The Third Circuit on Tuesday upheld a lower court's decision to transfer a complicated settlement dispute involving Norton Rose Fulbright, investment firm Greenlight Capital Inc., a group of insolvent Virgin Islands telecommunications firms and others to bankruptcy court, which then recommended that the case be thrown out.
A federal judge on Tuesday threw out the Massachusetts attorney general’s lawsuit accusing mortgage giants Fannie Mae, Freddie Mac and their overseers at the Federal Housing Finance Agency of violating the state’s foreclosure prevention law, ruling that the state’s claims are beyond his jurisdiction.
Goldman Sachs Group Inc. on Wednesday rejected the notion that women claiming a sexualized culture of discrimination damaged their pay and promotion prospects could band together in court, arguing the individual situations of more than 1,000 potential plaintiffs don't share common traits required for class certification.
A New York appeals court on Tuesday rebuffed a Credit Suisse Group AG subsidiary’s bid to escape a residential mortgage-backed securities lawsuit that claims the bank failed to repurchase toxic loans that cost investors $1 billion, finding the case is not time-barred.
New York’s superintendent of financial services on Tuesday pushed dozens of banks to detail how data they share with third-party service providers such as law firms and accounting firms is being safeguarded, in the wake of high-profile security breaches at institutions such as JPMorgan Chase & Co.
A New York judge on Wednesday dismissed a lawsuit brought by affiliates of Highland Capital Management LP that claimed hundreds of millions of dollars in losses due to a Credit Suisse Group AG unit’s deceptive marketing of loans for resorts and high-end residential communities, including the troubled Yellowstone Mountain Club.
Target Corp. on Wednesday doubled down on its bid to dismiss banks and credit unions' legal claims over last year's massive data breach at the retail chain, arguing its handling of customer payment card data didn't establish a relationship with financial institutions that would allow them to recover their losses.
The Second Circuit on Wednesday dismissed Argentina's appeal of a New York federal judge's order blocking a $539 million payment to bondholders via Bank of New York Mellon, finding that it doesn't have jurisidiction because the order appealed from was a clarification rather than a modification of prior rulings.
Nomura Holding America Inc. told a New York federal court Tuesday that the Federal Housing Finance Agency can’t back up its contention that it was oblivious before 2008 that Fannie Mae and Freddie Mac were sold toxic residential mortgage-backed securities — a claim that would sink the bank's statute of limitations defense.
Private equity-backed chicken wing chain Wingstop is cooking up a potentially $100 million initial public offering, while marketing software maker Yodle is reconsidering its plans for a public debut.
Morgan Stanley Smith Barney LLC has asked the Eleventh Circuit to affirm a lower court’s refusal to allow an Indian tribe to sue the company for allegedly helping to embezzle $26 million from it, arguing that an arbitration agreement be upheld because it was made with an authorized chairman.
U.S. retailers are under more pressure to update payment systems that accept "chip and PIN" cards after President Barack Obama signed an order making the technology the norm for the federal government, but attorneys say moving to the technology won't shield merchants from all future threats to customer data.
A trio of insurers on Tuesday rebuffed a Florida federal judge’s request that they sweeten a proposed $32 million settlement in a class action accusing them and HSBC Bank USA NA of overcharging homeowners for force-placed insurance, saying the current deal treats class members fairly.
A divided U.S. Securities and Exchange Commission passed final rules on Wednesday requiring firms to retain a stake in the asset-backed securities they issue, but not before two Republican members blasted the rule-making as a capitulation to banking regulators and a missed chance for meaningful reform.
The Financial Industry Regulatory Authority urged a Florida federal judge on Monday to throw out wrongful termination and discrimination allegations from a former deputy regional director, criticizing her job performance and arguing that her position was eliminated as part of a companywide staff reduction.
A former UBS AG client adviser on Tuesday placed the Swiss bank's ex-wealth management head Raoul Weil at meetings in 2002 where clients were allegedly advised on keeping accounts hidden from U.S. authorities, but Weil's attorneys questioned why this information was not mentioned in prior meetings with federal prosecutors.
U.S. District Judge Shira A. Scheindlin on Tuesday suggested former U.S. House Majority Leader Eric Cantor detail his contacts with Israeli officials in order to refute a call for him to testify about his alleged intervention in a lawsuit alleging The Bank of China Ltd. financially supported Hamas.
A New York federal judge on Monday refused to dismiss a putative investor class action alleging Barclays PLC manipulated the London interbank offered rate and covered it up through misstatements, ruling that the plaintiffs sufficiently alleged that the financial services company acted with fraudulent intent.
A top Federal Deposit Insurance Corp. official on Tuesday said the Consumer Financial Protection Bureau had too much say in the writing of risk retention rules when it was not formally involved in the effort, raising new questions about how much deference banking agencies are paying to the bureau.
The New York State Department of Financial Services on Tuesday slammed Ocwen Financial Corp. for allegedly sending backdated letters regarding its mortgage loans, saying hundreds of thousands of borrowers may have been hurt by the practice.
Many legal briefs are written in impenetrable jargon and begin with an introduction telling the court what it already knows, using words that stem from the 18th century, such as “hereinafter.” Instead, we should approach briefs the way novelists approach their writing, says Michael Rubin of McGlinchey Stafford PLLC.
All is not lost when a general contractor files bankruptcy — subcontractors may be able to perfect their construction liens post-petition, as in the case of Branch Banking & Trust Co. v. Construction Supervision Services Inc., says Vicki Harding of Pepper Hamilton LLP.
Given the lack of specific discussion of cell tower securitizations in U.S. Securities and Exchange Commission commentary relating to two new rules affecting asset-backed securities, it is uncertain if cell tower securitizations are subject to the new rules, and whether the applicability of the rules depends upon the securitization structure used, say attorneys with Cadwalader Wickersham & Taft LLP.
The proposed regulations implementing certain provisions of the Dodd-Frank Act relating to margin requirements for uncleared swaps, if adopted as proposed, will increase the costs of trading uncleared swaps and decrease the universe of potential counterparties, say attorneys with Crowell & Moring LLP.
Although the Consumer Financial Protection Bureau's proposed rule for larger auto lenders will have the effect of leveling the supervisory playing field between supervised banks and nonbank auto lenders, there will be no changes in compliance expectations from a regulatory and enforcement perspective, say Keith Barnett and Jason McCarter of Sutherland Asbill & Brennan LLP.
Today, information intersects every practice area, making all lawyers effectively information governance practitioners in one way or another. The issue is whether you will consciously embrace this emerging discipline — and capitalize on it to the benefit of your clients and your practice, says Ann Snyder of the Information Governance Initiative.
Although a somewhat sensitive issue for lenders, foreclosing upon the property of a member of the armed forces does not have to be a costly and frustrating process, as often depicted in the media. The difficulties arise when lenders wait until the last minute to determine whether a defendant is, in fact, a service member, say Meredith Minkus and Steven Ferrell of Burr & Forman LLP.
If Public Citizen's amicus brief in the U.S. Supreme Court case Dart Cherokee Basin Operating Co. v. Owens is correct in arguing that an appellate court can insulate questions arising under the Class Action Fairness Act from Supreme Court review by denying leave to appeal then that will create perverse incentives for lower courts and may hamper the development of uniform rules governing CAFA removals, says Archis Parasharami of Mayer Brown LLP.
Given a recent bankruptcy court decision in the case of FMB Bancshares Inc., bank-holding companies should be aware that trust-preferred securities holders may have some support for a further or direct power in their efforts to realize a return on their investment, say attorneys with Arent Fox LLP.
With midstream energy master limited partnerships having dominated the energy and power capital markets in recent years, a question has arisen as to why the real estate investment trust structure has not been more utilized, especially given that the IRS has blessed the ability of REITs to own transmission and distribution systems, say attorneys with Hunton & Williams LLP.