Banking Crisis

News & Analysis as of

Avoid the “Insolvency Exclusion” Trap in E&O Policies: Tennessee Federal Court Confirms That Insolvency Exclusion Does Not Apply...

As the wave of litigation spawned by the 2008 financial crisis begins to ebb, insurance-coverage litigation arising out of the credit crisis continues unabated. Financial institutions have successfully pursued insurance...more

Georgia Supreme Court: Business Judgment Rule Valid, But Bank Officers Can Still Be Liable

In the context of Federal Deposit Insurance Corporation (FDIC) litigation against the former directors and officers of a failed bank, the Georgia Supreme Court has upheld the validity of the business judgment rule in the...more

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Basel Committee Issues Revised Guidelines Concerning External Audits of Banks

The Basel Committee on Banking Supervision (the “Basel Committee”) of the Bank for International Settlements issued a revised set of guidelines (the “Guidelines”) concerning the external audits of banks. The Basel Committee...more

Time for Regulatory Reset

It’s still in the early days of 2014. I think it’s finally stopped snowing in the East, the sun has come out and the stock market is continuing to outperform the woe purveyors. Republicans and Democrats have gotten...more

Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown Part II: Getting Ready

As discussed in Part I of our Client Alert, “Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown,” dated August 22, 2013, the Financial Stability Board (FSB) is studying the application of the key...more

‘Heightened Standards’ For Large Banks: OCC Proposed Guidelines

On January 16, 2014, the Office of the Comptroller of the Currency (OCC) released a proposal seeking comment on guidelines that would establish minimum standards of governance, risk management and board independence for...more

Which way forward for the sovereign debt crisis? Six thought leaders in sovereign debt restructuring share their observations of...

A crisis far beyond anything experienced in recent memory - The way in which regulators, investors, banks and governments respond to the current sovereign debt challenges will echo for many years. Decisions made today...more

Summary of the Volcker Rule

On December 10, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity...more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

First JPMorgan -- Now Rabobank Versus The United States: Taking One For The Team?

2013 marks the five-year anniversary of the financial crisis of 2008. I noted in January that this would play a significant role in white-collar enforcement and regulation in 2013, forcing the government either to act or to...more

Limited Defenses Available Against FDIC As Receiver

As of August 2013, since the fallout from the recent financial crisis, the FDIC as receiver for failed banks has brought suit against former directors and officers of 76 failed institutions. These lawsuits are based on...more

DiRienzo v. Lichtenstein, et al., C.A. No. 7094-VCP (Del. Ch. Sept. 30, 2013) (Parsons, V.C.)

In this lengthy memorandum opinion, the Court of Chancery dismissed claims relating to a series of complex transactions in which a hedge fund, previously organized as a private limited partnership, was converted by its...more

Barofsky and Bair on Banks and Bailouts*

As the United States continues to pull itself out of the credit crisis, these two books shed light on the Washington infighting behind the government's response to the crisis and, more broadly, the shape of financial...more

Copy of the 21st Century Glass-Steagall Act of 2013

Full text copy of the 21st Century Glass-Steagall Act of 2013, introduced in the US Senate on July 11, 2013 by Senators Elizabeth Warren (D-MA), John McCain (R-AZ), Maria Cantwell (D-WA), and Angus King (I-ME). From Senator...more

More Leverage for the Unleveraged—Basel Committee Proposes Specific Leverage Capital Framework for Banking Organizations

On June 26, the Basel Committee on Banking Supervision (“Basel Committee”) published a Consultative Document that proposes specific leverage capital requirements, and related disclosure requirements (the “Proposal”), that...more

New decrees from Cyprus

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more

The Cooperative Bank’s Restructuring – will this be a case of lessons learned?

The UK’s bank regulatory and insolvency law structures were unprepared for the global financial crisis. As a result, the UK government’s response to intense bank stress in the immediate aftermath of the crunch led to a number...more

FDIC and Canada’s Deposit Insurance Corporation Sign Memorandum of Understanding

On June 12, the Federal Deposit Insurance Corporation (FDIC) announced the signing of a memorandum of understanding (MOU) with the Canada Deposit Insurance Corporation (CDIC) that “formalizes and strengthens cross-border...more

Spitzer "Disappointed" in Wall Street's Regulators [Video]

June 19 (Bloomberg Law) -- Eliot Spitzer, former Governor and Attorney General for the State of New York, talks with Bloomberg Law's Lee Pacchia about the so-called revolving door between the public and private spheres. While...more

SEC Slaps Fund Directors for Violating Fair Value Responsibilities

On June 13, 2013, without admitting or denying the allegations, eight former directors of five mutual funds agreed to settle SEC charges that they failed to satisfy their fair valuation responsibilities under federal...more

Latest updates from Harneys Cyprus

The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more

The Cyprus crisis and its international tax regime: what multinationals should know

Cyprus has been a member of the European Union since 2004. The country has long been known for its low corporate income tax rate and absence of withholding taxes on payments of interest, dividends and royalties paid to...more

Latest Update on Cyprus Decrees - June 2013

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more

Rare Securities Trial Over Credit Crises Claims Results In Defense Verdict

On May 28, 2013, in Delshah Group LLC v. Javeri, a rare securities trial regarding credit-crisis related claims, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York issued an...more

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