Banking Law360 provides breaking legal news and analysis on the banking sector. Coverage includes high-stakes litigation involving banks, as well as federal, state, and international policy developments and corporate deals.
The U.S. Supreme Court’s decision this week in California Public Employees’ Retirement System v. ANZ Securities enables securities class action defendants to calculate their exposure to opt-out actions and other liability with much greater confidence and precision. The decision also has the potential to go even further in limiting securities class actions, say Susan Saltzstein and Robert Fumerton of Skadden Arps Slate Meagher & Flom LLP.
The Federal Reserve on Wednesday said that all banks included in its annual stress tests would be allowed to engage in planned share buybacks and dividend payments after exceeding mandated capital requirements, but Capital One Financial Corp. needed to resubmit its capital plans to fix some shortcomings.
A unit of HSBC Holdings PLC told a New York federal judge Tuesday that billions of dollars of legal claims stemming from the failure of mortgage-backed securities it oversaw could not be resolved through class actions, saying the disputes need to be resolved on a loan-by-loan basis.
The Financial Industry Regulatory Authority is requesting comments on the effectiveness and efficiency of its rules on outside business activities of registered persons and private securities transactions of an associated person. Both rules aim to protect investors from potentially problematic activities, but many firms struggle with the language of the rules, say attorneys with K&L Gates LLP.
A syndicate led by Bank of America that includes an insurance lender has reportedly loaned $200 million for a Chicago residential project, Metro Loft Management's Nathan Berman is said to be buying out his partners in a New York luxury residential property for $450 million, and Frank McCourt reportedly sold a Florida equestrian property for $12 million.