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3 Dec 2013, 1:29 am
Section 7-1-490, the Georgia legislature had explicitly stated that “directors and officers of a bank or trust company shall discharge the duties of their respective positions in good faith and with that diligence, care and skill which ordinary prudent men would exercise under similar circumstances in like positions. [read post]
10 Apr 2024, 9:01 pm
Instead, unlimited liability for bank executives inspired the kind of trust which in turn brought in more investors and depositors. [read post]
15 Nov 2017, 7:39 pm
Bank National Association (“U.S. [read post]
24 Aug 2011, 1:48 am
For example, the lawsuit the FDIC recently filed in connection with the collapse of Haven Trust included the failed bank’s former outside directors as defendants, as discussed here. [read post]
15 Sep 2020, 12:50 pm
The banks subject to this new rule include state-chartered, non-depository trust companies; non-federally insured credit unions; private banks; and other non-federally regulated banks. [read post]
9 Jan 2013, 12:00 am
Moreover, because each failed bank’s D&O policies must respond to not only FDIC claims, but also other potential sources of D&O claims, including for example, shareholder and derivative claims, debtor claims brought by or on behalf of the bank holding company and claims brought by creditors of the failed bank, the FDIC is often faced with a materially-depleted insurance asset when it comes time to settle FDIC litigation against the directors and… [read post]
15 Nov 2017, 7:39 pm
Bank National Association (“U.S. [read post]
2 Apr 2009, 3:52 pm
These changes were reportedly the result of intense pressure on the Financial Accounting Standards Board from large banks and companies. [read post]
25 Apr 2022, 7:52 am
When the OCC’s conditional approval letter described the conversion of Anchorage Trust Company, a South Dakota trust company, into a national trust bank operating under the title of Anchorage Digital Bank, the OCC described its unusual activities: Anchorage Trust offers custody services primarily to institutional investors that transact in digital assets and cryptocurrencies, including but not limited to certain… [read post]
15 Jan 2015, 2:04 pm
Many banks and financial companies provide “corporate trustee” services, which can be useful if the trust assets include a substantial investment portfolio. [read post]
26 May 2021, 7:15 am
Hsu has asked his staff to review the actions taken by the OCC under his predecessor, which involves the various interpretive letters and chartering of certain national banks and trust companies that intend on providing digital asset-focused services. [read post]
13 Mar 2016, 10:28 am
You’ll find the answer in a statute blandly titled “Standards for bank or trust company acting as fiduciary. [read post]
17 Sep 2008, 3:09 pm
A bank or trust company manages the trust overall, but the client picks an outsider to handle a particular asset. [read post]
22 Jun 2009, 10:20 am
” The white paper specifically targets the limited supervision afforded to holding companies of thrifts, industrial loan companies, credit card banks, trust companies and grandfathered depository institutions, which are not subject to the BHC Act. [read post]
16 Aug 2010, 9:56 pm
The recent case of Patco Construction Company, Inc. v. [read post]
4 Jan 2021, 3:58 am
Trust but verify (because everyone likes easy money). [read post]
10 Jul 2008, 12:15 pm
The allegations underlying the class action were that the Bank decided to “implement[] a plan to consolidate the trust management activities of other banks it had acquired” and led class members to believe that “their assets were being managed on an individualized basis, when in fact the assets were being invested in shares of the Nations Funds mutual fund, managed by an investment company substantially owned by the Bank. [read post]
19 Oct 2012, 1:48 am
More recently (as discussed here), in the FDIC’s lawsuit against former directors and officers of the failed Haven Trust bank, Northern District of Georgia Judge Steve C. [read post]
22 Dec 2016, 12:20 pm
On the one hand, there appears to be growing populist momentum for the concept of holding more financial professionals to a higher standard than has applied to them in their past dealing with customers—more of a heightened-duty, trusted advisor type of standard, as opposed to a “let the customer beware” approach. [read post]
22 Dec 2016, 12:20 pm
On the one hand, there appears to be growing populist momentum for the concept of holding more financial professionals to a higher standard than has applied to them in their past dealing with customers—more of a heightened-duty, trusted advisor type of standard, as opposed to a “let the customer beware” approach. [read post]
