Banking

  • November 26, 2014

    Securities MVP: Davis Polk's James Rouhandeh

    Davis Polk & Wardwell LLP securities litigator James Rouhandeh defended Morgan Stanley this year against a slew of class actions regarding the megabank's mortgage-backed securities business, earning him a spot on Law360's 2014 list of Securities MVPs.

  • November 26, 2014

    BofA Avoids SEC 'Bad Actor' Label After $17B Mortgage Deal

    The U.S. Securities and Exchange Commission on Tuesday broke through an internal impasse and granted Bank of America Corp. and its Merrill Lynch brokerage business a reprieve from being barred from certain securities dealings as "bad actors" following a $16.7 billion mortgage settlement, but only if the firms comply with certain requirements first.

  • November 26, 2014

    Dragon Tells 1st Circ. It Missed Facts In $580M Goldman Suit

    Dragon Systems Inc.'s founders Tuesday urged the First Circuit to rehear en banc their bid to revive a consolidated $580 million negligence suit alleging Goldman Sachs & Co. failed to assess the stability of the company buying their speech technology firm, saying a panel ignored crucial facts.

  • November 26, 2014

    Goldman Reaps $78M In Sale Of Tampa Wells Fargo Center

    A company associated with Goldman Sachs Realty Management LP has sold the Wells Fargo Center in downtown Tampa, Florida, for $78 million, according to a deed filed in Hillsborough County on Wednesday.

  • November 26, 2014

    Citi Says Fortified DR Horton Shouldn't Impact Wage Case

    Citicorp Credit Services Inc. on Tuesday told an Idaho federal court that the National Labor Relations Board’s recent reaffirmation of its D.R. Horton ruling should not bear on the court’s determination of whether to compel arbitration in a putative collective wage action.

  • November 26, 2014

    Fla. Credit Union Fined For Bank Secrecy Act Violations

    The U.S. Department of the Treasury's Financial Crimes Enforcement Network said Tuesday that it had assessed a $300,000 civil money penalty against North Dade Community Development Federal Credit Union for allegedly having significant deficiencies in its anti-money laundering program.

  • November 26, 2014

    Former FDIC Chairwoman Bair Joins DLA Piper

    Former Federal Deposit Insurance Corp. Chairwoman Sheila Bair has joined DLA Piper as a senior policy adviser, the firm announced on Wednesday.

  • November 26, 2014

    Ardian Puts Down $183M For Stake In Barcelona Toll Roads

    Private equity firm Ardian signed a deal on Wednesday to acquire a 65 percent stake in two toll roads in Spain, both of which are connected to Barcelona, from Brazilian bank BTG Pactual for €146 million ($183 million).

  • November 26, 2014

    Bond Buyers Won't Copy Argentina Holdouts, S&P Says

    Argentina’s apparent defeat in an epic sovereign-debt dispute with a small group of U.S. hedge funds won’t encourage bondholders in future sovereign restructurings to litigate for full repayment instead of accepting negotiated haircuts, a ratings agency said Wednesday.

  • November 26, 2014

    Indian Regulator Shuts Down Overseas Bond Practice

    The Reserve Bank of India clamped down on Indian issuers' access to the offshore bond market in a Tuesday note, forbidding several procedures related to overseas borrowing because it violates the country's Foreign Exchange Management Act.

  • November 26, 2014

    5 Lessons From DOJ's Blockbuster FCA Haul

    The U.S. Department of Justice’s $5.7 billion False Claims Act haul in fiscal year 2014 will further incentivize whistleblowers who share proceeds in successful suits, and the mix of companies that coughed up cash points to an expanded anti-fraud playing field, experts say. Here are five lessons from the record-smashing recoveries.

  • November 26, 2014

    Lowey, Grant & Eisenhofer To Helm Silver Fixing Cases

    Lowey Dannenberg Cohen & Hart PC and Grant & Eisenhofer PA have been appointed co-lead counsel for silver futures buyers and sellers pursuing antitrust claims against Deutsche Bank AG, HSBC USA Bank NA and the Bank of Nova Scotia over a purported price manipulation scheme, a New York federal judge said Tuesday.

  • November 25, 2014

    Goldman Hit With More Metal-Rigging Claims

    A putative class on Tuesday added to allegations that Goldman Sachs Group Inc. and others unfairly pulled strings in metals markets with a suit that says the bank fixed prices in platinum and palladium, in what plaintiffs firm Labaton Sucharow LLP called the first nationwide suit over those metals.

  • November 25, 2014

    Wells Fargo 'Living Will' Passes But Needs Work, Fed Says

    Two federal banking regulators tacitly approved Wells Fargo & Co.’s proposal for keeping its own theoretical bankruptcy from tearing down the U.S. financial system, but said Tuesday that the plan could use some improvements going forward.

  • November 25, 2014

    As Legal Threats Loom, Feds May Alter Systemic Risk Labeling

    A federal panel of financial regulators faces rising complaints from Congress and the industry over its method for designating nonbank firms as risky enough to require added supervision, pressure experts predict will likely push the panel to streamline the process.

  • November 25, 2014

    Discover Subsidiary Hits Visa With Texas Antitrust Suit

    Discover Financial Services' Pulse Network LLC sued Visa Inc. in Texas federal court on Friday, accusing the credit card company of holding a monopoly on a network of debit services to keep competitors at bay.

  • November 25, 2014

    Greenberg Traurig Nabs Federal Prosecutor In Miami

    Former Assistant U.S. Attorney Jared “Jed” E. Dwyer has joined Greenberg Traurig LLP's litigation and white collar criminal defense practice groups in its Miami office, the firm announced Tuesday.

  • November 25, 2014

    CFTC Criticizes CME Policing, Warns About Atty Staffing

    CME Group Inc. must step up its monitoring of its four exchanges, according to a Commodity Futures Trading Commission report released Monday that found that two exchanges aren’t investigating problems quickly enough, and that the company should ensure it has enough enforcement attorneys on staff.

  • November 25, 2014

    2nd Circ. Says Chesapeake $1.3B Bond Buyback Too Late

    A split Second Circuit ruled Tuesday that Chesapeake Energy Corp. couldn’t call back and refinance $1.3 billion in bonds because it moved too late to notify investors, saying the indenture governing the bonds clearly laid out redemption period deadlines.

  • November 25, 2014

    Fed Seeks To Subject GE Capital To Large-Bank Regs

    The Federal Reserve Board proposed on Tuesday to subject General Electric Capital Corp. to stricter financial regulatory standards, akin to those applied to the largest banks.

Expert Analysis

  • Are You Ready For Florida's New LLC Law?

    Stefan Rubin

    Exemption from the state’s corporate income tax, coupled with greater flexibility, has led to explosive growth in Florida limited liability companies, especially among venture capitalists, private equity groups and the broader investment community. As of Jan. 1, 2015, all of Florida's nearly 800,000 LLCs will live by new rules — some of which create potential personal liability, says Stefan Rubin, a partner with Shutts & Bowen LLP ... (continued)

  • Calculating Excess Availability In Asset-Based Facilities

    Excerpt from Lexis Practice Advisor
    David W. Morse

    Before looking at where and how the concept of “excess availability” is used in an asset-based facility, it is helpful to understand the nuances that may be embedded within the definition of the term, says David Morse of Otterbourg PC.

  • Shoulda Put A Lien On It — 4 Advantages Of Security

    James C. Behrens

    Recoveries by unsecured creditors have reportedly fallen in recent years, and it has been argued that this is because creditors are demanding more security now than in the past. These secured creditors are recovering money that otherwise would have gone to unsecured creditors and equity holders, says James Behrens of Greenberg Glusker Fields Claman & Machtinger LLP.

  • Remembering Doar: Justice As A 4-Letter Word

    Kevin J. Curnin

    John Doar ran the U.S. Justice Department's Civil Rights Division at perhaps the most chaotic and pivotal time in its history. His passing earlier this month is an occasion for lawyers everywhere to marvel at just how impactful one attorney can be. He didn’t just preside at a historic time, he calmly and coolly shaped it, says Kevin Curnin of the Association of Pro Bono Counsel.

  • The CFPB's Uncivil Civil Investigative Demands

    Dylan W. Howard

    Respondents to civil investigative demands from the Consumer Financial Protection Bureau have 20 days to object to the demands — an extraordinarily tall order for any organization, much less a large company that in civil litigation might require more than 20 days just to identify the appropriate witnesses, investigate and locate responsive documents, says Dylan Howard of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Banking Industry Will Find Friends In Coming Congress

    Kathryn A. Kronquist

    While no large, sweeping changes to Dodd-Frank should be expected, some likely developments to anticipate coming out of the Republican-controlled 114th Congress include stricter Senate scrutiny and evaluation of proposals from the Consumer Financial Protection Bureau and possible changes to the structure of the bureau itself, says Kathryn Kronquist of Quarles & Brady LLP.

  • ‘Tis The Season … For Data Breaches And Data Analytics

    Mike Kheyfets

    Last holiday season saw some of the biggest and costliest data breaches in the retail industry’s history. With optimistic forecasts for spending this year, retailers will no doubt once again be in hackers’ crosshairs in the coming month. Implementation of data analytics — an important but sometimes underutilized tool — can assist in all phases of incident management, say economists at Edgeworth Economics LLC.

  • Differentiate Your Litigation Practice With Data Security

    Jennifer Topper

    Despite the significant tilt toward technology in how litigation is now conducted, many senior lawyers still delegate tech-related issues to e-discovery specialists or associates at their firms. This is a missed opportunity not just for client development, but also for shaping the way the firm and lawyer are seen in the eyes of corporate counsel, says legal industry business development specialist Jenn Topper.

  • Checking In On The CFPB: Part 3

    Jon Eisenberg

    Enforcement actions from the Consumer Financial Protection Bureau involving financial products and services other than credit cards and mortgages suggest that financial institutions and vendors should pay special attention to promotional offers, expect scrutiny of conflicts and be wary of statistical disparities in lending, says Jon Eisenberg of K&L Gates LLP.

  • Chipping Away At WaMu's Rigid Exculpation Ruling

    Edmon L. Morton

    Recently, in the Laboratory Partners Inc. and Fisker Automotive Holdings Inc. Chapter 11 cases, Washington Mutual’s ruling on the exculpation of nonestate fiduciaries has come into question, and some Delaware bankruptcy judges appear to be departing from the rigid bar in favor of a more flexible standard, say attorneys with Young Conaway Stargatt & Taylor LLP.