Banking

  • 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 $211M Judgment Against Credit Suisse

    A Texas state appellate court upheld on Tuesday a $211 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.”

  • February 21, 2018

    Companies May Find High Court Whistleblower Ruling Costly

    A U.S. Supreme Court ruling Wednesday narrowing the scope of anti-retaliation protections for corporate whistleblowers could lead to a significant increase in the number of complaints filed directly with the U.S. Securities and Exchange Commission, a result companies may find costly, legal experts said.

  • February 21, 2018

    UAE Mall Project Scores $354M Loan From Group Of Banks

    A syndicate of lenders has provided a 1.3 billion dirham ($353.9 million) loan to a United Arab Emirates construction company primed to do work on a massive mall project for Dubai developer Nakheel, according to an announcement Wednesday from Dubai bank Emirates NBD.

  • February 21, 2018

    LendingClub Unveils $125M Settlement Of Investor Suits

    LendingClub Corp. on Tuesday said it has reached a $125 million preliminary settlement with the plaintiffs behind two securities class actions in California federal and state court that allege the peer-to-peer lending company misled investors in the run-up to its $1 billion initial public offering in 2014.

  • February 21, 2018

    Libor Manipulation By 16 Banks Sank Doral, FDIC Alleges

    The Federal Deposit Insurance Corporation alleged that 16 global banks collectively manipulated the benchmark London Interbank Offered Rate, accelerating the collapse of Puerto Rico’s Doral Bank, according to a lawsuit filed Tuesday in New York federal court.

  • February 21, 2018

    Santander To Pay Conn. Consumers $2.9M In Settlement

    Santander Consumer USA has agreed to pay $2.9 million in relief to consumers affected by its alleged violations of Connecticut banking law in handling repossessed motor vehicles found during a 2016 examination by the State of Connecticut Department of Banking, according to a consent order filed on Tuesday.

  • February 21, 2018

    Suit Over Firm's Debt Collection Was Timely, 3rd Circ. Told

    The Pennsylvania resident who alleged a law firm’s credit card debt judgment prevented him from getting a mortgage told a full Third Circuit on Wednesday that the one-year time limit on his claim didn’t begin until he learned about the judgment, which was when he was rejected for the loan.

  • February 21, 2018

    Temenos Expands Fintech Service With $1.9B Fidessa Merger

    United Kingdom-based capital markets software provider Fidessa Group PLC has been acquired by Swiss banking software company Temenos AG for £1.43 billion ($1.99 billion), the companies said Wednesday.

  • February 21, 2018

    Libor Transition Could Cost Banks $200M, Report Says

    The switch from Libor to alternative benchmark interest rates could cost banks millions of dollars, management consulting firm Oliver Wyman warned in a report on Wednesday.

  • February 21, 2018

    Watchdog Floats Rules For Banks Managing Capital Raises

    The International Organization of Securities Commissions floated new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.

  • February 21, 2018

    Supreme Court Narrows Definition Of Whistleblower

    The U.S. Supreme Court on Wednesday ruled in favor of a narrow definition of the term "whistleblower," a decision that will significantly limit the scope of anti-retaliation measures meant to protect whistleblowers under the Dodd-Frank Act.

  • February 20, 2018

    Stanford Ponzi Deal Wrongly Bars Claims, 5th Circ. Hears

    Hundreds of investors in the Stanford Ponzi scheme urged the Fifth Circuit on Monday to overturn a $120 million deal settling claims that broker Willis Ltd. fraudulently induced their investments, arguing that the settlement funds inexplicably go to the Stanford receiver and the terms of the deal indefensibly bar further claims against Willis.

Expert Analysis

  • In Somers, High Court Takes Us Back To 2014

    Scott Oswald

    Justice Ruth Bader Ginsburg’s opinion in Digital Realty Trust v. Somers, which put a tight limit on anti-retaliation protections under the Dodd-Frank Act, emerged on Wednesday as the obverse of her 2014 opinion in Lawson, which applied the same literalist logic to broaden the whistleblower protections under Sarbanes-Oxley. The real-world impact of Somers is likely to be immediate and somewhat perverse, says Scott Oswald of The Empl... (continued)

  • Understanding Texas Mechanic's Liens And Bonds: Part 2

    Excerpt from Lexis Practice Advisor
    Tolin_David.jpg

    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 in the second part of this article.

  • A Review Of Cross-Border Investigations In 2017: Part 2

    Sunil Gadhia

    Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • A Review Of Cross-Border Investigations In 2017: Part 1

    Sunil Gadhia

    A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Lessons From Rabobank's Anti-Money Laundering Failures

    Michael Gertzman

    Rabobank's $368 million resolution of an investigation into the bank's anti-money laundering program has several parallels with other recent Bank Secrecy Act actions that financial institutions may wish to consider in assessing their compliance programs, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • 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.