attorney san diego | Joseph, Cohen & Del Vecchio, PC

Claims Against Failed Bank D&O’s Will Spike in 2012

September 19, 2011

By Jonathan Joseph* The total number of bank failures since the banking crisis began in 2008 is now dangerously close to 400. To date, the FDIC has only filed 14 lawsuits against failed bank directors and officers from thirteen different failed banks. A total of 103 former bank directors and officers have been named in these suits. Based on published statistics and our own analysis of U.S. bank failures from 2008 to September 16, 2011, we believe that approximately 80 additional suits will be brought by the FDIC, as receiver, in the next two years. While the FDIC’s investigation and

California’s New Money Transmission Law Sweeps Up

May 19, 2011

By Marie Hogan* Effective as of January 1, 2011, California’s sweeping new Money Transmission Act (the “MTAct”) became applicable to the money transmission business. The MTAct expanded the state’s regulation and license requirements for money transmitters by covering domestic money transmitters, including stored value device issuers and other businesses that offer new types of alternative payment and mobile applications. The new law assigns regulation and licensing authority to the California Department of Financial Institutions Background The regulation of money transmission varies from state to state, but most states regulate domestic money transmission involving their residents. The MTAct now covers domestic money

Joseph & Cohen Join Amicus Committee of Bank Counsel in Support of Bryan Cave LLP

March 27, 2011

SAN FRANCISCO, CA – March 28, 2011. Joseph & Cohen, Professional Corporation, announced today that its co-founders, Jonathan D. Joseph and Jonathan M. Cohen, joined the Ad Hoc Committee of Bank Counsel (“Amici” or “Committee”) in support of the law firm, Bryan Cave LLP (“Bryan Cave”), in a case brought against them by the FDIC (FDIC v. Bryan Cave LLP, 10-cv-03666). The FDIC sued Bryan Cave in November 2010 in the U.S. District Court in Atlanta, charging Bryan Cave with failing to hand over bank records related to the October 2010 collapse of Kansas-based Hillcrest Bank. The Committee, comprised of

California Supreme Court Zip Code Case Slaps Retailer

March 18, 2011

In a victory for consumer privacy rights, the California Supreme Court recently ruled that Jessica Pineda’s rights under the Song-Beverly Credit Card Act were violated when a clerk at specialty retailer Williams-Sonoma asked for and recorded her ZIP code in connection with an in-store purchase with her credit card. The unanimous opinion, written by Justice Moreno, concluded that an individual’s ZIP code is protected “personal identification information” that businesses in California cannot request for in-store purchases with a credit card, and then record that information for purposes unrelated to approving the credit transaction. In the longer term, it is likely

Kenneth Sayre-Peterson

September 28, 2010

Kenneth Sayre-Peterson is a Partner Emeritus with Joseph, Cohen & Del Vecchio having retired from practicing law at the end of 2017. Mr. Sayre-Peterson remains an advisor to the Firm. Prior to his retirement, Mr. Sayre-Peterson’s core focus was on banking, credit unions, regulatory and enforcement matters, money transmitters and digital currency, corporate, securities and trust law. He joined Joseph, Cohen & Del Vecchio in 2012 following his retirement from the California Department of Financial Institutions (DFI), now a division of the Department of Business Oversight, where he served as legal counsel during a twenty-two year career. Mr. Sayre-Peterson acted

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Claims Against Failed Bank D&O’s Will Spike in 2012

California’s New Money Transmission Law Sweeps Up

Joseph & Cohen Join Amicus Committee of Bank Counsel in Support of Bryan Cave LLP

California Supreme Court Zip Code Case Slaps Retailer

Kenneth Sayre-Peterson