A New Jersey federal judge sank a $90 million suit alleging Valley National Bancorp and Genova Burns Giantomasi Webster LLC defrauded real estate borrowers, ruling Friday that the plaintiff, a onetime owner of now-foreclosed properties, failed to state a Racketeer Influenced and Corrupt Organizations Act claim.
Fifth Third Bancorp's argument that ex-workers who said the company's stock was too risky for their retirement plan had to claim Fifth Third faced dire circumstances — such as impending collapse — to keep a proposed Employee Retirement Income Security Act class action in court is bunk, the U.S. solicitor general told the Supreme Court on Wednesday.
A bill introduced in the U.S. House of Representatives on Thursday would amend the Truth in Lending Act to allow states to set the maximum annual percentage rates credit card companies can charge customers.
The owner of China’s Juneyao Airlines is in talks with Boeing and Airbus to clinch 20 planes in a deal that could be worth nearly $2 billion, while the likes of Blackstone and Bain Capital are eyeing up Northwestern Mutual Life Insurance Co.’s $3 billion indexing and management firm.
WFC Holdings Corp., a subsidiary of Wells Fargo & Co., recently asked the U.S. Supreme Court to review an Eighth Circuit decision finding the bank was not entitled to an $82 million tax refund because a real estate transaction lacked economic substance.
A Georgia federal judge on Wednesday held for the second time that a 1989 federal law blocked him from deciding whether OneBeacon Midwest Insurance Co. owed coverage for the Federal Deposit Insurance Corp.'s claims that former directors and officers of a failed bank caused $15 million in losses.
Former Jefferies & Co. Inc. managing director Jesse C. Litvak on Friday became the first individual to be convicted of Troubled Asset Relief Program fraud when a Connecticut jury found him guilty of a scheme to defraud customers on residential mortgage-backed securities trades.
A D.C. Circuit panel on Friday rejected the CEO of defunct American Sterling Bank’s bid to overturn a Comptroller of the Currency ban and $1 million fine for misrepresenting the bank’s capital reserves, ruling that he could not claim he lacked information about evolving regulations.
A New York federal court on Friday approved a deal in which a whistleblower will get $63.9 million for tips leading to a False Claims Act settlement in which JPMorgan Chase & Co. agreed to pay $614 million over allegations it defrauded the U.S. government into insuring flawed home loans
A North Carolina federal judge on Thursday reopened Intellectual Ventures Management LLC's patent suit against Bank of America, a day after mistakenly closing the case when he issued a ruling that resolved only some of the issues.
A male in-house counsel once told me I had not been "nice" to him when I approached him about a business opportunity and would therefore not get the business. To add insult to injury, one of my male partners told me I should be flattered by the interest paid to me by the in-house counsel, says Paulette Brown, chief diversity officer at Edwards Wildman Palmer LLP.
Several people have told me that they had a lot of trepidation when they found out they would be working for a woman. To be effective, you need to be able to eliminate or address the conscious or unconscious bias colleagues may have about having a female boss, says Nancy Mitchell, chairwoman of Greenberg Traurig LLP's New York business reorganization and financial restructuring practice.
The U.S. has signed agreements with Finland and Chile — and is near a deal with Luxembourg — under an information-sharing law designed to combat offshore tax evasion, a U.S. Department of the Treasury official told Law360 on Friday.
Japanese regulators will not treat Bitcoin like actual currency but will still tax the digital currency under income, corporate and consumption tax laws, a Japanese news agency reported on Friday.
Timothy Massad, nominated to head the Commodities Futures Trading Commission, said Thursday that “robust” enforcement of the markets under its purview would be one of his major priorities if confirmed, alongside finalizing several pending rules such as new position limits on commodities derivatives.
Criminal allegations unveiled Thursday that Dewey & LeBoeuf LLP executives had systematically cooked their books over several years to hide a dire financial position will likely send some BigLaw leaders running to the ledgers to ensure their own accounting can withstand the closest scrutiny, experts told Law360.
Reed Smith LLP said Thursday that a member of its financial industry group will serve as the new office managing partner in its Princeton, N.J., location, which specializes in financial services and life sciences, data security, energy, real estate and aviation practices.
Small businesses in California and Florida filed challenges to state laws banning so-called swipe fees and surcharges for credit card users, alleging Wednesday that the laws violate consumers’ First Amendment rights and are unconstitutionally vague.
The Fifth Circuit refused Wednesday to revive Racketeer Influenced and Corrupt Organizations Act suits in which Louisiana and Texas counties accused banks of defrauding them through Mortgage Electronic Registration System Inc., ruling that the complaints didn't allege an injury to business or property.
Bank regulatory agencies announced Wednesday that they had issued final guidance on stress tests for midsize financial institutions, companies with between $10 billion and $50 billion in assets, and said such institutions would face fewer requirements than their larger counterparts.
A recent decision by the Fourth Circuit holds — wrongly — that a debt collector violated the Fair Debt Collection Practices Act because its validation letter stated that the debtor could only dispute the debt in writing. However, since the U.S. Supreme Court has not resolved the circuit split on this issue yet, the safest approach for debt collectors with a multistate business is to use two separate validation notices, says John Culhane of Ballard Spahr LLP.
Cloud users must know how to use the cloud responsibly to prevent later difficulties with document production. When negotiating a cloud service agreement, users should look for certain services that will prove useful when responding to discovery requests, such as comprehensive search options, instant suspension of the auto-delete function, and preservation of metadata and embedded data, say attorneys with Sidley Austin LLP.
The Office of the Comptroller of the Currency’s recent addition of a mortgage banking component to the Comptroller’s Handbook signals an intensified regulatory focus on mortgage banking activity. Banks would be well advised, however, to recognize that the reinforced focus is not the OCC’s alone, say Frank Mayer III and Jonathan Levin of Pepper Hamilton LLP.
While the U.S. Department of Justice and the Consumer Financial Protection Bureau's recent settlement with one of the largest auto lenders in the country sends a painfully clear message that the government intends to hold auto lenders responsible for disparities that occur in transactions originated by dealers that have markup discretion, many in the industry have expressed that the bureau has not been clear enough when it comes to its expectations for compliance, say attorneys at Loeb & Loeb LLP.
For retailers and other businesses considering accepting bitcoin as a form of payment, the legal and regulatory risks are — for now at least — not the most significant hurdles, says Jason Weinstein, partner at Steptoe & Johnson LLP and former deputy assistant attorney general at the U.S. Department of Justice.
The Consumer Financial Protection Bureau's recently announced expansion of rules under the Home Mortgage Disclosure Act will provide valuable information that could help keep the mortgage market fairer and more transparent. To be worthwhile, enhanced disclosure must provide data that is both accessible and meaningful — and in keeping with the rest of its user-friendly website, the CFPB’s HMDA website does provide easy access, says Bradley Girard, a student at Georgetown University Law Center.
In stark contrast to the changing environment for the majority of lawyers today, the evolution for the general counsel is driven less by necessity than by opportunity. Today’s GC may touch every aspect of his or her organization to solve challenges and propel the company forward, keeping the GC far ahead of what is expected of the average lawyer, says James Merklinger, vice president and general counsel of the Association of Corporate Counsel.
As reflected in a recent decision by the U.S. Bankruptcy Court for the District of New Jersey, in preparing loan documentation, it is important for practitioners to appreciate how applicable state law and bankruptcy courts will treat assignments of rents and whether, given that treatment, certain facts or structuring could alter whether and how the rents may be used in the event of the borrower’s bankruptcy, say attorneys with Alston & Bird LLP.
Recently issued guidance on providing financial services to marijuana-related businesses places on banks the burden of having to make subjective judgment calls about the nature of their customers’ activities in a decidedly hazy area. Many institutions, as a result, may find any prospect of serving this new market simply go up in smoke, says Travis Nelson of Reed Smith LLP.
The Consumer Financial Protection Bureau's recent administrative consent orders provide insight for regulated banks and nonbanks concerning the bureau's enforcement practices and priorities. It appears that the CFPB is willing to give meaningful consideration to mitigating factors, such as redress provided to consumers, in determining the appropriateness of any penalty, say Matt Applebaum and Matt Bohenek of Bingham McCutchen LLP.