News & Analysis as of

Eleventh Circuit Allows Miami’s Claims under the Fair Housing Act to Move Forward

The Eleventh Circuit Court of Appeals recently reversed a lower court ruling that dismissed discriminatory lending claims against Wells Fargo & Co., Bank of America Corp. and Citigroup Inc., all brought by the City of Miami....more

Corporate Investigations & White Collar Defense - September 2015

No Dog Days of August for the SEC—A Recap of a Busy Month - Why it matters: Who says there is a government slowdown in August? Not for the SEC. August 2015 turned out to be very busy indeed for the agency, which...more

Financial Regulatory Developments Focus - August 2015 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

This Week In Securities Litigation (Week ending August 21, 2015)

The Commission filed a settled FCPA action this week centered on hiring relatives of foreign officials tied to a sovereign wealth fund. In addition, the agency filed two actions involving Citigroup – one based on the market...more

BNY Mellon Settles First Sons and Daughters (and Nephews) FCPA Hiring Matter – Part I

Yesterday the Securities and Exchange Commission (SEC) announced a resolution with Bank of New York Mellon Corporation (BNY Mellon) for violations of the Foreign Corrupt Practices Act (FCPA). This was the first enforcement...more

SEC Files Another Settled Market Crisis Case

The market crisis may have ended years ago, but not the SEC’s supply of cases from that time period. The agency filed a settled action in which those soliciting sophisticated investors misrepresented the risks of two funds,...more

Court Denies Terminated Employee’s Motion To Vacate Arbitration Award For Failure To Show Bias, Misconduct, Or Manifest Disregard

A district court refused to vacate an arbitration award where Preis, a terminated employee, failed to produce sufficient evidence of bias or misconduct in the arbitration panel’s decision. Preis moved to vacate the award in...more

SEC Guidance Supports its Position That Internal Whistleblowers are Protected Under Dodd-Frank

On August 4, 2015 the Securities and Exchange Commission issued interpretive guidance elaborating its view that the anti-retaliation provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act apply equally to...more

Judge Rakoff, Newman And Illegal Tipping

One of the questions regarding U.S. v. Newman, 773 F. 3d 438 (2nd Cir. 2014)(here) and its personal benefit test for illegal tipping is its application outside the Second Circuit. When applying Newman, Judge Rakoff has...more

Banks’ Motion to Dismiss Commerzbank RMBS Fraud Claims Granted

On June 18, 2015, Justice Marcy Friedman of the New York Supreme Court dismissed RMBS fraud claims brought by Commerzbank AG London Branch (“Commerzbank”) against UBS, Nomura Holdings Inc., Barclays Bank PLC, Citigroup and...more

Court Dismisses Challenge Of FINRA Arbitration Award For Lack Of Jurisdiction

In a case involving a FINRA arbitration between investors and their financial advisor, Judge Anita S. Brody of the United States District Court for the Eastern District of Pennsylvania found that she did not have the...more

ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP...more

Delaware Chancery Approves a Books and Records Request Concerning Alleged Subsidiary Fraud in Oklahoma Firefighters Pension and...

In Oklahoma Firefighters Pension & Ret. Sys. v. Citigroup Inc., No. CV 9587-ML (VCN), 2015 WL 1884453 (Del. Ch. Apr. 24, 2015), a Delaware Chancery Court judge found that Del. Code Ann. tit. 8, § 220 (“Section 220”) permitted...more

Settlement Reached in Forex Lawsuit

For the past few weeks, it has been reported through various outlets that at least five banks were in negotiations with the U.S. Department of Justice (DOJ) and the U.K. Financial Conduct Authority (FAC) to settle...more

Oklahoma Firefighters Pension & Ret. Sys. v. Citigroup Inc., C.A. No. 9587-ML (VCN) (Del. Apr. 24, 2015) (Noble, V.C.)

In this memorandum opinion, the Court denied the exceptions of defendant Citigroup Inc. (“Citigroup” or the “Company”) to the Master’s Final Report and adopted the recommendations therein related to a demand to inspect the...more

Proxy Access – Week of May 3

During the week of May 3, 2015, 8-Ks were filed that disclosed six shareholder sponsored proxy access proposals passed and three failed. All required three percent ownership for three years and all were opposed by the...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

US Bank Cannot Revive Majority of MBS Suit Against Citigroup

U.S. Bank NA v. Citigroup Global Markets Realty Corp., No. 1:13-cv-06989 (S.D.N.Y. Oct. 1, 2013) - On March 16, 2015, Judge George B. Daniels of the United States District Court for the Southern District of New York denied...more

Blog: Push Has Come To Shove For Some Companies On Proxy Access

If you’ve been following the saga regarding shareholder proposals for proxy access this proxy season, you know that around 100 companies received proxy access proposals and that the staff of Corp Fin has refused to express...more

Blog: Shareholder Proposal Regarding Audit Committee Composition

As noted in this article from Compliance Week, the Corp Fin staff have refused to issue no-action relief to Citigroup agreeing that it could exclude from its proxy statement a proposal from the prolific John Chevedden...more

Proxy Access Developments: ISS Issues FAQs on Voting Policies and Several Companies Voluntarily Adopt Proxy Access Bylaws

On February 20, (ISS) published long-awaited FAQs clarifying its voting policies on proxy access proposals that would allow investors to include director nominees in the company’s proxy materials....more

Renewable Energy Update - February 2015 #3

Renewable Energy Focus: Citigroup sets $100 billion funding goal for green projects - Bloomberg - Feb 18: Citigroup Inc. plans to lend, invest, and facilitate deals worth $100 billion by 2025 to support projects that...more

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Citigroup Whistleblower Continues to Make an Impact

Richard Bowen has been the subject of a lot of attention in recent years. He’s been featured in the New York Times and was a subject of a segment on CBS’s 60 Minutes. While today he is a senior lecturer of accounting for the...more

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