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...
PHOENIX - (Mealey's) The law firm Greenberg Traurig LLP
yesterday agreed to pay $61 million to settle a suit in the U.S. District Court
for the District of Arizona alleging that it aided an alleged Ponzi scheme that
bankrupted two companies and...
Credit rating agencies, and in particular, nationally recognized statistical rating organizations ("NRSRO"), have been thought by many to be at the center of much of what went on with the market crisis, particularly in the area of structured...
You may have seen May 2, 2011 Wall Street Journal
article entitled "Overhaul Grows and Slow" ( here ),
which described the backlog developing as regulators struggle to meet the
rule-making guidelines mandated by the Dodd-Frank Act. The article...
A California woman was sentenced to nine years
in prison for orchestrating a Ponzi scheme that took in nearly $7 million from
investors. Guadalupe Valencia, 47, of West Covina, California, was
sentenced by United States District Judge S. James Otero...
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.
A Harvard-educated former lawyer pled
guilty to operating a Ponzi scheme that took in more than $10 million from
investors. Robert Tunnell, Jr., 72, entered a guilty plea to one count of
mail fraud and one count of wire fraud, each of which carries...
The Dodd-Frank Act contemplates the creation of a new
Consumer Financial Protection Bureau (CFPB) within the Federal Reserve. CFPB
would be responsible for consumer protection over financial products and
services offered by both banks and nonbanks, including...
by Edmund D. Harllee
July 20, 2011, the Board of Governors of the Federal Reserve System (the
"Board") issued a final rule implementing its new Regulation II (12 CFR Part
235) with respect to debit card pricing and other requirements...
With a registration deadline of March 30, 2012 and a 45 day period for
the SEC to review the application , private fund managers need to file their
Form ADV by
February 14. I know that there are fund managers still on the fence on whether
With the House of Representatives' change in political
control, the Republicans are taking some steps to cut back on Dodd-Frank .
Earlier this week the House Committee on Financial Services distributed a press
release about five potential bills...
The FDIC's pursuit of litigation against directors and
officers of banks that have failed as part of the current round of bank
failures has been moving forward, albeit at a deliberate pace. The agency's
litigation efforts advanced a couple...
On this edition, LexisNexis Matthew Bender Securities Board of Editors members Richard Phillips, Jonathan Eisenberg, Meyer (Mike) Eisenberg, Stanley Keller, and Giovanni Prezioso discuss Financial Reform Legislation S. 3217, recent and pending Supreme...
NEW YORK - (Mealey's) The owners of Major League
Baseball's New York Mets and the liquidation trustee of Bernard L. Madoff
Investment Securities LLC (BLMIS) agreed on March 19 to a $162 million
settlement of claims relating to the defendants'...
by Edmund D. Harllee
On Thursday, January 5, the Federal Reserve Board (the
"Board") issued proposed new Regulation YY, in order to implement changes
required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the
On January 4, 2012, President Obama installed Richard Cordray as Director of the new Consumer Financial Protection Bureau Financial Protection ("CFPB"). Mr. Cordray had served as Attorney General for the State of Ohio and most recently was in...
One of the perennial D&O insurance coverage questions is whether or not subsequent claims are "interrelated" with a prior claim and therefore deemed first made at the time of the prior claim. This question can be particularly critical when...
A Florida man received a twenty-year
prison sentence for orchestrating a Ponzi scheme that bilked investors out
of nearly $20 million and claimed many retired teachers among its victims.
James Davis Risher, 61, was sentenced by United States District...
Last year, I looked a the top 30 real estate private
equity fund managers to see which are already registered with the SEC. The 2011
version of the PERE 30 just came out, so I decided to look at the list
again. (Disclosure: my company is on the list...
In a severe blow to the quest to recover funds for the
benefit of victims of Bernard Madoff's $50 billion Ponzi scheme, a New York
federal judge threw out $20 billion of common law claims that the
court-appointed trustee had asserted against banking...
The Consumer Financial Protection Bureau (CFPB) recently
developed a portal that allows companies to view and respond to complaints in
the complaint database. The CFPB released a presentation
describing the portal, providing detailed log-in information...
Debit and credit cards still reign as the preferred payment method today, but with mobile device usage continually growing and with the advent of new technologies (and currencies), the "digital wallet" is becoming a more viable alternative....
On this edition, Gerald Lins, General Counsel of a major investment management firm, and co-author of Regulation of Investment Companies , published by LexisNexis Matthew Bender, provides background on money market funds, recent controversies surrounding...
If you're a fund manager getting ready to register
because you've been Dodd-Frank'ed, then you are likely in the middle of
drafting Part 2 of Form ADV, the brochure. One item that caused my to pause was
the risk factor requirements in Item...
SAN FRANCISCO - (Mealey's) Chase Bank USA NA yesterday
agreed to pay $100 million to settle claims that it increased interest rates on
loan balances that were transferred to consumers' credit cards after it
allegedly promised them a fixed rate...