• November 25, 2015

    BofA, JPMorgan, Others Stifling Rate-Swaps Competition: Suit

    Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and seven other large banks have rigged the market for interest-rate swaps by blocking companies from launching public exchanges of the derivatives, according to a proposed class action filed in New York Wednesday.

  • November 25, 2015

    Fed Delays New Capital Reserve Requirements Until 2017

    The Federal Reserve on Wednesday announced it is delaying until 2017 changes in the way it calculates the amount of capital the nation’s largest banks are required to have on hand in order to weather economic difficulties, as part of federally mandated stress tests under the Dodd-Frank Act.

  • November 25, 2015

    Financial Services Co. Settles Pay Dispute Over H-1B Visas

    A U.S. Department of Labor judge on Monday approved an $87,000 settlement between a financial services firm and two former recruiters in a payment dispute involving the H-1B visa program for nonimmigrants.

  • November 25, 2015

    Ex-Faruqi Atty Sues For Slice Of Firm’s Leucadia Suit Fees

    An ex-Faruqi & Faruqi LLP partner who testified in a recent sex assault case against the firm launched a New York federal suit Wednesday, saying Faruqi didn’t pay her for work in shareholders’ litigation challenging Leucadia National Corp.'s $3 billion deal for Jefferies Group Inc.

  • November 25, 2015

    Citigroup Investors File New RMBS Suit, Claim $2.3B In Losses

    Pacific Investment Management Co. and other investors have filed the latest suit accusing Citibank NA of ignoring widespread problems with toxic residential mortgage-backed securities, claiming $2.3 billion in losses in a proposed class action in New York state court.

  • November 25, 2015

    SEC In-House Court Reforms Not Enough, Ex-Prosecutor Says

    The U.S. Securities and Exchange Commission's plans for reforming its in-house court would still place defendants at a disadvantage, and the agency instead should look at ways to make the tribunal function more like the federal judiciary, a former federal prosecutor has told the agency.

  • November 25, 2015

    UK Court Won't Nix Chinese Proceedings Entirely In Ship Row

    The British High Court ruled Wednesday that a Greek shipping company needn't face proceedings in China in a dispute over a breached vessel purchase agreement, citing related arbitral proceedings in London, but wouldn't let the Greek bank that lent the money for the vessel escape the Chinese litigation.

  • November 25, 2015

    Toyota Steers Deceptive Lease Class Action To Arbitration

    A California judge on Wednesday tentatively sent to arbitration a putative class action alleging Toyota Motor Credit Corp. applies illegal fees when repossessing leased vehicles, noting that the plaintiff signed a lease agreement containing an arbitration clause not once, but twice.

  • November 25, 2015

    7th Circ. Stops Tribal Action Over $50M Bond Sale

    The Seventh Circuit has ruled that Wells Fargo and other financial entities didn’t have to submit to tribal jurisdiction to pursue $46 million in unpaid bond obligations, while also sending the case back to district court to determine if law firm Godfrey & Kahn SC could waive jurisdiction after representing the tribes in the sale.

  • November 25, 2015

    Britain Looks To Unload Lloyd's, RBS Bailout Stakes

    The British government plans to fully divest its Royal Bank of Scotland stake by selling shares totaling £30.8 ($46.6 billion) over six years, in addition to selling the rest of its Lloyds Banking Group stock in 2016, part of efforts to unwind from crisis-era bailouts, the country's treasury department said Wednesday.

  • November 25, 2015

    2nd Circ. Asks Del. High Court's Opinion On $800M RMBS Suit

    The Second Circuit on Wednesday asked the Delaware Supreme Court for help in determining whether a group of investors can directly sue Citigroup Inc. over an alleged $800 million loss related to the bank’s residential mortgage-backed securities, rather than in a derivative suit.

  • November 25, 2015

    PNC Mortgage Loan Officers Nab Certification In Wage Suit

    A Pennsylvania federal judge on Wednesday conditionally certified a collective action in a lawsuit accusing PNC Bank NA of failing to pay its mortgage loan officers adequate overtime and of not paying them for all the hours they worked.

  • November 25, 2015

    WTO Dispute Roundup: Members Clash Over Ag, E-Payments

    In Law360's look at the latest session of the World Trade Organization's Dispute Settlement Body held Wednesday, Brazil's case against Indonesia's poultry ban hits a speed bump as members continue squabbling over older disputes focused on biotechnology, e-commerce and trademarks.

  • November 25, 2015

    Merchants Slam $7.25B Interchange Fee Deal's 'Limited' Relief

    Attorneys for a slew of merchants told the Second Circuit Tuesday that a $7.25 billion settlement reached with Visa and MasterCard over interchange fees has "critical infirmities," saying the deal provides “limited and temporary” relief to the class but gives an “all-encompassing and perpetual” release to the defendants.

  • November 25, 2015

    SEC Blesses Bloomberg, Fintech Trade Matching Plans

    The U.S. Securities and Exchange Commission approved separate plans Tuesday by a Bloomberg LP unit and a Connecticut financial software company to offer trade matching services and electronic trade confirmations, while exempting both from registering as a clearing agency.

  • November 25, 2015

    The Dangerous Secrets Your Client Is Keeping From You

    Any secret a client keeps from outside counsel can be a liability, but certain types are especially harmful, lurking in the shadows like a grenade with the pin pulled. Here, experts discuss the most menacing secrets clients hide.

  • November 25, 2015

    Ex-Goldman Compliance Aide Accused Of Insider Trading

    A former Goldman Sachs compliance staffer who helped the bank develop software to spot insider trading has been accused of the illegal act himself, with the U.S. Securities and Exchange Commission saying he stole confidential information about deals Goldman was working on and then traded on it.

  • November 25, 2015

    SEC Won't Ban Steinberg After Insider Trading Reversal

    The U.S. Securities and Exchange Commission has agreed to drop its plans to bar former SAC Capital Advisors LP portfolio manager Michael Steinberg from the securities industry after his criminal conviction for insider trading was vacated last month.

  • November 25, 2015

    Barclays Settles Investor Suit Over Libor Rigging For $14M

    A class of Barclays PLC investors asked a New York federal judge Tuesday to approve a $14 million settlement to end allegations that the British bank manipulated the London Interbank Offered Rate and made misstatements to cover it up.

  • November 25, 2015

    Convicted Ex-BNY Employee Settles SEC Insider Trading Case

    A former Bank of New York Mellon manager who was sentenced to six months in prison for trading on illegal stock tips from a Merck analyst has reached an undisclosed settlement with the U.S. Securities and Exchange Commission in a related civil case, lawyers for the agency said Wednesday.

Expert Analysis

  • OPINION: In Search Of Our Best Law Firm Selves

    James Maiwurm.jpg

    Several developments over the past few months caught the eye of Jim Maiwurm, chairman emeritus of Squire Patton Boggs. Try as he might, he could not resist the temptation to comment on a few — such as the expansion of the Dentons “polycentric” empire, a confused verein controversy, and provocative suggestions that the law firm partnership model is a dinosaur.

  • 5th Circ. Clarifies And Complicates Choice-Of-Law Analysis

    Michael D. Karpeles

    As companies grow and expand into multiple states, determining the applicable law for restrictive covenants can be puzzling. In a case related to the merger of Prosperity Bank in Texas and F&M Bank in Oklahoma, the Fifth Circuit provides a useful road map, but also demonstrates that there is no certainty that the chosen law will be enforced against employees in other states, says Michael Karpeles of Greenberg Traurig LLP.

  • From The Book Of Jargon: Happy Meal

    In this short video — the latest installment from the "Book of Jargon" — Latham & Watkins LLP partner Courtenay Myers Lima defines "happy meal."

  • Stop The Madden Madness

    Michael C. Tomkies

    Fairly read, the Second Circuit opinion in Madden v. Midland Funding does not overturn centuries of case law on the so-called "valid when made" doctrine. As plaintiffs have already begun to introduce Madden-related arguments in their filings, it is critical that the financial services industry proactively clarify the limited scope of Madden, say Michael Tomkies and Susan Manship Seaman of Dreher Tomkies LLP.

  • Key Takeaways From The SEC’s 2015 Whistleblower Report

    Christian R. Bartholomew

    The U.S. Securities and Exchange Commission's recently released whistleblower report makes clear that the commission will continue to focus on issues raised in the case of KBR, and that it is actively interested in any company documents, policies or statements suggesting that an employee talks to the SEC at his or her own peril, say attorneys with Jenner & Block LLP, including a former SEC trial lawyer.

  • Student Loan Bond Market: Diminished, But Functioning

    Todd L. Cooper

    While student loan bond issuance has declined, qualified bonds are still being issued for certain purposes. A recently issued notice is another in a developing trend of helpful guidance from the IRS, adding some clarity to how student loan authorities must analyze state supplemental loans and refinancing loans before they can be acquired with proceeds of a tax-exempt qualified student loan bond, says Todd Cooper of Squire Patton Boggs.

  • New Federal Rules Acknowledge It’s Time To Drop The 'E'

    Gregory Leighton

    The amendments to the Federal Rules of Civil Procedure scheduled to take effect Dec. 1 are designed to usher in a new era in the U.S. litigation system, this time acknowledging that what was once known as “e-discovery” is now just discovery. The amendments are sweeping in scope, but none is more important than the revised Rule 37(e), say Gregory Leighton and Eric Choi of Neal Gerber & Eisenberg LLP.

  • FinCEN Expands Data Collection Geography Beyond Banking

    Heather A. Kabele

    Over the last 15 months the U.S. Treasury’s Financial Crimes Enforcement Network has issued five geographic targeting orders aimed at data collection that reach beyond the traditional banking sector into the armored car, common carrier and fashion sectors, says Heather Kabele at Vorys Sater Seymour and Pease LLP.

  • Safe Harbor Needed For Arbitral Rights In Absent Class Claims

    Richard A. Ripley

    To determine a waiver of arbitral rights, circuit courts generally look at whether the party seeking arbitration takes action in litigation inconsistent with its arbitration rights, and whether that action prejudices the plaintiff. However, two 2015 decisions — Checking Account Overdraft Litigation and Healy v. Cox — reveal that framework as an ill-fitting suit when the waiver implicates absent putative class members, says Richard ... (continued)

  • Class Counsel Fees Getting 'Intense Judicial Scrutiny'

    Carolyn Cole

    Recognizing that defendants have no duty and little incentive to object to an inflated class counsel fee request, and that class counsel have every incentive to increase their fees, Judge Richard Posner and the Seventh Circuit have filled this void by directing “intense judicial scrutiny” of class counsel fee awards. In doing so, the court identified issues all counsel now should consider when crafting a class action settlement, sa... (continued)