Banking Group To Withdraw Suits Over Volcker Rule

Law360, Los Angeles (February 12, 2014, 9:42 PM EST) -- The American Bankers Association and four banks told a Washington, D.C., federal court Wednesday that they will voluntarily withdraw litigation seeking to block the so-called Volcker Rule from applying to certain “trust-preferred” collateralized debt obligations, after federal regulators changed the provisions-at-issue.

The ABA notified the court that it and other plaintiffs — including CB&T Bancshares Inc., Citizens Bank & Trust Co., MBT Financial Corp. and Monroe Bank & Trust Co. — would voluntarily dismiss without prejudice all claims asserted in its complaint over the Dodd-Frank Act's...
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