Orrick - Structured Finance Group

FDIC Sues BNY Mellon For Alleged Failure As Trustee of RMBS

On August 19, 2015, the Federal Deposit Insurance Corp., acting as receiver for Guaranty Bank, filed suit against Bank of New York Mellon Corp. in New York federal court, alleging that BNY breached its duties as trustee of 12…more
| Commercial Law & Contracts, Finance & Banking, Real Estate - Residential, Securities Law

Rating Agency Developments

On August 18, Moody’s extended comment period on proposed clearing house global rating methodology to September 17, 2015. On August 17, Fitch released its updated corporate rating methodology. On August 13, DBRS published its…more
| Finance & Banking

Treasury Extends Comment Period on Marketplace Lenders RFI

On August 18, the Treasury Department extended the comment period for responding to the Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace Lending”…more
| Communications & Media Law, Finance & Banking

New York Appellate Court Upholds ACA’s Fraud Suit Against Goldman Sachs

On August 18, 2015, the New York Appellate Division’s First Department held that ACA Financial Guaranty Corp. adequately pled its fraud suit against Goldman Sachs Group Inc. A four-judge panel held that ACA sufficiently alleged…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

CFTC Extends No-Action Relief on the Applicability of Transaction-Level Requirements for Non-U.S. Swap Dealers

On August 13, 2015, CFTC Division of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight extended a time-limited no-action relief to swap dealers registered with the CFTC that are established under…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

CFTC Issues Its First Ever Order of Exemption from Registration as a Derivatives Clearing Organization

On August 18, CFTC issued an order of exemption from registration as a derivative clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). The order is the first of its kind issued by CFTC based on its authority…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps

On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating to swap data reporting in connection with cleared swaps. The amendments are aimed at providing additional clarity…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Union Pension Fund Requests Approval of Settlement With Goldman Sachs in RMBS Litigation

On August 13, 2015, union pension fund NECA-IBEW Health & Welfare (“NECA”) and the Police and Fire Retirement Systems of the City of Detroit (“PFRS”), acting on behalf of proposed classes of institutional and individual…more
| Finance & Banking, Labor & Employment Law, Real Estate - Residential

European Commission Call For Advice From EBA on Net Stable Funding Requirements and Leverage Ratio

On August 19, 2015, the European Banking Authority (EBA) published a call for advice (dated 26 June 2015) it has received from the European Commission on the EBA’s reports on net stable funding requirements (NSFR) and leverage…more
| Finance & Banking, International Law & Trade

CPMI and IOSCO Consult on Harmonizing Unique Transaction Identifier

On August 19, 2015, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report on harmonization of the unique transaction…more
| Commercial Law & Contracts, International Law & Trade, Securities Law

RMBS Investors Sue U.S. Bank for Trust Losses

On August 5, 2015, RMBS investors filed a putative class action against U.S. Bank, N.A. in the Supreme Court for the State of New York. The investors assert that U.S. Bank, as trustee for the MASTR Adjustable Rate Mortgage Trust…more
| Commercial Law & Contracts, Finance & Banking, Real Estate - Residential, Securities Law

5th Circuit Revives FDIC’s Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland

On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation (“FDIC”) as receiver for Guaranty Bank against Goldman Sachs & Co., Deutsche Bank AG, and the Royal Bank…more
| Commercial Law & Contracts, Conflict of Laws, Finance & Banking, International Law & Trade, Securities Law

ESMA Reports to European Commission on Functioning of EMIR Framework

On August 13, 2015, the European Securities and Markets Authority (ESMA) published four reports on how the EMIR (the Regulation on over the counter derivative transactions, central counterparties and trade…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade, Securities Law

EBA Final Guidelines on Passport Notifications for Mortgage Credit Intermediaries

On August 11, 2015, the European Banking Authority (EBA) published its final guidelines (EBA/GL/2015/19) on passport notifications for mortgage credit intermediaries under the Mortgage Credit Directive (2014/17/EU) (MCD). The…more
| Commercial Law & Contracts, Finance & Banking, International Law & Trade, Securities Law

IOSCO Report on Post-Trade Transparency in Credit Default Swaps Market

On August 10, 2015, the International Organization of Securities Commissions (IOSCO) published its final report on “post-trade transparency” in the credit default swaps (CDS) market (FR17/2015). The term post-trade transparency…more
| Commercial Law & Contracts, Finance & Banking, Securities Law
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Contact

The Orrick Building 405 Howard Street
San Francisco, CA 94105-2669, United States

Contact: Katharine Crost

  • 415-773-5700
  • 415 773 5972

Areas of Practice
  • Commercial Law & Contracts
  • Finance & Banking
  • International Law & Trade
  • Litigation
  • Mergers & Acquisitions
  • Real Estate
  • Securities Law
Locations
Other U.S. Locations
  • California
  • D.C.
  • New York
  • Oregon
  • Washington
Other Countries
  • China
  • France
  • Germany
  • Hong Kong
  • Italy
  • Japan
  • Russia
  • Taiwan
  • United Kingdom
Number of Attorneys

50-100 Attorneys

This profile may constitute attorney advertising. Prior results do not guarantee a similar outcome. Any correspondence with this profile holder does not constitute a client/attorney relationship. Neither the content on this profile nor transmissions between you and the profile holder through this profile are intended to provide legal or other advice or to create an attorney-client relationship.

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