Banking

  • July 23, 2014

    JPMorgan Ducks Suit Claiming Leaders Knew Of Madoff Fraud

    A New York federal judge on Wednesday tossed a shareholder derivative action claiming JPMorgan Chase & Co. leaders knew Bernard Madoff was engaged in fraud but turned a blind eye to preserve its lucrative profits from Madoff-related business, finding it didn't plead particularized facts.

  • July 23, 2014

    UBS Asked To Put Up $1.1B Bail In Money Laundering Probe

    French officials placed UBS AG under formal investigation Wednesday for alleged money laundering, ordering the Swiss banking giant to put up bail of €1.1 billion ($1.49 billion) in a growing probe of claims that it helped wealthy clients dodge French taxes, The Wall Street Journal reported.

  • July 23, 2014

    Madoff Judge Denies Fake Motion To Disqualify US Atty

    A New York federal judge on Wednesday denied an apparently fake motion on behalf of Bernie Madoff seeking to disqualify the U.S. Attorney from Madoff’s criminal suit on grounds that include the use of “voice-to-skull technology" to influence the court.

  • July 23, 2014

    S&P May Face SEC Enforcement Action Over MBS Ratings

    Standard & Poor's Ratings Services could face an enforcement action by the U.S. Securities and Exchange Commission over alleged violations of federal securities laws with respect to its ratings of several commercial mortgage-backed securities, S&P parent McGraw Hill Financial Inc. said in a Wednesday SEC filing.

  • July 23, 2014

    SEC Wins Few Friends With Money Market Fund Rules

    The U.S. Securities and Exchange Commission took significant action on Wednesday when it narrowly passed contentious and complex new rules around money market funds, but in the process its efforts seemed to please no one and possibly opened the door for critics to mount a legal challenge.

  • July 23, 2014

    Banks Say Justices' CTS Ruling Dooms FHFA's RMBS Suits

    Goldman Sachs & Co. and other banks Wednesday urged a federal judge to find claims by the Federal Housing Finance Agency that they knowingly sold toxic residential mortgage-backed securities to Fannie Mae and Freddie Mac time-barred pursuant to a U.S. Supreme Court ruling narrowing the statute of limitations. 

  • July 23, 2014

    SEC Says Stanford's Criminal Conduct Charges 'Slanderous'

    The U.S. Securities and Exchange Commission on Wednesday urged a Texas federal judge to reject convicted Ponzi schemer Robert Allen Stanford’s call to appoint a special prosecutor and advise the court of criminal conduct by a court-appointed officer, calling his allegations “slanderous, sensational and unsupported.”

  • July 23, 2014

    O'Malia's Move To ISDA Stokes Revolving-Door Debate

    Two days after announcing his resignation from the Commodity Futures Trading Commission, Scott O'Malia said he would be picking up immediately as CEO of the International Swaps and Derivatives Association, prompting a public outcry over perceived conflicts of interest between the agency and the lobbying group and resurfacing old concerns about the industry's revolving door.

  • July 23, 2014

    RE Rumor Mill: Madison Realty, Bank Of China, Hibernia REIT

    Madison Realty Capital has reportedly paid $40 million for a six-floor New York property, while Bank of China is said to be eyeing space in an under-construction New York tower and Hibernia REIT is reportedly in talks to borrow as much as $236 million.

  • July 23, 2014

    AmEx Won't Work With Cos. Who 'Prefer' Rivals, Exec Says

    American Express Co. would rather forgo new revenue than sign up a merchant engaged in a "we prefer" campaign with a rival credit card network, the company's head of merchant acquisition testified Wednesday during the government’s antitrust trial over AmEx's anti-steering rules.

  • July 23, 2014

    Miami's Roig Lawyers Adds Partner In Real Estate, Banking

    Florida law firm Roig Lawyers announced Wednesday that Armando J. Bucelo Jr. has joined the firm as a senior partner in its Coral Gables office, from which he'll oversee the firm's expanding real estate and banking practices throughout the state.

  • July 23, 2014

    4 Years After Dodd-Frank, Insurance Regulation Still In Flux

    In the four years since it became law, the Dodd-Frank Act has shaken up a 150-year-old state-based system for overseeing insurers, but the dust has yet to settle, and the roles of regulatory players — both new and old — remain uncertain in this evolving space. This is Part 4 of a five-part series on the four-year anniversary of the Dodd-Frank Act.

  • July 23, 2014

    Quinn Emanuel, Berger & Montague To Helm Gold Fix Cases

    Quinn Emanuel Urquhart & Sullivan LLP and Berger & Montague PC were appointed as co-lead counsel for investors pursuing antitrust claims against Deutsche Bank AG, Barclays Bank PLC and others for allegedly plotting to manipulate gold prices, a New York federal judge said Monday.

  • July 23, 2014

    Grant & Eisenhofer Best To Lead Class, Zinc Buyers Say

    Four zinc purchasers on Tuesday urged a New York federal court to appoint law firms Grant & Eisenhofer, Kessler Topaz and Lovell Stewart as interim co-lead counsel in their proposed price-fixing class action against the London Metal Exchange Ltd. and others, saying they did the leg work to justify the honor.

  • July 23, 2014

    Chase Can't Ditch Credit Reporting Suit Over Canceled Debts

    A New York bankruptcy judge on Tuesday refused to dismiss a nationwide class action accusing Chase Bank USA NA of enforcing discharged consumer debts by reporting they were still collectible, ruling that the bank was required under U.S. bankruptcy law to update the false information.

  • July 23, 2014

    NY Fed Slams Deutsche Bank Regulatory Reporting Process

    The Federal Reserve Bank of New York has raised serious concerns about structural regulatory reporting problems at U.S. units of German banking giant Deutsche Bank AG, suggesting a broad overhaul of its reporting process is needed, according to news reports Tuesday.

  • July 23, 2014

    Deals Rumor Mill: JPMorgan, Fox, Fullscreen

    JPMorgan is closing in on a sale of half of its stake in the $4.5 billion portfolio of its buyout arm One Equity Partners, while cable magnate John Malone doesn't anticipate any competing Time Warner offers.

  • July 23, 2014

    Fake Fried Frank Atty's Hubby Can't Retract Guilty Plea

    A Florida federal judge on Wednesday said the record doesn't support allowing the withdrawal of a guilty plea by a man whose wife copped to impersonating a Fried Frank Harris Shriver & Jacobson LLP attorney, as part of the couple's alleged scheme to obtain funds for a sham bank-software company.

  • July 23, 2014

    8th Circ. Rules For BNY Mellon In Ark. Foreclosure Case

    The Eighth Circuit on Wednesday ruled that a lower court had properly dismissed a purported class action that attempted to block the Bank of New York Mellon from carrying out nonjudicial foreclosures in Arkansas.

  • July 23, 2014

    Dodd-Frank Namesake Defends Law But Says Tweaks Needed

    Former Rep. Barney Frank on Wednesday fiercely defended his 4-year-old namesake legislation, the Dodd-Frank Act, from Republican claims that it was the wrong remedy to the 2008 crisis but acknowledged that Congress should relax some of the law's regulations on community banks. 

Expert Analysis

  • High Court Will End Circuit Split With Libor MDL Case

    Stacey Slaughter

    The U.S. Supreme Court's acceptance of Gelboim v. Bank of America Corp. will resolve a circuit split on whether a plaintiff can immediately appeal the district court’s dismissal of a lawsuit that has been consolidated with other suits that are still pending, but it is merely the first of several steps needed to revive the bondholder plaintiffs' antitrust claim, say Stacey Slaughter and Thomas Berndt of Robins Kaplan Miller & Ciresi LLP.

  • Trial-Ready In 180 Days: Prepare For SDNY's Rocket Docket

    Isaac S. Greaney

    A growing trend in the Southern District of New York akin to a sua sponte rocket docket can provide defendants with an opportunity to set the tone of discovery and shift the burden and risks of the schedule to their adversaries, say Isaac Greaney and Jackie Lu of Sidley Austin LLP.

  • OPINION: CFPB Should Not Weaponize Consumer Complaints

    Brett M. Kitt

    The Consumer Financial Protection Bureau's cavalier attitude toward the privacy risks associated with publishing consumer complaint narratives in their raw form is particularly troublesome given that, in a prior policy statement, it committed to refrain from doing so without a proper study, says Brett Kitt, of counsel with Greenberg Traurig LLP and former senior counsel for the CFPB.

  • How To Respond To CFPB Civil Investigative Demands

    Alice S. Fisher

    Since the Consumer Financial Protection Bureau became operational its initial enforcement actions have focused on mortgages, credit cards, auto loans and debt relief organizations, however more recent actions show the bureau is expanding its reach toward other industries and products — a trend we expect to continue, say attorneys at Latham & Watkins LLP.

  • Protections Remain In Place For Ga. Officers, Directors

    J. Timothy Mast

    The Georgia Supreme Court’s highly anticipated decision in Federal Deposit Insurance Corp. v. Loudermilk clarifies the protections afforded by the business judgment rule to directors and officers of banks and corporations, and proves that the “wisdom” of corporate decisions continues to be shielded from claims of ordinary negligence, say attorneys with Troutman Sanders LLP.

  • 5 Takeaways From Latest US Sanctions Against Russian Cos.

    Alexandra Lopez-Casero

    The latest round of U.S. sanctions against Russia’s oil, natural gas and financial industries is a dramatic departure from how the United States has applied targeted sanctions in the past, and raises several questions, say Alexandra Lopez-Casero and D. Grayson Yeargin of Nixon Peabody LLP.

  • Separate Classification Gone Too Far

    Scott M. Grossman

    A district court decision in CWCapital Asset Management v. Burcam Capital II may bolster the arguments of secured creditors in opposing cramdown efforts by debtors who may have been emboldened by other recent decisions supporting creative classification schemes, say Scott Grossman and Ari Newman of Greenberg Traurig LLP.

  • Beyond Citigroup: A Look At Corporate Settlements

    Kirsten Mayer

    A decision in Better Markets Inc. v. United States Department of Justice may provide more clarity on the scope of Executive Branch discretion in resolving corporate cases and whether there is any role for “public interest” litigation in such matters, say attorneys with Ropes & Gray LLP.

  • Powerful Tools For Discovery And Litigation Strategy

    Nathalie Hofman

    Analytics offer opportunities for refining both discovery strategy and overall litigation strategy by providing information to support better informed decisions. As an added bonus, they can result in significant cost savings, say Nathalie Hofman and Carolyn Southerland of Huron Consulting Group Inc.

  • Madoff Foreign Entanglement Ruling Unsurprising

    Michael L. Cook

    U.S. District Judge Jed Rakoff’s recent decision to block the Madoff Securities trustee's ability to recover customer funds transferred abroad by foreign feeder funds is hardly novel in view of U.S. Supreme Court and Second Circuit precedent, says Michael Cook of Schulte Roth & Zabel LLP.