Banking

  • March 2, 2015

    SEC Buys Itself More Time To Decide On 'Tick' Size Plan

    The U.S. Securities and Exchange Commission has given itself two more months to decide on a plan by stock exchanges and the Financial Industry Regulatory Authority to run a pilot program aimed at improving the trading of small company stocks.

  • February 27, 2015

    LA Renews JPMorgan, Citigroup, BofA Redlining Suits

    The City of Los Angeles moved its discriminatory lending fight against JPMorgan Chase & Co., Bank of America Corp. and CitiGroup Inc. to California state court on Friday, lodging new complaints against the banks weeks after a federal judge found he lacked jurisdiction over the allegations.

  • February 27, 2015

    Banco Popular Snaps Up Doral In FDIC Failed-Bank Deal

    The Federal Deposit Insurance Corp. stepped in on Friday and took over Doral Financial Corp., handing over the operations of Puerto Rico’s only community bank to Banco Popular in a deal that will cost the U.S. regulator about $749 million.

  • February 27, 2015

    Brand Battles: NCAA, Margaritaville, Rothschild Family

    In Law360's latest roundup of new actions at the Trademark Trial and Appeal Board, the NCAA claims trademark rights to the name and the actual image of tournament "brackets," a Margaritaville-brand margarita maker ends up in a fight with Fiji Water and the heirs of the Rothschild family give TTAB a history lesson.

  • February 27, 2015

    Bank Regulators Watching NY's Money Laundering Crackdown

    A coming New York state proposal to require top bank executives to personally attest to the quality of their institutions’ anti-money-laundering policies represents a major escalation of pressure on firms to prevent financial crimes that will be closely watched by other regulators, experts say.

  • February 27, 2015

    Market Rumors: Bombardier, Ant Financial, Cafe Coffee Day

    Plane and train maker Bombardier raised $1.5 billion in a two-tranche, high-yield debt offering, while Ant Financial is aiming to raise $4 billion in a private placement before an anticipated initial public offering.

  • February 27, 2015

    11th Circ Seeks Fla. High Court's Aid In Pruco Insurance Row

    The Eleventh Circuit on Friday asked the Florida Supreme Court to determine which of two conflicting state statutes governs two cases involving $10 million insurance policies from Pruco Life Insurance Co. originated by people not connected to the insured.

  • February 27, 2015

    Fla. AG Defends State's Credit Card Surcharge Ban

    Florida's attorney general defended a state law that prevents merchants from imposing credit card surcharges, telling the Eleventh Circuit on Thursday that the statute is intended to protect consumers from unfair pricing and doesn't restrict businesses' free speech rights.

  • February 27, 2015

    Title Co. Can't Nix Credit Suisse Claims In Idaho Resort Row

    A federal judge on Thursday wouldn't dispense with counterclaims asserted by Credit Suisse AG accusing Stewart Title Guaranty Co. of wrongfully refusing to indemnify it from losses stemming from $13 million in liens that took precedence over Credit Suisse-owned mortgages securing an Idaho ski resort.

  • February 27, 2015

    4th Circ. To Eye Insider Trading Plea After Newman

    A sentenced Florida man has filed notice of his Fourth Circuit appeal of a federal court's refusal to withdraw his insider trading plea involving tips from a Wells Fargo & Co. investment banker, in the wake of the Second Circuit's landmark U.S. v. Newman decision.

  • February 27, 2015

    2nd Circ. Agrees To Keep Aluminum Antitrust Appeal Paused

    The Second Circuit on Thursday agreed to sit on an appeal by a group of aluminum users while the district court considers whether to accept new pleadings in their antitrust suit against Goldman Sachs Group Inc., JPMorgan Chase & Co. and others.

  • February 27, 2015

    2nd Circ. Won't Put UBS On Hook For $2.3B In Trader Losses

    The Second Circuit on Friday dismissed a putative class action that had sought to hold UBS AG responsible for investor losses after a trader went off-plan and triggered $2.3 billion in losses, finding that the plaintiffs hadn’t shown the bank had intended to deceive its shareholders.

  • February 27, 2015

    BofA Looks To Nix $600M Ambac Suit Over Countrywide RMBS

    Bank of America Corp. has moved to dismiss a $600 million lawsuit brought by bond insurer Ambac Assurance Corp. in New York state court over allegedly faulty residential mortgage-backed securities issued by Countrywide Financial Corp., slamming the suit as a "sophisticated monoline insurer's hindsight effort to shift blame for its own recklessness."

  • February 27, 2015

    Revolving-Door Roundup: Paul Weiss, DLA Piper, Cadwalader

    This month's roundup of attorney moves between the public and private spheres includes two U.S. attorneys landing partnerships at major firms — the second and third this year, for those keeping count — and a New York assistant U.S. attorney who secured a senior counsel position at Bill Ackman's private equity firm.

  • February 27, 2015

    Deals Rumor Mill: Samsom, NY Daily News, Banco BPI

    Oil and natural gas company Samson Resources Co. has hired the restructuring teams of Kirkland & Ellis LLP and Blackstone Group to help advise during what has become a messy restructuring, while the New York Daily News may be on the chopping block after being approached recently by a potential buyer.

  • February 27, 2015

    RBS' Swiss Subsidiary Under Probe For Alleged Tax Evasion

    A Swiss subsidiary of the Royal Bank of Scotland Group PLC is being investigated by German prosecutors for allegedly helping clients evade taxes, the U.K.-based RBS disclosed in a financial report released Thursday.

  • February 27, 2015

    SIFMA Tells 5th Circ. Repose Law Kills FDIC's $2B RMBS Suit

    The Securities Industry and Financial Markets Association on Wednesday asked the Fifth Circuit to find that the extender statute for certain Federal Deposit Insurance Corp. claims doesn’t preempt state statutes of repose, in a $2.1 billion residential mortgage-backed securities case targeting Goldman Sachs & Co. and several other banks.

  • February 27, 2015

    NY, Feds Pursue $45M From Allegedly Abusive Collectors

    In a move that demonstrates federal and state regulators’ push to bring the debt collection industry in line, the Federal Trade Commission and New York state announced Thursday that they are teaming up to pursue Buffalo-area collectors accused of deceiving and bullying consumers into shelling out $45 million.

  • February 27, 2015

    Bankia Will Cap Compensation For IPO Bust At $350M

    Spanish lender Bankia SA said on Friday that it will cover up to €312 million ($349.2 million) of the estimated €780 million that will be paid back to retail investors who sued Bankia over its controversial and ill-fated initial public offering in 2011.

  • February 27, 2015

    Fed Gives More Time For SIFI Surcharge Comments

    The Federal Reserve on Thursday gave banks and other interested parties more time to comment on a proposal that would require the largest financial institutions to maintain an additional layer of capital.

Expert Analysis

  • Setting The Wayback Machine For Housing Finance Reform

    Brad Miller

    Many proposals for housing finance reform set the wayback machine to 2005, but those days were not so glorious for homeowners and investors. Perhaps we should aim for policies that create a stable, liquid and affordable mortgage market, and the private-label securitization market could still compete, says former U.S. Rep. Brad Miller, who was principal House sponsor of legislation to regulate subprime mortgages and to create the Co... (continued)

  • Bankers Beware: OCC Encourages Small Banks To Collaborate

    Douglas Faucette

    The Office of the Comptroller of the Currency's recent paper strongly encouraging community banks to collaborate warns, almost in passing, that the suggested collaboration may run afoul of federal and state antitrust laws. This warning deserves considerable attention, say attorneys with Locke Lord Edwards LLP.

  • This Week In Congress: Avoiding A DHS Funding Showdown

    Richard A. Hertling

    One major change in the debate over U.S. Department of Homeland Security funding — which expires this Friday — is that a Texas federal district judge has issued an injunction against the Obama administration’s immigration policy, essentially putting it on hold. This may be an opportunity for the Senate to avoid the policy riders and pass a clean funding bill, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • In-House Counsel's Dirty 'Little' Secret: Data Leakage

    Jennifer Topper

    Not every data breach is a massive headline-grabbing theft of consumer credit card information. As significant as these events may seem, the more dangerous and prevalent threats are the least visible — occurring through "data leakage." Put simply, this is raw meat awaiting a strike by the plaintiff’s bar, says legal industry adviser Jennifer Topper.

  • A Continued Focus On Strategies For Resolving SIFIs

    Cyrus Amir-Mokri

    The Bankruptcy Code's focus on protection of creditor rights can impede the ability of a troubled systemically important financial institution to effectuate a resolution with the speed necessary to preserve value, protect private interests and minimize systemic risk. While a proposed legislation may modify the code to enhance the process, it does not address some important issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Cyberthreat Spawns New Era Of Public-Private Collaboration

    Judith Germano

    The government and private sector already are innovating in the forms of collaboration necessary to address the cybersecurity threat. The challenge moving forward will be to institutionalize and expand these means of working together, says Judith Germano, a professor at NYU School of Law.

  • The (Private) Key To Unlocking Bitcoin Legal Issues

    Nicholas Galunic

    Lawyers, regulators and experts should be aware that, despite recent bad publicity, some form of cryptocurrency is likely here to stay. That said, if there is one thing to understand about this new economy, it is the "private key," because bitcoin is the most secure money in the world if users can keep their private keys secure, says economist Nicholas Galunic of ARPC.

  • Not Too Big To Grow: Another Arrow In Banks' M&A Quiver

    Suzanne Ewing

    When structured and executed correctly, targeted loan asset acquisitions can be an effective tool that banks of all sizes can use to grow revenue while mitigating successor liability concerns, avoiding acquisition of noncore assets, and minimizing the full-scale integration and regulatory issues that accompany traditional bank mergers, say Reg Weatherly and Suzanne Ewing of Buchanan Ingersoll & Rooney PC.

  • Rejoice In New York’s Revised UCC, But Beware Traps

    G. Ray Warner

    While recent amendments bring most of New York’s Uniform Commercial Code up to date, the state chose not to modernize its entire UCC, as a result of which certain of its provisions do not reflect modern practices, and its version of Article 9 is still out of sync with that of other states, says G. Ray Warner, of counsel at Greenberg Traurig LLP and associate dean for bankruptcy studies at St. John’s University School of Law.

  • Presidential Summit Reveals Cybersecurity Concerns, Trends

    Angelique Kaounis

    To be adequately informed about and prepared for cybersecurity threats — and to minimize loss of intellectual property and potential liability for data breaches — companies should carefully consider relevant practices described at last week's White House Summit on Cybersecurity and Consumer Protection, says Angelique Kaounis of Gibson Dunn & Crutcher LLP.