Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more
A mounting death toll (over 106 and counting) and fears of a coronavirus pandemic sent markets tumbling early on Monday and kicked off a selloff that continued all day....more
The financial world has been busy—and generally not in a great way—since we’ve been gone. Luckily, we’re returning on something of a rare high note after a stronger-than-expected December jobs report and some reassurance...more
On June 27, 2018, the New York Court of Appeals ruled that Ambac Assurance Corporation (“Ambac“) could not recover the full $2.2 billion in damages it sought in the form of claim payouts on $25 billion worth of securitized...more
The DOJ has given Disney its official nod in its $71 billion bid for the entertainment assets of 21st Century Fox, contingent on Disney’s divestiture of Fox’s 22 regional sports networks (a condition all about Disney’s ESPN...more
Volatility was again the name of the game on Thursday in the US markets, which closed down nearly 4% again and headed into official “correction” territory....more
In Hagood v. Countrywide Home Loans, Inc., a borrower sued a lender for several claims, including breach of fiduciary duties. No. A-17-CA-00784-SS, 2017 U.S. Dist. LEXIS 165943 (W. D. Tex. October 6, 2017). The defendant...more
While the Journal considers the ever-growing list of headaches for Khosrowshahi, including a new federal bribery probe over potential Uber FCPA violations....more
On June 9, 2016, the New York Court of Appeals issued its decision in Ambac Assurance Corp. v. Countrywide Home Loans Inc. and held that the common interest doctrine protects only communications among deal parties that are...more
As litigation stemming from the U.S. subprime mortgage crisis continues, the legal framework governing the liability of participants in residential mortgage-backed securities (RMBS) securitizations continues to develop....more
An EU high court opinion yesterday about a trade deal with Singapore could throw yet another stumbling block in the way of Britain’s exit of the union. Read on for more on the intricacies of the EU division of competencies....more
A recent decision from a Louisiana district court should provide some comfort to banks and other financial institutions who acquire other entities by merger – at least in the Fifth Circuit, they are not debt collectors. ...more
Last month, the New York Court of Appeals issued a decision rejecting the attempted expansion of the common interest exception to the attorney-client privilege to include communications that did not involve pending or...more
In Luther v. Countrywide Financial Corp., 195 Cal. App. 4th 789 (2011), the trial court ruled that state courts do not enjoy concurrent jurisdiction when a class action meeting the definition of a “covered class action” under...more
A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened - ...more
The leadership void at the top in the UK isn’t helping matters at all, as resignations among both major parties reign supreme in the aftermath of the Leave vote....more
Brief Summary - The "common interest doctrine" generally protects attorney-client communications, even if such communications are disclosed to a third party, as long as the third party shares a common legal interest with...more
In a recent decision reversing the Appellate Division of the Supreme Court of New York, First Judicial Department, the New York Court of Appeals definitively held that the common-interest privilege may be used in New York...more
Here’s a sign of the times, or at least, the changing tenor of banking in America. After years of exclusivity that saw it refusing customers with less than $10 million on hand, Goldman Sachs is opening itself up to common...more
On June 9, 2016, the New York Court of Appeals issued a stark reminder to transactional lawyers: no matter how much “common interest” two parties may have with respect to a transaction, the common interest doctrine may not...more
On June 9, 2016, a divided New York Court of Appeals in a much-anticipated ruling held that the attorney-client privilege can only be maintained for communications involving third parties in situations where litigation is...more
Despite Tribune Publishing’s (wait, wait, is that tronc now?) best efforts to play defense, Gannett is not backing down from its unsolicited offer to acquire the publisher...more
Tennessee Chancery Court Denies Motion to Dismiss $164 Million RMBS Suit Brought by Tennessee Pension Fund - On May 24, 2016, Chancellor Carol L. McCoy of the Chancery Court for Davidson County, Tennessee, declined to...more
When does a breach of contract amount to fraud? Last week the Second Circuit answered this question and reversed a $1.27 billion judgment against Bank of America and a $1 million judgment against a former executive for their...more
On May 23, 2016, a three-judge panel of the Second Circuit Court of Appeals overturned a judgment of fraud against Bank of America, Countrywide, and former Countrywide executive Rebecca Mairone in U.S. v Countrywide Home...more