Banking

  • December 7, 2016

    China Leads Global Equity Capital Markets Volume With $201B

    China led all nations when it came to volume of equity capital markets transactions in 2016, according to a Wednesday report, raising $201.3 billion year-to-date and accounting for 30 percent of the total global volume.

  • December 7, 2016

    Real Estate Rumors: MasterCard, Chetrit, Gold Capital

    MasterCard is said to be looking for roughly 150,000 square feet in Manhattan, a Chetrit Group venture has reportedly scored an extension on $216.7 million of CMBS debt, and Gold Capital has reportedly sold a Miami retail property home to a restaurant and sports bar for $11.5 million.

  • December 7, 2016

    EU Fines 3 Banks €485M For Euribor Price Fixing

    Crédit Agricole SA, HSBC Holding PLC and JPMorgan Chase & Co. have been slapped with fines of just over €485 million ($520 million) for their alleged involvement in a cartel that manipulated prices for the key Euribor interest rate benchmark, the European Commission said Wednesday.

  • December 6, 2016

    Insider Trading Law Remains Murky After High Court Ruling

    The U.S. Supreme Court’s decision Tuesday upholding the government's insider trading case against Bassam Salman is a victory for prosecutors hampered by the Second Circuit’s Newman decision, experts said, but the justices' narrow holding won't resolve the long-standing question of who qualifies as a friend under the court's insider trading precedent.

  • December 6, 2016

    Banking MVP: Mayer Brown's Matthew Ingber

    Following the financial crisis, Mayer Brown LLP partner Matthew Ingber helped devise a way to settle large numbers of claims brought by investors over alleged misrepresentations regarding residential mortgage-backed securities, a blueprint that recently led to a significant settlement and helped land him among Law360’s 2016 Banking MVPs.

  • December 6, 2016

    Atty Gets Bond Waived While He Fights $10M HUD Penalty

    A federal judge on Monday signed off on an Illinois attorney's request to stay his appeal bond while the Seventh Circuit considers his $10.3 million fine for failing to disclose a criminal conviction on loan applications to the U.S. Department of Housing and Urban Development.

  • December 6, 2016

    Ex-HSBC Exec Disparaged Former Bank Analyst, Jury Hears

    Former HSBC Securities Senior Vice President Michael Picarella conceded Tuesday that he took part in disparaging a female sales analyst before later complaining of sexual harassment on her behalf, as a Manhattan federal jury heard evidence on his claim that the bank executed a campaign of retaliation against him for interceding.

  • December 6, 2016

    GE Share Conversion Fight Survives Bid To Toss In Del.

    A Delaware vice chancellor on Tuesday declined to toss a proposed class action alleging that General Electric Co. misled stockholders who sold their involuntarily converted shares days before the company offered an exchange for a better price, saying that the investors have standing to sue.

  • December 6, 2016

    Ex-Bank CEO Faces Up To 100 Years For $179M Loan Fraud

    The former CEO of First Farmers Financial LLC faces up to 100 years in prison after he pled guilty Tuesday to leading a $179 million fraud through loans he falsely claimed had the backing of the U.S. Department of Agriculture.

  • December 6, 2016

    Deals Rumor Mill: AB InBev, Monte dei Paschi, McDonald's

    The list of suitors vying for a group of AB InBev beer brands has been whittled down, the Italian government plans to buy a $2.14 billion stake in lender Monte dei Paschi di Siena and McDonald's could net up to $2 billion through the sale of its Chinese business.

  • December 6, 2016

    Plaintiffs Don't Know Their Own Suit, Credit Report Co. Says

    Credit report company Clarity Services Inc. asked a Virginia federal judge on Monday not to certify a class of consumers who say their private financial information was improperly sold to a lead generator, saying the named plaintiffs are figureheads who know nothing about their own claims.

  • December 6, 2016

    Green Dot, MasterCard Reach Deal Over Debit Disruption

    Green Dot Corp. and MasterCard Inc. agreed to pay up to $6.4 million to compensate a class of Walmart MoneyCard holders who sued over a three-day disruption in service that cut off access to the consumers’ funds, according to papers filed in California court Monday.

  • December 6, 2016

    FINRA Fines Wells Fargo Units $1M Over Reports

    Two Wells Fargo subsidiaries have agreed in a settlement on Monday to pay $1 million to end the Financial Industry Regulatory Authority’s allegations that they failed to supervise their brokers’ use of a reporting system, which led to questions of whether financial reports were actually sent to consumers.

  • December 6, 2016

    Trump Reportedly Considering Gibson Partner For SEC Chair

    A former U.S. attorney and partner at Gibson Dunn with close ties to New Jersey Gov. Chris Christie met with President-elect Donald Trump on Monday about a potential appointment as chair of the U.S. Securities and Exchange Commission, according to reports.

  • December 6, 2016

    Rein In CFPB, For-Profit College Group Urges DC Circuit

    An accrediting group for for-profit colleges told an appellate court that the Consumer Financial Protection Bureau was moving far beyond the scope of its authority in its bid to gather information about its process for evaluating member schools.

  • December 6, 2016

    High Court Hands Prosecutors Victory On Insider Trading

    In its first insider trading case in nearly two decades, the U.S. Supreme Court on Tuesday unanimously upheld a man’s conviction for insider trading on tips from his brother-in-law, agreeing with federal prosecutors that traders can be held liable even if the insider didn’t receive a financial benefit for passing the tip as long as the trader and insider are friends or relatives.

  • December 5, 2016

    Investor Libor Antitrust Arguments Fail, JPMorgan Says

    JPMorgan Chase & Co. told a New York federal court on Friday to ignore supplementary arguments by investors in Libor antitrust litigation against it and other banks, saying they are improper because the investors fail to satisfy the “efficient enforcer” requirements for pleading antitrust claims.

  • December 5, 2016

    Carson’s HUD Nom Adds To Fair Housing Advocates' Worries

    President-elect Donald Trump’s choice of Ben Carson to lead the U.S. Department of Housing and Urban Development added to fears that the incoming administration would pull back from the aggressive enforcement of fair housing laws that marked President Barack Obama’s term, experts said.

  • December 5, 2016

    Banking MVP: Davis Polk's Luigi De Ghenghi

    Among the biggest questions hanging over the post-financial crisis regulatory landscape was how a nonbank firm deemed systemically important could escape enhanced regulation, and it was no surprise that Davis Polk & Wardwell LLP's Luigi De Ghenghi helped find that answer, earning him a spot among Law360’s Banking MVPs for 2016.

  • December 5, 2016

    CFTC Issues New Proposal On Position Limit Rules

    The U.S. Commodity Futures Trading Commission on Monday unanimously voted to propose new rules that would set position limits on derivatives, citing changes to previous proposals as well as uncertainty that finalized rules would survive the transition to President-elect Donald Trump’s administration.

Expert Analysis

  • Anti-Money Laundering Enforcement In 2017: What To Expect

    Mark A. Rush

    Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence by financial institutions as a means to combat money laundering and terrorist financing, especially with respect to “high-risk” products. This trend is expected to continue in 2017, say attorneys with K&L Gates LLP.

  • Can A Yankees Fan Get A Fair Trial In New England?

    Daniel E. Wenner

    Rhode Island, which has no Major League Baseball team of its own, is basically part of Red Sox nation. So what happens when a defendant is tried for bank fraud in Rhode Island before a jury that learns that he’s a Yankees fan? Day Pitney LLP partner and former federal prosecutor Daniel Wenner reviews the case.

  • Rakoff Addresses Tippee Liability In SEC V. Payton

    Jonathan E. Richman

    U.S. District Judge Jed Rakoff in U.S. Securities and Exchange Commission v. Payton recently denied a motion for a new trial by two remote tippees found guilty of insider trading. An interesting aspect of the decision is the court’s treatment of whether the tippees knew or should have known that the tipper had breached his duty of confidentiality, says Jonathan Richman of Proskauer Rose LLP.

  • Inside World Bank’s New Report On Fraud And Corruption

    Jonathan Poling

    The World Bank Integrity Vice Presidency's recently released annual report is a helpful document that provides parties participating in contracts involving World Bank financing with insight into the types of investigations handled by the bank, the investigation and sanctions process, and investigation and enforcement priorities for the coming year, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Validity Of The 'Reliance On Consultant' Defense

    Brian L. Rubin

    Can investment advisers and broker-dealers safely engage outside compliance consultants, rely on their advice, and expect to be able to use that advice as a defense in a regulatory proceeding? Unfortunately, given the recent case of Robare, the answers to these questions are not entirely clear, say Brian Rubin and Rebekah Runyon of Sutherland Asbill & Brennan LLP.

  • Despite Momentum, Marijuana Remains Risky Business

    John Bessonette

    Voters in eight states legalized marijuana last month and more than one-fifth of Americans now live in states with legal recreational marijuana markets. But marijuana companies still lack adequate access to capital and financial services, say attorneys with Kramer Levin Naftalis & Frankel LLP.

  • The Ethical Risks Of A Multijurisdictional Practice

    Melinda Gentile

    As law firms and clients conduct more business on a regional or national scale, multijurisdictional practice is becoming more prevalent for practicing attorneys. Attorneys engaged in both private practice and as in-house counsel need to be aware of the ethical risks of practicing across jurisdictions — including the implications of engaging in the unauthorized practice of law, say Melinda Gentile and Monique Cardenas of Peckar & Abramson PC.

  • The Carrot-And-Stick Approach To Incentive Compensation

    Kevin LaCroix

    A recurrent governance proposal to remedy corporate excesses has been the idea of clawing back the compensation paid to company officials who presided over corporate scandals, such as the one at Wells Fargo. But the assessment that clawback provisions actually counterbalance the distorted incentives of an “extreme” incentive compensation plan depends on a psychological assessment that may or may not be valid, says Kevin LaCroix of RT ProExec.

  • How Law Firms Are Using Analytics To Reduce Write-Offs

    Haley Altman

    It is increasingly necessary for law firms to implement strategies to improve efficiency, staffing and value to meet client needs. Haley Altman, CEO and co-founder of Doxly Inc., discusses how to successfully leverage analytical tools and emerging technology to increase profitability.

  • The CFPB Under Trump: Debunking Some Preconceptions

    Mercedes K. Tunstall

    For financial institutions operating under the weight of the Consumer Financial Protection Bureau, a Trump administration may seem like welcome news. Notwithstanding his strong rhetoric regarding the Dodd-Frank Act, we can expect that President-elect Donald Trump’s developing agenda may in many respects be shaped by his vice president-elect, and by extension, congressional Republicans, say attorneys with Pillsbury Winthrop Shaw Pittman LLP.