Your daily dose of financial news


It’s no fooling around for HSBC today, after SDNY Judge Shira Scheindlin ruled that the district court had subject matter jurisdiction over claims that the bank systematically failed to perform its duties as trustee for 271 RMBS trusts. Defendants sought to dismiss the claims (more than 240 of them) that arose from PSA trusts after the 2d Circuit ruled they were not governed by the Trust Indenture Act of 1939, the law plaintiffs used to remove the case to federal court in the first place, but Judge Scheindlin held that deciding the meaning of the PSA and indenture trust provisions together would reduce the risk of conflicting state and federal interpretations – Law360

FICO’s announced plans to create a new credit score aimed at making the 50+ million people without credit scores “more acceptable to lenders,” a move described by the WSJ as “largely a response to banks’ desire to boost lending volumes by increasing loan originations to borrowers who otherwise wouldn’t quality, many of whom tend to be charged more for loans” – WSJ

Ruth Porat’s move from Morgan Stanley to Google helped bring some additional attention to the bi-costal Wall Street/Silicon Valley relationship. The Dealbook offers a special section on their intersection – NYTimes

London police are reportedly looking through WhatsApp texts of forex traders at CWM FX as part of an ongoing fraud probe into the firm after raiding CWM’s HQ in early March. CWM joins a host of other firms under scrutiny for alleged forex manipulation and fraud – Law360

More this week from the SEC on the risks that the shadow banking industry pose to the financial system, with SEC Chief Economist Mark Flannery questioning the effectiveness of post-2008 regulatory moves that have largely failed to include non-bank firms – WSJ

Japan has announced plans to honor a US request that its allies not join the new Chinese-led Asian development bank (the Asian Infrastructure Investment Bank), which is seen as a potential challenger to American-led institutions like the World Bank.  Japan joins Germany and the UK in sticking with the Yanks, while Australia and South Korea have recently broken with Washington and joined the Beijing-based bank—moves seen as a sign of China’s growing financial clout – NYTimes

Warren’s not sweating a potential Grexit – Bloomberg

Yet more evocation of Omnicare on both sides of the v., with federal prosecutors positively citing the decision in their case against former Massey Coal CEO Don Blankenship in West Virginia (Law360) and counsel for defendant Edward Scolnick, a former Merck VP accused of lying about a Vioxx heart-attack study, doing the same in support of his motion to dismiss in New Jersey (Law360).

Best part about this feature on Rory’s sweet, sweet swing?  The Masters is just a week away  – NYTimes

Timing is everything. For example, when you announce a product like this on March 31, you might need to go out of your way to explain that no, it’s not a joke.  In fact, it’s just a first step (in a plan for world domination[?]) – WSJ



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