News & Analysis as of

Banking Sector Financial Services Industry Contract Terms

Hogan Lovells

English High Court decides that a letter of comfort creates legal relations

Hogan Lovells on

A version of this article first appeared in Butterworths Journal of International Banking and Financial Law in June 2025. In the case of IDBI Bank Limited v Axcel Sunshine Limited & Ors the English High Court held that,...more

Cadwalader, Wickersham & Taft LLP

Quarter End Fireworks, June 2025 - Letter of Credit Refresher

Many subscription credit facilities will provide for the issuance of letters of credit in addition to the funding of loans. A letter of credit is an irrevocable undertaking for the payment of money issued by a bank at the...more

A&O Shearman

Fool's gold: when you have to pay for pre-contractual services

A&O Shearman on

H&P, an investment bank, provided services allegedly worth USD 18 million to Randgold, who H&P had assumed was a client. However, terms of their engagement were never formalised or even written down. After the transaction,...more

Cadwalader, Wickersham & Taft LLP

Springtime for Alternative Currencies, March 2025 - Updated State of Play of Alternative Currency Benchmark Rates

With four major interest rate benchmarks ceasing to be published by the end of last year, we thought now would be a good time to provide a refresher on alternative currency rates. In this article we first discuss the key...more

Goodwin

Want to Have Customers Cover Payment Processing Fees? What You Need to Know About Credit Card Surcharging

Goodwin on

Credit card surcharging is on the rise. Imposing a surcharge in a compliant manner is more than adding a fee at the point of sale. Below we review on a high level the legal and commercial considerations for merchants before...more

WilmerHale

Purchase Price Adjustments in Financial Services M&A Transactions

WilmerHale on

In most M&A deals involving private targets (including the sales of divisions of publicly traded companies), the purchase agreement will include a baseline dollar value for the target, with several adjustments. Often, the...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues new proposal to ban certain financial contract terms

On January 13, the CFPB proposed a new rule to ban large banks and consumer finance companies from using certain contractual provisions in agreements with consumers under Regulation AA. The CFPB’s proposal warns against the...more

BCLP

COVID-19 and Mortgage Lenders and Services, MAC Clauses in Loan Agreements, Fair Credit Reporting Act Changes, and Employee...

BCLP on

The devastating impact of the Coronavirus (COVID-19) needs no introduction. Community banks across the country are feeling the impact, both as small business themselves, and as providers of credit to so many other small...more

Ballard Spahr LLP

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

Ballard Spahr LLP on

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

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