Deutsche Bank will pay $220 million to resolve U.S. Libor probe
The accord is the latest development in investigations by governments across the globe into banks’ manipulation of benchmark interest rates.
Law and legal issues
U.S. Appeals Court limits cramdowns on secured creditors
The U.S. Second Circuit ruled that Momentive Performance Materials should use what's known a a "market rates" formula to determine the appropriate payout for a series of replacement notes issued to bondholders.
By
Glen Fest
U.S. fintech industry jealously eyes U.K. regulatory scheme
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
Amex will need to convince justices that its rules help consumers
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.
Navient hit with Pa. lawsuit, adding to servicer’s troubles
The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial services companies still face significant legal threats from state capitals.
U.S. Chamber, banking groups sue over CFPB arbitration rule
The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers.
CFPB foes use well-worn consumer tactic against agency
Payday lenders and arbitration supporters are claiming the CFPB has met more often with consumer groups than industry, laying the groundwork for likely lawsuits on key rules.
JPM, other lenders kept loan buyers in dark about probe, lawsuit says
JPMorgan Chase is among four banks sued by a trustee for investors in the debt of Millennium Health LLC, alleging the lenders failed to inform them of a federal probe into the billing practices of the borrower.
New Wells scandal harms effort to nix CFPB arbitration rule
Republican efforts to repeal the Consumer Financial Protection Bureau's arbitration rule were dealt a significant blow Friday by another Wells Fargo scandal.
PACE loans are not consumer credit, says federal judge
U.S. District Judge André Birotte has dismissed all federal claims against Renovate America and its government bond-issuing partners in three lawsuits that had sought class-action status.
Supreme Court sides with banks in debt servicing case
Banks and other firms collecting defaulted debt originated by another company are not subject to the kinds of restrictions placed on third-party debt collectors, the Supreme Court ruled Monday in a unanimous decision.
Even under Trump, SEC unsympathetic to reg relief for CLOs
Responding to a request to reinstate an LSTA lawsuit that would modify risk retention, the agency argued that the trade group's arguments "both fail.”
By
Glen Fest
