The Fifth Circuit on Monday affirmed a Louisiana federal judge's summary judgment in favor of JP Morgan Chase Bank and Allegiance Bank Texas in a breach of contract suit brought by Comar Marine LLC against four vessel-owning LLCs and the banks, saying the court was right in concluding the breach did not give rise to maritime liens.
Like federal judges before him, a New York Supreme Court judge on Monday rebuffed prosecutors’ attempts to convict former Goldman Sachs Group Inc. programmer Sergey Aleynikov of computer code theft, and some legal experts say the Manhattan district attorney may have overreached in his efforts to apply a 48-year-old law to modern code theft.
The receiver in the R. Allen Stanford Ponzi scheme told a Texas federal jury Tuesday that a Dallas coin and gold wholesaler should return more than $5 million it was paid in the months leading up to the collapse of Stanford’s massive $7 billion scheme.
German financial lender Deutsche Pfandbriefbank on Tuesday said it would proceed with plans for an initial public offering of approximately 101 million shares that it hopes will raise between €1.16 billion ($1.27 billion) and €1.37 billion, in spite of the recent financial crisis in Greece.
The board of directors of Santander Holdings USA Inc. agreed Tuesday to sit down and draw up a new plan to manage risk at its banks, in response to a Federal Reserve investigation that found the financial institution's current program wasn’t up to snuff.
Twinkies and Ding Dongs maker Hostess may be considering an initial public offering in lieu of a sale, German media companies ProSiebenSat.1 and Axel Springer SE are reportedly engaged in merger talks, and Ferrari is said to have tapped UBS to manage its planned IPO as Fiat Chrysler prepares to spin off the luxury carmaker.
Banker and alleged Russian spy Evgeny Buryakov isn’t protected by the immunity afforded to foreign officials because he never officially claimed to represent the Russian Federation, the U.S. government argued in New York federal court Monday.
A year after reaching a record-breaking settlement over its autodialing practices, Capital One Financial Corp. is facing another putative class action in Virginia federal court claiming the bank is violating the Telephone Consumer Protection Act by calling consumers through robodialing without their consent.
The public portions of living wills for 12 banks released Monday provided a much clearer picture of how they would be taken apart through bankruptcy should they fail, but analysts say the banks could be even more transparent without compromising their confidential financial data.
After the trial court struck jury demands for nine of 12 plaintiffs, Branch Banking & Trust Co. moved Monday for separate trials in a $53 million case brought by a group of National Football League players, saying a single trial could cause prejudice.
Two men behind several payday lenders accused of shaking down customers for tens of millions of dollars have agreed to permanently exit the consumer lending business and fork over all assets related to the "massive" scheme, the Federal Trade Commission announced Tuesday.
An influential, bipartisan group of U.S. senators on Tuesday introduced legislation that would rebuild the barrier between traditional and investment banking, but their bid to reverse the repeal of the Glass-Steagall Act looks like a long shot in the Senate to say nothing of the regulation-unfriendly U.S. House of Representatives.
A former Commerzbank AG executive was sentenced in New York federal court Tuesday to time served for aiding Olympus Corp.’s $1.7 billion accounting fraud scheme, receiving credit for cooperating in a U.S. investigation that prompted the bank to pay a $1.45 billion fine.
The European Central Bank on Tuesday warned of the “moral hazard” of providing financial assistance to struggling institutions on too-generous terms, a day after the central bank increased collateral requirements on emergency aid to Greek banks.
JPMorgan Chase NA and the Federal Deposit Insurance Corp. told a D.C. federal court Tuesday that New York and Pennsylvania tax authorities have dropped claims of outstanding liabilities on Washington Mutual Inc. and they will no longer fight over them.
The Fourth Circuit on Tuesday refused to revive a suit accusing Mercedes-Benz Credit Corp. of not timely releasing a lien placed on a woman's residence after she paid off the loan her Audi sedan, but called the company out for “substandard” conduct and warned it should review its business practices.
Finding no jurisdictional tie to New York, a Manhattan federal judge Tuesday cut Japan-based Hitachi Metals Ltd. and two of its subsidiaries from investment banking firm Truenorth Capital Partners LLC's bid to collect a $6.8 million fee tied to Hitachi's 2014 purchase of Waupaca Foundry Inc. for $1.3 billion.
The Choctaw Nation on Monday urged the D.C. Circuit to reverse its denied bid to intervene in a dispute over how to distribute some $380 million in unclaimed funds from a U.S. Department of Agriculture class action settlement over a farm loan program.
A Consumer Financial Protection Bureau report released Tuesday found that members of the military continue to get the runaround from student loan servicers that fail to grant requested deferments or provide federally mandated lower interest rates, with the agency saying it has received 1,300 complaints over the past three years.
Lehman Brothers Holdings Inc. said Monday it is appealing to the Second Circuit a decision denying its bankruptcy administrators $67 million in foreign tax credits, challenging a federal judge’s reading of a bilateral tax treaty between the U.S. and the U.K.
The irony is that, while cooperation with the government is at an all-time high, so are the sanctions visited on cooperators. Many lawyers find it difficult to explain to their clients why cooperation was worth it when the settlement they negotiated still wound up requiring exceedingly large penalties, says Richard Morvillo, a former branch chief with the U.S. Securities and Exchange Commission's Division of Enforcement.
The Consumer Financial Protection Bureau had ordered Ally Financial Inc. and Ally Bank to pay $80 million in damages to minority customers who were allegedly harmed by Ally’s automobile loan policies. Almost two years from the settlement, the CFPB seems no closer to identifying the minority borrowers purportedly harmed by Ally, say members of Edgeworth Economics LLC and O’Melveny & Myers LLP.
In Aurora Loan Services LLC v. Taylor, the New York Court of Appeals finally weighed in on the issue of standing that has been at the center of hundreds of contested residential mortgage foreclosure actions. Taylor may be read to abandon the requirement that lenders provide “factual details of a physical delivery of the note” to establish their standing to foreclose, says Christopher Gorman of Westerman Ball Ederer Miller Zucker & Sharfstein LLP.
The House and Senate return from the Independence Day recess this week facing a crowded July agenda. Richard Hertling and Kaitlyn McClure of Covington & Burling LLP map the issues, ranging from national transportation and infrastructure funding to the Export-Import Bank's lapsed charter to the slew of fiscal year 2016 spending bills.
The message from the Consumer Financial Protection Bureau after its first administrative appeal is now clear — no matter what the amount of payments made for services rendered, any quid pro quo agreement in which one party receives business as a result of referring settlement service business to another party is a violation of the Real Estate Settlement Procedures Act, says K&L Gates LLP's Ori Lev, a former deputy enforcement direc... (continued)
The recent U.S. Securities and Exchange Commission settlements with 36 municipal underwriters under the Municipalities Continuing Disclosure Cooperation Initiative provide little transparency regarding the determination of the penalty amounts. It seems incongruous that the penalty imposed on a firm that is not self-reporting would be similar or even less than the penalties imposed on some self-reporting firms, say Kit Addleman and ... (continued)
For the last three years, Nevada lenders and homeowners’ associations have been battling over the interpretation of Nevada’s version of the Uniform Common Interest Ownership Act, which provides a limited superpriority lien for HOAs to recover past due assessments. Senate Bill 306 — which substantially revised the statute and these new provisions — will likely diminish investor interest in the HOA foreclosure market, say attorneys a... (continued)
The implications of the U.S. Supreme Court's ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project Inc. extends beyond the primary mortgage lending and insurance industries. The ruling almost certainly will embolden private plaintiffs and government agencies to assert claims of disparate impact discrimination, say attorneys at Arnold & Porter LLP.
The Financial Crimes Enforcement Network's comments at the Nevada Bar Association’s Bank Secrecy Act Conference in Las Vegas and recent enforcement actions against casinos reflect FinCEN’s expectation that casinos and card clubs be held to the same high compliance standards as their much more pervasively regulated bank counterparts, say attorney at Reed Smith LLP.
It seems as if the entire financial services industry has been caught up in a drama, now approaching the end of its fifth year — will regulators adopt rules requiring brokerage firms to act in the best interest of customers when offering investment advice? Our advice for brokerage firms is not to give in to the “wait and see” temptation, say attorneys with Shulman Rogers Gandal Pordy & Ecker PA.