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Appeals Financial Institutions

A&O Shearman

Eighth Circuit Reverses Jury Verdict For Aiding And Abetting Ponzi Scheme, Holding That In Pari Delicto Defense Barred Bankruptcy...

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On September 12, 2024, the United States Court of Appeals for the Eighth Circuit reversed a trial court decision that had rejected a bank’s assertion of the in pari delicto defense to aiding and abetting claims brought by the...more

White & Case LLP

Cantor Fitzgerald & Co v Yes Bank Limited [2024] EWCA Civ 695

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The Court of Appeal has confirmed the existence of a ‘natural assumption' that an adjective or determiner at the start of a list qualifies the entirety of it. In its recent decision, the Court of Appeal construed a letter of...more

Guidepost Solutions LLC

How the UK High Court Decision on Forced Labor Impacts Your Supply Chain Due Diligence

The recent ruling by the U.K. Court of Appeal declared that the U.K. National Crime Agency’s decision not to investigate the importation of cotton produced through the use of Uyghur forced labor in China was unlawful. This...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Significant UK Court of Appeal Decision Confirms the Applicability of the UK’s Proceeds of Crime Legislation to Illegality in...

The UK Court of Appeal recently held that the National Crime Agency’s decision not to investigate whether cotton goods manufactured in China and imported to the UK were the product of forced labour was unlawful — a decision...more

BCLP

Former Traders Tom Hayes and Carlo Palombos LIBOR Convictions Upheld by Court of Appeal

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R v TOM HAYES & CARLO PALOMBO [2024] EWCA 304 On 27 March 2024, the Court of Appeal (Bean & Popplewell LJJ, Bryan J) dismissed the appeals against conviction following referrals of the appeals to the Court of Appeal by the...more

King & Spalding

The Seventh Circuit Upholds District Court’s Decision That Safe Harbor Provision of Section 546(e) Applies to Privately Held...

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A recent ruling from the United States Court of Appeals for the Seventh Circuit provides additional comfort for lenders receiving full repayment in connection with leveraged acquisitions. The U.S. Bankruptcy Code gives...more

Ballard Spahr LLP

Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a...

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On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Ballard Spahr LLP

CFPB revises supervisory appeals process (UPDATED)

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The CFPB has revised its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding.  The revisions became effective immediately upon publication in the Federal...more

Sheppard Mullin Richter & Hampton LLP

CFPB’s Enhanced Supervisory Appeals Process: A Potentially Beneficial Shift for Financial Institutions

On February 16, the CFPB issued revised rules updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The updated rules open up new avenues for...more

Manatt, Phelps & Phillips, LLP

CFPB Revises Supervisory Appeals Process

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015. This Rule makes several important changes...more

A&O Shearman

Losing control: What the Mints Court of Appeal judgment means for UK sanctions

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On 6 October 2023, the Court of Appeal handed down judgment in the case of Mints & ors v PJSC National Bank Trust & anor [2023] EWCA 1332. The judgment confirmed that the UK’s sanctions do not preclude the English courts...more

A&O Shearman

Bank’s inability to establish identity of vessel owner results in inability to rely on sanctions clause

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The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more

Ballard Spahr LLP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes...

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Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more

Ballard Spahr LLP

CFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order...

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In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which...more

White & Case LLP

Ask, and you shall receive – English Court of Appeal grants anti-suit injunction in support of foreign arbitration

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In Deutsche Bank AG v RusChemAlliance LLC [2023] EWCA Civ 1144, the English Court of Appeal granted an anti-suit injunction to restrain Russian court proceedings brought in breach of an agreement to arbitrate in Paris,...more

White & Case LLP

Landmark UK Supreme Court decision clarifies scope of banks’ so-called ‘Quincecare duty’

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In Philipp v Barclays Bank UK PLC, the UK Supreme Court has given unanimous judgment in favour of Barclays Bank, and provided clear guidance on the so-called ‘Quincecare duty’ owed by banks to their customers. White & Case...more

White and Williams LLP

Are Syndicated Loans Securities?

The ongoing case of Kirschner v. JP Morgan Chase Bank, N.A., which has traveled through the New York federal court system since 2018, is now before the Second Circuit, who are tasked with deciding the following: are...more

Jenner & Block

Client Alert: World Uyghur Congress v Secretary of State for the Home Department: Can Forced Labour Goods Cause UK Money...

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On 20 January 2023, the High Court in London issued a historic judgment in relation to the World Uyghur Congress’ (WUC) challenge to the UK government’s failure to investigate the importation of cotton produced in China’s...more

Bracewell LLP

Parting Advice: Judge Drain Rules That Dividends Paid From the Proceeds of Safe-Harbored Transactions Are Not Safe-Harbored in In...

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In his final opinion, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York held that dividends paid from proceeds of safe-harbored transactions under section 546(e) of the...more

Cadwalader, Wickersham & Taft LLP

FDIC Updates Guidelines for Appeals of Material Supervisory Determinations

On May 17, the Federal Deposit Insurance Corporation (“FDIC”) issued Financial Institutions Letter 22-2022 updating the FDIC’s Guidelines for Appeals of Material Supervisory Determinations. The revised Guidelines restore the...more

White & Case LLP

Court of Appeal: Banks’ Quincecare duty may apply to instructions from defrauded customers

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In Philipp v Barclays Bank UK PLC, the Court of Appeal held that the Quincecare duty may apply to direct customer instructions (not just those through an agent), such that banks may be liable for failing to protect against...more

Sheppard Mullin Richter & Hampton LLP

California Court of Appeal Holds that SEC Filings May Be Protected Activities Under Anti-SLAPP Statute

On December 27, 2021, the California Court of Appeal issued two decisions addressing whether claims arising from statements made in filings with the Securities and Exchange Commission (“SEC”) fall within California’s statute...more

King & Spalding

American Express Anti-Steering Litigation: Implications for “Umbrella” Plaintiffs’ Standing in Antitrust Suits

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On Monday, November 22, 2021, the United States Court of Appeals for the Second Circuit affirmed a district court ruling that “umbrella” plaintiffs—i.e., antitrust class action claimants who purchase from a non-conspirator a...more

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