Goldman Sachs Group Inc. must face allegations it lied to HSH Nordbank AG about the quality of the loans in $110 million worth of mortgage-backed securities, a New York state judge has ruled, finding that it hadn't waited too long to sue under German law.
The Second Circuit rejected on Friday a bid by Sapere Wealth Management LLC to overturn a ruling that MF Global Inc. commodity customers could not jump ahead of other creditors in the MF Global Holdings Ltd. Chapter 11 proceedings.
A Texas bankruptcy judge said Thursday that TMT Group could seek the release of three of its ships seized by bank creditors around the world, on the condition that it finalize plans to hire commercial and technical fleet managers to take control of the boats.
A D.C. federal judge approved a $153 million class action settlement Friday for investors who accused housing giant Fannie Mae and accounting firm KPMG LLP of putting out misleading financial reports, the largest such settlement in the D.C. Circuit since 1996.
Sen. Ed Markey, D-Mass., sent a letter to the Federal Trade Commission on Wednesday, asking the agency to investigate websites that claim to offer payday loans but may be unlawfully collecting and storing customers' personal information and selling it to predatory lenders.
The Asian Development Bank board on Friday approved a $500 million emergency loan first announced in the wake of Typhoon Yolanda to help the government of the Philippines recover from damaged cause by the super typhoon that hit the country last month, the ADB said Friday.
The U.S. Export-Import Bank said Thursday that it's greenlighted a $640.7 million direct loan to the Turkish arm of the State Oil Co. of Azerbaijan Republic to finance the export of American-made oil refinery equipment that will be used to build a refinery on Turkey's western coast.
Chevron is again pushing back development plans for a $6.4 billion gas venture it shares with PetroChina, while a federal official warns a prospective Comcast-Time Warner merger would be hard-pressed to clear a regulatory review.
Los Angeles launched two suits Thursday accusing Wells Fargo & Co. and Citigroup Inc. of flooding minority neighborhoods with discriminatory mortgage loans that decimated local property values, sending property tax revenues down and government services costs soaring.
PNC Financial Services Group Inc. on Friday announced an $89 million settlement with Freddie Mac, making it the latest bank and the second within a week to bring to a close mortgage repurchase claims with the government-controlled firm.
Lloyds Banking Group PLC said Friday that it has unloaded a portfolio of nonperforming Irish retail mortgages in a £257 million ($420.4 million) sale to an affiliate of New York private equity firm Apollo Global Management LLC, another step in its sprawling divestment plan.
A federal judge signaled Thursday he might fine Bank of America Corp. more than $1 million, a penalty amount favored by the institution, for defrauding Freddie Mac and Fannie Mae through a mortgage program.
A former New Jersey fire commissioner was hit with an embezzlement suit in state superior court last week that accuses him of stealing $700,000 in taxpayer funds by allegedly using transactions that went undetected due to the negligence of TD Bank NA and Bank of America Corp.
A married couple sued Bank of America NA and Nationstar Mortgage on Tuesday in New Jersey federal court, accusing them of unfair and deceptive business practices that forced the couple into default and damaged their credit scores.
The Travelers Indemnity Co. recently fired off a lawsuit against Legal & General Group PLC and its affiliates in Connecticut federal court demanding that the U.K. financial services and insurance company stop using a logo the insurer says infringes the iconic Travelers umbrella mark.
The American Civil Liberties Union hit the Federal Housing Finance Agency with a suit alleging Freedom of Information Act violations in California federal court Thursday, claiming the agency has collaborated with the financial industry to block cities from using eminent domain to prevent foreclosures.
The Federal Reserve on Thursday told banks that they would be held responsible for any violations of federal banking regulations committed by third-party service providers, including compliance consultants.
Credit Suisse Group AG on Thursday said it is selling its German banking business to Dutch state-owned ABN Amro Bank NV, as the financial services giant increasingly focuses on services for the ultrarich.
Big changes could be coming to the Office of the Comptroller of the Currency after a review by international regulators found there was often a “material lag” between when examiners identified emerging risks and when the agency addressed them in new guidance.
Russian banking consortium VTB Group sold a 50 percent stake in Russian telecommunications company Tele2 AB for 40.4 billion rubles ($1.2 billion), the company said in third-quarter account statements released Thursday.
A new law in Mongolia dramatically alters the investment landscape in the country, eliminating the broad restrictions on private foreign investment in the minerals, communication and financial sectors that previously existed, removing the parliament from the approval process, and ending the distinction between foreign and domestic investors, says Stewart Diana of DLA Piper LLP.
Three recent cases applied the economic substance doctrine, with quite different results, to the "structured trust advantaged repackaged securities" transaction, one of several foreign tax credit generators the IRS is aggressively challenging. These decisions likely foreshadow a fight in the circuit courts over STARS and the economic substance doctrine, say Robert Probasco and Lee Meyercord of Thompson & Knight LLP.
Recently, the Federal Deposit Insurance Corporation advised regulated financial institutions to be wary of “an increase in exclusionary terms or provisions” in insurance policies covering directors and officers liability. While this advice was directed to financial institutions regulated by the FDIC, much of it is good advice to follow for all corporations and their boards of directors, say Brian Scarbrough and Daniel Johnson of Jenner & Block.
At the St. Petersburg summit in September, the G20 leaders drove forward the initiative for a global model of automatic exchange of tax information. While this could be an efficient tool to fight tax evasion, the proposed reporting obligations could impose significant costs on multinational enterprises, in particular financial institutions, says Johannes Frey of Skadden Arps Slate Meagher & Flom LLP.
Federal regulators last month proposed rules implementing the Basel III liquidity coverage ratio. Among other things, the proposed LCR is more stringent than the international LCR standard agreed upon by the Basel Committee on Bank Supervision earlier this year, says Brian Barrett of Sutherland Asbill & Brennan LLP.
If industry executives did not suffer previously from heartburn when thinking about the Consumer Financial Protection Bureau’s complaint process, now is the time for them to reach for the antacids, says Brett Kitt, counsel with Greenberg Traurig LLP and former senior counsel at the CFPB.
The Nevada Supreme Court recently issued an opinion clarifying the application of AB 273, a groundbreaking statute designed to prevent secondary market loan purchasers from profiteering due to deficiencies in distressed loans. While the court adopted a middle approach with respect to positions taken by borrowers and lenders, the holding provides more relief than lenders are willing to concede, say Christopher Reeder and Andrew Howard of Robins Kaplan Miller & Ciresi LLP.
In Romanello v. Intesa Sanpaolo, the New York Court of Appeals found that under the city's Human Rights Law, there is no requested employee disability accommodation that is per se unreasonable, including a request for indefinite leave. At a minimum, an employer should carefully document its efforts to reach an accommodation, and its reasons for determining that a requested accommodation will be ineffective, say Terri Solomon and Jennie Woltz of Littler Mendelson PC.
Picture this: A seller of goods is losing tens of millions of dollars per year on a requirements contract containing price caps that the parties have operated under for years. Given the Uniform Commercial Code and relevant case law, it would be natural — and completely logical — to accept the cogent authority establishing that rising costs are generally insufficient to invalidate a contract. I am betting that, in this case, the law will trick you, says Andrew Jarzyna of Ulmer & Berne LLP.
A recent holding in a case involving Italian bank UniCredit is persuasive authority that other similarly situated banking corporations should consider in determining their New York bank tax reporting obligations — and in filing refund claims, say attorneys with Reed Smith LLP.