Banking

  • February 22, 2018

    SEC Case Exposes Justices' Rift Over 'Legislative History'

    The Supreme Court’s long-running tensions over the use of legislative history as a way to interpret law broke out into public view Wednesday in a case over the Dodd-Frank Act’s whistleblower provisions, as Justices Sonia Sotomayor and Clarence Thomas clashed over the value of a Senate report.

  • February 22, 2018

    Chevron Spared As Justices Say 'Whistleblower' Term Clear

    After speculation that a former executive's retaliation case would lead to a re-evaluation of the so-called Chevron doctrine, the U.S. Supreme Court instead found Wednesday that the definition of “whistleblower” in the Dodd-Frank Act is so clear that the question of courts deferring to agencies’ interpretations of ambiguous statutes was moot.

  • February 22, 2018

    BMW To Pay Service Members $2.1M In Lease Refund Row

    BMW Financial Services NA has agreed to pay more than $2 million to 492 service members who terminated their vehicle leases early for military obligations, resolving U.S. Department of Justice claims that the company violated federal law when it failed to refund them a portion of their up-front lease payments.

  • February 22, 2018

    DOJ Fights Ex-State Street Exec's Bid To Sever New Charge

    The U.S. Department of Justice urged a Massachusetts federal court on Wednesday not to split a freshly filed charge against a former State Street executive into a separate trial, saying the new charge goes after the same scheme only targeting a different victim.

  • February 22, 2018

    Investors, US Bank Agree To Move MBS Claims To NY Court

    Investors accusing U.S. Bank of bungling its duties as trustee to an array of mortgage trusts said Wednesday that they’ve agreed to drop what’s left of their New York federal court case and head to state court, a move that comes less than a month after they were denied class certification.

  • February 22, 2018

    Mastercard Asks Fed. Circ. To Affirm PTAB's Toss Of Patents

    Mastercard asked the Federal Circuit on Wednesday to affirm the Patent Trial and Appeal Board’s second decision to invalidate an inventor’s payment patents as anticipated by prior art, saying the PTAB carefully considered the Federal Circuit's remand instructions after vacating the first invalidation and reached the same conclusion.

  • February 22, 2018

    JP Morgan Guides Sterling Bay’s $510M Warehouse Buy

    Chicago-based real estate developer and investor Sterling Bay purchased a 1.65 million square foot warehouse in Chicago that is currently home to Groupon, among others, in a $510 million deal that was advised by J.P. Morgan Asset Management, the company said on Thursday.

  • February 22, 2018

    Trump's Ex-Campaign Officials Face New Tax, Fraud Charges

    Special Counsel Robert Mueller on Thursday unsealed a slew of new tax- and bank fraud-related criminal charges against President Donald Trump's former campaign officials Paul Manafort and Richard Gates, alleging they filed false income tax returns and failed to report foreign bank accounts.

  • February 22, 2018

    Olshan Frome Adds Ex-Miller & Wrubel Securities Pro

    A former Miller & Wrubel attorney whose work has included representing funds in two multibillion-dollar settlements over residential mortgage-backed securities with Bank of America and JPMorgan Chase has joined Olshan Frome Wolosky LLP.

  • February 22, 2018

    Deutsche Says Foreign Investors Not Fit To Lead RMBS Suit

    Two investors who seek to lead a class action against Deutsche Bank AG over claims it didn't disclose risks related to residential mortgage-backed securities made $100,000 in profits on the investments, live outside the U.S. and admit to destroying evidence, the bank said Wednesday.

  • February 22, 2018

    ECB Resists Calls To Intervene In Latvian Bank Crisis

    The European Central Bank said Thursday it does not have the power to investigate allegations of money laundering at the bloc's banks, as pressure mounted on it to intervene after scandal engulfed a Latvian bank under its supervision.

  • February 21, 2018

    Wilson Sonsini Hires Ex-Associate As Securities Partner

    Wilson Sonsini Goodrich & Rosati PC will bolster its securities practice by snagging a partner at Goodwin Procter LLP who used to work at Wilson Sonsini as an associate, the firm announced Tuesday.

  • February 21, 2018

    SWS Investor Says Chancery Appeal Gave Heft To Bad Math

    Attorneys for shareholders of financial services firm SWS Group Inc. told a panel of the Delaware Supreme Court that a lower court decision significantly lowering the fair value of company shares in an appraisal action was flawed because it didn’t consider an increase in the number of SWS shares outstanding.

  • February 21, 2018

    Texas Court Affirms $288M Judgment Against Credit Suisse

    A Texas state appellate court upheld on Tuesday a $287.5 million breach of contract award against Credit Suisse Securities USA in favor of a Highland Capital Management LP subsidiary over a bungled land appraisal ahead of a 2007 Las Vegas real estate deal.

  • February 21, 2018

    Sidley Austin Adds Ex-Winston & Strawn Global Finance Atty

    A financing specialist with experience working on bankruptcies and restructurings has left Winston & Strawn LLP to join Sidley Austin LLP as a partner in its Chicago office, the firm announced Wednesday.

  • February 21, 2018

    Cassin & Cassin Steers First Republic Bank's $65M NYC Loan

    Cassin & Cassin LLP represented First Republic Bank in connection with its $65 million loan to Argo Real Estate LLC for dozens of residential condo units at a building on Central Park West in Manhattan, according to records made public in New York on Wednesday.

  • February 21, 2018

    Bernstein Litowitz Takes Lead In Equifax Shareholder Suits

    A Georgia federal judge on Wednesday appointed Bernstein Litowitz Berger & Grossmann LLP as lead counsel for a proposed consolidated class of Equifax Inc. investors who sued after the company’s share price dropped significantly when it revealed a massive data breach that affected 145 million consumers.

  • February 21, 2018

    New SEC Cybersecurity Guidance Dinged By Dems As Rehash

    The U.S. Securities and Exchange Commission on Wednesday issued new guidance to public companies on how they should disclose their cybersecurity risks, but the effort was faulted by the agency’s Democratic commissioners, who said the SEC essentially reissued old advice without providing much new.

  • February 21, 2018

    Treasury Backs Dodd-Frank Wind-Down Powers, Eyes Reform

    The U.S. Treasury Department Wednesday called for reforming, but not repealing, regulators’ power to take over and unwind major financial institutions on the verge of failure, a key provision of the Dodd-Frank Act that Republicans in the U.S. House of Representatives have sought to scrap.

  • February 21, 2018

    'Convoluted' Construction Loan Row Remanded Again

    A New Jersey appellate court on Wednesday for the second time sent back to trial court a “convoluted” dispute over construction and development loan payments and two foreclosed properties, saying that the lower court still had not fully clarified the value of the properties or why it considered some of the evidence “incompetent.”

Expert Analysis

  • Understanding Texas Mechanic's Liens And Bonds: Part 1

    Excerpt from Lexis Practice Advisor
    David Tolin

    Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Delaware May Be The Right Jurisdiction For 'Smart' Orgs

    Matthew O’Toole

    As distributed ledgers and blockchains emerge as means for processing and recording corporate and commercial transactions, the Delaware LLC may become an attractive organizational form for next-generation "decentralized autonomous organizations," say attorneys with Potter Anderson Corroon LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.

  • Put The Brakes On Acceleration Bay Litigation Funder Ruling

    David Gallagher

    Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.

  • How Bank Secrecy Act Affects Lending To Foreign Borrowers

    Kevin Kim

    U.S. real estate has become a very attractive investment for overseas investors. For those financial services companies that lend to foreign borrowers, some simple steps added to their underwriting policies can ensure they are not violating the Bank Secrecy Act, says Kevin Kim of Geraci Law Firm.

  • Recent Trends In Structuring Risk Retention Vehicles

    Jason Schwartz

    In the wake of the financial crisis, the U.S. and Europe enacted “risk retention” rules that require sponsors of securitization vehicles to maintain a financial interest in those vehicles. Here, attorneys with Cadwalader Wickersham & Taft LLP look at the “capitalized management vehicle” structure that many collateral managers are using to comply with the rules, and the likely impact of a recent D.C. Circuit ruling.

  • The Impact Of Kokesh So Far, And What's Next: Part 2

    Carmen Lawrence

    Kokesh changed the paradigm for remedies in U.S. Securities and Exchange Commission enforcement actions, but the potential ramifications go well beyond what initially meets the eye. As we are starting to see, Kokesh's full impact will not be limited to disgorgement or the SEC, say attorneys with King & Spalding LLP.

  • Considerations For Attorneys Using Artificial Intelligence

    Ben Allgrove

    Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.

  • Why Blockchain’s Impact On The Retail Sector Is Growing

    Scott Kimpel

    Retail and consumer products companies can no longer afford to ignore blockchain as a passing trend. From tracing the source of a defective item, to verifying products' authenticity, to simplifying international shipping, to streamlining consumer loyalty programs, blockchain is increasingly becoming a valuable tool, say Scott Kimpel and Mayme Beth Donohue of Hunton & Williams LLP.