    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.

  • August 29, 2014

    Madoff Trustee Seeks Repleadings In Bankruptcy Suits

    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.

  • August 29, 2014

    Goldman, JPMorgan, Others Dodge Aluminum Warehouse MDL

    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.

Expert Analysis

  • Looking At Feds' Financial Co. Resolution Plan Feedback

    Michael H. Krimminger

    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.

  • 10 Best Practices For Interacting With OCIE Examiners

    Bradley J. Bondi

    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.

  • 5 Reasons Large Companies Are Turning To Boutique Firms

    David M. Levine

    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.

  • How To Protect In-House Legal Privilege Internationally

    Martje Verhoeven-de Vries Lentsch

    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.

  • How To Make Inroads In The MENA E-Commerce Market

    Courtney M. Bowman

    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.

  • Perils Of Communicating With Customers By Phone Or Text

    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.

  • Noteworthy Changes To The Uniform Fraudulent Transfer Act

    Laura Amato

    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.

  • Governmental Plan Investors Can Help Credit Facilities

    John A. Janicik

    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.

  • Capital One's Record Settlement May Spur More TCPA Suits

    Lewis S. Wiener

    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.

  • Should Bank Directors’ Fiduciary Duties Be Expanded?

    Kevin M. LaCroix

    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.