Bank of America

News & Analysis as of

New York Court Expands Application Of Common Interest Privilege In Case Involving M&A Transaction

Expanding the law in New York governing the attorney client privilege, New York’s intermediate appellate court held last week that anticipated or pending litigation is not a necessary prerequisite to invoking the common...more

New York Extends Common Interest Privilege Protection to Non-Litigation Communications

Ordinarily, when a communication between an attorney and her client is disclosed to a third party, that communication loses its privileged status. The common interest privilege operates as an exception to that rule that...more

Orrick's Financial Industry Week in Review

FCA has Published a Consultation Paper on Regulatory Fees and Levies for 2015/16 - ?On November 27, the Financial Conduct Authority (FCA) published for comment a consultation paper on its fees and levies as part of...more

Second Circuit Affirms Dismissal of $56M MBS Suit against Bank of America

On November 25, the United States Court of Appeals for the Second Circuit upheld the dismissal of IKB Deutsche Industriebank AG’s suit against Bank of America. IKB alleged that BofA fraudulently misrepresented the quality of...more

Business Litigation Report -- November 2014

In This Issue: - Main Article: ..Foreign Investor Protection v. National Sovereignty: The Pros and Cons of Investor-State Arbitration - Noted With Interest: ..Gelboim et al. v. Bank of America Corp. et...more

Gelboim et al. v. Bank of America Corp. et al.: Supreme Court to Address Viability of Partial Appeals in Multi-District...

Timing is everything. As any trial lawyer can tell you, the right to an appeal is important. But often, the right to a speedy appeal can be even more valuable. Under the final judgment rule, however, parties in federal court...more

Orrick's Financial Industry Week in Review

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC

On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC, as the receiver for United Western Bank, alleged claims under the...more

Credit Crunch Digest - October 2014

This issue of the Credit Crunch Digest focuses on estimated Forex-related fines and exposure; requests by U.K. authorities for additional funding to investigate rate-rigging and Forex manipulation; a guilty plea in connection...more

BofA Underwater Mortgage Cases Hit Supreme Court

The U.S. Supreme Court will hear two cases brought by Bank of America regarding whether a second mortgage on an underwater property can be voided during Chapter 7 bankruptcy. Both cases involve Florida homeowners who sued to...more

Banks Settle with U.K. Regulatory Authority Over Forex Manipulation

Today it was announced that six banks settled with the U.K. Financial Conduct Authority and other regulators for a combined total of approximately $4.3 billion for their roles in the manipulation of the $5.3 trillion-a-day...more

Bank of America and U.S. Bank Agree to Settle MBS Suit with Pension Funds

On October 30, Bank of America notified Judge Katherine B. Forrest of the United States District Court for the Southern District of New York of a planned settlement of an action brought by pension funds in 2012. ...more

Orrick's Financial Industry Week in Review

EBA Consults on RTS on Contractual Recognition of Write-Down and Conversion Powers under BRRD - On November 5, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards...more

Second Circuit Aluminum Warehousing Appeal Halted Until SCOTUS Weighs In

On October 23, 2014, the Second Circuit agreed to hold an appeal in abeyance until the U.S. Supreme Court rules on an issue of appellate procedure in Gelboim v. Bank of America Corp. (formerly known as In re LIBOR-Based...more

Editorial: Banks Can Fight Buyback Claims with a Little Help from BofA

Bank of America took a big hit when it reached a record-breaking $16.65 billion mortgage settlement with the United States Department of Justice in August. The company is likely to attempt to recoup as much of the penalty as...more

Shadow Regulation: A Call For Judicial Oversight To DPA’s Or NPA’s

On August 21, 2014, the United States Department of Justice announced a record 16.65 billion dollar agreement to resolve civil claims alleged against Bank of America for improperly concealing the risks of mortgage-related...more

MBS Claims Against Bank of America Dismissed

On September 9, Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California granted Bank of America’s motion to dismiss claims for fraudulent concealment, negligent misrepresentation, aiding and...more

Yet Another New Case On Standing to Foreclose

In July, the 2d DCA overturned a bank’s summary judgment on the grounds that the bank failed to rebut the defense of lack of standing. The frequency and similarity of these cases makes me think of the movie Goundhog Day!...more

USDA Awards Fulcrum Sierra Biofuels, LLC $105 Million Loan Guarantee

The U.S. Department of Agriculture (USDA) has guaranteed a $105 million loan through Bank of America, N.A. to help Fulcrum Sierra Biofuels build a plant in McCarran, Nevada that would convert municipal waste into renewable...more

BofA and Countrywide Settle RMBS Lawsuit with National Integrity

On August 28, in light of a settlement reached between the parties, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed a lawsuit brought by National Integrity Life...more

Credit Crunch Digest -- August 2014

This issue of the Credit Crunch Digest focuses on Libor yen manipulation; Bank of America’s nearly $17 billion settlement with regulators; ongoing investigations into “dark pool” trading; a $1.3 billion fine imposed on Bank...more

Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Death of an Account Holder – Issues Related to Bank Statements

The elderly sometimes fall prey to financial abuse, including the alteration or unauthorized use of their checks. Banks are required to watch for such financial abuse and report suspicious acts to Adult Protective Service....more

Red Notice Newsletter - July 2014

Welcome to the July 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two Noble Corporation executives settle with the U.S. Securities and Exchange...more

NC Supreme Court Reminds Court of Appeals That Typical Lender-Borrower Relationship is Not a Fiduciary One

The North Carolina Supreme Court recently reaffirmed that a run-of-the-mill lender and borrower are not fiduciaries, reversing the Court of Appeals decision that would have this issue to go to the jury. The case is Dallaire...more

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