Banking

  • May 3, 2016

    Apple To Get Trimmed Subpoena In Merchant Swipe-Fee MDL

    7-Eleven and other merchants in multidistrict litigation accusing Visa and MasterCard of conspiring to fix credit card swipe fees agreed Tuesday to narrow a subpoena seeking information from Apple on its mobile payment service Apple Pay, after a California federal judge said the subpoena was overly broad.

  • May 3, 2016

    ITG Investors Look To Keep Trading Platform Suit Alive

    Investors claiming Investment Technology Group Inc. defrauded them by hiding a proprietary trading platform that led to a record $20.3 million regulatory sanction asked a New York federal judge Monday to keep their suit alive, claiming the company hid material information from them.

  • May 3, 2016

    Sudan Refugees Sue BNP Paribas Over Genocide

    A group of Sudanese refugees hit BNP Paribas with a proposed class action alleging the banking giant provided their home country with the means to fund the widespread murder and abuse of black citizens, a suit their attorney said could seek $1 million for each refugee.

  • May 3, 2016

    Motricity Again Escapes Investor Class Action Over IPO

    The Ninth Circuit on Tuesday refused to revive a consolidated securities class action in which shareholders accused Motricity Inc., some of its directors and the banks that underwrote the mobile data service provider's initial public offering of making false statements during the IPO.

  • May 3, 2016

    3rd Circ. Blocks Pa. Bankruptcy Related To Failed Fla. Case

    The Third Circuit on Tuesday ruled that an involuntary bankruptcy action brought against guarantor entities affiliated with a Pennsylvania-based diagnostic imaging company was properly barred by a bankruptcy court since the petitioner lacks standing and already lost a nearly identical case in Florida.

  • May 3, 2016

    Citizens Bank Loan Officers Win Collective Action Cert.

    A Pennsylvania federal judge has certified as a collective action an overtime lawsuit brought by three Citizens Bank mortgage loan officers, saying the payment policies challenged in their suit affected in a uniform way Citizens loan officers across the county.

  • May 3, 2016

    InfoSpan's Fee Bid Nixed In Venue Fight With UAE Bank

    A federal judge on Tuesday denied a technology company's bid for attorneys' fees following its successful move to arbitrate its contract dispute with an Emirati bank over money transfer technology in California instead of Dubai, saying the company isn't a "prevailing party" as contemplated by their agreement.

  • May 3, 2016

    Ex-Willkie Atty Wants Cellphone Evidence Axed Before Trial

    Evidence pulled from a cellphone that federal agents took while arresting a former Willkie Farr & Gallagher LLP and Hunton & Williams LLP partner should be suppressed before a MasterCard fraud trial because the seizure violated her Fourth Amendment rights, her lawyer has told a New Jersey federal judge.

  • May 3, 2016

    Madoff Trustee Can Depose Convicted Ex-Employees

    The trustee for Bernie Madoff's defunct securities firm on Monday got a federal bankruptcy judge's permission to ask questions about the firm's records to two longtime account managers who recently lost an appeal of their convictions for aiding Madoff's Ponzi scheme.

  • May 3, 2016

    Docs In 'Smart Ass' Price-Fixing Suit Had To Go, Court Told

    The man accused of being the architect of a “smart ass” scheme to manipulate aluminum prices told a New York judge that he believes he was required to destroy confidential information from a metals storage company after he ceased being a consultant, rebutting claims by aluminum companies in a multidistrict litigation that he was deliberately destroying evidence.

  • May 3, 2016

    BofA Settles MBS Suit With Former Seattle Bank For $190M

    Bank of America Corp. will pay $190 million to settle a lawsuit originally brought by the Federal Home Loan Bank of Seattle over misstatements or omissions BofA allegedly made when issuing mortgage-backed securities, according to a regulatory filing Monday.

  • May 3, 2016

    SEC Completes All Rulemaking Mandated By JOBS Act

    The U.S. Securities and Exchange Commission said Tuesday that it has approved changes to when and how equity securities must be registered in the final rulemaking under the Jumpstart Our Business Startups Act, allowing companies to exclude stocks from SEC registration when held by employees.

  • May 3, 2016

    Philly Firm Sues Insurer Over Ex-Atty's Criminal Defense

    Fineburg Law Associates PC has sued in Philadelphia County to hold an insurer accountable for nearly $3 million the firm spent defending a former partner against federal charges that he helped plunder an ailing mortgage lender after its extortionate, mafia takeover.

  • May 3, 2016

    Citi, JPMorgan, Others Paying $324M In Rate-Fixing Deal

    Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. were among seven banks that on Tuesday agreed to pay a total of $324 million to settle class action litigation alleging that they rigged a benchmark interest rate used to set terms for swaps transactions.

  • May 3, 2016

    Barclays Exec Accused of Saving His Own Skin In Libor Trial

    The attorney for a former Barclays trader on trial for manipulating the Libor accused a top bank executive Tuesday of trying “to save his own skin" by concealing what he knew about the swaps desk's benchmark rate manipulation.

  • May 3, 2016

    Delaware Blockchain Plans Look Good For Digital Shares

    Delaware is stepping up efforts to embrace blockchain technology, which powers digital currency bitcoin, in a move that could hasten the growth of digital shares that promise to speed transactions and lower costs for public companies.

  • May 3, 2016

    Bank, Trust Agree To Cut Some Fraud Counts Over $8.9M Loan

    A bank and the trust fund it accuses of defaulting on an $8.9 million promissory note have agreed to toss out several fraud and deception-related claims in a North Carolina federal lawsuit, leaving four claims against the Mingo Tribal Preservation Trust alleging contract breach and concealment of financial information by to be litigated.

  • May 3, 2016

    Feds, SD Tribe Aim To Settle Mortgage Foreclosure Suit

    The federal government and the Oglala Sioux Tribe asked a South Dakota federal court Monday to pause a suit seeking to foreclose on a mortgage secured by tribal trust lands, saying they wanted time to work toward a settlement.

  • May 3, 2016

    Fed Board Green-Lights Capital Holding, Default Rules

    The Board of Governors of the Federal Reserve System unanimously agreed Tuesday at a board meeting to publish two proposed rules aimed at preventing another financial collapse if larger banks fall.

  • May 3, 2016

    UK Banks Have Paid £2.2B In Redress For Derivatives Sales

    British banks have paid back £2.2 billion ($3.2 billion) and counting to thousands of “unsophisticated investors” to whom they sold complex interest-rate hedging products after 2001 as part of a Financial Conduct Authority-ordered review, the U.K. financial watchdog said Tuesday.

Expert Analysis

  • Interpreting Duran V. US Bank In The Aftermath Of Tyson

    Steven D. Allison

    The decisions in Duran v. U.S. Bank and Tyson Foods v. Bouaphakeo seem like mirror images. One approved the use of statistical sampling to establish an employer’s liability, the other rejected the same method in a similar case. But on closer inspection, the U.S. Supreme Court’s reasoning in Tyson is more similar to the California Supreme Court’s in Duran than the outcomes would suggest, say attorneys at Crowell & Moring LLP.

  • The CFPB’s Two Faces On Avoiding The Courts

    Eric J. Mogilnicki

    The Consumer Financial Protection Bureau appears to have two positions on resolving legal disputes without going to court — it is unfair except when the bureau does it, says Eric Mogilnicki of Covington & Burling LLP.

  • Ensuring Compliance With California's Finance Lenders Law

    V. Gerard Comizio

    The California Finance Lenders Law casts a wider net than the lending regimes in other states and has begun to garner more attention from regulators. An entity engaging in any kind of lending in California should closely analyze the parameters of the law to determine whether the entity is exempt or whether it is in compliance with the law’s requirements, say attorneys with Paul Hastings LLP.

  • Panama Papers Leak Puts Spotlight On Offshore Accounts

    Ivan H. Golden

    The Panama Papers disclosure is the latest in a series of events that highlight the danger to U.S. taxpayers of using offshore accounts to hide assets or avoid U.S. tax. The good news is that it is still possible for taxpayers to make a disclosure on relatively favorable terms, but that opportunity may not last forever, says Ivan Golden of Schiff Hardin LLP.

  • Developments At The NAIC Spring Meeting: Part 3

    Thomas M. Kelly

    In the last part of a three-part series highlighting some of the developments from the National Association of Insurance Commissioners' spring meeting, attorneys at Debevoise and Plimpton LLP discuss long-term care and health insurers, receivership and insolvency, the financial stability task force and valuations of the securities task force.

  • OPINION: Engaging The Media May Help Your Client

    Liz Mair

    While I am confident that the decisions in Windsor and Obergefell were made on the basis of the dictates of the Constitution, I am also confident that the communications efforts undertaken gave the justices additional comfort to make the right call, and ensured that these decisions were not treated as a Roe v. Wade redux, says Liz Mair, former online communications director for the Republican National Committee and president of Mair Strategies.

  • Spoofing And The Limit-Order Book

    John Montgomery

    Given the importance of “intent” in the statutory language outlawing “spoofing,” expert analysis of a defendant’s trading patterns may contribute evidence regarding the defendant’s intentions. An exchange’s limit-order book inevitably reflects the strategic behavior of many traders, says economist John Montgomery of Navigant Consulting Inc.

  • Using The New Federal Rules To Rein In Discovery

    Martin J. Healy

    The 2015 amendments to the Federal Rules of Civil Procedure present a fertile opportunity for defendants to leverage the rules' renewed focus on reasonableness and proportionality to rein in rampant discovery abuse. Courts' application of the amended rules has already shown promise in this regard, say Martin Healy and Joseph Fanning of Sedgwick LLP.

  • Dentons: A New Kind Of Network?

    MarkACohen.jpg

    Dentons is two different law firm networks in one. So even if the Swiss verein structure should eventually fail and Dentons is forced to operate as a network of independent law firms, it could still be a significant market force, says Mark A. Cohen, a recovering civil trial lawyer and the founder of Legal Mosaic LLC.

  • From The Book Of Jargon: Tree

    In the latest excerpt from the "Book of Jargon," Michèle Penzer, managing partner of Latham & Watkins LLP's New York office, defines the finance term "tree."