News & Analysis as of

Mortgage-Backed Securities

FINRA Delays Required Collateralization of TBAs and Other MBS Forwards

by Morrison & Foerster LLP on

Late last month the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“SEC”) a proposed rule change to delay until June 2018 the implementation date of certain...more

Corporate and Financial Weekly Digest - Volume XII, Issue 36

SEC/CORPORATE - Implementation of Pay Ratio Disclosure Requirement Not Expected to Be Delayed - On September 15, at the ABA Business Law Section Annual Meeting, the Securities and Exchange Commission (SEC) Division of...more

More Bond Traders Sued By The SEC For Alleged Fraudulent Misrepresentations Relating To MBS Prices

by Shearman & Sterling LLP on

On May 15, 2017, the Securities and Exchange Commission sued two commercial mortgage backed securities (“CMBS”) traders for securities fraud allegedly committed while buying and selling CMBS on behalf of a large broker-dealer...more

SEC Charges Nomura Trades With Fraud

by Dorsey & Whitney LLP on

Three traders from Nomura Securities International, Inc. went on trial in early May 2017 for overcharging client in trades involving residential mortgage backed securities or RMBS. The U.S. Attorney’s Office for the District...more

Southern District of Texas Case Holds That Americold Does Not Apply to Mortgage-Backed Securities Trusts Because Such Trusts Are...

by Locke Lord LLP on

On March 7, 2016, the United States Supreme Court issued its opinion in Americold Realty Trust v. Conagra Foods, Inc., 136 S. Ct. 1012 (2016), holding that the citizenship of a real estate investment trust (REIT) for...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

An investment banker who repeatedly tipped his father on about pending mergers was found guilty of insider trading by a jury this week. The Commission brought another action based on the whistleblower protections where the...more

Sixth Circuit Court of Appeals Accepts Materialization-of-Risk Standard for Loss Causation

On July 20, 2016, the U.S. Court of Appeals for the Sixth Circuit recognized the “materialization of the risk” standard as a means of proving loss causation in securities-fraud cases. The court’s decision in Ohio Public...more

Securities Fraud Update: Eleventh Circuit Clarifies Section 17(a) and Rule 10b-5 Analyses

by Carlton Fields on

S.E.C. v. Radius Capital Corp., No. 15-12004, 2016 WL 3542235, ___ F. App’x ___ (11th Cir. June 29, 2016). The Eleventh Circuit last month explained the material similarities and differences between two kinds of...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Just prior to the July 4th holiday a legend of the federal securities bar passed away. Irving Pollock, or Irv as he was known, was the father of the SEC’s Enforcement Division. A New Mexico jury handed the Commission a...more

Blockchain Technology, Finance and Securitization

by Alston & Bird on

Imagine a perfect world where every financial transaction has an electronic chain of proof of title and a history of all prior owners. This is the world of blockchain technology – a world that already exists for Bitcoin, and...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

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 dismiss claims brought by the Tennessee Consolidated Retirement System (“TCRS”) against several large financial...more

Default Interest Provision Breaches Penalty Rule (Obiter)

by Allen & Overy LLP on

Following the Supreme Court's new test for penalties in Cavendish v Makdessi, Snowden J found (obiter) in Hayfin Opal Luxco 3 SARL & anr v Windermere VII Cmbs Plc & ors [2016] EWHC 782 (Ch) that a default interest provision...more

Summary of HUD's LEAN 232 Program Email Blast Office of Residential Care Facilities (ORCF) February 2016

by Pepper Hamilton LLP on

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Potential Relief for CMBS Risk Retention Sent to the U.S. House of Representatives

by Dechert LLP on

The “Preserving Access to CRE Capital Act of 2016” (the “Act”), sponsored by Representative French Hill (R-AR), was reported favorably to the House of Representatives on March 2, 2016 by the House Committee on Financial...more

Court of Appeal overturns decision in Titan 2006-3 v Colliers in finding that valuer in CMBS structure was not negligent - Court...

by DLA Piper on

In the last edition of Banking Disputes Quarterly, we reported that the Court of Appeal was due to consider the Commercial Court's ruling in Titan Europe 2006-3 plc v Colliers International UK plc [2015] EWCA Civ 1083. The...more

First Circuit Reverses SEC In State Street Bank Case

by Dorsey & Whitney LLP on

The long ordeal of two former employees of State Street Bank and Trust Company appears to have come to an end. Initially charged by the SEC with making false statements in the mist of the market crisis, the Administrative Law...more

Your daily dose of financial news The Brief – 11.19.15

by Robins Kaplan LLP on

NY state regulators have tagged Barclays with an extra $150 million in fines for its role in a Forex-manipulation scandal that’s already cost the bank $2.4 billion – NYTimes and Law360... As expected, the minutes from...more

U.S. Supreme Court Denies S&P Investors’ Petition for Certiorari

On November 2, 2015, the United States Supreme Court denied investors’ petition for review of a Second Circuit decision affirming the dismissal of their class action against Standard & Poor’s Rating Services’ parent,...more

SEC Administrative Law Judges Ruled Unconstitutional

by Dorsey & Whitney LLP on

A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission (“SEC”) are appointed...more

FINRA Releases Revised 4210 Margin Rule Proposal

by Morgan Lewis on

The reproposed amendments to Rule 4210 attempt to address commenters’ concerns that the original proposed rule would impact business activity in the TBA market....more

Risk Retention: Flash – These Rules Don’t Work!

by Dechert LLP on

As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work.  The result is troubling....more

The Draft EU Securitisation Regulation of 30 September 2015

by Ropes & Gray LLP on

The new draft regulation ‘laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation’ (the “STSR”) proposes new rules relating to...more

Alleging Fraud in a Financial Crisis: The Second Circuit Articulates a Less Stringent Pleading Standard for Loss Causation

Loss causation has emerged as a central obstacle to post-financial-crisis fraud cases. The loss causation element of a fraud claim requires plaintiffs to show, in addition to detrimental reliance, that the facts or...more

SEC Administrative Law Judges Ruled Unconstitutional

by Dorsey & Whitney LLP on

Introduction - A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission...more

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