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|Bank Fees Class Action in Australia Fails Before Full Federal Court|
John Emmerig, Michael Legg; Jones Day;
May 26, 2015, previously published on May 2015In Paciocco v Australia and New Zealand Banking Group Limited ("ANZ")  FCAFC 50, the Full Court of the Federal Court of Australia (the intermediate appeals court in the Federal Court hierarchy) overturned the trial judge's finding that ANZ credit card late payment fees were...
|Loans Granted by Securitisation Vehicles—Consultation Paper of the Bank of Italy and Retention|
Francesco Squerzoni, Vinicio Trombetti; Jones Day;
May 26, 2015, previously published on May 2015On March 6, 2015, the Bank of Italy published a consultation paper relating to the supervisory regulations for loans by securitisation vehicles incorporated under the Italian securitisation law.
|Harvard Report Finds Growing Regulatory Burdens Afflicting Community Banks|
George A. LeMaistre; Jones Walker LLP;
May 26, 2015, previously published on May 21, 2015While economies of scale and rising technology costs have contributed significantly to the decline that the community-bank sector has experienced since the onset of the recession, available data indicate that growing regulatory burdens since the 2010 enactment of the Dodd-Frank Act also have...
|Calculating Security - Don't Assume that all of the Damages Awarded must be Secured on Appeal.|
Hilaree A. Casada; Cowles & Thompson A Professional Corporation;
May 25, 2015, previously published on May 21, 2015To suspend execution of a money judgment on appeal, the judgment debtor must post a bond, cash deposit, or other security that equals the sum of “compensatory damages,” interest for the estimated duration of the appeal, and costs, subject to certain caps. TEX. R. APP. P. 24. It is not...
|Hey, Let's Be Careful Out There! (1)|
Stephen C. Stapleton; Cowles & Thompson
A Professional Corporation;
May 25, 2015, previously published on April 21, 2015In 2001, General Motors (“GM”) obtained $300 million in financing under a lease financing transaction (the “2001 Lease”) from a syndicate of lenders for which JPMorgan acted as both administrative agent and the secured party of record. The financing was secured by liens on...
|Dentons Advises Oman Electricity Transmission Company on a Landmark Bond Issuance|
Sadaf Buchanan, George Sandars; Dentons Canada LLP;
May 22, 2015, previously published on May 12, 2015OETC is the Sultanate's main electricity transmission network operator. The issuance of the Notes marks the first ever investment grade international bond issuance by an Omani corporate entity and also the largest ever international capital markets issuance out of Oman. The Notes were listed on the...
|Bank of Canada Announces Updates to Emergency Lending Policies|
David P. Badour, Barry J. Ryan; McCarthy Tetrault LLP;
May 22, 2015, previously published on May 8, 2015The Bank of Canada (the "Bank") issued on May 5, 2015 "Bank of Canada Emergency Lending Policies", a consultation paper setting forth proposed updates to the Bank's emergency lending policies. The proposed changes consist of the following:
|New Regime in Quebec for Security on Bank Deposits and Other Monetary Claims|
Michel Deschamps, Mathieu Dubord, Mary Jeanne Phelan; McCarthy Tetrault LLP;
May 22, 2015, previously published on May 15, 2015In our December 3, 2014 legal update, we reported on the tabling of a bill in Quebec to amend the Civil Code of Québec (the “CCQ”) in respect of hypothecs on bank deposits and other monetary claims as well as hypothecs granted in favour of multiple creditors. The bill was...
|Department of Justice Announces Settlement to Resolve Discriminatory Indirect Lending Allegations: Department of Justice and Evergreen Bank Group Enter into Consent Order Requiring Implementation of Dealer Compensation Policy and Payment of $395,000 in Consumer Redress|
Darrell S. Cafasso, H. Rodgin Cohen, Mitchell S. Eitel, Robert J. Giuffra, Sharon L. Nelles; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 12, 2015On May 7, 2015, the Department of Justice (“DOJ”) announced that it had reached a settlement with Evergreen Bank Group of Oak Brook, Illinois (“Evergreen Bank” or the “Bank”) to resolve allegations of discriminatory lending practices relating to indirect...
|Restructuring: More Clarity for Delaware Directors When Considering Restructuring Transactions|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Andrew G. Dietderich, Mitchell S. Eitel; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 14, 2015In Quadrant Structured Products Co., Ltd. v. Vertin (May 4, 2015) (“Quadrant”), the Delaware Court of Chancery confirms - again - that ordinary corporate fiduciary duties govern the conduct of directors of an insolvent corporation, rather than a special duty to creditors. The Court also...