Banking

  • September 4, 2015

    Commodity Traders Apathetic On Abuse, UK Watchdog Warns

    The U.K.’s Financial Conduct Authority on Thursday warned that brokers and commodities trading firms are still complacent and not adequately keeping an eye out for market abuses in the trading of oil and metals.

  • September 4, 2015

    Judge Nixes 2 Intellectual Ventures Patents Under Alice

    A Maryland federal judge on Wednesday held that two mobile banking patents being asserted by Intellectual Ventures I LLC against Capital One Financial Corp. in a patent infringement and antitrust case are invalid as they claim abstract ideas under the U.S. Supreme Court's Alice standard.

  • September 4, 2015

    Fintech Boom Prompts Lawyers To Add Tech Know-How

    Payments startups and online lenders don't need a lawyer who can code new apps — what these financial technology businesses need is an attorney with enough tech savvy to ask the right questions to get their products to market.

  • September 4, 2015

    Fed. Circ. Says Media Patent In Capital One Suit Is Indefinite

    The Federal Circuit affirmed a decision Friday that a patent for preventing unauthorized recording of copyrighted material is invalid as indefinite because it does not describe a structure for performing the claimed function, in a win for accused infringer Capital One Financial Corp.

  • September 4, 2015

    SEC's Gallagher Set To Leave Agency In Oct.

    U.S. Securities and Exchange Commission member Daniel Gallagher announced on Friday firm plans to leave the agency by early next month, putting additional pressure on the White House to name his replacement soon. 

  • September 4, 2015

    Deals Rumor Mill: GE, Hapag-Lloyd, Rokin, Jupiter Hotels

    Several major Japanese banks have lobbed bids to snatch up General Electric Co.'s Japanese commercial finance operations, German container shipper Hapag-Lloyd AG taps more banks to steer a potential initial public offering and South Korean logistics provider CJ Korea Express Corp. teams up with an investment group to acquire China's Shanghai Rokin Logistics Co.

  • September 4, 2015

    SEC's OxFam Loss May Open Floodgates To Deadline Suits

    The U.S. Securities and Exchange Commission may end up paying a price for blowing the tight deadlines Congress gave it for passing rules out of the Dodd-Frank Act and other laws after a federal court on Wednesday ordered the agency to hurry up on finalizing disclosure requirements on public oil, gas and mining companies.

  • September 4, 2015

    Aussie Court Fines Visa $12.5M For Blocking Rival Service

    An Australian court fined Visa Worldwide Pte. Ltd. $12.5 million for trying to block a rival company from offering currency conversion services to merchants in the country, Australia's antitrust enforcer said on Friday.

  • September 4, 2015

    Vt. Can Back Women Suing Tribal Lender Over Payday Loans

    A Vermont federal judge granted the state’s request Friday to file an amicus brief in support of two women in a proposed class action alleging usurious interest rates were charged at a Native American lending operation, but deferred ruling on the women’s contested request for discovery.

  • September 4, 2015

    Inside The Summer’s Hottest M&A Plays

    As summer comes to its unofficial end, so does a vibrant period in deal-making that saw seven of the transactions inked between Memorial Day and Labor Day land among the biggest plays so far this year. Here, Law360 takes a look at the summer's largest tie-ups and the law firms that steered them.

  • September 4, 2015

    Ex-Credit Agricole Employee Gets 37 Months For $1.5M Theft

    A former Credit Agricole Securities employee has been sentenced in New Jersey to 37 months in prison for illegally draining more than $1.5 million from the company to cover hefty personal expenses including the purchase of a home in North Carolina.

  • September 3, 2015

    Banks Want 2nd Circ. To Note Latest Libor Dismissal Ruling

    Banks, including Barclays Bank PLC, Bank of America Corp., in the sprawling multidistrict litigation over Libor manipulation asked the Second Circuit on Wednesday to take a closer look at a portion of a lower court’s 430-page ruling that reaffirmed a dismissal of antitrust claims in the matter.

  • September 3, 2015

    Grand Jury Indicts ‘Flash Crash’ Trader On Criminal Charges

    An Illinois federal grand jury has formally indicted the U.K. trader accused of helping cause Wall Street’s 2010 flash crash on criminal charges of market manipulation, according to a filing made public on Thursday.

  • September 3, 2015

    Akin Gump Launches New Effort To Advise On Cuba Matters

    Akin Gump Strauss Hauer & Feld LLP on Thursday announced that it has launched a cross-practice, multioffice initiative devoted to advising clients on various matters related to Cuba, and has hired a noted international relations professional with significant experience in U.S.-Cuba affairs as a senior adviser to further the new effort.

  • September 3, 2015

    Watchdogs Approve BofA's Models For Risk-Based Capital

    Federal banking regulators on Thursday allowed Bank of America Corp. to use its own models when determining the capital levels it must maintain.

  • September 3, 2015

    Ex-NBA Player's Gofer Convicted Of Stealing $2.8M, Tax Fraud

    A Florida federal jury on Wednesday convicted the former personal assistant of a retired NBA player on multiple counts of wire fraud and filing false tax-related documents connected to his theft of more than $2.8 million from his employer over several years.

  • September 3, 2015

    Lehman Trustee Takes Aim At $260M Compensation Claims

    Lehman Brothers Inc.'s liquidating trustee asked a New York bankruptcy court Wednesday to reclassify $260 million worth of claims brought under a deferred compensation plan for executives and other employees of the failed brokerage business.

  • September 3, 2015

    Schroder To Pay $10.3M Penalty In DOJ Swiss Bank Program

    The U.S. Department of Justice said Thursday that Schroder & Co. Bank AG will pay a $10.4 million penalty for helping American account holders evade U.S. taxes, the largest such agreement under the Swiss Bank program in recent months.

  • September 3, 2015

    LA Drops Mortgage Discrimination Case Against JPMorgan

    The city of Los Angeles on Tuesday dropped its discriminatory lending lawsuit against JPMorgan Chase & Co., with an agreement bringing to a close the first of four lawsuits the city filed against major banks.

  • September 3, 2015

    Congressional Dems Tell DC Circ. SEC Rule Went Too Far

    Current and former Democratic members of Congress told the D.C. Circuit on Wednesday that the U.S. Securities and Exchange Commission ran roughshod over legislative intent by broadly preempting state regulation of some securities offerings under a new capital-raising rule known as Regulation A+.

Expert Analysis

  • Now We Know How NYC's Credit Check Ban Will Be Interpreted

    Mark E. Brossman

    The New York City Commission on Human Rights' enforcement guidance for the Stop Credit Discrimination in Employment Act makes it clear that the commission plans on interpreting the SCDEA’s restrictions broadly and its exemptions narrowly, say attorneys at Schulte Roth & Zabel LLP.

  • Dodd-Frank 5 Years Later: Main Street Is Still Losing

    Marc S. Lampkin

    Until we recognize Dodd-Frank's shortcomings, roadblocks will remain for consumers as they look to move up the economic ladder. The well-intentioned efforts of the Consumer Financial Protection Bureau to move consumers out of a cycle of debt will only serve to entrench them in a life of poverty, says Brownstein Hyatt Farber Schreck LLP's Marc Lampkin, former strategic adviser to House Speaker John Boehner, R-Ohio.

  • Regulatory Changes In Retail Forex Market Will Continue

    Israel Dahan

    Because of January’s Swiss franc black swan, regulators now appear to believe that the only way to protect the foreign exchange market and retail investors is to regulate, regulate and regulate. The U.S. Commodity Futures Trading Commission’s adoption of new protections late last month is likely one step in a long walk toward much bigger changes, say attorneys with King & Spalding LLP.

  • OPINION: Banks Should Reject The Target-Visa Settlement

    Charles Zimmerman

    If Target Corp. succeeds in its latest attempt to extinguish financial institutions’ legal claims for pennies-on-the-dollar with its recent and woefully inadequate settlement with Visa Inc., it will set an extremely dangerous precedent for the victims of future data breaches, say Charles Zimmerman of Zimmerman Reed PLLP and Karl Cambronne of Chestnut Cambronne PA.

  • Top 10 Steps When Responding To A Disaster

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    In contrast to routine litigation, crises — such as environmental disasters, violent criminal or terrorist acts, explosions, corporate scandals or computer crimes — involve issues and follow timelines that are difficult to foresee. Even though every crisis is unique, there are 10 steps you can take to help mitigate damage and stabilize the situation, say Otway Denny and Jessica Farley of Norton Rose Fulbright US LLP.

  • Consent Order Shows More CFPB Interest In Student Loans

    Jodie H. Lawson

    The severity of the Consumer Financial Protection Bureau's consent order against Discover Financial Services, coupled with the CFPB's request for information on student loan servicing practices, indicates that the bureau is currently taking a hard look at student loan servicers, say Jordan Sykes and Jodie Lawson of McGuireWoods LLP.

  • The High Court's Key Jurisdiction Question In Manning

    Matthew Tobin

    The circuits are divided on whether federal jurisdiction can be grounded in the first instance on Section 27 of the Securities Exchange Act, which states that federal courts “shall have exclusive jurisdiction” of violations arising under the act’s regulations. The resolution of this issue by the U.S. Supreme Court in Manning v. Merrill Lynch Pierce Fenner & Smith Inc. stands to affect not just Exchange Act claims, say Matthew Tobin... (continued)

  • Putting The Brakes On 'Responsible Banking' Ordinances

    H. Rodgin Cohen

    A recent Southern District of New York decision striking down New York City’s “Responsible Banking Act” confirms that courts will scrutinize municipal laws that venture into the field of bank regulation and sets a precedent for potential challenges to responsible banking acts currently in place in various cities across the United States, say attorneys with Sullivan & Cromwell LLP.

  • FinCEN Continues Aggressive Anti-Money Laundering Trend

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    If adopted, the Financial Crimes Enforcement Network’s recently proposed rules will prescribe specific anti-money laundering obligations for investment advisers, which previously had not been subject to Bank Secrecy Act AML regulations notwithstanding their potential criminal liability for engaging in or aiding and abetting money laundering, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Litigation Risk For HFT Facilitators Fades Fast

    Kathleen Massey

    A New York federal judge’s decision last week dismissing all claims against several U.S. stock exchanges and a dark pool operator is just the latest defeat for plaintiffs firms hoping to put high-frequency trading on trial in the wake of Michael Lewis’ book “Flash Boys,” say Kathleen Massey and Jeffrey Benner of Dechert LLP.