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Your daily dose of financial news The Brief – 2.3.16

In what would be the largest acquisition of a foreign corporation ever, state-owned ChemChina is nearing a deal to purchase Switzerland’s Syngenta (besting US-based Monsanto’s overtures to do the same). The deal could help...more

Rating Agency Developments

On January 25, 2016, DBRS updated its methodology for rating Subscription Loans (Capital Call). On January 21, 2016, Fitch updated its U.S. RMBS Master Rating Criteria....more

Eleven Banks Reach Settlement with Commonwealth of Virginia on RMBS Claims

On Friday, January 22, 2016, eleven banks, including Merrill Lynch, RBS, and Barclays, agreed to settle claims brought by the Commonwealth of Virginia in a 2014 action alleging misrepresentations as to the nature, quality,...more

Ambac and J.P. Morgan Reach $995M RMBS Settlement

On Monday, January 25, 2016, monoline insurer Ambac Assurance Corporation (“Ambac”) reached a $995 million settlement with J.P. Morgan, resolving two RMBS actions pending before Justice Ramos in the Supreme Court of the State...more

In Flannery v. SEC, First Circuit Rebukes Commission, Signals Departure from Deferential Review

On December 8, 2015, the U.S. Court of Appeals for the First Circuit ruled in Flannery v. SEC that the Securities and Exchange Commission lacked substantial evidence in finding securities law violations by two executives in...more

Banking & Financial Services E-Note - January 2016

In Deutsche Bank Nat’l Trust Co. v. Estrella Perez, et al., No. 3D15-58, 2015 WL 8347002 (Fla. 3d DCA Dec. 9, 2015), Florida’s Third District Court of Appeal held that the trial court erred in dismissing a foreclosure case on...more

FIRPTA Withholding Amounts Change

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) as part of the Consolidated Appropriations Act, 2016. The new PATH Act reforms the Foreign Investment in...more

Trustees Seek Approval of $4.5 Billion Settlement

On January 20, trial commenced before Justice Marcy Friedman in New York County Supreme Court to determine whether Deutsche Bank, U.S. Bank, and the other trustees of 330 RMBS trusts acted reasonably when they reached a $4.5...more

Claims Against RMBS Trustees Dismissed

On January 19, Judge Richard Berman of the Southern District of New York dismissed, for lack of jurisdiction, the vast majority of claims asserted against Deutsche Bank and Wells Fargo in their respective capacities as RMBS...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Orrick's Financial Industry Week in Review

The Federal Housing Finance Agency Releases Final Rule on Federal Home Loan Bank Membership - On January 12, 2016, the Federal Housing Finance Agency ("FHFA") issued a final rule establishing new requirements for...more

Rating Agency Developments

On January 6, DBRS published its methodology for rating European commercial mortgage loans and European CMBS transactions. On January 4, DBRS published its preferred share and hybrid security criteria for corporate issuers....more

RMBS Claims Against Bank of New York Mellon Remain in Federal Court

On December 18, Judge William Pauley III of the U.S. District Court for the Southern District of New York denied Bank of New York Mellon’s motion to dismiss RMBS claims regarding fourteen trusts and one indenture trust for...more

Commerzbank AG Sues Four RMBS Trustees Alleging Violations of Duties to Investors

On December 23 and 24, Commerzbank AG filed four actions in the Southern District of New York against Deutsche Bank National Trust Company, HSBC Bank USA, N.A., Wells Fargo Bank, N.A., and the Bank of New York Mellon in their...more

Financial Services Weekly News - January 2016

Regulatory Developments - CFPB Responds To Industry’s TRID Implementation Concerns: On Dec. 29 the CFPB responded to a letter by the Mortgage Bankers Association (MBA) from Dec. 21. The MBA letter asked the CFPB to...more

The Year in Review: 2015 FINRA Enforcement Actions

Over the past several years, the Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization responsible for regulating every brokerage firm and broker doing business with the U.S. public, brought...more

Your daily dose of financial news The Brief – 1.6.16

Incredibly, there’s more news from the FASB this week, which has announced that its dropping the accounting rule (dubbed an “Alice in Wonderland” measure) that “allowed stressed banks to book huge gains simply because they...more

New PATH Act Modifies Tax Rules Applicable to Foreign Investment in U.S. Real Estate and Introduces a New Exemption for Certain...

On December 18, 2015, as part of the “Protecting Americans from Tax Hikes of 2015” (the “PATH Act”), President Obama signed into law provisions that make significant changes to the so-called FIRPTA rules that govern the U.S. ...more

Money and Dirt: Reviewing 2015; Previewing 2016

We’ll end 2015 with a quick look back at some of the important developments in California real estate and secured lending law covered in this blog, and a look forward to issues that will get attention in 2016....more

Risk-retention rule for asset-backed securities finalized

On October 22, 2014, the federal regulatory agencies responsible for implementing regulations under Dodd-Frank finalized the risk retention rule for asset-backed securities (the “Risk Retention Rule“). For the securitization...more

Your daily dose of financial news The Brief – 12.17.15

As expected, the Fed finally acted yesterday, raising short-term interest rates (in a range between .25 to .5 percent ) for the first time in nearly a decade. Even with this move that’s been literally years in the making,...more

Investors File Putative Class Action Against Citibank for Allegedly Failing to Comply with RMBS Trustee Duties

On November 24, 2015, a group of investors, led by Pacific Investment Management Co. (“PIMCO”), filed suit in the Supreme Court of the State of New York against Citibank, N.A., as trustee of 25 private-label RMBS Trusts. This...more

Financial Services Report, Winter 2015

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

The Death of EB-5 Has Been Greatly Exaggerated

Earlier this year we discussed the uncertain future of the EB-5 Visa Program, one of the most successful inbound investment programs of recent years, as evidenced by the $5.2 billion dollars the program has generated in the...more

Your daily dose of financial news The Brief – 12.7.15

Yale’s Robert J. Shiller (he of the “Case-Shiller Home Price Indices”) offers the reminder that humans aren’t computers as an introduction for the idea that the Fed’s expected move on short-term interest rates doesn’t...more

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