UBS

News & Analysis as of

IRS Announces Changes to the Offshore Voluntary Disclosure Program

As you may have read, the Internal Revenue Service (“IRS”) recently announced changes to its offshore voluntary disclosure programs and announced new options for taxpayers to come into compliance with their U.S. tax...more

Supreme Court Declines to Consider Madoff Appeal

On Monday, the U.S. Supreme Court refused to take up an appeal brought by Irving Picard, the court-appointed bankruptcy trustee charged with recovering assets on behalf of Madoff’s bankruptcy estate and distributing them to...more

UBS Motion to Dismiss RMBS Suit Granted in Part

On June 10, Judge Denise Cote of the U.S. District Court for the Southern District of New York granted in part and denied in part UBS’s motion to dismiss a lawsuit filed against it by the National Credit Union Administration,...more

Orrick's Financial Industry Week in Review

Bank of England Launches New Framework to Test for Cyber Vulnerabilities - On June 10, the Bank of England launched a new framework to help identify areas where the financial sector could be vulnerable to sophisticated...more

Second Circuit Applies “Morrison” to Reject “Listing Theory”

On May 5, 2014, the U.S. Court of Appeals for the Second Circuit decided City of Pontiac v. UBS AG, affirming the dismissal of a securities fraud complaint against UBS and holding that the Supreme Court's decision in Morrison...more

Second Circuit Rejects 'Listing Theory,' Finds That Cross-Listing on a U.S. Exchange Is Insufficient to Justify an Exception Under...

In a case of first impression, the U.S. Court of Appeals for the Second Circuit recently held in a published opinion that the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010),...more

Second Circuit Rejects the “Listing Theory” Under Morrison

At the end of last month the Second Circuit clarified its position on the application of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) to RICO. Now the Circuit Court had resolved an open question regarding...more

Second Circuit Narrows Reach of Federal Securities Laws as to Foreign Securities Transactions

On May 6, 2014, the U.S. Court of Appeals for the Second Circuit issued a decision clarifying the applicability of the anti-fraud provisions of the Securities Exchange Act of 1934 to transactions in foreign securities. The...more

UBS Settles RMBS Lawsuit

On April 21, Union Central Life Insurance Co., Ameritas Life Insurance Corp. and Acacia Life Insurance Company, on the one hand, and UBS AG, UBS Securities LLC and Mortgage Asset Securitization Transactions, Inc.,...more

Closed End Funds

The Financial Industry Regulatory Authority (“FINRA”) has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds (“CEFs”). In October of last year, FINRA issued an Investor Alert...more

The bond breakthrough

In November 2012, Barclays raised a US$3bn corporate bond with a difference. The bank issued a contingent capital note (or coco) – a bond that automatically converts into equity as soon as a bank incurs losses that reduce its...more

Beanie Babies Creator Seeks Probation for $107 Million UBS Account

The Chicago Tribune reports that Beanie Babies creator Ty Warner, who pleaded guilty last year to one of the largest tax frauds in Chicago-area history, has asked the federal court to sentence him to probation. His sentencing...more

European Commission Imposes EUR 1.71 Billion Fine for Participating in Illegal Cartels

On December 4, the European Commission announced that it had fined eight international banks a total of more than 1.7 billion for their participation in illegal cartels in markets for financial derivatives covering the...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

International Tax Compliance Update: IRS to Issue ”John Doe” Summonses Seeking Information Regarding U.S. Taxpayers with...

On November 7, 2013, United States District Judge Kimba M. Wood of the Southern District of New York, granted authorization to the IRS to issue John Doe summonses to Bank of New York Mellon and Citibank requiring those banks...more

Third Circuit Affirms Dismissal of Securities Class Action Against UBS

On September 17, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal, as time-barred, of a class action brought by RMBS certificateholders against UBS over losses related to the RMBS. Filing suit in...more

Tax Law Blog: Tax Evasion Charges for Ty Beanie Babies Creator

I have to think most people at least know what a "Beanie Baby" is, and some of you may still have them in your homes (someday they will be collector items, right?). This morning, Ty Warner, the creator of Beanie Babies, was...more

UBS Settles RMBS Claims Brought by the FHFA

On September 4, Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California entered an order dismissing with prejudice the Federal Housing Finance Agency’s claims against UBS Securities Inc....more

Orrick's Financial Industry Week in Review - September 16, 2013

UBS Settles RMBS Claims Brought by the FHFA - On September 4, Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California entered an order dismissing with prejudice the Federal Housing...more

Federal Court Grants in Part UBS and JP Morgan Motions to Dismiss RMBS Suits

On September 3, Judge John W. Lungstrum of the United States District Court for the District of Kansas granted in part and denied in part motions to dismiss by UBS Securities LLC and JP Morgan Securities LLC in four separate...more

New York Federal Court Denies Motion to Dismiss Repurchase Suit Against UBS

On August 15, Judge Harold Baer, Jr. of the District Court for the Southern District of New York denied UBS Real Estate Securities Inc.’s motion to dismiss a suit by several RMBS mortgage trusts in connection with the...more

UBS Reaches Settlement with the FHFA

On July 25, the FHFA announced that it had settled its claims against UBS AG concerning mortgage-backed securities that UBS sold to Fannie Mae and Freddie Mac between 2004 and 2007. UBS agreed to pay a total of $885 million....more

Securities Claim Against UBS Based on RMBS Credit Ratings Allegations Revived

On July 22, Judge Denise Casper of the United States District Court for the District of Massachusetts permitted plaintiff Capital Ventures International to pursue Massachusetts Uniform Securities Act claims against UBS...more

"Business Cases in the US Supreme Court"

The U.S. Supreme Court recently closed its 2012 term with its usual headline-grabbing flurry of June decisions. Several of those decisions, as well as many more that received less publicity, will affect business interests. In...more

Former Financial Trader Charged with Fraud in SFO LIBOR Investigation

As part of the continuing investigation by the UK’s Serious Fraud Office (SFO) into the manipulation of LIBOR, the City of London police charged former UBS and Citigroup trader Tom Hayes with eight counts of fraud on June 18....more

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