Banking

  • March 22, 2017

    Justices Urged To Resolve Split Over Key To $234M Tax Row

    Santander Holdings USA Inc. asked the U.S. Supreme Court to hear its effort to win back a $234 million foreign tax credit refund the First Circuit had overturned, arguing that different courts had conflicting rulings on a key component of the case.

  • March 22, 2017

    Lien Spat Certified As Question Of Import To Fla. High Court

    The town of Lauderdale-by-the-Sea, Florida, will get one more shot in its dispute with a landowner over liens on a property bought at a foreclosure sale after an appeals court Wednesday certified the issue as a question of great importance to the Florida Supreme Court.

  • March 22, 2017

    ING Bank Inks Deal To Sell Its Share Of Dakota Pipeline Loan

    ING Bank said Tuesday it has signed an agreement to sell its $120 million stake in the loan financing Dakota Access LLC’s controversial crude oil pipeline to an undisclosed buyer, after the Standing Rock Sioux Tribe urged the bank to do so as a message.

  • March 22, 2017

    Arab Bank Seeks $2M From Shipper In Corn-Delivery Row

    The Swiss unit of Arab Bank filed suit in Connecticut federal court Wednesday demanding the “arrest and seizure” of a shipping vessel and $2 million in damages after a botched corn delivery, attempting to obtain “security” while the parties arbitrate in London.

  • March 22, 2017

    Judge Nixes Gov't's 'Rough Justice' In 1MDB Forfeiture Case

    A California federal judge rejected what he called the government's “rough justice” attempt to keep offshore trusts from contesting forfeiture of music rights, real estate and other assets tied to an alleged fraud on Malaysia's sovereign wealth fund, allowing the trustees to file late claims on Wednesday.

  • March 22, 2017

    Bipartisan Bill Would Make PCAOB Proceedings Public

    A bipartisan bill introduced Tuesday in the U.S. Senate would make disciplinary proceedings before the Public Company Accounting Oversight Board public, a change the bill sponsors say would enhance transparency and increase auditor accountability.

  • March 22, 2017

    Wells Fargo Consultants Denied Cert. Over Meal Break Claims

    A California federal judge refused on Tuesday to certify a class of 610 home mortgage consultants who claim Wells Fargo Bank shorted their pay for missed meal breaks, saying the proposed class failed to identify a common question of liability.

  • March 22, 2017

    Tutor Looks To Keep $100M ARS Suit Alive

    Tutor Perini Corp. has urged a Massachusetts federal judge not to toss a revived $100 million suit alleging that a Bank of America unit knowingly pushed auction-rate securities on the construction company despite the market’s imminent collapse in 2008, saying it has shown ample evidence of the unit's knowledge. 

  • March 22, 2017

    Alston Nabs Reed Smith, MoFo Partners To Open SF Office

    Alston & Bird LLP has hired three Reed Smith LLP partners and several attorneys as well as a Morrison & Foerster LLP managing partner with “significant experience” advising companies on high-stakes class action and multidistrict litigation to open a new San Francisco office and expand its Los Angeles team, the firm said Wednesday.

  • March 22, 2017

    Real Estate Rumors: Goldman, L3 Capital, Medallion

    Goldman Sachs and Wells Fargo have reportedly loaned $150 million for a Midtown Manhattan property, L3 Capital is said to have bought a Chicago retail building from Thor Equities for $10.2 million, and Medallion Corp. has reportedly bought a Bronx rental building for $38 million.

  • March 22, 2017

    Bank Deregulation Faces Long Odds, Hensarling Says

    A leading House Republican on Wednesday expressed doubts that his proposed large-scale rewrite of U.S. financial regulations would pass through the Senate, even after it makes it through the lower chamber.

  • March 22, 2017

    Don't Stall CEO-Worker Pay Ratio Rule, Investors Tell SEC

    A group of 100-plus institutional investors sent a letter Wednesday to the U.S. Securities and Exchange Commission urging Acting Chairman Michael Piwowar to not delay implementation of a Dodd-Frank CEO-to-employee pay ratio disclosure mandate, saying any wait imposes “significant costs” on investors.

  • March 22, 2017

    Biz Groups Urge 5th Circ. To Pause DOL Fiduciary Rule

    The U.S. Chamber of Commerce and other groups asked the Fifth Circuit on Tuesday to halt the U.S. Department of Labor’s fiduciary rule for retirement account advisers while they attempt to revive their challenge of the rule, a day after being rebuffed by a Texas federal judge.

  • March 22, 2017

    Warburg Pincus Buys Into Banking Sector Fintech Co. Avaloq

    Private equity giant Warburg Pincus LLC has agreed to buy a significant stake in the Avaloq Group AG in a deal that values the banking sector financial technology company at upward of CHF 1 billion ($1.01 billion), the companies said on Wednesday.

  • March 22, 2017

    Class Seeks Certification In Bank Autodialing Suit

    A woman leading Telephone Consumer Protection Act litigation against First Community Bancshares Inc. and a subsidiary has asked a New Mexico federal judge to certify a class of consumers whose cellphones were bombarded with autodialed calls even after they told the bank it had the wrong number.

  • March 22, 2017

    Soaring Valuations Open Doors For Banking M&A Resurgence

    Strong stock market valuations are finally giving mid-sized banks the bump they need to carry out the mergers and acquisitions they have long put off, driving up dealmaking as the promise of regulatory relief is also setting the stage for a true surge in tie-ups down the road.

  • March 22, 2017

    FCA Wins London Whale Identity Case In UK Supreme Court

    The Financial Conduct Authority won a landmark case in the the U.K. Supreme Court on Wednesday over the identification of individuals in its public censure notices, overturning decisions in the lower courts that had threatened to complicate the FCA’s ability to enforce market rules.

  • March 21, 2017

    Royal Park Loses Cert. Bid In $3.1B Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV lost its bid for class certification in a suit against Deutsche Bank National Trust Co. over $3.1 billion in residential mortgage-backed securities losses on Tuesday when a New York federal judge told the investors they needed to better define their proposed class.

  • March 21, 2017

    Debt Collector SquareTwo Gets Nod For $10M Interim Infusion

    SquareTwo Financial Services Corp. can tap $10 million in initial Chapter 11 interim financing once it makes a few tweaks to a proposed order, a New York bankruptcy judge told the consumer and commercial debt collector Tuesday during its first-day motions hearing.

  • March 21, 2017

    Don't Halt CEO Pay Ratio Disclosure Rule, Dem Sens. Tell SEC

    Democratic lawmakers on Tuesday urged Acting U.S. Securities and Exchange Commission Chairman Michael S. Piwowar not to delay implementation of a rule requiring public companies to disclose the pay gap between their chief executives and their typical workers, saying that he had inexplicably halted the rule.

Expert Analysis

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • New NY Cybersecurity Regs Will Have National Reach

    Romaine Marshall

    Given the national reach of the New York Department of Financial Services, the impact of New York's new cybersecurity regulations for the financial services sector will be felt far beyond the state of New York. The new rules may drive similar changes to other state and federal information protection laws, becoming the baseline standard for the industry, say Romaine Marshall and Matt Sorensen of Holland & Hart LLP.

  • Beware Antitrust Risks In Syndicated Lending

    Joshua Shapiro

    Despite their pro-competitive benefits, syndicated loan arrangements involve communication and collaboration among competitors and thus raise potential antitrust concerns. While U.S. regulators have yet to probe this industry, a recent European Commission statement may portend future regulatory scrutiny in this area, say Joshua Shapiro and Puja Patel of Allen & Overy LLP.

  • Law Schools And Law Firms: Seeking Common Ground

    Randy Gordon

    What we don’t know is whether the teaching and practice of law are undergoing massive structural changes or we’re still digging out from the worst economic collapse since the Depression. But what we do know is that the missions of the most forward-looking law schools and law firms are converging in ways that were unimaginable 10 years ago, says Randy Gordon, a partner at Gardere Wynne Sewell LLP and executive professor of law at Te... (continued)

  • How Lenders Can Minimize Risks Of Borrowing Base Fraud

    Nathan Novak

    Major financial institutions lend millions of dollars to companies every day based on little more than their borrowers’ own word as to the existence and value of their collateral — referred to as a “borrowing base.” Such an arrangement, if not properly managed, presents significant opportunity for fraud, says Nathan Novak of Orrick Herrington & Sutcliffe LLP.

  • Not From Around Here? Trying A Case As An Out-Of-Towner

    William Oxley

    The importance of authenticity is magnified when trying a case outside your home jurisdiction. While using references to local landmarks or history can help make arguments relatable, adopting local expressions or style in an attempt to ingratiate oneself with the judge and jury almost always backfires, say William Oxley and Meghan Rohling Kelly of Dechert LLP.

  • DOJ Brief Opposing CFPB Brings More Uncertainty

    Ashley Taylor

    What will be most disappointing to Republicans and President Trump, and which is entirely possible given the issues the D.C. Circuit requested to be briefed, is an outcome which avoids the constitutional issues raised in PHH Corp. v. Consumer Financial Protection Bureau and decides the case on the basis of the statutory provisions of the Real Estate Settlement Procedures Act, say attorneys at Troutman Sanders LLP.

  • A Narrow Exception To NY's Foreclosure Limitations Period

    Christopher A. Gorman

    A New York state appeals court's recent decision in Wells Fargo Bank v. Eitani is good news for those in the business of acquiring distressed mortgage loans because it carves out an exception to the statute of limitations on a mortgage foreclosure action. However, Eitani is very limited in its scope, says Christopher Gorman of Abrams Fensterman Fensterman Eisman Formato Ferrara & Wolf LLP.

  • Making Sense Of Potential DOL Fiduciary Rule Challenges

    David G. Tittsworth

    Much has been written about the U.S. Department of Labor’s conflict-of-interest rule and it has been the subject of intense debate. Some important milestones are only hours or days away and the likelihood of significant changes to the rule is approaching rapidly, says David Tittsworth of Ropes & Gray LLP.

  • Cybersecurity In NY: An Update For Criminal Defense Lawyers

    Charles A. Ross

    Recent New York court decisions on cybercrime involve conduct that likely would be reportable under the newly enacted cybersecurity requirements for financial services companies, says criminal defense lawyer Charles Ross.