Citigroup

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Your Daily Dose of Financial News

Blackstone is spinning off a new housing maintenance and rental venture in the form of Invitation Homes LP, which could see an IPO as early as January 2017. Invitation Homes is the culmination of a four-year, $10 billion...more

Your Daily Dose of Financial News

The Financial Stability Board—that Swiss-based grand collection of central bankers and regulators from the world’s biggest economies—has upped the systemic importance ranking for three of America’s biggest banks, including...more

Arbitrator’s False Credentials Are Sufficient To Vacate Award

In most circumstances, the Federal Arbitration Act requires that the losing party move to vacate an arbitration award within three months. However, the Ninth Circuit recently ruled that the three-month timeline can be...more

Your Daily Dose of Financial News

The CFTC’s reportedly investigating the interest rate swap activities of Citigroup and others. Swaps allow companies to “hedge against a rise or fall in interest rates on the debt that they issue or hold, with banks usually...more

US Federal Banking Agencies Release Public Sections of Resolution Plans for Eight Systemically Important Financial Institutions

The US Federal Reserve Board and the FDIC posted the public portions of the required “targeted submissions” for eight systemically important US banking institutions...more

Third Circuit Affirms Dismissal Of Suit To Vacate FINRA Arbitration Award

This case involved an underlying arbitration before an arbitration panel operating under the Financial Industry Regulatory Authority (“FINRA”) rules, which was brought by Judith and Kenneth Goldman against their financial...more

Cy Pres Standard Dispute Settled With Reasonable Approximation

The District Court for the Southern District of New York recently addressed whether the “next best” or “reasonable approximation” standard should apply when the court evaluates proposed cy pres designations in class action...more

Good-Bye to Wyatt Earp and More on 1MDB

Wyatt Earp died this week. Not the original Wyatt Earp who died in 1929 but the Wyatt Earp of my lifetime, who was actor Hugh O’Brian. O’Brien portrayed Earp in the long running television series Wyatt Earp which ran in the...more

Bridging the Week - July 2016 #2

Michael Coscia Sentenced to Three Years’ Imprisonment for Spoofing and Commodity Fraud: Michael Coscia, the first person prosecuted and convicted under a law prohibiting spoofing that was enacted after the 2007-2008...more

This Week In Securities Litigation

The SEC filed a settled FCPA action in which the employees in the China subsidiary of the firm designed and adopted a bribery scheme to circumvent the compliance procedures the company had installed as a result of an earlier...more

Your daily dose of financial news - The Brief – 7.15.16

The 2d Circuit’s nixed a bid by investment fund SRM Global Master Fud LP to revive its $200 million securities fraud suit against Bear Stearns and Deloitte over alleged lies about Bear’s pre-collapse financial health. The...more

SEC Requires Admissions To Settle Another Blue Sheet Case

Blue sheets are an important tool for the SEC. Named for the fact that the form at one time was printed on blue paper, the information request requires the immediate production of key information regarding a securities...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

Judgments

CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

Employee Benefits Developments - June 2016

The Equal Employment Opportunity Commission (EEOC) issued final regulations describing how the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA) apply to employer wellness...more

As Delaware Goes, So Goes Washington?

In a posting yesterday, Professor Stephen Bainbridge poses the question “When an acquirer spots red flags: Should Microsoft’s board beware?” He points out...more

Your daily dose of financial news - The Brief – 6.13.16

Hedge fund managers—not that long ago the titans of Wall Street, thanks in part to their “2 and 20 model” that saw them receiving fees of 2% of assets under management and 20% of any gain in any year—are reeling from the loss...more

Your daily dose of financial news - The Brief – 6.9.16

Breakingviews on the generally disregarded human side of all of the merger mania of late—from the uncertainty over job losses to the potentially unsettling reality of new management...more

Delaware Supreme Court Weighs In On “Direct v. Derivative” Question Certified By Second Circuit

In Citigroup Inc. v. AHW Investment Partnership, No. 641, 2015 (Del. May 24, 2016), the Delaware Supreme Court answered a certified question of law presented by the Second Circuit Court of Appeals allowing shareholders...more

Your daily dose of financial news The Brief – 5.31.16

A lawsuit over an alleged Ponzi scheme involving a fund pushed by MetLife agents is raising hard questions for the insurance giant over the reaches of corporate liability...more

Your daily dose of financial news The Brief – 5.27.16

New evidence uncovered by the digital security firm Symantec suggests that the recent series of Swift-based bank hacks may be linked to North Korea in what “appears to be the first known case of a nation using digital attacks...more

Your daily dose of financial news The Brief – 5.26.16

The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might”...more

Your daily dose of financial news The Brief – 4.18.16

Major oil-producing countries failed to reach an agreement to cap production at meetings held this weekend at Doha. Expect markets not to take this news well – WSJ and Bloomberg... IPOs have been down—way down—in the...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19384 - State v. Carter - SC19282 - State v. Peeler - Appellate Court Advance Release Opinions: AC37262 - Dumbauld v. Dumbauld - AC37262 Concurrence -...more

Your daily dose of financial news The Brief – 4.14.16

As promised, the Fed and FDIC have rejected the bankruptcy unwinding plans (or “living wills”) of JPMorgan and 4 other systematically important banks, including Bank of America, Wells Fargo, State Street, and BNY Mellon after...more

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