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Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

Enforcement of Arbitration Award by Equitable Execution over Foreign Assets

In Cruz City Mauritius Holdings v Unitech Ltd & ors [2014] EWHC 3131 (Comm), 2 October 2014, Males J allowed the application of the claimant for the appointment of receivers by way of equitable execution over the foreign...more

December 2014: Securities and Structured Finance Litigation Update

Recent Cases Signal That Victims of Terrorist Attacks May Be Able to Collect Damages from Financial Institutions. A pair of decisions from the United States Court of Appeals for the Second Circuit and United States District...more

NY DFS Takes Action Against Foreign Bank Regarding Transactions with Sanctioned Countries

On November 18, the New York DFS announced a consent order with a foreign bank for allegedly misleading regulators regarding its transactions with sanctioned countries, most notably Iran, Sudan, and Myanmar. According to the...more

Financial Conduct Authority Announces Fines Against Banks For Foreign Exchange Practices

On November 12, the FCA announced that it was fining five banks for their foreign exchange practices. Specifically, ineffective controls at the banks allegedly allowed traders to strategize and manipulate exchange rates for...more

New York Court of Appeals Reaffirms the Separate Entity Rule

On October 23, 2014, the New York Court of Appeals issued an opinion in Motorola Credit Corp. v. Standard Chartered Bank, --- N.E.3d ----, 2014 WL 5368774, 2014 N.Y. Slip Op. 07199 (N.Y. Oct. 23, 2014), reaffirming New York's...more

Round Two: Prosecutors Reopen Bank Settlements

With our political system suffering from a growing chasm down party lines, our public servants seem to be increasingly vulnerable to public pressure. Politicians scramble to fight for whatever cause du jour will garner them...more

The "Separate Entity Rule" Remains Alive and Well in New York State

On October 23, 2014, in Motorola Credit Corp. v. Standard Chartered Bank, No. 162, 2014 N.Y. LEXIS 2946 (2014), the New York State Court of Appeals, New York’s highest court, answered in the affirmative the following question...more

Litigation Update: Sovereign Immunity vs Commerciality: Enforcing A Foreign Judgment Against A Nation State In Australia

The recent decision by the NSW Court of Appeal in Firebird Global Master Fund II Ltd v Republic of Nauru [2014] NSWCA 360 illustrates the complex considerations involved in enforcing a foreign judgment against a foreign State...more

Assets in Foreign Branches Off Limits to Domestic Judgment Creditors

New York’s high court announced last week that banking institutions with branches in New York are shielded from judgment creditors attempting to collect on customer assets held at foreign branches of the same bank....more

Cayman law amended to facilitate the grant of interim relief in aid of foreign proceedings

In modern litigation there is often a strong possibility that obtaining interim relief from the court of the jurisdiction in which you are suing your opponent will not fully protect you against the dissipation by him of...more

Motorola Credit Corporation v. Standard Chartered Bank: The New York Court of Appeals Limits Restraints on Assets Held in Foreign...

In Motorola Credit Corporation v. Standard Chartered Bank (“Motorola”), the New York Court of Appeals reaffirmed the “separate entity rule,” holding in a 5 – 2 opinion that a judgment creditor’s service of a restraining...more

New York’s "Separate Entity Rule" Reaffirmed by the New York Court of Appeals

On October 23, 2014, in Motorola Credit Corp. v. Standard Chartered Bank. No. 162, the New York Court of Appeals reaffirmed the continued vitality of New York’s “separate entity rule.” Under that rule, a judgment creditor...more

Indian Supreme Court Cancels Mining Concessions

On 24 September 2014, the Indian Supreme Court cancelled 214 out of the 218 existing coal-mining licenses. The only mining licences which were not cancelled were four coal blocks made to Government controlled undertakings...more

FinCrimes Update - September 2014 Summary, Volume 1, Issue 7

IN THIS ISSUE: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement. BSA/AML & OFAC: FINCEN OFFERS RED FLAGS GUIDANCE ON HUMAN TRAFFICKING AND...more

Are Bank Branches in New York the Gateway to Seizure of Foreign Assets: The New York Court of Appeals Reconsiders the Separate...

On September 16, 2014, the New York Court of Appeals heard oral argument on a certified question from the Second Circuit in Motorola Credit Corp. v. Standard Chartered Bank, an important case concerning the application of New...more

El juez Griesa determinó que Argentina se rebeló contra lo dispuesto por la justicia de USA, y ayer por la tarde la declaró en...

Finalmente, el juez Griesa determinó que Argentina se rebeló contra lo dispuesto por la justicia de USA, y ayer por la tarde la declaró en desacato. El mercado se lo veía venir, pero aún así, reina la incertidumbre respecto...more

Non-Party Costs Order Granted Against Sole Director And Shareholder

In Deutsche Bank AG v Sebastian Holdings Inc [2014] EWHC 2073 (Comm), 24 June 2014, a non-party costs order was imposed on a sole director and shareholder of a defaulting judgment debtor. The individual concerned had been...more

SCC Weighs-In on Consumer Protection Remedies in Quebec Class Actions

On September 19, 2014, the Supreme Court of Canada released a trilogy of decisions examining the standing of representative plaintiffs and the availability of consumer protection legislation in the class action context....more

The Second Circuit Limits the Power of Courts to Enforce Asset Restraints and Discovery Orders Against Foreign Banks: Tiffany (NJ)...

In Tiffany (NJ) LLC v. China Merchants Bank and Gucci America, Inc. v. Bank of China, the US Second Circuit Court of Appeals issued important rulings, confirming that the limits on the exercise of US general jurisdiction, set...more

Last Week In Securities Litigation (Week ending August 8, 2014)

Last week the SEC brought an action this centered on hidden fees and a series of actions centered on microcap fraud and investment fund fraud. A pump and dump actions was filed centered on the manipulation of six different...more

Southern District of New York Holds in Madoff That the Bankruptcy Code Cannot Be Used to Recover Extraterritorial Transfers

Dealing a major blow to the trustee’s efforts to recover fraudulent transfers on behalf of the bankruptcy estate of the company run by Bernard Madoff, Judge Jed S. Rakoff of the United States District Court for the Southern...more

Energy Charter Treaty and the YUKOS/Russia experience

On 28 July 2014, the Permanent Court of Arbitration in the Hague published a final award in an Energy Charter Treaty (ECT) arbitration that has been active for the past decade, ordering the Russian Federation (Russia) to pay...more

NY High Court To Address Continuing Vitality Of “Separate Entity” Rule For International Banks With New York Branches

This September, New York’s highest court will consider an issue of significant interest to international banks with a New York presence – whether a judgment creditor can use New York’s judgment enforcement procedures to...more

This Week In Securities Litigation (Week ending August 1, 2014)

The Commission continued to focus on the markets this week, brining another action involving the operation of a partially dark pool. The ECN operator was a subsidiary of Citigroup. The SEC alleged that confidential customer...more

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