Finance & Banking, Business Torts, International Law & Trade

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

by Felix Shipkevich | Shipkevich PLLC on 5/22/2013

CFTC investigators are reviewing over one million e-mails and instant messages as part of an investigation into possible price manipulation of ISDAfix interest-rate swaps....more

Orrick's Financial Industry Week in Review - May 13, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/13/2013

In This Issue: FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgage; Rating Agency Developments; MBIA and Bank of America Settle MBS Litigation for $1.7 Billion: Assured and UBS Agree to Settle RMBS...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

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

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

Bundesbank Opens Deutsche Bank Investigation

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

The German central bank, the Bundesbank, has launched an investigation into Deutsche Bank following claims that it lost billions on credit derivatives during the financial crisis. Investigators from the Bundesbank are...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

Freddie Mac Files Suit Over Losses Due To Alleged LIBOR Manipulation

by BuckleySandler LLP on 3/27/2013

On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more

UK Financial Services Authority Sets Precedent Under New Penalty Policy

by Sergey Kvitkin, Iain Wright | Morgan Lewis on 3/20/2013

FSA's methodology for calculating financial penalties is expected to lead to significantly higher fines than in the past. On 18 March, the UK Financial Services Authority (FSA) published a final notice imposing a fine...more

Orrick's Financial Industry Week in Review - March 18, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/19/2013

In This Issue: *Financial Industry Developments - CFTC Announces the Start of Mandatory Clearing - CFTC Reminds Market Participants of Swap Data Reporting Requirements - Rating Agency Developments...more

Germany’s Lower House Approves High Frequency Trading Bill

by Orrick - Structured Finance Group on 3/6/2013

On February 28, the Bundestag (Germany’s lower house of parliament) approved a bill aimed to prevent the abuse and associated dangers of high frequency trading. The bill requires that high frequency traders obtain...more

The SEC Speaks: Reflections and Enforcement Initiatives in 2013

by Randall Fons, Brian Hoffman, Tiffany Rowe | Morrison & Foerster LLP on 3/6/2013

Each year at The SEC Speaks, the Commissioners and senior leadership of the Securities and Exchange Commission identify the agency’s priorities and initiatives for the coming year. Of course, one of the most anticipated...more

Appeal Tribunal Confirms £8 Million Market Manipulation Fine

by Tim Aron, Edward Black | Katten Muchin Rosenman LLP on 2/8/2013

On January 28, the Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the Regulatory Decisions Committee (RDC) of the UK Financial Services Authority (FSA) to impose a fine of £8 million (approximately $12.6...more

Credit Crunch Digest -- January 2013

by Jennifer Quinn Broda, Ryan Chapoteau, Matthew Ferguson, Todd McCormick, Thomas R. Orofino, Eric C. Scheiner | Sedgwick LLP on 2/5/2013

This issue of the Credit Crunch Digest focuses on a potential imminent regulatory settlement involving Royal Bank of Scotland’s role in alleged Libor manipulation; the profits obtained by Deutsche Bank for its investments in...more

Israeli Bank Sues UBS and Goldman Sachs Seeking a Combined $220 Million

by Orrick - Structured Finance Group on 2/5/2013

On January 29, Bank Hapoalim B.M., Israel’s largest bank, filed summonses with notice against UBS AG, Goldman Sachs & Co., and their affiliates, in the Supreme Court for the State of New York....more

Orrick's Financial Industry Week in Review - February 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 2/5/2013

In This Issue: *Financial Industry Developments - SEC Extends Exemptions for Security-Based Swaps - Fed Announces Release Dates for Results of Supervisory Stress Tests and CCAR - Rating Agency Developments...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Enforcement in the Second Term of the Obama Administration"

by Joshua Ellis, Louis Greenstein, Andrew Lawrence, Colleen Mahoney, Erich Schwartz, Charles Smith, Charles Walker | Skadden, Arps, Slate, Meagher & Flom LLP on 1/23/2013

As the second term of the Obama administration begins, the SEC is experiencing a profound leadership transition, with the departures of agency Chair Mary Schapiro; Director of Enforcement Robert Khuzami; its general counsel;...more

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

by Sedgwick LLP on 12/16/2012

UBS, Switzerland’s largest bank, is set to become the second financial institution to enter into a settlement arising out of the Libor rate-fixing scandal. The potential agreement would reportedly allow UBS to pay...more

Orrick's Financial Industry Week in Review - December 3, 2012

by Orrick, Herrington & Sutcliffe LLP on 12/6/2012

In This Issue: - Financial Industry Developments · CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps · Fed, Treasury Proposed Amendments to Bank Secrecy Act Definitions...more

Orrick's Financial Industry Week in Review - November 19, 2012

by Orrick, Herrington & Sutcliffe LLP on 11/21/2012

In This Issue: - Personal Insurance Issues in the Aftermath of Superstorm Sandy Orrick's Insurance Practice Group is offering a series of online webinars to walk individuals through the process of dealing with...more

FSA Fines Manager for Systemic Suitability Failings

by Katten Muchin Rosenman LLP on 11/20/2012

On November 14, the UK Financial Services Authority (FSA) announced that it had fined Savoy Investment Management Limited (Savoy) £412,000 (approximately $653,000) for failing to take reasonable care to ensure the suitability...more

Amendment to Japanese Investment Management Regulations in Response to AIJ Incident

by Robyn Nadler, Mitsutoshi Uchida | Morrison & Foerster LLP on 11/15/2012

On October 12, 2012, in response to the recent AIJ scandal, the Financial Services Agency of Japan (the “Japanese FSA”) published a draft amendment to certain rules (“Draft Rules”) intended to revamp the regulation and...more

Structured Thoughts -- Volume 3, Issue 13 -- November 13, 2012

by Morrison & Foerster LLP on 11/14/2012

In This Issue: EU Regulation on Short Selling: Impact on U.S. Issuers of Structured Notes - On November 1, 2012, the regulation (the “Regulation”) of the European Parliament and Council of the European Union on...more

Orrick's Financial Industry Week in Review - October 29, 2012

by Orrick, Herrington & Sutcliffe LLP on 10/31/2012

In This Issue: Financial Industry Developments - CFTC Proposal for Enhanced FCM and DCO Protections - CFTC Final Interpretive Guidance on Foreign Regulators’ Indemnification and Confidentiality Obligations -...more

FSA Bans and Fines Former Managing Director of Welcome Financial Services Ltd for Market Abuse

by Orrick - Structured Finance Group on 10/17/2012

The FSA published its final notice dated October 8 in relation to John Blake, the former managing director of Welcome Financial Services Ltd (Welcome). In its final notice the FSA states that Mr. Blake engaged in market...more

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Finance & Banking › Business Torts › International Law & Trade