Civil Procedure, International Law & Trade, Finance & Banking

LIBOR Going Forward: How Will Dismissal of Antitrust Claims Effect Investigations and Private Claims?

by Bill Devinney | Foley & Lardner LLP on 5/21/2013

We recently wrote about the dismissal of the plaintiffs’ antitrust claims against banks involved in the LIBOR manipulation scandal for failure to allege an antitrust injury. Since that dismissal, the court has granted...more

Government Runs Its Record to 4-0 in Compelling Production of Records of Offshore Bank Accounts

by Jay Nanavati | BakerHostetler on 5/21/2013

On February 7, 2013, the U.S. Court of Appeals for the Eleventh Circuit joined “the three of our sister circuits that have considered the same issue here about foreign financial account records and conclude that the...more

Orrick's Financial Industry Week In Review - May 20, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/20/2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

Corporate and Financial Weekly Digest - May 17, 2013

by Katten Muchin Rosenman LLP on 5/20/2013

In this issue: - CFTC Adopts Final Rules for Execution Facilities and Other Matters - FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs - Mississippi District Court Defers to New...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

Transfer $8 Million Out Of Accounts In New York? That Action Alone Is Not Sufficient To Establish Personal Jurisdiction

by Mark McGrath | Sheppard Mullin Richter & Hampton LLP on 5/7/2013

In Henkel v. Masiero, Index No. 650425/2012 (N.Y. Sup. Ct., N.Y. Cnty. Mar. 18, 2013) (the “Opinion”), the Supreme Court (J. Bransten) granted the defendants’ motion to dismiss for lack of personal jurisdiction on the grounds...more

Orrick's Financial Industry Week in Review - May 6, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/6/2013

On April 30, the FHFA issued its progress report on the steps being taken to establish a common securitization infrastructure for MBS. The FHFA is encouraging interested parties to provide written input on the progress...more

Corporate and Financial Weekly Digest - May 3, 2013

by Katten Muchin Rosenman LLP on 5/6/2013

In this issue: - SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities - CFTC Staff Issues No-Action Letters - Delaware Court Dismisses Securities Fraud Action Against Power Plant...more

"New York’s Highest Court Refuses to Allow Judgment Enforcement Against International Bank Subsidiaries"

by Lea Haber Kuck, Gregory Litt, Scott Musoff, Timothy Nelson | Skadden, Arps, Slate, Meagher & Flom LLP on 5/3/2013

This week, the New York Court of Appeals, New York’s highest state court, issued a unanimous opinion in Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce, 2013 N.Y. Slip Op. 03018 (N.Y. Apr....more

Orrick's Financial Industry Week in Review - April 29, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/29/2013

In This Issue: Financial Industry Developments: CFPB Proposed Clarifications on Qualified Mortgage Rules; SEC Credit Ratings Roundtable; FDIC Proposed Guidance on Deposit Advance Products; Rating Agency Developments; RMBS...more

Orrick's Financial Industry Week in Review - April 22, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/22/2013

Second Circuit Rejects Edge Act Jurisdiction in AIG RMBS Case - On April 19, the Second Circuit ruled that a lawsuit brought by American International Group (AIG) against several Bank of America entities involving...more

Corporate and Financial Weekly Digest - April 19, 2013

by Katten Muchin Rosenman LLP on 4/22/2013

In this issue: - FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements - NFA Amends FCM Capital Requirements for Forex Transactions with ECPs - Delaware Supreme Court Upholds...more

China’s Merger Control Rules Changing: MOFCOM Publishes New Draft Regulations on Remedies and Simple Cases

by Henry Chen, Frank Schoneveld | McDermott Will & Emery on 4/17/2013

China’s Ministry of Commerce recently issued two new draft regulations. The first provides a wider range of potential remedies to obtain the clearance of a concentration (e.g., a merger, acquisition, joint venture, etc.);...more

Orrick's Financial Industry Week in Review - April 15, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/15/2013

Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...more

Corporate and Financial Weekly Digest - April 12, 2013

by Katten Muchin Rosenman LLP on 4/15/2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action...more

Client Insight: SCC Resolution on offshore entities' disclosure of beneficial owners

by Pavel Boulatov, Grigory Chernyshov | White & Case LLP on 4/15/2013

This alert examines a recent resolution of the Presidium of the Supreme Commercial Court of the Russian Federation (“SCC”) dated 26 March 2013 No. 14828/12 on case No. ?40-82045/11 (the “Resolution”). The Resolution addresses...more

The fate of Argentina's debt restructuring is getting closer

by Sheppard Mullin Richter & Hampton LLP on 4/15/2013

In what the Financial Times has called “the sovereign debt restructuring case of the century,” Argentina has timely submitted its proposal as requested by the U.S. Court of Appeals for the Second Circuit, with which it is...more

Cyprus: The Day After - The sun will still shine bright

by Pavlos Aristodemou | Harney Westwood & Riegels on 4/10/2013

Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more

District Court Grants J.P. Morgan’s Motion for Summary Judgment Against Dexia in RMBS Suit

by Orrick - Structured Finance Group on 4/10/2013

On April 2, Judge Jed Rakoff of the United States District Court for the Southern District of New York largely granted J.P. Morgan’s motion for summary judgment in RMBS litigation brought against it by Dexia, a Belgian bank,...more

Banks Shed Libor Antitrust Claims

by BuckleySandler LLP on 4/9/2013

On March 29, the U.S. District Court for the Southern District of New York dismissed the antitrust claims brought by plaintiffs in numerous consolidated actions against 23 financial institutions over their alleged...more

Orrick's Financial Industry Week in Review - April 8, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/8/2013

UK Financial Services Regulatory Handover - On April 1, the long-awaited handover of power from the FSA to the "twin-peaks system," consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority...more

There is a Border in Cross-Border Proceedings - NASDAQ Purchasers Excluded from Ontario Class in IMAX

by Jonathan Bell, Eric Hoaken, Jeffrey S. Leon | Bennett Jones LLP on 4/3/2013

Those who have been following the progress of the securities class action saga of Silver v. IMAX will be interested to note that another decision in the long-running case has been released. On March 19, Justice van Rensburg...more

Orrick's Financial Industry Week In Review - April 2, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/2/2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

Orrick's Financial Industry Week in Review - March 25, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/25/2013

In This Issue: *Financial Industry Developments - Agencies Issue Updated Leveraged Lending Guidance - CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations - FHFA...more

Orrick's Financial Industry Week in Review - March 11, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/11/2013

In This Issue: *Financial Industry Developments - SEC Risk Alert and Investor Bulletin on Investment Adviser Custody Rule - FHFA Outlines 2013 Goals for Fannie and Freddie - Rating Agency Developments ...more

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