Banking & Finance
13th Annual A.A. Sommer Jr. Lecture– Benjamin M. Lawsky, Superintendent, New York State Dep’t of Financial Services
On Thursday, April 18, the 13th annual A.A. Sommer, Jr. Lecture was held in the McNally Ampitheatre at Fordham Law School. The lecture series was established by Morgan, Lewis & Bockius LLP, and is focused on providing a venue for regulators and policy-makers in the global financial markets to share insights with students and faculty. [...]
Featured Scholarship on the Future of EU Financial Regulation
On February 11, 2013, The Fordham Corporate Law Center and the Fordham Journal of Corporate & Financial Law, in conjunction with the Max-Planck-Institute Luxembourg for International, European and Regulatory Procedural Law, held a symposium on global financial regulation. For more scholarship on the future of EU financial regulation, please see this article from the Oxford Journal of Legal [...]
Settling for Injustice: The Conundrum of Mortgage Crisis Settlements
This week Bank of America finds itself facing the largest fraud lawsuit thus far as a result of the mortgage debacle. The Justice Department filed the complaint in Manhattan federal court on Wednesday, and powerhouse U.S. Attorney Preet Bharara, who led the charge against Raj Rajaratnam of the Galleon Group, is at the head of [...]
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TAGS mortgage fraud, Subprime Litigation
POSTED IN Banking & Finance, Housing, Litigation, Real Estate
POSTED IN Banking & Finance, Housing, Litigation, Real Estate
CFTC’s New Powers Challenged on Multiple Fronts
The Commodity Futures Trading Commission (CFTC) has ramped up Wall Street regulatory enforcement in 2012. The CFTC released its Enforcement Division’s annual results on October 5, 2012, stating that it imposed more than $585 million in sanctions in fiscal year 2012. Only $450 million in sanctions were imposed in fiscal year 2011. This increase is [...]
New York Grabs the Regulatory Spotlight: The Standard Chartered Saga
On August 15, Standard Chartered Bank paid an historic $340 million fine to New York State’s Department of Financial Services to settle claims that the bank helped Iran (and other U.S.-sanctioned nations) funnel money through the U.S financial system. Most in the financial community were shocked that Benjamin Lawsky, a New York state regulator, jumped [...]
Maiden Lane III Sale Gives Fed a Boost
In 2008, amidst the financial bailouts of many Wall Street firms, one of the biggest and most controversial moves by The Federal Reserve was the creation of special financial investment vehicles to buy toxic assets held by AIG – a move that prevented the insurance giant from completely collapsing. The Fed was able to unwind [...]
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TAGS bailout, CDOs, Fed, Maiden Lane III
POSTED IN Banking & Finance, Capital Markets, Derivatives
POSTED IN Banking & Finance, Capital Markets, Derivatives
A Living Will: Planning for a Rainy Day
On July 2, the Federal Reserve released public versions of the resolution plans or “living wills” of nine large banks. Living wills contain a blueprint of large financial institutions to be used to determine how the institution would maneuver financial instability without affecting the market at large. Section 165 of the Dodd-Frank Act imposed numerous [...]
BofA to Impose Debit Card Fees: Will Competitors and Consumers Stay on Board or Jump Ship?
Bank of America (BofA) recently announced that it will begin charging customers a five dollar monthly fee for use of their debit cards. The implementation of this fee will launch in January 2012, making BofA the first major national bank to charge customers a monthly fee to shop with their debit cards. The fee will [...]
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TAGS bank fees, Bank of America, Durbin Amendment
POSTED IN Banking & Finance, Dodd-Frank
POSTED IN Banking & Finance, Dodd-Frank
Say on Pay and the Business Judgment Rule
Last week the Delaware Chancery Court dismissed a derivative suit filed against Goldman Sachs. The suit alleged that the company’s compensation system wrongfully rewarded employees for taking risks that harmed the firm’s stock price. The suit was filed in the wake of the most recent mortgage crisis. The plaintiffs lawyers argued that the firm’s board [...]
The SEC and Proposed Rule 127B: A New Day for Regulation or a Continuation of Current Trends?
The United States Securities and Exchange Commission (the “SEC”) has issued Proposed Rule 127B, implementing Section 621 of the Dodd-Frank Act, which amended Section 27B of the Securities Act of 1933 (the “Securities Act”), barring material conflicts of interest in securitization transactions. Rule 127B would ban hedge funds and banks from assembling risky securities, marketing [...]
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TAGS CDO, Dodd-Frank, gramm-leach-bliley, SEC
POSTED IN Banking & Finance, Corporate Law, Dodd-Frank, Securities Regulation, Volcker Rule
POSTED IN Banking & Finance, Corporate Law, Dodd-Frank, Securities Regulation, Volcker Rule
Featured Video
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Eugene P. and Delia S. Murphy Conference on Corporate Law
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Representation Without Accountability?
- Business Law Practitioners Series – Fall 2011
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The Philosophy and Practice of Disclosure
- BLPS – Rory Cutaia ’85
- The Looming Problems of The Bureau of Consumer Financial Protection
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Financial Reform Legislation: There Ought To Be A Law, But Is This It?
Highlights From Volume 18 Book I
THE BEHAVIORAL PARADOX: WHY INVESTOR IRRATIONALITY CALLS FOR LIGHTER AND SIMPLER FINANCIAL REGULATION
It is widely believed that behavioral economics justifies more intrusive regulation of financial markets, because people are not fully rational and need to be protected from their quirks. This Article challenges that belief. Firstly, insofar as people can be helped to make better choices, that goal can usually be achieved through light-touch regulations. Secondly, faulty [...]
DEMANDING SUBSTANCE OR FORM? THE SEC’S PLAIN ENGLISH HANDBOOK AS A BASIS FOR SECURITIES VIOLATIONS
In 1998, the United States Securities and Exchange Commission (“SEC” or “Commission”) released a style manual titled “The Plain English Handbook.” The culmination of a drive by its Chairman, Arthur Levitt, the Handbook drew upon the rules of grammar, best industry practice, and even the support of billionaire Warren Buffett in calling for a layman’s [...]
FULL OF HOT AIR? EVALUATING THE AIRGAS COURT’S RESERVATIONS ABOUT SHAREHOLDERS’ SHORT-TERM AND LONGTERM INTERESTS IN TAKEOVERS
This Note explores the incentives and preferences of shareholders in takeovers. This analysis is conducted in the context of the Delaware Chancery Court’s February 2011 decision in Air Products & Chemicals v. Airgas. In that case, the court’s decision largely turned on whether certain short-term and long-term shareholders have different preferences and incentives in takeovers. [...]
News & Events
- Can Woman Have It All? A Live Webcast with Anne-Marie Slaughter (4/24/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- 13th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities & Financial Law (4/18/2013)
- International In-House Counsel Breakfast Forum Series for Students (4/18/2013)
- Business Law Practitioners Series for students (4/16/2013)
- Fordham Corporate Center