Banking

  • December 9, 2016

    FINRA Seeks Information From Fired Wells Fargo Reps

    The Financial Industry Regulatory Authority on Friday asked former employees of Wells Fargo to come forward if they believe the bank fired them for blowing the whistle on its sham customer accounts and used termination notices to further retaliate or hide its tracks.

  • December 9, 2016

    9th Circ. Says 'Uncharged' Crimes Are Wire Fraud Evidence

    The Ninth Circuit ruled on Friday that prosecutors trying a Montana oil driller for wire fraud are allowed to bring up shady transactions that aren't described in a complaint as long as those transactions are part of the larger scheme.

  • December 9, 2016

    Fed Releases Report On Blockchain Concerns

    The Federal Reserve Board has declared that a number of considerations remain in implementing different types of emerging digital technologies in finance, including blockchain.

  • December 9, 2016

    Former Boss Tells Jury Fired HSBC Exec Was Bad At His Job

    The former HSBC Securities senior vice president who claims the bank punished him for sticking up for a victim of sexual harassment was a weak-link employee who often hid out in a darkened office chatting on his mobile phone, his former boss told a Manhattan jury Friday.

  • December 9, 2016

    Man Convicted In $50M Scheme Asks 11th Circ. To Reverse

    A man convicted of leading a $50 million mortgage fraud scheme that used straw buyers to buy vacant lots in a North Carolina development asked the Eleventh Circuit on Friday for a new trial, arguing that the trial court erred in excusing him from a critical stage of the trial.

  • December 9, 2016

    Minn. Judge Stiff-Arms Stinson From Role In ResCap MDL

    Minnesota’s chief federal justice blocked Stinson Leonard Street LLP on Thursday from joining the legal team of bankrupt mortgage company Impac Funding Corp., saying the firm's involvement would trigger another conflict-of-interest judicial recusal and setback for a multidistrict shoddy-loan case.

  • December 9, 2016

    2nd Circ. Got Libor Wrong, Industry Groups Tell Justices

    Several financial industry groups filed a brief Friday urging the U.S. Supreme Court to review a Second Circuit decision reviving an antitrust suit accusing banks of rigging the London Interbank Offered Rate, saying the appellate court was wrong in finding that the benchmark constitutes a price.

  • December 9, 2016

    Deutsche Bank Gets Nod For $60M Gold Price-Fixing Accord

    A New York federal judge on Friday gave preliminary approval to an agreement by Deutsche Bank AG to pay investors and others $60 million to end claims that it engaged in illegal price-fixing of the gold market.

  • December 9, 2016

    Tribe, Bank Rebuked Over Embezzlement Suit Discovery Row

    A California federal magistrate judge on Thursday called behavior during a discovery dispute between the Paskenta Band of Nomlaki Indians and a bank it has asserted claims against in its lawsuit accusing former tribal officials of a sprawling embezzlement scheme "unacceptable."

  • December 9, 2016

    Feds Call Payday Lenders’ ‘Choke Point’ Claims ‘Erroneous’

    Federal banking regulators said a bid by payday lenders to get an emergency injunction to stop “Operation Choke Point” was based on “erroneous and unsupported speculation” that supervisors were increasing pressure on banks to cut off their relationships with those companies.

  • December 8, 2016

    5th Circ. Reverses NLRB's Order On Citigroup Arbitration

    The Fifth Circuit on Thursday reversed a National Labor Relations Board decision ordering Citigroup Inc. to remove class-action waivers from employment arbitration agreements, finding the order was precluded by two Fifth Circuit decisions the board has appealed to the U.S. Supreme Court.

  • December 8, 2016

    UBS Dodges Fraud Suit In NY Over $500M Chinese Investment

    A New York judge on Thursday tossed Ace Decade Holdings Ltd.’s suit blaming Swiss bank UBS AG for its $500 million investment loss in a Chinese company, saying the British Virgin Islands-incorporated company's subsequent move to New York didn’t establish jurisdiction in the state.

  • December 8, 2016

    Silver Investors Seek To Add 4 Banks To Price-Fixing MDL

    Silver investors accusing major banks of price-fixing asked a New York federal court Wednesday to add four banks to their multidistrict litigation, arguing they acquired “smoking gun” evidence during their $38 million settlement with Deutsche Bank AG that shows the banks were involved in a wide-ranging conspiracy.

  • December 8, 2016

    Brazil Fines Foreign Banks $54M For Currency Manipulation

    Brazil’s competition authority has announced that five big banks have agreed to pay 183.5 million reals ($54.4 million) and admit to participating in a conspiracy to manipulate offshore foreign exchange markets, and that it has opened a new investigation into the onshore currency exchange market.

  • December 8, 2016

    Fed To Release Final Bank ‘Bail In’ Rule Next Week

    The Federal Reserve revealed plans Thursday to release a final version of a rule that will require the eight largest U.S. banks to maintain an extra level of capital, including a required level of long-term debt, aimed at preventing a future taxpayer bailout.

  • December 8, 2016

    SEC Enforcement Head Leaving Agency By End Of Month

    U.S. Securities and Exchange Commission Enforcement Division Director Andrew J. Ceresney will step down from his post as the agency’s top cop, the SEC announced Thursday, ending a nearly four-year term in which the agency brought record numbers of actions and collected billions in fines from wrongdoers.

  • December 8, 2016

    Jackson Hewitt Wants Rest Of Text-Spam Suit Dismissed

    A consumer accusing Jackson Hewitt of bombarding his cellphone with unwanted and unauthorized account update text messages is only guessing that it used an automated telephone dialing system and cannot sustain his Telephone Consumer Protection Act claim without more proof, the tax preparer told an Illinois judge.

  • December 8, 2016

    2nd Circ. Won't Revive ERISA Suit Over Madoff Profits

    The Second Circuit on Thursday refused to revive a suit by a New York engineers' union fund that kept nearly $33 million in fake Bernie Madoff profits, rejecting the fund’s stance that it lost potential profits over its asset manager’s failure to recommend a full withdrawal from Madoff's investments.

  • December 8, 2016

    Feds Say Ex-JPMorgan Employee Stole $5M To Cover Debts

    A Texas-based former JPMorgan Chase & Co. employee is facing criminal charges in federal district court in New York on allegations that he undertook a $5 million fraud scheme against the bank in a bid to pay personal debts.

  • December 8, 2016

    Ex-Furniture Co. Exec Gets 2 Yrs For $17M Bank Loan Fraud

    A Manhattan federal judge on Thursday sentenced an India-born former chief financial officer to two years in prison for a $17 million scheme to dupe Bank Leumi into backing a now-bankrupt New Jersey furniture company, departing sharply downward from guidelines calling for a sentence in the range of five years.

Expert Analysis

  • The Horrible Conflict Between Biology And Women Attorneys

    Anusia Gillespie

    Women leave law firms for many of the same reasons men do, but also face challenges including headwinds with respect to assignment delegation and social outings, as well as potential disruptions if they choose to have children. Firms can increase investment in talent management and improve retention and engagement of women attorneys, says Anusia Gillespie of Banava Consulting.

  • CFPB Sets Demanding Standard For Incentive Programs

    Brad S. Karp

    New Consumer Financial Protection Bureau guidance outlining expectations with respect to incentive programs — such as those at Wells Fargo — leaves much room for discretionary judgments as to which a regulator and a company may well disagree, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Lawyer EQ: Finding Success In Every Interaction

    Judith Gordon

    American legal education relies almost exclusively on analytical thinking. But success in legal practice depends in large part upon an accurate emotional understanding of oneself and the human seated opposite us. Honing emotional intelligence skills can lead to greater success, and Judith Gordon of LeaderEsQ offers a few tools that can be implemented immediately to raise one’s emotional intelligence quotient.

  • Managing Intergenerational Differences Within Your Law Firm

    Najmeh Mahmoudjafari

    We are privileged to be part of an employment market that hosts employees from various generations. While “differences” may imply inherent conflict, intergenerational differences can actually be used to an advantage for organizations — especially law firms, say Najmeh Mahmoudjafari, founder of ImmigraTrust Law, and William Martucci of Shook Hardy & Bacon LLP.

  • 12 Things To Know About The SEC Whistleblower Program

    Jon Eisenberg

    Earlier this year, the U.S. Securities and Exchange Commission’s first chief of the whistleblower program jumped ship to a law firm that specializes in bringing whistleblower claims. The message was clear — SEC whistleblowing is a growing and lucrative area, say Jon Eisenberg and Vince Martinez of K&L Gates LLP.

  • Investor Concerns In Light Of New CMS Long-Term Care Rule

    Michael A. Witt

    While the increasing need for development of housing alternatives for the growing population of older Americans has created new opportunities for investors to provide capital to owner-operators of long-term care facilities, a new rule revising the requirements for LTC Medicare and Medicaid participation could have a direct impact on potential investors, say Michael Witt and Kyle Molidor of Duane Morris LLP.

  • PHH And The Future Of CFPB: 10 Questions And 9 Answers

    Joseph R. Palmore

    Following the D.C. Circuit’s recent decision in PHH v. Consumer Financial Protection Bureau and the outcome of the presidential election, many questions about how the PHH litigation may proceed and the future of the CFPB have emerged. Attorneys with Morrison & Foerster LLP share their views on a number of questions arising from this litigation.

  • Holding The CFPB’s Feet To The Fire

    Ori Lev

    In Consumer Financial Protection Bureau v. Prime Market Holdings, a California federal judge recently ruled that claims brought by the CFPB alleging that a company engaged in deceptive conduct must be accompanied by specific factual allegations. The decision may have long-term implications for how the CFPB pleads its cases, which cases it brings and where it brings them, says Ori Lev of Mayer Brown LLP.

  • 'Rep and Warranty' Insurance: Claims Study Analysis

    Mitchell L. Griffith

    Despite the rise of liability insurance in the United States, little information has been provided regarding claims under transaction liability insurance products. Mitchell Griffith of Thompson & Knight LLP and John McNally and Adam Wilhite of JLT Specialty USA discuss claims data and shed some light on the transaction liability insurance market.

  • The Personal Benefit Test Post-Salman

    Daniel J. Kramer

    In its first opinion addressing the scope of insider trading liability in nearly 20 years, the U.S. Supreme Court limited its holding in Salman to gifts to friends or relatives, providing little clarity about the scope of the personal benefit requirement outside of that context, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.