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Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Assured Guaranty and National Public Finance Guarantee Ratings Upgraded by S&P

On March 18, 2014, Standard & Poor's Ratings Services announced ratings upgrades for two bond insurers – Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.) to “AA” from “AA-” and MBIA Inc.’s National...more

Rating Agency Developments - January 28, 2014

On January 23, Fitch released its criteria for analyzing interest rate stresses in structured finance transactions and covered bonds. On January 22, DBRS released its methodology for rating wind power projects. On January 22,...more

Annual Investment Update: Economic Review & Outlook - December 31, 2013

Welcome 2014! We want to thank you for continuing to support the investment strategies we have in place to protect your wealth. The total return in the S&P Index in 2013 of 32.4% now has the index up an astounding 173% since...more

November 2013: Securities Litigation Update

Rating Agency S&P’s “Puffery” Defense Rejected in U.S.’s Landmark Fraud Case Under FIRREA. Credit-rating agencies have successfully asserted several defenses to private investors’ fraud claims, including a First Amendment...more

Rating Agency Developments - August 27, 2013

On August 21, S&P released its asset isolation and SPE criteria for Canadian structured finance transactions. On August 19, Fitch released its insurance rating methodology....more

Rating Agency Developments - August 06, 2013

On August 2, Fitch released its criteria for the rating of distressed debt exchanges. On August 1, Fitch released its criteria for the use of lenders’ mortgage insurance (LMI) in RMBS transactions....more

Rating Agency Developments - July 24, 2013

On July 19, Moody’s issued its U.S. RMBS surveillance methodology. On July 19, DBRS released its criteria for rating guarantees and other forms of explicit support. On July 19, KBRA released its financial guaranty rating...more

“Order Up!” FIRREA Update

Judge Carter issued his final order on July 16, 2013, following our blog post. ...more

Rating Agency Developments - July 17, 2013

On July 12, S&P released a request for comment on its methodology and assumptions for rating U.S. small business loan-backed securitizations. Comments must be submitted by August 15....more

Bear Stearns Liquidators Brings Fraud Action Against Rating Agencies

On July 9, the joint official liquidators of Bear Stearns & Co. Inc. filed suit against three rating agencies – Standard & Poors, Moody’s and Fitch – in New York state court over the agencies’ allegedly fraudulent investment...more

Rating Agency Developments - June 19, 2013

On June 13, S&P released its insurance criteria for U.S. and Canadian CMBS transactions. On June 13, Fitch released its criteria for assigning short-term ratings for variable-rate demand obligations (VRDOs) or maturing...more

Rating Agency Litigation Consolidated In Southern District of New York

On June 6, the United States Judicial Panel on Multidistrict Litigation issued a transfer order consolidating consumer fraud and securities actions brought by the attorneys general of fifteen states against Standard & Poor’s...more

Rating Agency Developments - May 08, 2013

On May 2, KBRA released its methodology for rating global banks and bank holding companies. On April 30, Fitch released its criteria for rating U.S. auto lease ABS. On April 26. S&P released its criteria for rating Canadian...more

Rating Agencies - April 08, 2013

On April 4, Moody’s released its methodology for rating short-term cash flow notes. ...more

Rating Agency Developments - March 19, 2013

On March 12, S&P updated its methodology for second-lien RMBS surveillance and cash flow analysis for pre-2009 originations. On March 11, Moody’s released its approach to rating RMBS using the MILAN framework. On March 11,...more

Rating Agency Developments - February 25, 2013

On February 21, Fitch published its global rating criteria for single- and multi-name credit-linked notes. On February 21, Fitch updated its criteria for solar power projects. On February 20, Fitch released a report on U.S....more

Orrick's Financial Industry Week In Review - February 19, 2013

In This Issue: - Financial Industry Developments •CFPB Implementation Plan for Mortgage Rules •FDIC Proposed Rule on Insured Deposits at Foreign Branches of U.S. Banks •CFPB Bulletin on Servicers'...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

DOJ Brings Civil Fraud Action Against S&P

On February 4, the Department of Justice filed a complaint in the Central District of California against two Standard & Poor’s entities in connection with credit ratings S&P provided for certain RMBS and CDOs....more

Second Circuit Affirms Dismissal of Class Action Against S&P Over MBS Ratings

On December 20, 2012, the Second Circuit affirmed a decision by Judge Sidney H. Stein of the Southern District of New York dismissing a putative class action suit alleging that Standard & Poor’s Ratings Services intentionally...more

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