News & Analysis as of

Residential Mortgage-Backed Securities

Residential Mortgage-Backed Securities are financial instruments consisting of residential mortgages pooled together to form larger more complex financial commodities.

Rating Agency Developments

On November 8, 2017, Fitch updated its ratings criteria for U.S. grant anticipation revenue vehicles (GARVEE) bonds. Report. On November 8, 2017, DBRS updated its ratings methodology for Canadian Residential Mortgages,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More on the Saudi crackdown initiated by Crown Prince Mohammed bin Salman over the weekend, including the government’s move to confiscate and freeze more than $800 billion in assets from the detailed princes and other...more

Rating Agency Developments

On November 1, 2017, DBRS issued a report entitled: Rating Canadian Trade Receivables Securitization Transactions. Report. On November 1, 2017, DBRS issued a report entitled: Rating Canadian Credit Card and Personal Line...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The moral of this story is as follows: if Maysayoshi Son says the merger’s off, it’s probably off (regardless of what the rest of the board says). We discussed the will they/won’t they status of the T-Mobile/Sprint deal last...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more

Lessons From the Market Place: The Importance of Compliance

by Dorsey & Whitney LLP on

An effective program is a key corporate function of increasing importance. It can be a competitive advantage, creating a tone of excellence which permeates the firm’s culture, products, services and customer relations....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Old-school retailer Lord & Taylor has reached a deal with WeWork to sell its landmark New York flagship store for $850 million. L&T will continue on with a greatly decreased department store footprint in the space, but the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

American Express Chair and CEO Kenneth Chenault announced that he’s stepping down next year after 16 years at the helm of AmEx. He’ll be succeeded by Vice Chair Stephen Squeri....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Goldman’s deal-making advising is sputtering a bit these days, so Lloyd and the gang are working on generating some of those deals themselves through a new Innovations Lab internal venture....more

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

by Shearman & Sterling LLP on

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

Orrick's Financial Industry Week In Review

Texas District Court Rules on Damages Calculations in FDIC’s RMBS Suit Against Goldman Sachs and Deutsche Bank - On September 14, 2017, Judge Sam Sparks of the U.S. District Court for the Western District of Texas granted...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Food and consumer products conglomerate Unilever’s making a big play for the Asian market with its $2.7 billion deal to buy Carver Korea, a South Korean-based skin care specialist....more

Texas District Court Rules on Damages Calculations in FDIC’s RMBS Suit Against Goldman Sachs and Deutsche Bank

On September 14, 2017, Judge Sam Sparks of the U.S. District Court for the Western District of Texas granted summary judgment in favor of defendants Goldman Sachs & Co. and Deutsche Bank Securities Inc. on certain aspects of...more

Orrick's Financial Industry Week In Review

Agencies to Propose Amending CRA Regulations to Conform to HMDA Regulation Changes, and Remove References to the Neighborhood Stabilization Program - On September 13, 2017, the Board of Governors of the Federal Reserve...more

S.D.N.Y. Grants in Part and Denies in Part Trustee Bank of New York Mellon’s Motion for Summary Judgment in Suit Brought by...

On September 7, 2017, Judge Valerie Caproni in the United States District Court for the Southern District of New York granted the majority of RMBS trustee Bank of New York Mellon’s (“BNYM“) summary judgment motion and denied...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Equifax is not exactly ending the week on a high note. The credit reporting agency revealed yesterday that a cyberattack [uncovered nearly 2 months ago] rendered potentially vulnerable the information of 143 million people....more

August 2017: Securities & Structured Finance Litigation Update

New York’s First Department Creates Split Authority on Inducement Claims by Guaranty Insurers, Weighs in on “Backstop” Claims in RMBS Suits. On May 16, 2017, the New York Appellate Division, First Department, issued a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

Orrick's Financial Industry Week In Review

Federal Reserve Seeks Comments on LIBOR Alternatives - On August 24, 2017, the U.S. Federal Reserve requested public comments on a plan for the New York Federal Reserve and the Office of Financial Research to come up with...more

S.D.N.Y. Denies Plaintiffs’ Sampling Motion in Consolidated Actions Against RMBS Trustee

On August 21, 2017, Judge Katherine Polk Failla of the United States District Court for the Southern District of New York upheld a magistrate’s order denying plaintiff-certificateholders’ motion to attempt to prove their...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the third segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them. Litvak II - Before Shapiro...more

Orrick's Financial Industry Week In Review

On August 21, 2017, the European Commission published the text of a Delegated Regulation that amends the Capital Requirements Regulation (Regulation 573/2013) ("CRR"). The main amendment pertains to Article 496(1) of the CRR....more

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