Banking

  • 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.

  • August 29, 2014

    AIG Needn't Cover QBE Defense In Kickback Case, Court Says

    A New York state court judge has ruled American International Group Inc. doesn’t have to pay defense costs for individual and proposed class action suits brought by mortgage borrowers who claim QBE Holdings Inc. paid improper kickbacks to banks — but Darwin Select Insurance Co. does — because AIG’s policy lacks a duty-to-defend provision.

  • August 29, 2014

    Ex-Countrywide Exec Defends Fannie-Freddie Loans' 'Quality'

    Former Countrywide Financial executive Rebecca Mairone asked a New York federal court Friday to overturn a jury's decision that she helped defraud Fannie Mae and Freddie Mac, saying the finding that she helped the Bank of America Corp. unit to scam the government relied on a distortion of the term “quality” as it applied to the loans.

  • August 29, 2014

    GAO Dings Ex-Im Bank's Duel-Use Financing Oversight

    The Export-Import Bank of the United States must improve its policies for ensuring that the defense goods and services it helps to export are being used for civilian purposes, particularly when it does not receive adequate documentation, according to a Government Accountability Office report released Thursday.

  • August 29, 2014

    Revolving-Door Roundup: DLA Piper, Akin Gump, Covington

    August saw a number of big names move back and forth between the government and BigLaw, and no firm played a bigger role in that movement than DLA Piper. Of the nine attorneys who crossed the public-private divide, three of them now call DLA Piper home.

  • August 29, 2014

    Banks Say Forex Plaintiffs Have No Proof Of Antitrust Plot

    JPMorgan Chase & Co., Bank of America Corp. and other large banks targeted in the foreign exchange antitrust litigation told a New York federal court on Thursday that the plaintiffs still have not alleged that the banks have manipulated the market.

  • August 29, 2014

    BofA Works Out $447M Countrywide MBS Row With Insurer

    Bank of America Corp.’s mortgage lending unit reached a deal Thursday to end a lawsuit over an insurer's $447 million purchase of mortgage-backed securities from Countrywide Financial Corp., according to filings in California federal court.

  • August 29, 2014

    Wells Fargo Loses Bid To Bar Insurer From 'ABD' Name

    A California federal judge on Thursday rejected Wells Fargo & Co.’s bid to bar ABD Insurance & Financial Services Inc. from using the name "ABD," saying that while Wells Fargo owns a valid trademark, it hasn’t shown that it is likely to suffer irreparable harm without an injunction.

  • August 29, 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, says 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

    National Australian Bank Plans IPO Exit From US Unit

    The National Australian Bank will sell its U.S. subsidiary Great Western Bancorp Inc. through a public float on the New York Stock Exchange in a bid to refocus its efforts on its core Australia and New Zealand businesses, the bank said Friday.

  • August 29, 2014

    CFTC Calls Challenge To Data Swaps Rule Flawed

    The Commodity Futures Trading Commission filed a brief Thursday supporting its motion to dismiss the rest of a civil suit brought by the Depository Trust & Clearing Corp., arguing that the market utility’s case rests on a faulty premise that the regulator wrongly approved a rule change that benefited a rival in the business of collecting data on swaps.

  • August 29, 2014

    Dealmakers Q&A: WilmerHale’s Brian Johnson

    We are seeing an uptick in renewed venture investing in earlier-stage and new life sciences and biotechnology companies. These new companies could form the basis for the next crop of initial public offerings in future years, says Brian Johnson, co-chairman of Wilmer Cutler Pickering Hale and Dorr LLP’s capital markets group.

  • August 29, 2014

    Dealmakers Q&A: Davis Wright's Sean McCann

    The most impressive transactional professionals I’ve practiced with have a deep understanding of what matters to the parties on the other side of the table, well beyond what may be communicated in a term sheet or markup, says Sean McCann of Davis Wright Tremaine LLP.

  • August 28, 2014

    BofA Wants Verdict Scrapped In $1.3B Mortgage Fraud Case

    Bank of America Corp. urged a New York federal judge on Thursday to toss a jury’s verdict finding that the bank’s Countrywide Financial unit defrauded Fannie Mae and Freddie Mac with faulty mortgages — for which BofA was fined $1.3 billion — or grant a new trial, calling the verdict "unreasonable."

  • August 28, 2014

    Ex-Israel Official Says Arab Bank Was Lender For Hamas Heads

    A former Israeli military intelligence officer on Thursday told a federal jury in New York that Arab Bank PLC did business with top officials of the Palestinian Islamist group Hamas, including its co-founder and spiritual leader, who was a designated terrorist at the time.

  • August 28, 2014

    Madoff Investors Sue Picower Estate For $11B In Ponzi Losses

    Victims of Bernard Madoff's Ponzi scheme launched a putative securities class action in Florida federal court Thursday seeking $11 billion in damages from the estate of Jeffry Picower, alleging he help perpetuate and conceal the fraud.

  • August 28, 2014

    Chinese Bad-Debt Manager Locks Down $2.4B Before IPO

    A group of eight investors, including Goldman Sachs and Warburg Pincus, will pour 14.5 billion Chinese yuan ($2.36 billion) into China Huarong Asset Management Co. Ltd., as China’s largest bad debt manager prepares for a potential initial public offering, according to a statement Thursday.

  • August 28, 2014

    CFTC Says Some UK Bank Deposits OK After MF Global Rule

    The U.S. Commodity Futures Trading Commission on Thursday said it would let registered futures commission merchants continue using certain U.K. banks for holding segregated customer funds after rules passed following the MF Global implosion tightened the customer funds regime.

  • August 28, 2014

    Calif. High Court Should Back Workers In Seating Row: AARP

    AARP urged the California Supreme Court to back former employees in seating suits against CVS Pharmacy Inc. and JPMorgan Chase Bank NA, saying in an amicus filing submitted Wednesday that the court should accept the workers' proposed interpretation of California's suitable-seating requirement.

Expert Analysis

  • 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.

  • From The Book Of Jargon: Accelerated Share Repurchase

    In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Rafal Gawlowski defines "accelerated share repurchase."

  • Anti-Money Laundering Compliance — FinCEN Ups The Ante

    Kevin L. Petrasic

    The failure of a financial institution to comply with the Financial Crimes Enforcement Network's heightened Bank Secrecy Act anti-money laundering compliance expectations may lead to substantial consequences beyond compliance costs or enforcement activity — it may impact the ability of management to carry out strategic corporate initiatives, say attorneys with Paul Hastings LLP.