Banking

  • October 17, 2014

    Madoff Trustee Files $62M Deal In Customer Clawback Suit

    The trustee tasked with winding down Bernie Madoff’s investment fund reached a deal valued at $62 million with a group of investors who were paid out of funds tainted by the Ponzi scheme, according to a motion filed in New York bankruptcy court on Friday.

  • October 17, 2014

    2nd Circ. Kills $27B Deutsche Bank RMBS Suit

    The Second Circuit on Thursday declined to grant a panel or en banc rehearing of its decision to toss an investor class action alleging Deutsche Bank AG lied about its $27 billion exposure to risky mortgage assets during the financial crisis.

  • October 17, 2014

    Mass Mutual Sues JPMorgan Over 'RetireSmart' Rights

    Massachusetts Mutual Life Insurance Co. on Friday asked a federal judge to cancel JPMorgan Chase & Co.’s trademarks for its “SmartRetirement” services and called for a declaration that the insurer’s own retirement services under the name "RetireSmart" don’t infringe those marks.

  • October 17, 2014

    Pa. Financial Regulator Wants In On Wilmington Trust Suit

    Pennsylvania's financial regulator on Friday sought to intervene in a consolidated class action alleging Wilmington Trust Corp. misled investors about a precarious loan portfolio that fueled the bank's downfall and hasty merger with M&T Bank Corp., asserting that it needs to protect privileged, confidential communications with Wilmington Trust.

  • October 17, 2014

    Ex-AIG CEO Says Only Bailout Alternative Was Failure

    Former American International Group Inc. CEO Edward Liddy argued Friday that the only alternative the company had to accepting the Federal Reserve’s “relatively harsh” 2008 bailout offer was bankruptcy, saying even with its stringent conditions shareholders had ultimately benefited from the deal.

  • October 17, 2014

    Filing Mistake Can End GM Secure Interest, Del. Justices Say

    The Delaware Supreme Court ruled Friday that a secured lending interest is terminated simply by filing the appropriate paperwork, regardless of the party's intent or understanding, answering a question from the Second Circuit over a challenge involving a JPMorgan Chase & Co. unit in the General Motors Corp. bankruptcy case.

  • October 17, 2014

    SEC's Gallagher: We're Tired Of Regulatory 'Hammer Time'

    U.S. Securities and Exchange Commissioner Daniel Gallagher blasted the Dodd-Frank rules in a pop culture-filled Thursday speech before Fordham Law School, saying that being in charge of more enforcement is the last thing the commission needs and that its time should be spent directly ensuring the success of capital markets.

  • October 17, 2014

    MetLife Faces Tough Task In Challenge To SIFI Designation

    MetLife Inc. faces an uphill battle in its challenge to its proposed designation as a systemically important financial institution subject to Federal Reserve oversight, given factors such as the highly deferential standard of review favoring federal regulators, experts say.

  • October 17, 2014

    House Eyes Payday Lender Moves In Operation Choke Point

    The House Oversight and Government Reform Committee is investigating whether U.S. financial regulators, via Operation Choke Point, pressured banks into ending their relationships with payday lenders, saying Friday it found evidence the Federal Deposit Insurance Corp. told a bank to cut off its payday lending clients.

  • October 17, 2014

    5 IPOs Aim To Draw $450M In Coming Week

    Five companies — including an asset manager, an e-cigarette maker, two life sciences firms and a bank — are eyeing initial public offerings the week of Oct. 20, aiming to raise more than $450 million, following a rocky series of debuts that saw companies price below their set range, according to IPO investment firm Renaissance Capital.

  • October 17, 2014

    Top CFTC Official Said To Be Joining Norton Rose Fulbright

    A senior U.S. Commodity Futures Trading Commission attorney is set to join Norton Rose Fulbright LLP after he leaves the agency next month, Law360 has learned.

  • October 17, 2014

    Fed Pinpoints Shortcomings In Bank Stress Test Submissions

    The Federal Reserve on Friday outlined where it would like to see banks improve their submissions to the central bank’s annual stress tests, including better evaluations of their modeling and valuation techniques.

  • October 17, 2014

    Gov't Groups Want Liquidity Rule On Muni Bonds Tweaked

    The National Governors Association, National League of Cities and six other government associations urged federal banking regulators Thursday to revise a liquidity rule for large banks to treat municipal bonds as high-quality assets, saying the change is needed to recognize the value of many of the securities.

  • October 17, 2014

    Virgin Money Pushes Back IPO Plan Amid Bumpy Euro Markets

    U.K. lender Virgin Money Holding PLC, part-owned by English billionaire mogul Richard Branson, became the latest company to suspend its initial public offering plans on Friday citing concerns over the state of the market as worries over Ebola and a trading slowdown continue to spook investors.

  • October 17, 2014

    Ballard Spahr Adds Ex-Nationstar GC To Mortgage Group

    Ballard Spahr LLP on Friday continued its recent string of high-profile hires, this time adding the former general counsel for Nationstar Mortgage Holdings Inc. to its already strong mortgage and consumer financial services practices.

  • October 17, 2014

    Sealing The Deal: Greenberg Traurig Guides ICE In Israel

    Greenberg Traurig helped guide one of the world's largest stock and derivatives trading exchange companies, Intercontinental Exchange Inc., in its first major investment in Israel despite a deal-making process that was sometimes interrupted by the escalation of the country's ongoing war.

  • October 17, 2014

    RE Rumor Mill: JPMorgan, American Realty, Bodour Al Qasimi

    JPMorgan is reportedly in discussions related to a potential $6 billion new Manhattan headquarters, while American Realty is said to have paid $13 million for an AT&T-leased office building and Bodour Al Qasimi and her father have reportedly bought a Manhattan apartment for $14 million.

  • October 17, 2014

    4 Ways Banks Can Keep Enviro Liability Away

    While banks are generally shielded by federal law from having to cover environmental cleanup costs on indebted properties, lenders can inadvertently lose those protections through operational missteps and by failing to add protections to loan documents. Here, attorneys offer up four guidelines for steering banking clients away from the liability cliff.

  • October 17, 2014

    Obama Embraces ‘Chip And Pin’ Cards In Cybersecurity Push

    President Barack Obama on Friday signed an executive order aimed at boosting U.S. cybersecurity, including a requirement that all federally issued credit and debit cards come with so-called “chip and pin” technology and that federal government agencies accept such cards.

  • October 16, 2014

    Ex-UBS Exec Points Blame At Gov't Witness In Tax Trial

    Ex-UBS AG executive Raoul Weil's counsel distanced him from a former colleague's testimony on an alleged conspiracy at the Swiss bank to conceal $20 billion in U.S. client assets from the Internal Revenue Service, instead pointing blame at the government's witness himself Thursday in Florida federal court.

Expert Analysis

  • 5 Takeaways From The New Cybersecurity Executive Order

    Lisa Ledbetter

    President Obama signed an executive order on Friday that requires federal agencies to apply enhanced security features to government payment cards. The administration views chip-and-PIN technology as a significant step forward, but such technology does not provide protection in online, mail and telephone order purchases, and does not eliminate the risk of a security breach, say attorneys with Jones Day.

  • Lessons From Recent DOJ Probes Of Large Banks

    Jacqueline M. Arango

    The U.S. Department of Justice is focusing on large financial institutions for not only failing to comply with federal laws but also for willfully violating laws that were meant to protect the sanctity of the U.S. financial markets. These recent prosecutions, particularly with respect to U.S. embargo violations, provide guidance on what not to do, say Jacqueline Arango and Christine Bautista of Akerman LLP.

  • What Litigators Can Learn From Novelists

    Michael H. Rubin

    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.

  • When Your General Contractor Files Bankruptcy

    Vicki R. Harding

    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.

  • Will The New ABS Rules Impact Cell Tower Securitizations?

    Malcolm P. Wattman

    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.

  • Proposed Margin Rules For Uncleared Swaps Will Be Costly

    Richard B. Holbrook

    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.

  • Potential Impact Of CFPB's Proposed Auto Lender Rule

    Keith J. Barnett

    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.

  • Information Governance: A Missed Opportunity For Lawyers

    Ann Snyder

    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.

  • Battling On The Front Lines Of Service Member Foreclosures

    Meredith L. Minkus

    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.

  • CAFA Removal Procedure At Center Stage In Dart Cherokee

    Archis A. Parasharami

    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.