Banking

  • February 13, 2016

    Supreme Court Justice Antonin Scalia Dies At 79

    U.S. Supreme Court Justice Antonin Scalia, who served on the nation’s high court for almost 30 years, died on Saturday, the court's chief justice confirmed.

  • February 12, 2016

    Payday Lenders Want Suit Sent Back To Tribal Court

    A group of online payday lenders, including Native American-owned Western Sky Financial, asked a South Dakota federal judge Friday to send a pending class action back to tribal court because the borrowers who filed the suit against the companies no longer wish to pursue a settlement.

  • February 12, 2016

    Signature Bank Wants Out Of Chinacast Suit Over $35M Theft

    Signature Bank urged a New York federal judge Friday to toss Chinacast Education Corp.’s complaint against it in a lawsuit accusing Signature and other banks of negligently allowing Chinacast’s ex-CEO to illegally transfer $35 million to a sham company following a 2009 public offering, arguing the claims are preempted and untimely.

  • February 12, 2016

    CoreLogic, Morgan Stanley End Trade Secrets Release Feud

    CoreLogic and Morgan Stanley have settled the data broker’s appeal hoping to avoid disclosing trade secrets that helped fuel Prudential’s fraud claims against Morgan Stanley deriving from more than $1 billion in residential mortgage-backed securities, a New Jersey appeals court said Friday.

  • February 12, 2016

    SEC Judge Fight Belongs In Federal Courts, 4th Circ. Hears

    A financial adviser facing $15 million in potential fines and disgorgement for alleged securities fraud told the Fourth Circuit on Friday that a Maryland federal judge was wrong to toss her suit challenging the constitutionality of the U.S. Securities and Exchange Commission's in-house court.

  • February 12, 2016

    Navient Hid Compliance Failures From Investors, Suit Says

    Navient Corp. misled investors to believe that its loan services complied with federal regulations, causing shares to fall after the Consumer Financial Protection Bureau and Hillary Clinton raised red flags, a proposed investor class alleged in Delaware federal court on Thursday.

  • February 12, 2016

    Gucci Says Bank Of China Owes Docs, Defied Freeze In IP Row

    Gucci America Inc. and other luxury designers told a New York federal court Thursday that state-run Bank of China did not substantially comply with subpoenas for information on account holders accused of selling counterfeit goods and let them run off with more than $2 million while their assets were supposed to be frozen.

  • February 12, 2016

    Canadian Court Nixes Evidence In Kyrgyzstan Arbitration Row

    The Ontario Superior Court of Justice refused Thursday to reinstate certain evidence in support of Kyrgyzstan's bid to halt enforcement of a $15 million arbitral award that had been issued to the Latvian owner of a bank that was taken over by the Kyrgyzstan government in 2010.

  • February 12, 2016

    Capital One Can't Try Again On Antitrust Market, IV Says

    Intellectual Ventures has asked the Federal Circuit to block Capital One from pursuing certain antitrust claims against it, arguing that a Maryland federal judge failed to give binding effect to another court's ruling that the licensing entity's financial services patents did not make up a viable antitrust market.

  • February 12, 2016

    BofA Accused Of Failing To Release Mortgage Liens

    Bank of America NA has intentionally and systematically failed to release mortgage liens filed against its borrowers’ property, even when the borrowers repaid everything they owed, creating a “continuing cloud” on affected property titles, according to a putative class action filed Friday in Illinois federal court.

  • February 12, 2016

    Argentina Targets Injunctions In Debt Settlement Talks

    Argentina creditors holding claims and legal judgments over the republic’s 2001 debt default will have until Feb. 18 to explain why a court injunction limiting the country’s ability to pay individual investors shouldn’t be lifted in light of the country’s $6.5 billion settlement offer, a New York federal judge ordered Thursday.

  • February 12, 2016

    FINRA Sends Plan For Algorithmic Developers To SEC

    The Financial Industry Regulatory Authority on Thursday filed a proposed rule with the U.S. Securities and Exchange Commission that would require algorithmic trading developers to register as securities traders, leaving the rule intact despite receiving mixed reviews.

  • February 12, 2016

    Emirati Bank Says Calif. Law Doesn't Apply In Fee Dispute

    An Emirati bank told a California federal judge on Thursday that he shouldn’t apply California law when he evaluates whether a technology company should receive attorneys' fees following its successful bid to arbitrate their contract dispute in the Golden State instead of Dubai.

  • February 12, 2016

    Gov't Wins Stay On $77M Forfeiture Pending Criminal Case

    The federal government won a one-month stay on discovery in a $77 million forfeiture proceeding in D.C. federal court Friday after accusing the Afghani defense subcontractor at the center of the case of abusing the civil process to aid his defense against criminal bribery charges.

  • February 12, 2016

    Deals Rumor Mill: Intercept Pharma, Barclays, Banco Poplare

    Intercept Pharmaceuticals is mulling a sale, a number of companies have placed bids for Barclays' Asian private wealth business, and Italian cooperative banks Banco Popolare SC and Banca Poplare di Milano are inching closer to a merger that would create Italy's third-largest bank.

  • February 12, 2016

    Trust Seeks $20M Tax Refund Related To Madoff Losses

    A marital trust that lost money in Bernie Madoff’s Ponzi scheme filed suit against the federal government in Florida federal court Thursday, seeking a $20 million tax refund related to reported income that was found to be nonexistent after the scheme imploded.

  • February 12, 2016

    Deutsche Bank Aims To Calm Market With $5.4B Debt Buyback

    Deutsche Bank AG on Friday announced plans to buy back $5.4 billion worth of its outstanding debt in a bid to reassure investors that Germany’s largest bank is strong enough to survive recent market turbulence.

  • February 11, 2016

    Ex-Rabobank Traders Can't Evade Libor-Rigging Convictions

    A New York federal judge on Thursday refused to toss guilty verdicts against two former Rabobank traders who allegedly committed conspiracy and wire fraud by rigging the London Interbank Offered Rate, finding the government didn’t unlawfully rely on protected testimony.

  • February 11, 2016

    Tribal Leader Slams CFPB Over Payday Lending Proposal

    A Native American tribal leader assailed the Consumer Financial Protection Bureau on Thursday for its proposed regulation of so-called payday lenders, saying the agency has failed to consult with tribes as it prepares to issue a new federal rule on the industry.

  • February 11, 2016

    Resort Founder's Atty Ordered To Explain Rule Violations

    The Tenth Circuit instructed an attorney for the bankrupt Yellowstone Mountain Club LLC’s former owner, who is trying to revive a racketeering suit against Cushman & Wakefield and Credit Suisse, to show why he shouldn’t be disciplined for failing to comply with court rules.

Expert Analysis

  • Additional Thoughts On Class Plaintiff 'Pick-Offs'

    Fred T. Isquith

    There are those who have suggested that the U.S. Supreme Court in Campbell-Ewald v. Gomez left plenty of room for a defendant to “pick off” a plaintiff. Not so, according to Eastern District of New York Judge Sandra Feuerstein's decision in Brady v. Basic Research, says Fred Isquith of Wolf Haldenstein Adler Freeman & Herz LLP.

  • Leveraged Loan Scrutiny Brings Opportunities For Nonbanks

    Ann Richardson Knox

    Increasing regulatory pressures on banks have created the opportunity for nonbank financial institutions to stake a claim to leveraged loans that would otherwise face regulator criticism. Moreover, investor interest in chasing yield has caused funds to become more interested in the market, say Ann Richardson Knox and Timothy Hicks of Mayer Brown LLP.

  • Trends For Fintech Patents At The PTAB

    Elliot C. Cook

    The claim survival rates for patents for financial technologies are much lower in covered business method review proceedings than in inter partes review proceedings, even for patents within the same technology center classification, say Elliot Cook and Jeffrey Berkowitz of Finnegan Henderson Farabow Garrett & Dunner LLP.

  • Amended Rule 26’s Proportionality Standard: The First 60 Days

    Gregory Brown

    While the removal of the familiar “reasonably calculated to lead to the discovery of admissible evidence” standard suggests a departure from prior practice, the first opinions from the federal courts implementing amended Federal Rule of Civil Procedure 26(b)(1) suggest otherwise, says Gregory Brown of Kaufman Dolowich & Voluck LLP.

  • A Step Toward Greater Transparency In Housing Finance

    Christopher L. Dueringer

    Freddie Mac and Fannie Mae have made various changes over the past few years to reduce the risk lenders face when selling mortgages to Freddie and Fannie, and to provide greater clarity and procedural assurances. The recently announced independent dispute resolution process furthers that effort, say Christopher Dueringer and Jason Stavely of Bryan Cave LLP.

  • CFPB May Seek Penalties For Past UDAAP Violations

    Nicholas F.B. Smyth

    By asserting that claims pursued in administrative enforcement proceedings are not subject to the three-year statute of limitations set forth in the Consumer Financial Protection Bureau's enabling statute, the agency signals it may be willing to target long-ago violations when seeking restitution and penalties, and more significantly, breaks new legal ground, say Nicholas Smyth and D. Patrick Yoest of Reed Smith LLP.

  • Investing In The Marijuana Industry: Where We Stand

    John Bessonette

    Companies — and their investors — continue to face a myriad of risks associated with uncertainty over future regulatory developments concerning the marijuana industry. As large states like California and Ohio prepare for legalization initiatives, however, the trend toward increasing liberalization and associated comfort levels of investors seems likely to continue, say John Bessonette and Tai Aliya of Kramer Levin Naftalis & Frankel LLP.

  • How Does Skadden Stay No. 1?

    Elizabeth Duffy

    Analyzing the reasons why clients choose certain firms reveals a great deal about what is important and valued in the marketplace. Based on interviews with a random sample of over 600 heads of legal in the largest U.S. organizations, Elizabeth Duffy, vice president of Acritas US Inc., identifies the core brand drivers of Skadden Arps Slate Meagher & Flom LLP.

  • Subrogation Claims Aren't 'Consumer Debts' Under Fla. Law

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    Property and casualty insurers using collection agencies to collect subrogation claims in Florida can now cite a Florida district court case to insulate them from consumer claims based on collection activities of their agencies, says Elizabeth Bohn at Carlton Fields.

  • Fannie And Freddie Loans Could Be Next FCA Targets

    Andrew W. Schilling

    The risk of the government applying the False Claims Act to Fannie Mae and Freddie Mac loans is not nearly as remote as it may seem. In fact, the U.S. Department of Justice has already pursued several FCA cases involving government-sponsored enterprise loans, and the number of cases is sure to increase if the government prevails in Adams v. Aurora Loan Services awaiting decision in the Ninth Circuit, says Andrew Schilling, partner ... (continued)