The First Circuit on Friday asked the Massachusetts Supreme Judicial Court to weigh in on a group of banks’ appeal of a decision allowing the city of Springfield to implement anti-foreclosure ordinances, saying the issues in the case turn on unresolved state law questions.
Investors can pursue allegations that General Electric Capital Corp. and JPMorgan Chase & Co. misrepresented the quality of loans in a $1.9 billion mortgage-backed securities trust, a New York state judge ruled Friday, but limited damages to loans that don't meet underwriting standards.
Morgan Stanley & Co. Inc. told the Second Circuit on Friday to dismiss an appeal in two class actions accusing the firm of violating its fiduciary duty to employees by investing retirement funds in risky company stock, saying the class members had failed to adequately allege their claims.
The National Bank of Greece said Monday it has signed an agreement to sell a majority stake in its real estate branch, National Pangaea REIC, for €653 million ($882 million) to Invel Real Estate II BV in an effort to prop up its capital base.
The former CEO of Bank of Choice in Greeley, Colo., will pay $65,000 in restitution to settle charges that he violated registration and anti-fraud provisions of the Colorado Securities Act, according to a stipulation filed Thursday in Denver district court.
Investors in $951 million worth of Deutsche Bank AG mortgage-backed securities can pursue allegations that some of the securities' loans were defective, but they can't undo the whole deal based on alleged "fundamental breaches" of the contracts, a New York state judge ruled Monday.
The battle between Residential Capital LLC and a group of bondholders over hundreds of millions of dollars — as well as confirmation of ResCap’s proposed liquidation plan — won’t be resolved for at least two weeks as attorneys agreed Monday to argue the issues one last time in December.
Australia's Commonwealth Property Office Fund nixed Dexus Property Group Ltd. and Canada Pension Plan Investment Board's takeover bid for the Commonwealth Bank of Australia's commercial property trust Monday, after the two refused to raise their offer to compete with last week's surprise A$3 billion (US$2.8 billion) bid by GPT Group.
The receiver for WG Trading Co. on Friday urged a New York federal judge to approve a $3.4M settlement with Credit Suisse International and its subsidiary Zephyros Ltd. in a clawback suit over an alleged Ponzi scheme orchestrated by WG executives.
Blackstone is pursuing a public listing for another of its multibillion-dollar hotel chains, while Glencore Xstrata has again narrowed the field of suitors for a $5.9 billion Peruvian copper mine.
Fifth Third Bancorp on Monday announced that it had agreed to a $25 million settlement with Freddie Mac over faulty mortgages the bank sold prior to the financial crisis.
The U.S. Equal Employment Opportunity Commission asked a Florida federal court on Friday to sanction SunTrust Bank for allegedly destroying a video surveillance tape showing a branch manager repeatedly harassing female workers, the key evidence in the EEOC's sexual harassment suit.
The Second Circuit on Friday affirmed that the wife of Eric Butler, the former Credit Suisse Group Inc. broker convicted for his role in a $1.1 billion securities fraud scheme, cannot block the government from seizing accounts held in his name, despite her claim to part of the accounts.
A judge on Friday sentenced former Credit Suisse AG investment banker Kareem Serageldin to 30 months for inflating the value of mortgage-linked bonds to mask losses, and he criticized the bank's supposedly "evil climate."
Prosecutors asked a New York federal court Friday for permission to add a former Wells Fargo Bank NA executive as a defendant in their suit alleging the bank defrauded a government insurer by knowingly submitting mortgages with a high risk of default.
A pair of investment firms on Thursday slapped Barclays Bank PLC, UBS AG and others with a $100 million lawsuit in New York Supreme Court, claiming the banks breached contracts with investors by conspiring to rig the London Interbank Offered Rate for their own gain.
The Fifth Circuit on Friday upheld the conviction of former cell tower development manager Clovis Prince for a scheme to defraud several banks of $13.6 million and related bankruptcy fraud, saying he had not shown any government misconduct in his trial.
The Federal Reserve official leading the central bank's regulatory reform efforts renewed on Friday his call for extending regulators' reach into the so-called shadow banking system, and provided some details on potential proposals for regulating securities financing transactions that take place outside of regulated banks.
The Second Circuit on Thursday upheld the dismissal of a $143 million suit against Merrill Lynch & Co. Inc. and Bank of America Corp. over alleged misrepresentations regarding mortgage-backed securities, saying that South Korea's Woori Bank failed to file its suit on time.
The Asian Development Bank said Friday it will provide a $110 million loan toward building a 100-megawatt solar power plant in Samarkand, Uzbekistan, as the country looks to use more renewable energy.
The Financial Industry Regulatory Authority recently filed a rule proposal that would impose reporting requirements on alternative trading systems, including dark pools. Although the proposed rules will not apply to off-exchange trading venues that are excluded from Regulation ATS requirements, they will increase publicly available information about these opaque and rapidly growing private markets, says Eliza Fromberg of Day Pitney LLP.
The Third Circuit recently held that plaintiffs asserting a claim under the Securities Act of 1933 do not need to plead with particularity compliance with the statute of limitations, easing the standard for measuring the limitations period in plaintiffs’ favor. However, there is a clear spilt among the circuits regarding the issue, which could trigger U.S. Supreme Court review in the future, say John Stigi and Sarah Aberg of Sheppard Mullin Richter & Hampton LLP.
Few brands have the expertise themselves to create a compelling loyalty program from scratch. The IT demands alone are daunting. And the rewards catalog has to be attractive, with goods, services or experiences that appeal. But on top of the basics of the program itself, a truly successful loyalty program has to be integrated throughout the customer experience with the company's advertising, website, in-store sales and increasingly through mobile channels, says Jonathan Lemberg of Farella Braun Martel LLP.
Approximately 25 insurers now offer cyber insurance, and all these carriers offer coverage for both first-party and third-party losses. The market is very dynamic, with coverage varying from insurer to insurer. In some instances, the policy offered is not even named a “cyber policy,” say L.D. Simmons and Josh Davey of McGuireWoods LLP.
The recent district court decision in U.S. v. Countrywide Financial Corporation highlights the Financial Institution Reform, Recovery and Enforcement Act's expanding scope. Should the derivative theory of liability under FIRREA become judicially accepted, companies may well find themselves entangled in government-initiated lawsuits that once were solely within the realm of private disputes, say attorneys with Jenner & Block LLP.
On Oct. 22, the National Institute of Standards and Technology released its preliminary cybersecurity framework to help owners and operators of critical infrastructure manage cyber-risk. President Obama has made clear that the actions called for are voluntary, yet the potential provision of incentives may place those organizations that do not comply at a competitive disadvantage, say attorneys with Jones Day.
Goaded by the Public Investors Arbitration Bar Association into a snipe hunt for the still-elusive improper expungement of valid customer claims from any broker’s public record, FINRA recently issued a “Notice to Arbitrators and Parties on Expanded Expungement Guidance.” This effort is misguided, say Bryan Ward and S. Lawrence Polk of Sutherland Asbill & Brennan LLP.
Among 10 battle-proven strategies for getting your witnesses ready for trial is to role-play the cross-examiner. For instance, if you expect the cross-examiner to yell, get in the witness’ face or use scathing sarcasm, do that during practice to minimize surprises at trial, say Dawn Solowey and Lynn Kappelman of Seyfarth Shaw LLP.
A recent New York court decision in 172 Madison (NY) v. NMP-Group provides a foreclosing lender with potential new protections and resolution strategies if a borrower files for bankruptcy during a pending foreclosure. The decision also serves as a firm warning to potential borrowers and guarantors who think they can game the system by being a “bad boy,” say John Doherty and Robert Sullivan of Alston & Bird LLP.
Recent events, from the Westgate Mall attack in Nairobi to the Lac-Mégantic train derailment in Quebec, underscore the need for in-house counsel to keenly weigh risks and benefits for their companies doing business on a multinational scale. There are a number of best practices to consider that set the right tone for mitigating risk, whether you are doing business in one or hundreds of locations around the world, says Veta Richardson, president and CEO of the Association of Corporate Counsel.