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Banking
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June 14, 2013
Title Insurer Convinces Calif. Court To Overturn $1M Defeat
A California appeals court has reversed a judgment of more than $1 million against Chicago Title Insurance Co. in a coverage dispute with Liberty National Enterprises LP over a suit claiming fraud, according to a decision published Thursday that rejected Liberty's efforts to distinguish a significant 1981 ruling.
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June 14, 2013
Singapore Sanctions Big Banks Over Rate Rigging
Financial regulators in Singapore on Friday ordered UBS AG, Royal Bank of Scotland PLC and 18 other global banks to withhold S$12 billion, or around $9.6 billion, in extra capital for allegedly attempting to rig the local benchmark interest rate as part of a broader series of penalties.
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June 14, 2013
Ex-Morgan Keegan Directors Settle With SEC Over MBS Values
Eight former Morgan Keegan & Co. fund directors inked a settlement Thursday with the U.S. Securities and Exchange Commission over allegations that they failed to properly oversee mutual funds that overvalued dicey mortgage-backed securities during the 2007 housing bust.
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June 14, 2013
DOJ Pressed To Probe JPMorgan Market Manipulation Claims
With federal energy regulators already mulling a possible enforcement action against JPMorgan Chase & Co. over alleged electricity market manipulation in California and the Midwest, a group of 14 Democratic lawmakers representing California urged the U.S. Department of Justice on Thursday to launch its own investigation.
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June 14, 2013
Rothstein Feeder Fund Trustee Defends $72M TD Bank Deal
The trustee for a bankrupt feeder fund in Scott Rothstein's Ponzi scheme asked a Florida bankruptcy court Thursday to nix an attempt by the victims targeting TD Bank NA for its role in the scam to block a proposed $72 million settlement.
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June 14, 2013
JPMorgan To Split Off $4.5B Private Equity Arm
Banking giant JPMorgan Chase & Co. is splitting off its $4.5 billion private equity branch, it said Friday, giving the firm new life as an independent outfit that will raise future funds from outside investors.
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June 14, 2013
Carlyle Lands $155M Ind. Pension Fund From Credit Suisse
The Carlyle Group LP has nabbed from Credit Suisse AG a $155 million fund management mandate from Indiana’s pension system, which like many other institutional investors is looking to cull its list of private equity firms.
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June 13, 2013
Corzine Objects To $200M 'Loan' In JPMorgan, MF Global Deal
Onetime MF Global CEO Jon Corzine and several other of the firm's former top executives said Wednesday that a settlement between the failed firm's bankruptcy trustee and JPMorgan Chase Bank NA should be rejected because it improperly funneled $200 million to the brokerage's clients.
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June 13, 2013
DLA Piper Hires Product Liability Expert From Duane Morris
DLA Piper has pulled in a Duane Morris LLP attorney with expertise in product liability and banking cases to bolster its litigation practice in its New York office, the firm said Wednesday.
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June 13, 2013
JPMorgan Can’t Ditch Lease, Owner Tells 2nd Circ.
JPMorgan Chase Bank NA should not be able to back out of a bank lease predecessor Washington Mutual Inc. entered, a New York real estate owner told the Second Circuit Thursday, defending its win in a suit against the bank.
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June 13, 2013
Investor Threatened With Sanctions In $34M Citigroup Suit
A federal judge said Thursday that he is considering sanctions against the Brazilian investor behind a $34 million suit against Citigroup Inc. after the plaintiff failed to turn over document discovery.
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June 13, 2013
IDB Unit Nets $154M For Barneys Building In Chicago
Real estate investor Property and Building Corp. Ltd., an affiliate of Israel's IDB Group, has inked a deal to sell its rights to the Barneys Building in Chicago for $154 million, according to a Thursday regulatory filing.
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June 13, 2013
Arnold & Porter Snags Bingham Banking Atty In San Fran
Arnold & Porter LLP has added one of JP Morgan Chase Bank NA's top defenders to its San Francisco office, luring a complex litigation partner from Bingham McCutchen LLP who has defended the banking giant from homeowner-related class actions in recent years.
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June 13, 2013
Fed Staffers Approved $9B Mortgage Deal Without Board Vote
A top Federal Reserve official told Congress in a letter Tuesday that the central bank's staff had signed off on a controversial now-$9.3 billion mortgage servicing settlement earlier this year without a formal vote from its board of governors.
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June 13, 2013
Visa Sues Wal-Mart To Stop 'Endless' Antitrust Fight
Visa USA Inc. sued Wal-Mart Stores Inc. in New York federal court on Wednesday in a bid to block the retail giant from pursuing more damages after opting out of a $7.25 billion antitrust settlement in the interchange fee multidistrict litigation.
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June 13, 2013
Sens. Push Lighter-Touch Regulation For Small Banks
Senators on Thursday pressed federal bank supervisors to ease regulatory burdens for community banks so that rules meant to impact large, complex financial institutions do not force smaller banks either to go out of business or to sell their assets due to compliance costs.
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June 13, 2013
BNY Mellon Forex Case Kept Alive By Judge
A New York federal judge on Monday declined to dismiss a class action in multidistrict litigation brought by a Louisiana police employee’s pension fund and others accusing Bank of New York Mellon Corp. of manipulating foreign currency exchange transactions.
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June 13, 2013
NorthStar, Goldman Drop $925M On Real Estate PE Funds
Real estate debt lender NorthStar Realty Finance Corp. and the asset management division of Goldman Sachs Group Inc. will pay $925 million to acquire limited partner interests in up to 25 real estate private equity funds from a New Jersey pension fund, NorthStar disclosed Wednesday.
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June 13, 2013
Deals Rumor Mill: Springer, TPG, Sinopec
BC Partners is closing in on a $4 billion acquisition of German academic publisher Springer in a deal that will likely wipe out plans for an initial public offering, while Sinopec wants a piece of a Russian-owned $20 billion liquefied natural gas project on the Arctic Yamal peninsula.
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June 12, 2013
GE Capital's $2.5M Award Upheld In Equipment Lease Row
A New Jersey appellate court on Wednesday upheld a $2.5 million judgment for General Electric Capital Corp. against a New Jersey medical imaging center owned in part by a partner at a New Jersey law firm, unconvinced by arguments that the terms of an equipment lease constituted fraud.
Expert Analysis
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The Who, What And Why Of Public-Private Partnerships
Public-private partnerships have been used in a wide range of sectors to provide public services, from power plants and railroads to hospitals and sanitation plants. Yet there are a variety of potential contractual arrangements and the financing of a PPP can be complex, say Maryam Khosharay and Herbert Glaser of Haynes and Boone LLP.
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A Tale Of 2 Burdens Of Proof In Ch. 11
As a matter of strategy, it can be vital to understand the differing burdens of proof under various provisions of the Bankruptcy Code and when those burdens shift. For example, the Southern District of New York recently clarified the distinction between section 362(d) and 363(e) burdens of proof in In re AMR Corp., say attorneys with Duane Morris LLP.
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Insights From An Under-The-Radar CDO Case
A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corporation. Dismissed by the New York Supreme Court, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions, say James Bliss and Kevin Broughel of Paul Hastings LLP.
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E-Discovery In The Cloud: Who Can Get Your Data?
Many lawyers are asking whether placing electronically stored information in the cloud could inadvertently waive the attorney-client privilege and whether the government or a civil litigant could obtain ESI directly from a cloud service provider. In answering these questions, there are a number of aspects of the cloud worth considering, say Timothy Broas and Matthew Saxon of Winston & Strawn LLP.
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Commercial Leasing Recovery Remains Uneven
In addressing trends in the current commercial leasing market, several patterns are apparent. For one, many property owners that have been able to survive foreclosure now face the specter of refinancing their property in the mixing bowl of loss of market value, lenders requiring a lower loan-to-value ratio, and reduced cash flow from the property, says Barry Katz of Arnstein & Lehr LLP.
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5 Reasons For Optimism In The Venture Capital Community
Not every company can be the next Facebook. But thankfully, for many startups, generating one billion users is not the end goal, nor should it be. Enter “narrowcasting” — one of a few reasons to be optimistic about venture capital, despite the first quarter of 2013 being the slowest for fundraising since 2002, says David Kaufman of Thompson Coburn LLP.
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Why The Libor Lawsuits Are Not Dead
In the wake of a recent court ruling in the Southern District of New York, many people have suggested that London Interbank Offered Rate litigations are now nearly over. Although the ruling represents a significant victory for the defendant banks, and a major challenge to the litigation strategy of many of the claimants, it is by no means the end of the Libor litigations, says Ilan Guedj of ARPC.
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FINRA's Position On Pre-Inception Index Performance Data
FINRA has now formalized its position (albeit in a limited way) on pre-inception index performance data for exchange-traded products. Although the agency permits firms to distribute PIP data only to institutional investors, the recent guidance nonetheless provides some much-needed regulatory clarity for market participants, say Richard Morris and John O’Brien of Morgan Lewis & Bockius LLP.
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9th Circ. Favors Substance Over Form In Fitness Holdings
The Ninth Circuit ruling in In re Fitness Holdings International Inc. and similar decisions allowing recharacterization of debt as equity all send a single clear message: Although lawyers can structure a transaction to look like debt, bankruptcy courts have the authority to determine what the transaction really is and are not bound by what it is called, say Ira Herman and Evelyn Breithaupt of Thompson & Knight LLP.
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Inside Mariana Islands V. Canadian Imperial Bank
The New York Court of Appeals decision in Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce may have an immediate impact on other efforts to enforce judgments against international bank deposits by initiating proceedings against nonparty banks in New York, say attorneys with Skadden Arps Slate Meagher & Flom LLP.