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SEC Announces Record Number of Investment Adviser Cases for FY 2016

The Securities and Exchange Commission today announced its enforcement results for fiscal year 2016, reaching new highs in the number of actions filed and money ordered forfeited through disgorgement and penalties. The SEC...more

Banking Disputes Quarterly Q3 2016

A recent Supreme Court judgment con rms that claims for malicious prosecution of civil proceedings can be brought under English law. It was previously unclear whether malicious prosecution claims were limited to the conduct...more

Ninth Circuit Permits SEC to Assert Standalone Claim for False Sarbanes-Oxley Certification and Confirms Disgorgement Remedy...

In Securities & Exchange Commission v. Jensen, No. 14-55221, 2016 WL 4537377 (9th Cir. Aug. 31, 2016), the United States Court of Appeals for the Ninth Circuit broke new ground by providing the Securities & Exchange...more

Ninth Circuit Clarifies Whose “Misconduct” Triggers SOX 304 Disgorgement But Not What Constitutes “Misconduct”

Section 304 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. § 7243) requires CEOs and CFOs to repay bonuses, incentive- and equity-based compensation, and profits realized on the sale of securities received in the 12 months...more

Priority of Future Advances Under Idaho Deeds of Trust Now in Doubt

In Liberty Bankers Life Insurance Co. v. Witherspoon, No. 41993, 2016 WL 74987 (Idaho Jan. 6, 2016), the Idaho Supreme Court examined a loan modification agreement in which a lender agreed to release real property from its...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Delaware Law Updates – What Is the Fair Value of a Stock? Delaware Court of Chancery Rejects the Transaction Price as the Most...

In two recent decisions out of the Delaware Court of Chancery – In re: Appraisal of DFC Global Corp., C.A. No. 10107-CB ("DFC Global") and In re: Appraisal of Dell Inc., C.A. No. 9322-VCL ("Dell") – Chancellor Bouchard and...more

Network Rules Occupy Second Circuit, U.S. Supreme Court

Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked...more

2nd Circuit Affirms Decertification of Class After Jury Verdict

Key Points - The U.S. Court of Appeals for the 2nd Circuit recently held that district courts have the power to decertify a class even after a jury verdict in favor of the class...more

A Closer Look at the CFPB’s Proposed Short-Term Lending Rule

As we previously reported in our June 3, 2016 client alert, the Consumer Financial Protection Bureau (“CFPB”) has issued a Notice of Proposed Rulemaking for short-term loans (“Proposed Rule”). In this follow-up alert, we take...more

Liability for breach of obligations

Resolution of the Plenum of the Supreme Court of the Russian Federation No. 7 dated 24 March 2016 'On courts applying certain provisions of the Civil Code of the Russian Federation concerning liability for a breach of...more

Your daily dose of financial news - The Brief – 7.19.16

The Carlyle Group is staring down the barrel of a $1 billion civil lawsuit by the failed Carlyle Capital Corp.’s liquidators over the 2008 collapse of the mortgage-bond fund. The trial’s taking place in Guernsey, a British...more

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more

Bankruptcy Court Rules Chapter 13 Debtors Must Assume or Reject Leases in 120 Days

In a recent decision from the Bankruptcy Court for the District of Maine, In re Cho, the Court ruled that 11 U.S.C. § 365(d)(4)(A) applies to debtors in Chapter 13 cases. In this case, the debtors operated a dry cleaning...more

How Reporting a Crime May Subject You to Sanctions

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more


CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

CFPB and DOJ Propose $10.6 Million Settlement in Discriminatory Lending Action

On June 29, the Consumer Financial Protection Bureau (CPPB) and Department of Justice (DOJ) announced a joint enforcement action against a regional bank for alleged discriminatory mortgage lending in violation of the Equal...more

Which court is which? Brexit could impact on enforcement options for creditors within, and outside, the EU

England has been the jurisdiction of choice for European restructurings. While other jurisdictions have sought to revamp their insolvency law in recent years in an effort to chip away at the English dominance in the...more

Roundup of anticipated UK regulatory developments

- SUMMER 2016 - Cases to watch Fondazione Enarsco v Lehman Brothers Finance SA & Anor – early termination provisions in ISDA Master Agreement (1992) – what does the requirement to provide a calculation of loss...more

Sometimes even when the borrower wins, she still loses.

Litigation is expensive. If you get sued, winning the case can still be a loss if you can’t recover your attorneys fees from the other side. Mortgages usually contain a “one-way” fee provision requiring the borrower to...more

Online Fast Cash Lenders to Pay $9 Million to Settle Claims of Illegal Lending to North Carolina Consumers

On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers. The...more

NC Attorney General Reaches $9 Milllion Settlement With "American Indian Business" Western Sky Over Usurious Loans

You will remember the North Carolina Attorney General's lawsuit against Western Sky Fin'l, LLC. It generated an opinion from the Business Court last year in which Judge McGuire enjoined the Defendants from making further high...more

Pay now, litigate later: Relief for Lenders upheld in Palaniappan v Westpac Banking Corporation

Several Australian cases have considered the ability of a guarantor to challenge its payment obligations under a guarantee. Lenders typically rely on provisions which restrict a guarantor from avoiding payment under the...more

Compliance into the Weeds-Episode 8, big data, risk assessments, the compliance profession and implications from the Yates Memo [Video]

In this episode, Matt Kelly and myself take a deep dive into the use of big data in risk assessments and possible implications for the future of the compliance profession. We also review some of the implications of the Yates...more

LendingClub Hit With Class Action Over Usurious Interest

A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more

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