Entities that recently lost to U.S. Bank on contract claims tied to residential mortgage-backed securities certificates can appeal the loss but can't just rehash their meritless arguments before a federal judge who has already rejected them, the bank said Thursday.
In this edition of Coronavirus Q&A, two DLA Piper real estate leaders discuss the federal response to the pandemic and the ways COVID-19 has affected permitting and deal flow.
A Virginia federal magistrate judge tackling discovery issues in the sprawling litigation over Capital One's massive 2019 data breach appeared unconvinced during a hearing Friday morning that consumers suing the bank are barred from seeing a cybersecurity firm's report on the event.
Citing the compassionate release of former Donald Trump campaign chairman Paul Manafort, a federal judge said Friday that a former NFL lineman should be able to serve the rest of his prison sentence for a $2.5 million real estate fraud scheme in home confinement to protect him from COVID-19.
Miami-based boutique AXS Law Group has added a partner well versed in cross-border transactional work, a move the firm said it expects will help bolster its Brazil and greater Latin America practice.
The past week in London has seen Venezuela's central bank drag England's into court following months of rumored disputes over gold reserves, an offshore tax consultant renew a fraud claim over consultant fees against an investment manager, and consumers sue the likes of Mercedes-Benz amid growing claims over a massive emissions scandal. Here, Law360 looks at those and other new claims in the U.K.
Morningstar Credit Ratings LLC will pay $3.5 million to end U.S. Securities and Exchange Commission claims that it failed to keep its credit rating analysis separate from its business sales and marketing efforts, the federal regulator announced Friday.
Finance-focused firm Chapman and Cutler LLP announced Thursday that it's hired a fintech expert to its banking and financial services practice who will join its D.C. offices as a partner.
A mortgage lender has agreed to an $18 million deal — the full payment of which will be suspended if it fulfills several requirements — to end Consumer Financial Protection Bureau allegations of a scheme involving duplicitously obtained credit reports, the CFPB said in a proposed order Thursday.
Republican lawmakers have seized on language that would broaden the cannabis industry's access to banking in House Democrats' proposed coronavirus relief package as a rallying cry to oppose the bill.
In a decision expected to kill a $1.5 billion deal for a 20% stake in American Express Global, a Delaware vice chancellor late Thursday refused to expedite a seller's lawsuit challenging buyer claims of multiple contract breaches, including disputed pandemic impacts.
A cannabis banking firm accused of withholding nearly $3 million from a client said it can't be sued for the funds in federal court because marijuana is illegal, adding that the client should be penalized for concealing the client's illicit business from the court.
Uber is in discussions to buy Grubhub, CVC Capital Partners might pay €2.2B for a significant stake in the media rights business of an Italian soccer league, and Thyssenkrupp is considering a merger of its warship division with an Italian shipbuilder. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.
As coronavirus-related economic turmoil stresses corporate balance sheets, more companies are conducting what are called liability management transactions, a less glamorous but critical part of capital markets legal work that can help businesses ease financial pressures during a crisis.
BNY Mellon NA has moved to salvage its bid for dismissal of a proposed class action accusing it of imprudently channeling trust money into affiliate-managed mutual funds, telling a Pennsylvania federal court the case is advancing a "universally rejected theory."
Malaysian prosecutors have dropped money laundering charges against a Hollywood film producer implicated in the 1Malaysia Development Berhad scandal, who has agreed to turn over more than $107 million in assets.
PHH Mortgage Corp. has been slammed in New Jersey federal court with claims it did not disclose insurance proceeds that could offset homeowners' loan balances when the company provided allegedly deceptive payoff statements, causing the homeowners to delay property sales and incur additional expenses.
Goldman Sachs has reportedly loaned $68 million for an Amazon warehouse in Las Vegas, Rampante Realty is said to be seeking a buyer for a vacant Chicago office building, and Grupo Eco is reportedly moving forward with a Florida office and retail project amid the coronavirus pandemic despite not having a tenant lined up.
A Connecticut federal court has unsealed a post-verdict letter from a juror to a U.S. Securities and Exchange Commission attorney, cited as evidence of bias by an investment adviser demanding a new trial for allegedly defrauding clients.
The COVID-19 pandemic has the potential to fundamentally reshape the commercial mortgage-backed securities market and also make a "bloodbath" out of mezzanine loans, Mosaic Real Estate Investors executive Ethan Penner, who's widely credited as having founded the CMBS market three decades ago, told Law360 in a recent wide-ranging interview.
Goldman Sachs has asked the Second Circuit for an en banc review of last month's split-panel ruling that the bank had not rebutted the so-called Basic presumption of reliance in a long-running and closely watched stock-drop litigation.
A Ninth Circuit judge appeared open Wednesday to JPMorgan Chase Bank NA's arguments that a Depression-era federal law preempts proposed class claims alleging the bank violated a California mortgage escrow interest statute, saying finding otherwise would have a "massive impact" on the mortgage marketplace.
Companies that received less than $2 million in coronavirus relief loans through the Small Business Administration's Paycheck Protection Program will not face review of their certification that they needed the money, officials said Wednesday in an attempt to reassure smaller employers.
The Financial Crimes Enforcement Network is keeping a close eye on financial crime involving virtual currency as the COVID-19 pandemic opens new avenues for exploitation, agency director Kenneth Blanco said Wednesday, indicating the number of virtual currency-related suspicious activity reports received since 2013 has topped 70,000.
BBVA can't escape an ERISA suit accusing the bank of mismanaging its retirement plan and costing workers $47 million, an Alabama federal judge has ruled, finding that the plan didn't require participants to bring up complaints internally before filing a case in court.
The 2008 financial crisis revealed that overleveraged law firms suffer the most disruption during an economic downturn and pass that disruption on to their clients, so general counsel should utilize certain metrics to identify appropriately leveraged firms, says Adam Bass at Buchalter.
While Ginnie Mae's recently announced liquidity relief for its mortgage-backed securities platform should help mortgage servicers withstand the impending tidal wave of delinquencies, several of the program's compliance requirements present significant obstacles for issuers, say attorneys at Dentons.
The COVID-19 crisis shines light on the fact that the federal government and most states do not have the power to toll statutes of limitations, and could lead to a full-scale reconsideration of the Federal Judiciary Emergency Powers Tolling Act or other legislative efforts, say Reed Brodsky and Michael Nadler at Gibson Dunn.
Parties trying to compel videoconference depositions solely on the grounds of avoiding delay due to COVID-19 restrictions would be advancing a novel argument under New York law, and counsel can make reasoned and articulable points in opposition, says Eric Andrew at Hurwitz & Fine.
Portfolio companies' eligibility for Paycheck Protection Program loans is complicated by their status as affiliates of their private equity sponsors, and uncertainty over how liberal and consistent lenders will be in interpreting the Small Business Administration's affiliation rules, say attorneys at Fried Frank.
Promoting "trustworthy" artificial intelligence-based applications for COVID-19 and other uses remains a high priority for policymakers, but crafting procedures that enhance AI trustworthiness requires careful consideration of many factors, including associated industry and existing and proposed laws, say Lee Tiedrich and Lala Qadir at Covington.
In his important new book, "Criminal Dissent," Wendell Bird endeavors to catalog every single actual, or even threatened, prosecution under the Sedition Act and removal under the Alien Friends Act — a monumental undertaking — and the results are striking, says U.S. District Judge Eli Richardson of the Middle District of Tennessee.
Mortgage lenders and servicers must evaluate digital processes with respect to electronic signature laws, remote online notarizations and real estate investor requirements as they transition to web-based operations amid the COVID-19 pandemic, say Valerie Hletko and Edward Somers at Buckley.
For Coronavirus Aid, Relief and Economic Security Act beneficiaries, the most likely sources of False Claims Act liability arise from material misstatements in loan applications or the failure to satisfy qualifications tied to longer-term deadlines, say attorneys at White & Case.
Lawyers may be advising clients on COVID-19 matters without the benefit of considered analysis or interpretive guidance, which could lead to legal malpractice suits down the road, but law firm management can mitigate the risks through certain protocols, says Nicole Hyland at Frankfurt Kurnit.
Given the myriad benefits that the marijuana industry provides to the U.S. economy, it is clearly wrong to exclude marijuana-related businesses from the Coronavirus Aid, Relief and Economic Security Act and other federal stimulus legislation, say Adam Berger and Shuki Greer of Berger Greer.
The stark disparity in how appellate courts weighed class certification requirements in several recent wage and hour class actions highlights four practical points concerning commonality and predominance for plaintiffs counsel seeking to obtain certification, says Harold Lichten at Lichten & Liss-Riordan.
Litigation finance could be a valuable tool for businesses as they weather the COVID-19 crisis, but it is important to select the right funder and ensure the economics of the funding agreement make sense, says Erika Levin at Lewis Baach.
Adopting an integrated data analytics approach, combined with traditional investigative methodologies, can help companies mitigate risk in a rapidly changing international sanctions and trade regulation environment, made all the more challenging by the COVID-19 pandemic, say Kenneth Feinstein, Robert Brunner and Daniel Castleman at Charles River Associates.
Cases involving technology-assisted review often suffer from expensive arguments between parties over protocols and accuracy, but a new report card system that would allow litigants and courts to objectively assess a given document review methodology could mitigate those problems, say attorneys at Redgrave and Kirkland.