JPMorgan Chase

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

by Orrick - Structured Finance Group on 4/30/2013

On April 22, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred the Federal Deposit Insurance Corporation’s (FDIC) $31 million suit against JPMorgan...more

Big Banks Fail 2012 Fannie Mae Star Program

by Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 4/12/2013

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

District Court Grants J.P. Morgan’s Motion for Summary Judgment Against Dexia in RMBS Suit

by Orrick - Structured Finance Group on 4/10/2013

On April 2, Judge Jed Rakoff of the United States District Court for the Southern District of New York largely granted J.P. Morgan’s motion for summary judgment in RMBS litigation brought against it by Dexia, a Belgian bank,...more

Orrick's Financial Industry Week in Review - April 8, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/8/2013

UK Financial Services Regulatory Handover - On April 1, the long-awaited handover of power from the FSA to the "twin-peaks system," consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority...more

What is Risk? Compliance Lessons from the Senate Hearing On the Whale

by Thomas Fox on 4/5/2013

What is risk? Under the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act risk is generally doing business in a non-compliant manner under these laws, where such action can increase the possibility of engaging in or...more

CFTC Exempts Interaffiliate Trades From Dodd-Frank Clearing

by Elan Mendel | Shipkevich PLLC on 4/2/2013

The CFTC has adopted a rule that exempts interaffiliate trades from the Dodd-Frank Act requirements for clearing. Barclays, JPMorgan Chase & Co., and other banks are among those exempt from the Dodd-Frank Act swap market...more

Levick Weekly - March 29, 2013: 6 Ways To Survive The U.S. Congress

by Peter LaMotte, Richard S. Levick, John Lovallo, Kathleen Wailes | LEVICK on 4/1/2013

In This Issue: - Financial Regulators Compete; JPMorgan Loses - Six Ways to Survive the U.S. Congress - How to Protect Your Brand from a Twitter Hacking - Blogs Worth Following - LEVICK In the News -...more

Financial Regulators Compete, JPMorgan Loses

by John Lovallo, Kathleen Wailes | LEVICK on 3/29/2013

The Federal Bureau of Investigation (FBI); the Federal Deposit Insurance Corporation (FDIC); the Commodity Futures Trading Commission (CFTC); the Securities and Exchange Commission (SEC); and the Office of the Comptroller of...more

Second Circuit Reverses Class Certification Order, Holding That a Clearing Broker's Alleged Knowledge of Fraud Against...

by John M. Landry, Jonathan Moss, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/28/2013

In Levitt v. J.P. Morgan Securities, Inc., No. 10-4596, 2013 WL 1007678 (2d Cir. Mar. 15, 2013), the United States Court of Appeals for the Second Circuit reversed a district court order certifying a class of shareholder...more

Visa Revises Rules to Permit Discounts on Proprietary, Co-Brand Cards to Foster Its Partnership with Chase

by Brian J. Hurh | Davis Wright Tremaine LLP on 3/25/2013

We understand that Visa recently revised its rules to permit US issuers and merchants to offer immediate discounts at the point of sale to encourage and reward the use of different types of Visa cards. Visa’s prior rule...more

Former Futures Trader at JP Morgan Cazenove is Sentenced to 4 Years Imprisonment for Insider Dealing

by Orrick - Structured Finance Group on 3/21/2013

Following a prosecution brought by the FSA, Richard Joseph was found guilty at Southwark Crown Court of six counts of conspiracy to deal as an insider. Joseph received inside information from a print room manager at JP Morgan...more

Dodd-Frank Swap Data Overlooked In JPMorgan Whale Mess

by Felix Shipkevich | Shipkevich PLLC on 3/20/2013

Dodd-Frank derivatives rules have failed to give regulators a complete perspective of the swaps market, which includes the recent loss similar to the JPMorgan Chase & Co.’s London Whale trades....more

Financial Services Legislative And Regulatory Update -- March 18‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 3/18/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Leading the Past Week - It was another busy week on the Hill and in the Administration, but it may have...more

Eastern and Southern District Courts Compel Plaintiffs to Arbitrate their FLSA Collective Action Claims on an Individualized Basis

by Eric Raphan | Sheppard Mullin Richter & Hampton LLP on 3/11/2013

In February, two New York Federal District Court decisions joined other recent federal cases in enforcing arbitration agreements that preclude employees from bringing their Fair Labor Standards Act (“FLSA”) claims on a...more

General Motors Bankruptcy Court Applies the Brakes to Unauthorized Termination Statements

by Orrick, Herrington & Sutcliffe LLP on 3/11/2013

Last week, the United States Bankruptcy Court for the Southern District of New York held that a UCC-3 termination statement is effective to terminate a financing statement under the Uniform Commercial Code only if the filing...more

S.D.N.Y Denies Motion to Dismiss RMBS Claims Against JPMorgan Chase

by Orrick - Structured Finance Group on 3/5/2013

On February 26, Judge Jed S. Rakoff of the federal district court for the Southern District of New York issued a memorandum explaining the reasoning for his September 2012 order denying JP Morgan’s motion to dismiss a lawsuit...more

Orrick's Financial Industry Week In Review - March 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/4/2013

In This Issue: *Financial Industry Developments - Amendments to Fed and OCC Foreclosure Consent Orders - Fed Proposed Rule on Systemically Important Financial Market Utilities - Rating Agency...more

JP Morgan And Lessons Learned For Corporate Governance

by Michael Volkov on 3/1/2013

Last month, JP Morgan Chase took a giant leap in corporate governance when it released its internal report on the $6 billion loss scandal. A task force report, along with a board committee report outlined forward-thinking...more

District of Massachusetts Denies in Part JP Morgan’s Motion to Dismiss RMBS Investor Suit

by Orrick - Structured Finance Group on 2/20/2013

On February 13, Judge Rya W. Zobel of the District of Massachusetts dismissed in part, but largely sustained, an investor suit brought by Capital Ventures International (CVI) against J.P. Morgan and certain of its...more

Texas Case Law Update – Judge Dismisses Putative Class Action Over Home Equity Modifications

by Brian Kilpatrick, Gordon Shapiro | Jackson Walker on 2/20/2013

In an ongoing effort to update our financial institution clients about developments in Texas jurisprudence that may impact them, we bring to your attention a recent decision of particular importance to mortgage and home...more

February 2013: Libor Litigation Update

by Quinn Emanuel Urquhart & Sullivan, LLP on 2/18/2013

UBS and Barclays Acknowledge Making False Libor Submissions. Investigations into misconduct at UBS and Barclays have revealed pervasive corruption of the London Interbank Offered Rate (“Libor”), which provides a benchmark for...more

Important Update on Georgia Foreclosures

by Jonathan Green, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

Last year, we alerted to you to a ruling by the Georgia Court of Appeals that altered the notice requirements for non-judicial foreclosure in Georgia. In that case, Reese v. Provident Funding Associates, the Georgia Court of...more

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

by Rosa Eckstein Schechter on 1/15/2013

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

Four Banks Fined $120 Million For ‘Mis-Selling’ Derivatives In Milan

by Elan Mendel | Shipkevich PLLC on 12/20/2012

On Wendesday an Italian court found Depfa Bank, UBS (UBSN.VX), JPMorgan (JPM.N) and Deutsche Bank (DBKGn.DE) guilty of fraud. The banks were found guilty of “mis-selling derivatives” (Reuters) to Milan; the four banks were...more

Credit Crunch Digest -- December 2012

by Jennifer Quinn Broda, Matthew Ferguson, Thomas R. Orofino, Eric C. Scheiner | Sedgwick LLP on 12/20/2012

This issue of the Credit Crunch Digest focuses on lawsuits involving developments into Libor rate-fixing lawsuits and investigations; JP Morgan Chase & Co.; a $210 million settlement reached with investors in Madoff funds; a...more

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