In a May 31, 2012 study of the FDIC failed bank litigation that contains a number of interesting observations and projections, NERA Economic Consulting projects at the current filing rate, the FDIC's failed bank litigation ultimately could total 86...
The pace of bank closures has slowed to a trickle. There
have only been three bank failures so far in 2013 (including one this past
Friday evening, involving the Covenant
Bank of Chicago, Illinois ). But while bank failures have dwindled, the
In the FDIC's latest lawsuit filed in its role as
receiver of a failed bank, the FDIC not only named as defendants nineteen
former directors and officers of the failed bank, but also included as
defendants seventeen of their spouses and the failed...
Federal prosecutors unveiled charges against two more
former employees of convicted Ponzi schemer Scott Rothstein's now-defunct law
firm Rothstein Rosenfeldt Adler ("RRA"), accusing them of playing a
role in Rothstein's massive fraud...
On June 30, 2010,
the House adopted the conference report on H.R. 4173, the Dodd-Frank Wall
Street Reform and Consumer Protection Act ("Dodd-Frank Bill" or
"Bill"). The Senate is expected to follow suit when it returns from...
On this edition, Derek Bush of Cleary Gottlieb and Mark Perlow of K&L Gates discuss the Dodd-Frank Act and the Volcker Rule and its impact on securities markets and the banking industry. They discuss what banks will and won't be able to do, including...
The online coupon industry, led by companies such as Groupon Inc. , is growing
rapidly, and it's still not clear which company or companies will end up the
winners. With so much money potentially at stake, it's not surprising that
The FDIC has been one of the more active regulatory
agencies in the arena of director and officer liability. And the recent
and ongoing banking crisis has given the FDIC the opportunity to not only
pursue actions against directors and officers, but...
At least one of the hedge funds being investigated for
its use of expert networks in based in Massachusetts. In an unusual instance of
the state regulators acting before Securities and Exchange Commission, the
Massachusetts securities regulators are...
WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on
Oct. 1 denied a couple's petition for a writ of certiorari seeking
review of a Fifth Circuit U.S. Court of Appeals ruling that affirmed the
dismissal of their suit accusing a loan servicer...
The San Francisco Office of the SEC has an informal
inquiry into the valuations of private equity funds. IA Watch has received a
copy of the sweep letter from the Division of Enforcement directed to a private
equity fund manager.
Insider trading is an area of risk that hedge
fund management finds very difficult to identify and prevent. While the
problem has become increasingly prevalent, the tools to be able to assist hedge
fund managers have not expanded proportionately. A...
The SEC has been poking around valuations for a while.
First it was from the chaos of the 2008 financial crisis. The sudden
illiquidity and drop in prices left many scratching their heads about the
proper valuations for their assets.
That was the...
The crisis has clearly favored the financial holding company structure for the large financial conglomerates. The financial holding company came into legal existence in 1999 with the passage of the Financial Services Modernization Act, generally...
The United States Government forced online poker sites to
the fringes of the financial system. The U.S. government has long argued that
online poker gambling is illegal under the Wire Act, a 1961 law that explicitly
prohibits sports betting conducted...
This commentary provides an overview of the status of significant rulemaking developments since the enactment of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. It focuses on important issues facing end-users of derivatives and...
The number of bank failures has been winding down for a
while now, but at same time the FDIC's failed bank litigation has been ramping
up. Through April 20, 2012, the FDIC has filed a total of 29 lawsuits against
former directors and officers of...
On May 20, 2010, the
Senate passed the "Restoring American Financial Stability Act of
2010" as amended ("Senate Bill"). Congressional leadership has
indicated that conference committee proceedings will take place in June, making
by Karl J. Ege, Mel Wheaton, Danielle
Benderly, and James T. Carroll
The SEC recently issued
long-awaited proposed rules to remove existing general solicitation and
advertising prohibitions for private offerings and sales of securities...
by Knox Dobbins
On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau...
This commentary reviews the provisions of the Dodd-Frank
Wall Street Reform and Consumer Protection Act that are pertinent to the
insurance industry and opines on what those provisions portend for the
regulation of the insurance industry in the future...
WASHINGTON, D.C. - (Mealey's) The U.S. Department of
Justice (DOJ) announced Feb. 9 that the federal government, attorneys general
from 49 states and five national banks have reached a $25 billion settlement to
resolve issues stemming from the...
by Dan Crowley, Karishma Shah Page, Bruce Heiman, Collins
R. Clark and Justin D. Holman
On December 11, the
House of Representatives passed H.R. 4173, the Wall Street Reform and Consumer
Protection Act of 2009 (see H.R. 4173 as introduced...
As a general rule, securities fraud plaintiffs benefit
from telling the whole story while defendants benefit from dividing and
conquering claims: "Well, that allegation's no big deal; there's not much
evidence for that one; I don't...
In addition to filing Form ADV with the SEC when they
register with the Securities and Exchange Commission, private fund managers
will also need to start filing Form PF next year.
The amount of information required by Form PF is tiered.