HSBC

News & Analysis as of

Offshore Fund-Related Litigation

Litigation against directors, officers and professional service providers, following the collapse of offshore funds and collective investment schemes such as Madoff and Weavering, continues to proceed in a variety of...more

Human or Technology Assisted: Imperfect Review Can Still be Defensible (SDNY)

It’s a common refrain that, while courts have allowed the use of technology assisted review, no court has yet blessed the outcome of an imperfect technology assisted review process over the objection of another party. But...more

Banking & Finance Litigation Update - Issue 70 (Global)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Excerpt from...more

What Does the HSBC Ruling Mean for DPAs?

A federal district judge recently declared that he would no longer serve as a mere “potted plant” with respect to deferred prosecution agreements (“DPAs”) between the government and criminal defendants. Before Judge John...more

Banking and Finance Litigation Update - Issue 68

In This Issue: - Domestic Banking 2 - Domestic General 4 - European Banking 5 - European General 6 - International Banking 6 - International General 7 - Press Releases 7 - Case Law 9 -...more

What Is The Fabric Of Compliance?

The goal of any company regarding its compliance regime should be to make compliance a part of the fabric of your company and the face that you present to the world. That was the message from the interview conducted by Adam...more

Federal Court Dismisses In Part Putback Claims Against Deutsche Bank

On July 23, Judge Robert W. Sweet of the United States District Court for the Southern District of New York dismissed in part a suit asserting putback claims against Deutsche Bank....more

A Plant Grows In Brooklyn: EDNY Judge Scrutinizes Deferred Prosecution Deal

A deferred prosecution agreement (“DPA”) has become a common means of resolving a federal criminal investigation of a company. Under a DPA, criminal charges against the company are filed in court, but prosecution of the case...more

Congressional Investigations: Unique And Significant Risks

We have all watched the familiar scene on Capitol Hill – the latest public scandal like officials from the Internal Revenue Service are dragged up to Capitol Hill to appear before a Committee, raise their right hands, take...more

Bill on Bankruptcy: Supreme Court Cases Will Have Wide Impact [Video]

June 27 (Bloomberg) -- The two bankruptcy cases going before the U.S. Supreme Court in the term beginning in October are the first topics of conversation on the video with Bloomberg Law's Lee Pacchia and Bloomberg News...more

Beyond Dispute - June 2013: New York’s Highest Court Clarifies Who Bears the Risk of Loss in Counterfeit Check Schemes

In a case argued successfully by Phillips Lytle LLP, the New York Court of Appeals clarified that the depositor bears the risk of loss on a counterfeit check until settlement becomes final. Greenberg, Trager & Herbst, LLP v....more

Banking & Finance Litigation Update - Issue 65 (European Union)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Case Law - Excerpt from...more

Climbing Everest And Your Compliance Process

What is your compliance process? I thought about that question when I read an article in this month’s National Geographic Magazine entitled “Maxed Out on Everest” by Mark Jenkins....more

Transfer $8 Million Out Of Accounts In New York? That Action Alone Is Not Sufficient To Establish Personal Jurisdiction

In Henkel v. Masiero, Index No. 650425/2012 (N.Y. Sup. Ct., N.Y. Cnty. Mar. 18, 2013) (the “Opinion”), the Supreme Court (J. Bransten) granted the defendants’ motion to dismiss for lack of personal jurisdiction on the grounds...more

Mortgagee and Mortgagor Standing and the Servicemembers’ Civil Relief Act

The Massachusetts Supreme Judicial Court, in HSBC Bank USA, N.A., Trustee v. Jodi B. Matt, No. 11101 (Jan. 14, 2013), recently clarified the issue of standing for both plaintiffs and defendants in actions under the...more

AML Enforcement – A New Era Of Compliance

Last year was the year of Bank Secrecy, sanctions and anti-Money Laundering enforcement. The HSBC settlement sparked significant controversy over the claim by the Justice Department that HSBC and other banks are “too big to...more

FHFA Files $165 Million Suit Against HSBC and Decision One

On March 8, the Federal Housing Finance Agency (FHFA), acting as conservator for the Federal Home Loan Mortgage Corporation (Freddie Mac) commenced litigation in the Supreme Court of the State of New York against Decision One...more

Orrick's Financial Industry Week in Review - March 18, 2013

In This Issue: *Financial Industry Developments - CFTC Announces the Start of Mandatory Clearing - CFTC Reminds Market Participants of Swap Data Reporting Requirements - Rating Agency Developments...more

Senate Committee on Banking Holds Hearing on Lax Enforcement of the Bank Secrecy Act

As recently reported, the Senate Committee on Banking, Housing and Urban Affairs (information here), on March 7, 2013, held a hearing on “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement”. The...more

Latest Trends in the Enforceability of Make-Whole Premiums

A lender’s entitlement to a make-whole premium, that is, a prepayment penalty designed to compensate the lender for the loss of interest payments it would have received had the borrower continued to service the debt through...more

Trustee Sues Deutsche Bank Over $89 Million in RMBS Securities

On January 28, HSBC Bank USA, acting in its capacity as Trustee for a single home equity loan trust, filed a complaint in the Supreme Court for the State of New York against DB Structured Products Inc., an affiliate of...more

The HSBC AML Settlement - Lessons Learned for the AML Compliance Practitioner

I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more

McCarn v. HSBC USA, Inc.: A Federal Court Dismisses a Plaintiff's Attempt to Apply Antitrust-Conspiracy Principles to a Consumer...

On November 13, 2012, the U.S. District Court for the Eastern District of California, in McCarn v. HSBC USA, Inc., 2012 U.S. Dist. LEXIS 162257, issued an important decision rejecting as inadequate a plaintiff’s attempt to...more

Bank Sued Over “Unfair” and “Deceptive” Overdraft Fees

A large bank was sued in federal court in New York last week by a putative nationwide class alleging that the bank engaged in “unfair, deceptive, and unconscionable assessment and collection of excessive overdraft fees.”...more

Is It the End of the (Compliance) World?

Today the Mayans predicted the world would end. I must say that I find the Mayans had a complete lack of courtesy, indeed if not foresight, as they did not identify the time the world would end and further did not specify if...more

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