News & Analysis as of

Wells Fargo

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Campbell’s Soup CEO Denise Morrison retired abruptly late last Friday. Though the company’s stock has struggled in the past year, Morrison gave no reason for stepping down—a move that drops the number of female chief...more

Wells Fargo Consent Orders Highlight Importance of Acting on Information From Third-Party Vendors

by Pepper Hamilton LLP on

The OCC and CFPB consent orders issued against Wells Fargo on April 20 cited deficiencies in third-party oversight practices. The orders are the latest additions to an ever-expanding body of agency enforcement actions...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for Wells Fargo, as news emerged yesterday that some employees in the company’s business banking wholesale unit “altered information on documents related to corporate customers” without customers’...more

Real Property, Financial Services, & Title Insurance Update: Week Ending May 11, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Summary Judgment: incorporation of an affirmative defense by referencing “previously filed pleadings” does not obviate movant’s obligation to comply with particularity requirements mandated by rule...more

Gutierrez v. Wells-Fargo Bank – Eleventh Circuit Sheds More Light on Waiver of Arbitration Rights in Putative Class Setting

by BakerHostetler on

Whether a defendant has waived its right to arbitrate as to unnamed class plaintiffs has been a troubling issue. Some courts base their analysis on their lack of jurisdiction over unnamed putative class members. ...more

Eleventh Circuit Sides with Wells Fargo on Post-Class Certification Motion to Compel Arbitration

by BakerHostetler on

Wells Fargo achieved a significant victory on Thursday in decade-old litigation over allegedly unlawful overdraft fees when the Eleventh Circuit held that Wells Fargo had not waived its right to compel arbitration as to the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Anbang Insurance founder Wu Xiahoui’s fall from grace now includes an 18-year prison sentence for his conviction by a Shanghai court for using Anbang to “cheat investors out of more than $10 billion”....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some analysis of last week’s jobs report, including thoughts on why a sub-4% unemployment rate poses a problem for a Fed still set on a slow and steady rate hike plan....more

Aircraft Lender Not Responsible for Customer’s Structuring Strategy

by Vedder Price on

Most business aircraft purchasers, especially high net worth individuals, rely on advice from their various resources when acquiring such expensive assets. Those resources typically include brokers, OEMs, lawyers,...more

Global Transportation Finance Newsletter - April 2018

by Vedder Price on

Aircraft Lender Not Responsible for Customer’s Structuring Strategy - Most business aircraft purchasers, especially high net worth individuals, rely on advice from their various resources when acquiring such expensive...more

Sustainable Development Update - April 2018 #4

by Allen Matkins on

Sustainable Development Focus - Wells Fargo commits to provide $200 billion for sustainability by 2030 - RENEWABLES NOW - Apr 20 Wells Fargo & Co. has pledged to provide $200 billion in financing to sustainable...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Facebook isn’t the only tech stock having a good week. Amazon—helped along by its booming cloud business—more than doubled its net income in Q1 as compared to a year ago....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A scary combination of rising bond yields (across the 3% Rubicon!) and a warning from Caterpillar (which called its expectation-beating performance for Q1 the “high watermark for the year”) helped propel stocks significantly...more

Southern District Of New York Denies Class Certification For Failure To Satisfy Predominance Prong Of Rule 23(b)(3)

by Shearman & Sterling LLP on

On April 17, 2018, Judge Katherine Polk Failla of the United States District Court for the Southern District of New York denied class certification in an action asserting claims for breach of contract and breach of trust...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

China announced yesterday that it was loosening its rules forcing foreign carmakers to link up with a local partner before building factories in China—a move that some see as a step to lowering tensions with the US....more

Nights in White Satin – The Continued Pain at Wells Fargo

by Thomas Fox on

The Wells Fargo scandals continue to be one of the starkest lessons about the cost of a corrupt culture and the catastrophic effect it can have on an organization. The former Chief Executive Officer (CEO) and head of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More than 3 years after admitting to cheating on diesel emissions tests, Volkswagen appears poised to oust CEO Matthias Muller—likely in favor of former BMW exec Herbert Diess....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some analysis of Friday’s less-than-booming jobs report – NYTimes and Bloomberg And a look at Fed Chair Powell’s first major remarks on the state of the economy and the potential effects a trade war would have on the Fed’s...more

Real Property, Financial Services, & Title Insurance Update: Week Ending March 23, 2018

by Carlton Fields on

Foreclosure / Amendments to Conform to Evidence: trial court erred in allowing Wells Fargo to amend its complaint during trial to conform to evidence presented of two unpled modification agreements – Tracey v. Wells Fargo...more

Counseling Independent Directors on Reputational Risks and Responsibilities

by Blank Rome LLP on

Attorneys who counsel independent directors on their legal risks and responsibilities sometimes neglect to discuss with their clients their reputational risks, including unknown enterprise risks which, if realized, can damage...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending March 9 & 16, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Condition Precedent: trial court properly rejected motion to dismiss for failure to satisfy condition precedent of pre-litigation non-binding arbitration, required by Chapter 718, Florida Statutes,...more

Under Advisement: SEC Scrutinizes Wealth Management Industry

Recent events have made it clear that there is an increased regulatory focus on the conduct of investment professionals in the wealth-management industry. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The DOJ is expanding its Wells Fargo sales probe into the bank’s wealth management division, a troubling move for an organization still trying to right the ship in its retail-banking unit where the sham-account scandal...more

Second Circuit Puts Out Simultaneous Class Arbitration Opinions

Two different panels of the Second Circuit issued opinions about class arbitration on the same day last week. One creates a circuit split over how specific parties must be to delegate the availability of class arbitration to...more

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