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Banking
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May 21, 2013
Developers That Razed Beastie Boy Home Sued For $6M
Mortgage brokerage Silo Capital LLC on Tuesday sued the developers of two Manhattan buildings in New York court, arguing they violated the terms of a $6.2 million mortgage by demolishing one of the buildings, a historic gay rights site and the former home of Beastie Boy Adam Horovitz.
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May 21, 2013
Fla. Atty Pegged For Stealing Millions Hit With New Suit
Missing Florida foreclosure defense attorney Timothy McCabe, who is under investigation for possibly stealing millions in client funds, was hit Monday with another lawsuit by a disgruntled client who says he's lost over $67,000 he'd placed in trust accounts with McCabe's firm.
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May 17, 2013
First American Charges Excess Mortgage Fees, Class Claims
First American Title Co. was hit with a proposed class action in Texas on Friday that claims it overcharged homeowners for mortgage fees even though it knew the exact amounts to be paid to counties.
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May 17, 2013
ING Gave Morgan Stanley Kickbacks For 401(k) Biz, Suit Says
An Alabama medical laboratory filed a proposed class action in New York federal court on Friday alleging Morgan Stanley & Co. Inc. encouraged the lab to use ING Life Insurance and Annuity Co. to administer its employees' 401(k) plan because ING paid the brokerage firm extra fees.
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May 17, 2013
NJ Firm Says BofA Owes $5M For Fraudulent Wire Transfer
Borenstein McConnell & Calpin PC wants Bank of America Corp. to pay more than $5 million for processing a $264,000 wire transfer from Borenstein's attorney trust account despite Bank of America's alleged knowledge that the transaction was fraudulent, according to a lawsuit filed Thursday in New Jersey federal court.
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May 16, 2013
LandAmerica Trustee Sues To Erase PE Firm's $10M Claim
Bankrupt title insurer LandAmerica Financial Group asked a Virginia bankruptcy court Wednesday to toss a $10 million claim brought by American Capital Ltd. accusing a company subsidiary of failing to catch defects in two apartment complexes secured by loans in a risky mortgage-backed investment vehicle.
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May 10, 2013
Ex-Salomon Head Sues Citigroup Over Secretary's $3M Theft
The former managing partner of Salomon Brothers launched a suit in New York state court Thursday alleging Citigroup Inc. is liable for over $3 million that was stolen from him by his now-convicted former secretary, who was a Citigroup employee.
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May 9, 2013
Prudential Says UBS Fraud Doomed $208M MBS Purchase
Prudential Insurance Co. of America is accusing UBS Americas Inc. of misrepresenting the quality of $208 million in mortgage-backed securities by shirking underwriting guidelines and failing to follow the proper appraisal process, according to a suit removed to New Jersey federal court on Wednesday.
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May 8, 2013
Foreclosure Atty Who Fled With Millions Hit With 1st Client Suit
A lawsuit filed in Florida court last week is the first by clients of missing foreclosure defense attorney Timothy McCabe, who disappeared in early April and is being investigated for reports of millions of dollars in missing client funds.
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May 8, 2013
Ziegler Slams Edwards Wildman Over Costly Discovery Mishap
Investment bank B.C. Ziegler and Co. on Tuesday hit law firm Edwards Wildman Palmer LLP with a suit in Illinois court alleging it released confidential customer information while representing the bank, setting off a flurry of claims against the bank involving a soured investment.
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May 7, 2013
Citibank Wants $141M From Barclays For Lehman Losses
Citibank NA on Monday hit Barclays Bank PLC with a $141 million breach of contract suit in New York alleging the bank owes indemnity payments tied to losses on foreign-exchange settlement services provided to bankrupt Lehman Brothers Inc. at the height of the 2008 financial crisis.
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May 7, 2013
Chase Sued Over Workers' ID Theft In $77M Medicare Scam
A JPMorgan Chase Bank NA customer on Monday hit the financial giant with a $10 million lawsuit alleging some of its employees stole her identity and used it to further a $77 million Medicare money laundering scheme.
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May 7, 2013
CFPB's 1st Criminal Referral Targets $2M Debt Relief Scam
Federal prosecutors on Tuesday charged a New York debt settlement firm with defrauding over 1,200 customers hobbled by credit card debt in a $2.2 million scheme that also marked the first criminal referral from the Consumer Financial Protection Bureau.
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May 6, 2013
ResCap Sues UMB, Wells Fargo Over Lien Value
Residential Capital LLC on Friday sued UMB Bank NA, Wells Fargo Bank NA and a group of junior secured noteholders holding $2 billion in claims against the estate over a dispute concerning the value of their liens securing certain bonds.
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May 6, 2013
Prominent NY Democrat Held For Foreclosure Embezzlement
Brooklyn Democratic Sen. John L. Sampson, a lawyer and former top party leader in Albany who was placed at the heart of a casino bid-rigging scandal three years ago, was arrested Monday and charged with embezzling $440,000 in proceeds from property foreclosure sales to fund his political ambitions.
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May 6, 2013
NYC, Citibank Hit With $3M Suit Over Bike-Share Station
New York City was hit Friday with the first lawsuit filed against its long-awaited Citi Bike rental program, which it began rolling out in connection with Citibank NA over the last several weeks, when residents of a West Village cooperative claimed the bike rental station in front of their building violated safety laws.
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May 6, 2013
LNR Partners Hits Philly Building Owner With $4M Loan Suit
LNR Partners LLC sued a Philadelphia building owner in Pennsylvania state court Friday, seeking to foreclose a property loan for $4.2 million.
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May 6, 2013
NY AG Says Wells Fargo, BofA Breached $25B Mortgage Deal
New York Attorney General Eric Schneiderman on Monday said he plans to sue Wells Fargo & Co. and Bank of America Corp. over allegations that they violated mortgage servicing standards that were a key part of last year's $25 billion mortgage settlement.
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May 3, 2013
BofA, Citi Restrained Credit Default Swap Market, Suit Says
A union pension plan on Friday hit more than a dozen players in the market for credit default swaps, including Bank of America Corp. and Citibank NA, with a putative class action in Illinois federal court, alleging they conspired to restrain competition.
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May 3, 2013
Credit Suisse Says Ex-VP Stole Trade Secrets For New Job
Credit Suisse Securities USA LLC hit its former vice president of emerging markets with a lawsuit in New York state court Friday, saying she stole trade secrets that she plans to hand to her new employer Goldman Sachs & Co. in an effort to lure Credit Suisse’s clients.
Expert Analysis
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Pitfalls For Lenders Redeeming Ala. Property
In First United Security Bank v. McCollum, the Alabama Court of Civil Appeals addressed the rights of a lender that redeems property sold at a tax sale as a result of its borrower’s failure to pay his property taxes. In certain situations, the decision will penalize lenders and awards property owners with a financial windfall, says Jack Kubiszyn of Bradley Arant Boult Cummings LLP.
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More 'Dark Pools' Deepen Litigation Issues
Not surprisingly, dark pools are beginning to crop up in litigation settings. More cases are focusing on the misuse of information contained in dark pool trades, as well as dark pools acting as conduits to insider trading. In fact, there appears to be a correlation between the growth of dark pools and the number of criminal insider trading cases brought by government officials, says Adam Werner of Berkeley Economic Consulting.
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Rise Of The Machines — Predictive Coding Goes Mainstream
The pros of using predictive coding far outweigh the cons. Given the heavy pressure on law firms and in-house counsel to reduce discovery costs, as well as the Justice Department's recent stance on the subject, it appears predictive coding will continue to emerge from the obscure world of legal technology to the mainstream of legal practice, say Michael Moscato and Myles Bartley of Curtis Mallet-Prevost Colt & Mosle LLP.
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Unprecedented FCPA Wake-Up Call For US Broker-Dealers
The extraordinary criminal bribery charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official highlight that a broker-dealer’s anti-money laundering procedures, as well as oversight of their registered people, should have a Foreign Corrupt Practices Act component if the firm is doing international business, say attorneys with Duane Morris LLP.
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Libor Litigation Must Overcome Significant Obstacles
When U.S. District Judge Naomi Reice Buchwald dismissed a consolidated, multidistrict batch of antitrust and racketeering suits in Manhattan earlier this spring, she suggested plaintiffs seeking to recover from banking giants at the heart of the interest rate-fixing scandal might have better luck with securities fraud claims. But those plaintiffs will need to be lucky indeed. Two recent developments show that obstacles are inherent and, perhaps, insurmountable, say attorneys with Choate Hall & Stewart LLP.
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SEC Eyes Advisory Contract Approval Disclosures
A recent settlement with the U.S. Securities and Exchange Commission by mutual fund directors and service providers answers a number of questions for many in the mutual fund industry and provides insight into SEC enforcement priorities, say attorneys with Morgan Lewis & Bockius LLP.
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How The Fed's Stress Test Rules Mitigate Systemic Risk
The savings and loan holding company regulatory regime established by the Dodd-Frank Act appears to be having the ultimate effect of reducing the number of SLHCs, especially those that are predominantly insurance enterprises, say attorneys with Debevoise & Plimpton LLP.
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The Who, What And Why Of Public-Private Partnerships
Public-private partnerships have been used in a wide range of sectors to provide public services, from power plants and railroads to hospitals and sanitation plants. Yet there are a variety of potential contractual arrangements and the financing of a PPP can be complex, say Maryam Khosharay and Herbert Glaser of Haynes and Boone LLP.
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A Tale Of 2 Burdens Of Proof In Ch. 11
As a matter of strategy, it can be vital to understand the differing burdens of proof under various provisions of the Bankruptcy Code and when those burdens shift. For example, the Southern District of New York recently clarified the distinction between section 362(d) and 363(e) burdens of proof in In re AMR Corp., say attorneys with Duane Morris LLP.
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Insights From An Under-The-Radar CDO Case
A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corporation. Dismissed by the New York Supreme Court, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions, say James Bliss and Kevin Broughel of Paul Hastings LLP.