Banking

  • May 27, 2016

    Miami Asks Justices To Sit Out Banks' Housing Bias Appeal

    Miami has urged the U.S. Supreme Court not to review an Eleventh Circuit decision allowing the city to pursue claims against Bank of America and Wells Fargo over alleged housing discrimination, arguing that the banks don’t offer a sufficiently compelling reason for the justices to get involved.

  • May 27, 2016

    Top House Republican Prods Fed On Stress Test Audit

    A top Republican lawmaker on Thursday pressed the Federal Reserve to cooperate with an audit of the central bank’s stress test process.

  • May 27, 2016

    Enviros Appeal To 9th Circ. In Aussie LNG Loan Suit

    Environmentalists on Thursday said they’ll ask the Ninth Circuit to overturn a California federal judge’s decision not to block the U.S. Export-Import Bank from completing two loans worth $4.8 billion to two Australian liquefied natural gas projects in the Great Barrier Reef.

  • May 27, 2016

    No More Delays For $100M Egypt Bond Debt Trial

    A July trial on whether businessmen Ramy and Michel Lakah can be held liable in arbitration to debt investors including UBS AG for $100 million in bonds issued to businesses the Egyptian brothers controlled is going forward regardless of Ramy Lakah's purported trouble in obtaining a visa, a Manhattan federal judge said Friday.

  • May 27, 2016

    K&L Gates Adds Corporate Partner From Foley & Lardner

    K&L Gates LLP on Thursday announced that it has bolstered its investment management, private funds and corporate and private equity practice groups with the addition of a partner from Foley & Lardner LLP, who will practice out of the firm's New York and Miami offices.

  • May 27, 2016

    UK Regulators Lack Data On Shadow Banking, Watchdog Says

    The U.K.’s Financial Conduct Authority has called for regulatory agencies to gain greater access to data revealing how modern market-based finance, or shadow banking, functions as it expands its global reach and is poised to potentially overshadow traditional banking.

  • May 27, 2016

    Merrill Lynch, Citi Hit In Class Action Over Cancer Co. IPO

    Merrill Lynch, Citigroup and others involved with a West Coast cancer-treatment company's $240 million initial public offering last year allegedly overstated its financial prospects, which led to a massive drop in its stock price, investors said in a putative class action filed on Wednesday in California state court.

  • May 27, 2016

    Fed To Unveil Insurance Co. Capital Rules In Early June

    The Federal Reserve on Friday said that it will release the outline of its long-awaited capital rules for insurance companies, including those designated systemically important financial institutions, at a meeting set for June 3.

  • May 27, 2016

    New US Banking Data Policy In Trade Deals Still Has Critics

    A change in the Obama administration’s strategy for crafting data localization rules for financial services firms in trade deals was met with a mixed reaction Thursday, with some stakeholders applauding the policy while others said more action was needed.

  • May 27, 2016

    Contract Breach Claims Survive In MasterCard Processor Suit

    A federal judge in New York on Thursday said that a Jordan-based credit card servicer's $75 million breach of contract claims against MasterCard International could move forward in a battle over the cancellation of the relationship between the two companies.

  • May 27, 2016

    Money Laundering Inspectors Turn Up Heat On UK Law Firms

    The U.K. legal sector is under scrutiny over its ability to protect itself from money laundering and terrorist financing risks, according to a new HM Treasury report, reflecting a growing national anti-corruption agenda in the wake of the Panama Papers scandal.

  • May 27, 2016

    Scared Attys Led To Default Judgment, 7th. Circ Told

    An attorney whose corporate client was hit with a default judgment after a Wisconsin federal judge kicked him off the case said he tried to find new counsel to take over, but everyone was too scared of the judge, he told the Seventh Circuit Court of Appeals Friday.

  • May 27, 2016

    Japanese Co. Blasts ING's Bid To Arbitrate OW Bunker Row

    A Japanese marine-equipment supplier urged a New York federal court Wednesday to keep intact its suit seeking to sort out competing payment requests for a marine fuel shipment it ordered from bankrupt OW Bunker, rejecting ING Bank NV’s assertions that the dispute lacks ties to the U.S. and should be arbitrated.

  • May 26, 2016

    Deutsche Bank Cites RMBS Accrual Clause In Quicken Appeal

    A New York City midlevel appellate court heard Thursday that an "accrual clause" in trustee Deutsche Bank's 2013 residential mortgage-backed securities breach of contract suit against Quicken Loans Inc. over a 2007 loan bundle means the bank didn't file its complaint too late.

  • May 26, 2016

    Critics Scoff At Developing Forex Market Code Of Conduct

    Global regulators on Thursday unveiled their first pass at a uniform code of conduct for the foreign exchange market following a wave of multibillion-dollar rate-rigging settlements, but critics said the proposal was too long in coming and not complete enough to make any meaningful change.

  • May 26, 2016

    NJ Judge Ends Force-Placed Insurance Row After BofA Settles

    A New Jersey federal judge on Thursday tossed a proposed class action accusing a number of companies of manipulating the force-placed insurance market for financial gain, the day after Bank of America and others agreed to settle the claims.

  • May 26, 2016

    Chamber Report Says Yates Memo Discourages Cooperation

    The U.S. Department of Justice runs the risk of discouraging corporations from cooperating with investigations under the so-called Yates Memo, the U.S. Chamber of Commerce's Institute for Legal Reform said in a report Thursday, arguing that workers could be pitted against their employers under the policy.

  • May 26, 2016

    Credit Union's $2.75M Deal In TCPA Suit Fails To Clear

    A California federal judge Thursday rejected a proposed $2.75 million class action settlement between Navy Federal Credit Union and certain individuals subject to its automatic telephone dialing system, expressing concern with a release exceeding the factual scope of the Telephone Consumer Protection Act claims.

  • May 26, 2016

    UBS, Others Can't Duck Tenn. Pension Fund's $164M MBS Suit

    A Tennessee chancery court judge declined to dismiss the state pension fund’s claims that it lost $164 million on faulty mortgage-backed securities underwritten and issued by UBS Securities and others, finding the fund is an arm of the state and not subject to the statute of limitations.

  • May 26, 2016

    FINRA Tweaks Tackle Confusion Over Debt Research Rules

    The Financial Industry Regulatory Authority proposed a rule change Wednesday alongside the U.S. Securities and Exchange Commission that would clarify yet-to-take-effect regulations on debt research analysts and reports.

Expert Analysis

  • Behind The Curtain: Technical Advisers In Complex Cases

    Christopher S. Finnerty

    During complex litigation, litigants often retain consulting experts to help them understand any intricate aspects of social and natural sciences present in a case, but the federal rules provide no such mechanism for the presiding judge. That is where technical advisers come in, say attorneys at K&L Gates LLP.

  • The Fed's Proposed Capital Rules Could Be Overly Complex

    Lawrence Hamilton

    Assuming the building-block and consolidated approaches to insurer capital regulation are ultimately implemented in a manner consistent with the U.S. Federal Reserve's proposal for new capital standards, multinational insurance groups subject to the board’s jurisdiction will soon face additional challenges in navigating an even larger patchwork of standards and regulations, say attorneys at Mayer Brown LLP.

  • How To Prepare Your Employees For Litigation Discovery

    Charles N. McGee III

    The discovery process can be stressful and nerve-wracking for a company’s employees. Their reactions can vary tremendously and the effects are often overlooked by general counsels. Keeping your employees informed and educated prior to and during a collection or preservation hold can help to minimize disruption, maintain productivity and help discovery budgets stay in line with projections, say attorneys at Murphy & McGonigle PC.

  • Inside FinCEN’s Beneficial Ownership Final Rule

    Jacqueline M. Allen

    Institutions covered by the Financial Crimes Enforcement Network’s recently published final rule extending customer due diligence requirements may need to amend their Bank Secrecy Act programs to include a new fifth pillar to the traditional “four pillars” of an effective anti-money laundering program. It is also important to keep in mind that federal functional regulators may set their own, additional supervisory expectations, say... (continued)

  • 5 Tips For Negotiating And Drafting Joint E-Discovery Plans

    Anthony J. Rospert

    Courts often require parties to develop a joint e-discovery plan. But even when they are not court-imposed, parties should consider using joint e-discovery plans to promote transparency and streamline the discovery process, say Anthony Rospert and Jake Evans of Thompson Hine LLP.

  • From The Book Of Jargon: Headroom

    Does your basket have any headroom? Latham & Watkins LLP partner Greg Robins explains the term "headroom" in this short video from the firm's Book of Jargon.

  • A Cautionary Tale For Oversecured Creditors

    Steven Wilamowsky

    It emerges from a North Carolina federal court decision in the bankruptcy case of Construction Services that the allowed amount of a secured claim under Section 506(b) is not identical to the amount of secured claim that is entitled to protection under Section 507(b) of the Bankruptcy Code. This likely was not the governing assumption prior to the issuance of this decision, say Steven Wilamowsky and Michael Benz of Chapman and Cutler LLP.

  • Spotlight On Spokeo: A Deeply Gratifying Result

    Neil Richards

    Rather than being the end of consumer protection lawsuits, the U.S. Supreme Court's Spokeo v. Robins opinion offers Congress a green light to give consumers the rights they need to protect their privacy and other digital rights. This is exactly the result Spokeo was most likely dreading, says professor Neil Richards of Washington University School of Law.

  • An FCA Update As We Await High Court's Escobar Decision

    Brad Robertson

    The federal False Claims Act may soon be reshaped. With a case pending before the U.S. Supreme Court on the controversial theory of implied false certification, a pair of interesting cases in the Second Circuit and a recent House Judiciary Subcommittee raising issues of FCA reform, the law may face changes in text or interpretation, say attorneys with Bradley Arant Boult Cummings LLP.

  • Panama Papers: Reminders About Law Firm Cybersecurity

    Sean Doherty

    Nowhere is the attractiveness of law firms as cybercrime targets more evident than the recent Mossack Fonseca hack, believed to be the most significant data theft event in history. Firms represent a treasure trove of information and historically have had dreadful cybersecurity practices. There has been some progress, but firms can also commit to better defending their information by taking a simple, three-step approach, says Sean D... (continued)