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Banking
The Banking Practice at Ropes & Gray represents commercial banks, bank holding companies, thrifts, and other financial services firms, with regard to the application of laws and regulations that are unique to the banking regulatory environment. The group also represents a variety of investors, including private equity funds, hedge funds, and investment management firms that seek to make investments in banks and other regulated financial institutions. Lawyers in the banking practice also work with other practice groups within the firm to provide a wide range of legal services to companies that operate within the regulated financial institution industry.
Practice Focus Areas
Bank Regulatory Advice
Ropes & Gray provides a broad range of advice to a number of leading financial institutions, including banks, bank holding companies, and investment banks. Recent projects have involved structuring investments in financial institutions to comply with state and federal laws, and regulations pertaining to the acquisition of control. We have also advised clients with respect to the effect of banking laws and regulations on financial institutions in bankruptcy, and have provided advice with respect to bank secrecy laws and regulations and matters relating to data breaches.
Mergers and Acquisitions
The banking practice regularly works with our mergers and acquisitions and private equity practice groups to advise on banking regulatory concerns that arise during the course of M&A transactions that involve financial institutions.
Recent mergers and acquisitions involving our financial institution clients include:
- The representation of State Street Corporation in its $900 million sale of Citistreet LLC to ING Group. Citistreet is one of the premier retirement plan, benefit service, and administration organizations in the United States' defined contribution marketplace.
- The representation of LPL Financial in its acquisition (at an undisclosed value) of SunLife's IFMG Securities unit. IFMG is a leader in providing banks, savings and loans, and credit unions nationwide with a portfolio of investment and insurance products. LPL is the nation's largest provider of third-party investment services to banks and credit unions and is the largest network of independent broker/dealers in the United States, with more than 10,000 advisors nationwide.
- The representation of private equity sponsor Bain Capital in its proposed $2.15 billion acquisition of Neuberger Berman, the Lehman Brothers Holdings asset-management business. Bain Capital proposed to partner with Hellman & Friedman to purchase the Neuberger Berman business which had been among the biggest business units of Lehman, and which was being sold pursuant to the Lehman bankruptcy.
Investment Funds
We received the 2009 Award for Excellence from Chambers and Partners, recognizing Ropes & Gray as the preeminent Investment Funds practice in the United States. This award reflects the combined strengths of our top-ranked national leading practices in mutual funds, private equity funds, and hedge funds. The investment funds practice at Ropes & Gray is among the largest and most diversified of any U.S. law firm.
Ropes & Gray has represented mutual funds, independent directors, and investment advisors in complex litigation and in regulatory proceedings. For example, Ropes & Gray attorneys have successfully advised State Street Corporation and its affiliate, State Street Global Advisors, in multiple lawsuits arising from the sub-prime lending market crisis of 2007.
Privacy and Data Security
Ropes & Gray is a national leader in the areas of privacy and data security, and has represented organizations involved in unauthorized or unintentional data security breaches involving credit card and payment card fraud. In connection with such representation, our lawyers organize comprehensive plans to address the multitude of issues arising from a data breach and to contain the problems that may result from such a breach. Our lawyers are also leaders in the field of data privacy compliance and counseling, and work with our clients to create data protection compliance programs, revise existing data privacy processes, and counsel on the contours of data protection and privacy requirements.
Intellectual Property Matters Involving Financial Institutions
The Intellectual Property group at Ropes & Gray also provides advice to financial institutions, to ensure that their intellectual property is provided the same security and protection as all of their other institutional assets. For these clients, we prosecute and enforce advanced business method patents, coordinate worldwide trademark and copyright protection, assist in avoiding conflicts over the intellectual property rights of others, and defend against claims of infringement of intellectual property rights when such claims arise.
Our experienced team of attorneys has in-depth knowledge of all intellectual property areas applicable to the financial industry, including innovative financial products, electronic and Internet-based trading systems, Internet payment and fund transfer technologies, and proprietary financial modeling. The Intellectual Property group is also a leader in the creation of innovative portfolio development and licensing programs that allow clients to leverage the value of their intellectual property and protect against infringement worldwide.
Taxation
Our tax lawyers help clients navigate a range of domestic and international tax rules for banks and other financial institutions. We are expert on the special tax rules for banks, including (i) the scope and application of the mark-to-market rules, (ii) the hedging rules, (iii) the common trust fund rules, and (iv) the withholding and reporting rules for custodian banks and for foreign financial institutions. We regularly negotiate swap contracts, securities lending transactions, repo transactions, and other derivative transactions for our clients.
Contact
For further information on this area of practice, please contact:
Mark V. Nuccio
Alan G. Priest
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