Banking

  • August 26, 2016

    HSBC To Pay $13M To End Privacy Row Over Recorded Calls

    HSBC Card Services Inc. has agreed to pay $13 million to resolve a consolidated proposed class action accusing the company of unlawfully recording debt-collection calls without the consent of consumers, according to documents filed Friday in California federal court.

  • August 26, 2016

    Fla. Court Says Town's Liens Stand Despite Foreclosure Suit

    A Florida appeals court has ruled that liens on a property recorded after the notice that a foreclosure suit had been filed are not extinguished by the foreclosure process, in a win for municipalities around the state dealing with unoccupied “zombie homes.”

  • August 26, 2016

    Goldman Says Forum Issues Doom Fee Advancement Suit

    Goldman Sachs Group Inc. filed a motion to dismiss a fee advancement and indemnification suit Thursday in Delaware chancery court, saying the former executive suing the company agreed to arbitrate any issues in New York courts.

  • August 26, 2016

    California Disbars Lawyer Who Fired Stun Gun In Deposition

    A California attorney who fired a stun gun near opposing counsel during a deposition was disbarred by the state Supreme Court after he failed to show up to a trial in his disciplinary proceeding, according to the court’s weekly conference results posted Thursday.

  • August 26, 2016

    Seminoles Say Wells Fargo Can't Dodge Fees In Trust Row

    The Seminole Tribe of Florida again pushed a federal judge Thursday to award it fees in its lawsuit against Wells Fargo over the alleged mismanagement of a $1.4 billion trust for the benefit of the tribe’s minors, blasting the bank’s argument that the judge had already denied the fees bid.

  • August 26, 2016

    Investor Ends Class Action Over $461M AnchorBank Sale

    An Anchor BanCorp Wisconsin Inc. investor asked a Wisconsin federal court on Friday to end his class action accusing executives of structuring a $461 million sale to benefit themselves and shortchange investors in light of a Seventh Circuit decision earlier this month that curbs certain disclosure-only settlements.

  • August 26, 2016

    Judge Sinks Marine Fuel Shippers' Bid For Payment

    A New York federal court Thursday turned down attempts by two fuel suppliers left with unpaid bills by bankrupt marine fuel shipper OW Bunker A/S to collect their money from the company's banker or the ships they had serviced.

  • August 26, 2016

    Ukrainian Bank Says $1B Crimea Arbitration Fast-Tracked

    A Ukrainian bank accusing Russia of seizing its assets in Crimea said Friday that the bank has asked a Dutch arbitration tribunal for a $1 billion damages award, adding that the judges have agreed to accelerate the proceedings and potentially hear the case in March.

  • August 26, 2016

    India To Let Banks Issue Masala Bonds To Foreign Investors

    The Reserve Bank of India said it will now allow commercial banks to issue bonds denominated in rupees — also called Masala bonds — as part of a package of reforms unveiled Thursday to expand liquidity in the country’s capital and currency markets.

  • August 26, 2016

    Tribe Members Want Final Judgment In Embezzlement Fight

    Paskenta Band members told a California federal judge on Thursday that to protect against their incurring further expenses, he should finalize the dismissal of claims brought against them by ex-tribal officials who themselves are accused by the tribe of a sprawling embezzlement scheme.

  • August 26, 2016

    Options Clearing Corp. Weighs In On Capital Plan Challenge

    Derivatives clearinghouse Options Clearing Corp. asked the D.C. Circuit to affirm a U.S. Securities and Exchange Commission decision to approve its capital plan, arguing Thursday that the plan is “necessary and appropriate for OCC to fulfill its role” as a systematically important financial markets utility.

  • August 26, 2016

    Judge Says AIG's $306M Fight With IRS Belongs Before Jury

    U.S. District Judge Louis L. Stanton teed up American International Group's $306 million fight with the IRS for a spring trial Friday, openly rooting against a settlement in favor of letting a Manhattan jury decide whether the financial giant's deals with foreign banks had "economic substance" or whether they were merely designed to dodge taxes.

  • August 26, 2016

    Global Houses, Exchanges Probing Blockchain Opportunities

    Financial market infrastructure providers around the world are exploring how blockchain technology could bring more transparency and billions of dollars in cost savings, a global trade group said Thursday.

  • August 26, 2016

    PwC Reaches Deal Amid $5.5B Taylor Bean Trial

    PricewaterhouseCoopers LLP has reached a midtrial settlement of claims brought by the trustee for Taylor Bean & Whitaker Mortgage Corp. that the accounting giant allegedly made possible a $5.5 billion fraud at the bankrupt mortgage lender, an attorney for the trustee said Friday.

  • August 25, 2016

    Fla. Finance Atty Pleads Guilty To Helping Hide 'Drug Money'

    A Tampa, Florida, attorney who specialized in financial and tax matters pled guilty after being caught in a sting by the Drug Enforcement Administration to structuring financial transactions to avoid currency reporting requirements, the U.S. Attorney for the Middle District of Florida announced Wednesday.

  • August 25, 2016

    Wells Fargo To Pay Homeowners $3.45M Over Mailing Error

    Wells Fargo & Co. agreed to pay some homeowners in bankruptcy $3.45 million after it uncovered a mailing error that resulted in some people getting documents about payment changes a few days late, according to a letter to the government on Wednesday.

  • August 25, 2016

    Wilmington Trust Investors Oppose Delay Of Criminal Trial

    Shareholders suing Wilmington Trust in Delaware federal court asked the judge presiding over a separate criminal fraud case against the bank Wednesday to deny the bank's request to delay the start of trial until September 2017, saying the bank has had enough time to review the millions of documents in the case.

  • August 25, 2016

    DOL Defends Authority For Fiduciary Rule In DC Court

    The D.C. federal judge presiding over the first major challenge to the U.S. Department of Labor’s fiduciary rule said in court Thursday that he was puzzled over whether the agency had exceeded its authority by enabling investors to sue financial institutions under state contract law, suggesting such a right is normally conferred by Congress.

  • August 25, 2016

    MoFo Looks To Deep-Six Malpractice Suit Over Coal Co. IPO

    Morrison & Foerster LLP on Thursday asked a New York judge to throw out an investment bank’s malpractice suit claiming that the firm failed to uncover a fraud before the initial public offering for Puda Coal Inc., calling it time-barred.

  • August 25, 2016

    PE Magnate Tilton Loses Bid For SEC Review In Fraud Case

    The U.S. Securities and Exchange Commission on Wednesday denied a request by Patriarch Partners CEO Lynn Tilton for a review of an administrative law judge’s refusal to change hearing dates in an antifraud proceeding against her and her private equity firm.

Expert Analysis

  • Defining Attorney-Client Relationships In The Electronic Age

    Elizabeth Fitch

    As technology has advanced, the ways in which attorneys communicate with clients, potential clients, former clients and the public has created new and ill-defined issues relating to whether an attorney-client relationship exists. Attorneys Elizabeth Fitch and Theodore Schaer discuss the often nebulous yet hazardous concepts that could lead to malpractice issues.

  • Questioning 2nd Circ. Analysis In Aluminum Antitrust Case

    James Robertson Martin

    The Second Circuit recently held in Aluminum Warehousing that consumers that are used as tools to manipulate a defendant’s market can pursue damage claims suffered from manipulation in that market. However, the court went on to hold, consumers that suffered the consequences of a defendant’s unlawful conduct in another market cannot. This seems a bridge too far, says James Robertson Martin of Zelle LLP.

  • China’s Buying Spree: Is It Real And Sustainable?

    Yingxi Fu-Tomlinson

    China’s record-breaking number of overseas acquisitions in the first half of the year does not paint a complete picture. As the number of proposed deals surges, the number of high-profile failed and withdrawn Chinese offers has also grown, say Yingxi Fu-Tomlinson and Aileen Chou of Kaye Scholer LLP.

  • 4 Reasons Law Firm Business Development Initiatives Fail

    Adam Donovan

    By understanding four common reasons why law firm business development initiatives fail, we can more accurately define success, avoid pitfalls, and improve return on investment, says Adam Donovan, senior manager of patent business strategy at Fish & Richardson PC.

  • Discovery Rule Resurrects Fraud Claim On NJ Property Sale

    Katharine A. Coffey

    A New Jersey state appeals court's recent decision in Catena v. Raytheon Company reinforces the equitable nature of the discovery rule applied to common law fraud claims in connection with the sale of commercial real property, and highlights the importance of proper disclosures, particularly when the property has a history of stigma, lest the seller be faced with liability, say Katharine Coffey and Christopher John Stracco at Day Pitney LLP.

  • A Debt Collection Overhaul Is Upon Us

    Steven M. Kaplan

    The Consumer Financial Protection Bureau recently released an outline of proposals that offers some insight on its plans for issuing rules under the Fair Debt Collection Practices Act. The proposed rules would require significant changes to how industry participants collect on, buy, sell and place debts, and would have a significant impact on how consumers interact with debt collectors, say attorneys at Mayer Brown LLP.

  • From BigLaw To Your Own Firm: 4 Tips For Legal Startups

    Russell Shinsky

    Highly successful attorneys who are thinking about leaving the safe haven of a large law firm to go out on their own face a number of issues specific to the legal profession. Russell Shinsky, chairman of Anchin Block & Anchin LLP's law firms industry group, shares four pillars of a successful startup law firm.

  • 4 Ways SBA Lenders Can Avoid FCA Traps

    Steven M. Kaufmann

    Recent False Claims Act enforcement as applied to Small Business Administration lenders presents a number of themes that can provide insight into strategies for lenders to mitigate their risk, says Steven Kaufmann of Morrison & Foerster LLP.

  • Energy Finance Attys Are Shifting Focus In Tough Times

    Kraig Grahmann

    In the boom years of 2011 through 2014, energy lenders were directing their attorneys to “loosen up” credit agreements. Today’s distressed environment has seen lenders and their attorneys turn 180 degrees to shift their focus to a range of new issues, say Kraig Grahmann and Buddy Clark of Haynes and Boone LLP.

  • 4 Communications Fundamentals For High-Stakes Litigation

    Michael J. Gross

    The court of public opinion can mete out judgments as harsh as those rendered by a court of law, which is why communications professionals and attorneys should be working together to protect their clients’ reputation and advance their legal objectives as litigation proceeds, as well as when decisions or settlements are reached, say Michael Gross and Walter Montgomery at Finsbury.