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Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

The risk of self-incrimination in cross-border disputes: The use of Canadian discovery evidence in United States...

Royal Trust Corporation of Canada v. Fisherman (“Royal Trust”), a decision of the Ontario Superior Court, is another example of a court addressing the risk that discovery evidence could be used against a defendant in a...more

Market Professional Charged with Insider Trading by SEC – USAO

Another market professional apparently chose to make a bad day worse. It is bad enough to be caught up and charged with insider trading in a civil SEC enforcement action. It is worse to have those claims and criminal insider...more

SDNY Grants SEC’s Final Summary Judgment Claim in Securities and Investment Advisor Fraud Case

The US District Court for the Southern District of New York granted the Securities and Exchange Commission summary judgment on its one outstanding securities fraud claim against Alberto Vilar and Gary Tanaka, co-founders of...more

This Week In Securities Litigation (Week ending January 31, 2014)

SEC Chair Mary Jo White declared that 2014 will be a very busy year for the Division of Enforcement. At the same time fellow Commissioner Michael Piwowar discussed the actions of banking regulators on issues being considered...more

Challenging FIRREA Subpoenas: The RMBS Working Group Faces Subpoena Fight

As the Justice Department has stepped up its pursuit of financial institutions, there has been a surge of civil fraud lawsuits brought by the government under FIRREA — the Financial Institutions Reform, Recovery, and...more

Not in My House: Mark Cuban Defeats the SEC's Insider Trading Charges

The high profile long-running saga between Mark Cuban -- entrepreneur, television personality, and billionaire owner of the Dallas Mavericks -- and the SEC has finally ended with Mr. Cuban emerging victorious. On October 16,...more

International Tax Compliance Update: IRS to Issue ”John Doe” Summonses Seeking Information Regarding U.S. Taxpayers with...

On November 7, 2013, United States District Judge Kimba M. Wood of the Southern District of New York, granted authorization to the IRS to issue John Doe summonses to Bank of New York Mellon and Citibank requiring those banks...more

False Claims Act Focus - November 2013

EDITOR’S NOTE - Recent months have provided interesting developments in the False Claims Act (“FCA”) case law, and the future promises even more. Defendants in many FCA cases that proceed to litigation file...more

Expanding FIRREA Liability for Financial Institutions: Southern District of New York Developments [UPDATE]

A recent SDNY ruling strengthens the Department of Justice’s expanding application the Financial Institutions Reform, Recovery and Enforcement Act of 1989. UPDATE On October 23, a jury returned the first FIRREA...more

Orrick's Financial Industry Week in Review - October 28, 2013

Joint Release on QM Fair Lending Risks - On October 22, the Fed, CFPB, FDIC, NCUA and OCC issued a joint statement to address industry questions on fair lending risks associated with offering only qualified mortgages. ...more

Bill on Bankruptcy: Unprecedented Actions by Two District Judges [Video]

Sept. 26 (Bloomberg Law) -- Two federal district judges tied for Judge of the Week on the video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. District Judge Lynn N. Hughes in Houston...more

United States v. Vilar: new limits on extraterritorial securities enforcement

In United States v. Vilar, the Second Circuit Court of Appeals has offered another data point in the federal courts’ ongoing efforts to define the extraterritorial reach of the federal securities laws. Although we...more

Strict UK Litigation Privilege Test for Joint Liquidator Reports

High Court holds that reports used by the Serious Fraud Office to obtain search and arrest warrants are not subject to litigation privilege in subsequent civil proceedings. ...more

Bill on Bankruptcy: Sandbagging of a Federal District Judge  [Video]

Aug. 8 (Bloomberg) -- Clergy abuse victims may be going after a district judge on undisclosed grounds for recusal in the bankruptcy of the Archdiocese of Milwaukee, as Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy...more

Litigation: The expanded role of courts in settling government investigations - A growing number of federal judges are closely...

Government investigations of companies typically end in settlements. These may be civil in nature, in which companies commonly agree to pay money and take remedial measures to deter and prevent the misconduct that the...more

Wartime Suspension Of Limitations Act Suspends Statute Of Limitations In False Claims Act Cases

The False Claims Act (FCA), which allows both the government and whistleblowers to seek treble damages for claims of civil fraud on the United States, is a powerful tool. In the past two years, the government has aggressively...more

OCC Seeks Reconsideration Of Order Requiring Disclosure Of Non-Public Documents Related To Bank’s AML/CTF Compliance

On April 24, the U.S. District Court for the Southern District of New York stayed an order that would have required a bank to disclose non-public supervisory information subject to the bank examination privilege. Wultz v....more

Second Circuit Bars Criminal Defendant from Accessing Assets Frozen by Regulators

The US Court of Appeals for the Second Circuit recently upheld a district court’s refusal to release nearly $4 million in assets frozen by the Securities and Exchange Commission and the Commodity Futures Trading Commission to...more

Corporate and Financial Weekly Digest - April 12, 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

Bill on Bankruptcy: ResCap Report, a Bargain at $83 Million [Video]

April 10 (Bloomberg Law) -- Why the Residential Capital LLC examiner's report will cost almost $83 million is the first item on the new Bloomberg bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 8, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CRIMINAL ENFORCEMENT -...more

Line in the Sand: Siemens Argentina Case Limits Personal Jurisdiction Under the FCPA

A New York federal district court judge has dismissed a Foreign Corrupt Practices Act (“FCPA”) claim against a former executive of Siemens, S.A. Argentina and Siemens Transportation Systems for lack of personal jurisdiction. ...more

Corporate and Financial Weekly Digest - March 1, 2013

In this issue: - Recent SEC Speeches Focus on Investor Protection and Disclosure - SEC 2013 Examination Priorities - CFTC Revises Clearing Compliance Schedule for iTraxx CDS Indices - SEC Division...more

Eleventh Circuit Court of Appeals Sustains Required Records Exception to the Fifth Amendment

On February 7, 2013, the U.S. Court of Appeals for the Eleventh Circuit affirmed the decision of the U.S. District Court for the Northern District of Georgia holding that the Required Records Exception overrides a...more

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