A proposed class of Genworth investors asked a New York federal court not to toss their stock-drop suit over claims the insurer misled them ahead of delaying a subsidiary’s initial public offering in 2012, saying the “recantations” by two confidential witnesses the insurer is relying on were flimsy and unfairly obtained.
Argentina’s proposed $6.5 billion settlement with holdout bondholders was attacked Monday in New York court by plaintiffs' counsel overseeing a series of separate class action lawsuits over the country’s 2001 default, saying the deal would undermine injunctions intended to make sure parties are treated equally.
A group of plaintiff-intervenors told a South Dakota federal court Monday that more discovery is necessary in a pending class action against CashCall Inc., Native American-owned Western Sky Financial LLC and other online payday lenders after a judge nixed a proposed $7 million settlement in January.
The long-stymied plan for an audit trail to help regulators sift the wreckage of market crashes is coming closer to fruition, as a top U.S. Securities and Exchange Commission official on Tuesday said the system could be up and running by the end of next year.
Former U.S. Bankruptcy Judge Donald Steckroth has been formally tapped to serve as the examiner in the Chapter 11 case of Zucker Goldberg & Ackerman LLC and investigate possible claims against current and former members of the foreclosure law firm and related “insiders,” according to an order Monday.
The Commodity Futures and Trading Commission will allow designated Korea Exchange members to sell futures and options products directly to U.S. customers without registering as futures commissions merchants, the agency said Monday, finding U.S. and South Korean regulations sufficiently similar.
The Obama administration on Tuesday continued its push against the payday lending industry by including a small program in its $4 trillion budget aimed at increasing the offerings of short-term credit available to lower-income Americans.
U.S. Bank and Santander Bank on Tuesday agreed to pay a combined $13.4 million to get out from under restrictions on their mortgage operations imposed by the Office of the Comptroller of the Currency.
A Georgia federal judge has boosted the ability of banks suing Home Depot over its 2014 data breach to review the retailer’s communications with absent putative class members about settlements it may strike with Visa and MasterCard, ruling that the proposed class is entitled to a broad range of documents.
A Pennsylvania state judge has put an end to claims launched by former clients of Spector Gadon & Rosen PC and awarded the firm more than $90,000, citing a lack of evidence after it was accused of overbilling for work restructuring the debt of a failed real estate project.
The former head of the American Bankers Association, who has also been the governor of Oklahoma, an FBI agent, a high-ranking executive branch attorney and even a children’s book author, has joined Holland & Knight LLP in Washington, D.C.
The Ninth Circuit on Monday affirmed Houston Casualty Co. isn’t obligated to front defense costs to Impac Mortgage Holdings Inc. in a trio of actions over its purported mishandling of mortgage-backed securities offerings, rejecting Impac’s interpretation of a covered security in its directors and officers policy.
A Swedish arbitration institute has agreed to evaluate claims lodged by Ukraine's largest commercial bank over an alleged $1 billion in losses stemming from Russia's 2014 annexation of Crimea, according to Ukrainian news reports.
President Barack Obama is calling on congressional leaders to double the funding of the U.S. Securities and Exchange Commission and the U.S. Commodities Futures Trading Commission within five years, an administration official said Monday.
MetLife Inc. is set to go to court Wednesday to defend its lawsuit challenging the Financial Stability Oversight Council's decision to name it a systemically important financial institution whose collapse could threaten the stability of the U.S. economy. Here, Law360 breaks down the dispute in anticipation of oral arguments on whether MetLife's case can proceed.
A New York bankruptcy judge on Monday approved a $1.42 billion settlement to resolve most litigation between Lehman Brothers Holdings Inc. and JPMorgan over transactions that occurred in the runup to Lehman’s 2008 bankruptcy.
Three Texas men who pled guilty to defrauding GE Capital Corp. out of $11 million, by faking invoices and inflating revenue projections for their cross-border trucking company, received prison sentences Monday ranging from two to eight years, according to federal prosecutors.
RBC Bank USA must face a consumer’s claim that it charged excessive overdraft fees, a Florida federal judge said Friday, finding that a consumer agreement nixed by the Eleventh Circuit was valid at the time of the alleged fee overcharge.
The investors accusing Deutsche Bank AG, Morgan Stanley and other financial institutions of rigging foreign exchange markets told a New York federal court on Friday that their second amended complaint is supported by information gleaned from settlements with nine other banks and shouldn’t be dismissed.
U.K. prosecutors on Monday reportedly asked to delay their third trial over alleged Libor manipulation, saying Barclays PLC provided more information they might need to review.
North Korea's successful rocket launch Sunday follows on the heels of its alleged hydrogen bomb test in January. House-passed legislation being considered in the Senate this week would impose stricter sanctions on the country. The bill also extends authority to the president to sanction individuals engaging in financial transactions to support any of North Korea’s illicit activities or cyberthreats, say Richard Hertling and Kaitlyn... (continued)
The enforceability of asset freeze injunctions and information subpoenas on foreign banks with operations in New York is not clear cut. The impact of New York banking law on general personal jurisdiction has led to different outcomes before different judges, say Kenneth Argentieri and Yuanyou Yang of Duane Morris LLP.
The bankruptcy case of Sentinel Management should be required reading for all lenders since, in a matter before the Seventh Circuit, two banks’ failure to investigate their borrower’s questionable activity caused them to lose their security and have their secured loans reduced to unsecured claims, say Mark Salzberg and Jeff Cole of Squire Patton Boggs LLP.
A Second Circuit decision in IKB Deutsche Industriebank v. McGraw Hill, affirming the dismissal of a complaint against Standard & Poor’s concerning credit ratings, serves as an important reminder that New York’s borrowing statute can be an effective weapon in defending against claims brought by out-of-state or foreign litigants, say Kevin Broughel and Anthony Antonelli of Paul Hastings LLP.
From time to time, the European Commission is accused of unfairly targeting U.S. companies in its antitrust scrutiny. Competition Commissioner Margrethe Vestager has been quick to reject this suggestion. Our quick look at cases involving U.S. companies reveals a nuanced picture, say attorneys with Kirkland & Ellis LLP.
A considerable area in solvency analysis relates to fraudulent conveyances in bankruptcy, but a similar analysis can arise in derivative instruments drafted under the International Swaps and Derivatives Association forms. Determining when a corporation actually became insolvent can be crucial to the characterization of payments as either preferential or potentially fraudulent, says Jeffrey Baliban of Citrin Cooperman & Co. Ltd.
The Second Circuit's decision in Schaeffler v. U.S., which involved Schaeffler Group withholding privileged debt restructuring documents from the IRS, falls in line with an emerging consensus of jurisdictions flexibly applying the common interest doctrine to commercial and corporate transactions, says Stephen Ram of Stradling Yocca Carlson & Rauth PC.
The ongoing saga related to the transfer of five Portuguese law-governed senior unsecured bonds between "good bank" Novo Banco and troubled bank Banco Espirito Santo raises a number of questions regarding the Banking Recovery and Resolution Directive, and the extraordinary rights it grants to resolution authorities, say Peter Declercq and Sonya Van de Graaff of Morrison & Foerster LLP.
A new challenge to bipartisan, comprehensive energy legislation came last week when several Democratic senators introduced an amendment aimed at providing emergency resources to Flint, Michigan, to address severe contamination from lead in the city’s drinking water, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.
Rules governing the way leases are accounted for on balance sheets are expected to change in the first quarter of 2016 with major implications for retailer tenants and longer term implications for landlords, say Steven Schneider and David Lewis at Goulston & Storrs PC.