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Sixth Circuit Upholds Venue Selection Clause in Pension Plan

The U.S. Court of Appeals for the Sixth Circuit upheld a pension plan’s venue selection clause and affirmed dismissal of the participant’s claims for benefits on the ground that such claims were not filed in the authorized...more

Bayens v Kinross Gold Corporation – Misrepresentation Claims in Securities Class Actions

Ontario's statutory regime for secondary market liability came into effect in 2006 as a result of amendments to the Securities Act (Ontario) (the OSA), creating a statutory cause of action for deficient market disclosure....more

U.S. Court Asserts its Authority in a Cross-Border Bankruptcy Case

The United States Court of Appeals for the Second Circuit recently asserted its authority in addressing an asset sale in a cross-border bankruptcy case where the main insolvency proceeding was conducted in the British Virgin...more

N.C. Court of Appeals: Limitations Period Does Not Apply to Local Government Enforcement of Subdivision Performance Bonds

A post-Great Recession treat, the North Carolina Court of Appeals affirmed today a ruling that the Town of Black Mountain is entitled to enforce subdivision performance bonds originally in the name of Buncombe County, after...more

APCOA – The Key Highlights of 2014’s Most Discussed Scheme

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new...more

Successful application for security for costs

In Austcorp Project Number 20 Pty Ltd v LM Investment Management Ltd [2014] FCA 1371, the Federal Court of Australia was called upon to consider various interlocutory applications requesting security for costs against the...more

Financial Institutions’ Claims in Data Breach Litigation Survive Target’s Motion to Dismiss

In a much anticipated decision, a United States District Court in Minnesota denied Target’s attempt to dismiss financial institutions’ putative class action claims relating to losses they suffered as a result of last year’s...more

Bridging the Week - December 2014 #3

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith - The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

How to Aggressively Defend Against Lender Liability Lawsuits

Introduction - Following an economic downturn, lenders are inundated with lender liability suits typically based on purported promises to extend the maturity dates of loans, alter the terms of loan agreements, or to...more

Second Circuit Limits Insider Trading Law for Remote Tippees

Matt Levine is a big jerk. He just sits there at Bloomberg following events in finance and securities enforcement, and then writes interesting things about those events really quickly and with insight that no one else has...more

General Contractors Beware of Subordination Clauses

In California, a general contractor can usually rest assured that in the event of nonpayment, it can rely upon the remedy of a mechanics lien, which remedy is, in fact, even a constitutional right....more

Factor Beware: A Judgment Lien Creditor in California May Have Priority Over Your Security Interest

A factor may receive notice from a judgment creditor that the judgment creditor holds a judgment lien on the accounts of the factor’s client, and be tempted to ignore the notice, since the judgment lien is later in time than...more

Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule...more

Bankruptcy Beat: Connecticut Bankruptcy Court Approves Settlement In Two Related Cases with a Torturous Twelve Year History

The Chapter 7 case of First Connecticut Consulting Group, Inc. and James J. Licata (the “Cases”) began as Chapter 11 cases over twelve years ago. The cases were consolidated and remained in Chapter 11 for four years as...more

UPDATE: Third Circuit Affirms Arbitrability of Dodd-Frank Retaliation Claim in Khazin v. TD Ameritrade Holding Corp., ___ F.3d...

In March, we wrote about a ruling out of the District of New Jersey enforcing an arbitration provision contained in an employment agreement that pre-dated Dodd-Frank. The court reasoned that to disregard a pre-Dodd-Frank...more

Court Allows Financial Institutions To Proceed With Data Breach Class Action Against Target

On December 2, 2014, a U.S. District Court in Minnesota ruled that a group of banks and other financial institutions (collectively, “FIs”) could proceed with a class action against large national retailer Target arising from...more

American Bankruptcy Institute (ABI) Reform Commission Releases Report Recommending Significant Changes to Chapter 11

On December 8, 2014, the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 published a 400-page report containing far-reaching recommendations. The report is the result of a three-year study...more

New York Court Expands Application Of Common Interest Privilege In Case Involving M&A Transaction

Expanding the law in New York governing the attorney client privilege, New York’s intermediate appellate court held last week that anticipated or pending litigation is not a necessary prerequisite to invoking the common...more

FinCEN Fines Small Credit Union for BSA Violations

On November 25, FinCEN fined a small Florida-based credit union $300,000 in civil monetary penalties for violating the Bank Secrecy Act (BSA). From 2009 through 2014, FinCEN charged that, among other deficiencies within its...more

Ninth Circuit Holds that Putative TCPA Class Action Is Not Subject to Arbitration Clause in Shrinkwrap Contract

The Ninth Circuit recently held that a putative class action asserting violations of the federal Telephone Consumer Protection Act (“TCPA”) was not subject to arbitration because the representative plaintiff was unaware of...more

Orrick's Financial Industry Week in Review

FCA has Published a Consultation Paper on Regulatory Fees and Levies for 2015/16 - ?On November 27, the Financial Conduct Authority (FCA) published for comment a consultation paper on its fees and levies as part of...more

December 2014: Bankruptcy and Restructuring Update

Bankruptcy Code Section 502(d): Getting Back to Basics. Traders in distressed debt face a myriad of questions and issues when acquiring claims against a company in distress. One common issue that traders should always ensure...more

General Contractor’s Prospective Waiver of its Lien Rights is Enforceable in California

In an opinion published in September 2014, entitled Moorefield Construction, Inc. v. Intervest Mortgage Investment Company, et al., D065464, the California Court of Appeal held an original contractor can contractually waive...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 28 & December 5, 2014

REAL PROPERTY UPDATE - Contract Interpretation: trial court erred by interpreting declaration in way that rendered provisions meaningless – Bethany Trace Owners’ Association, Inc. v Whispering Lakes I, LLC, et al., No....more

Safe to Fail?

On 10 November 2014, the Financial Stability Board (FSB) launched a consultation1 on the adequacy of the loss-absorbing capacity of global systemically important banks (G-SIBs) in resolution. The Basel III minimum capital...more

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