Banking

  • December 8, 2016

    SEC Enforcement Head Leaving Agency By End Of Month

    U.S. Securities and Exchange Commission Enforcement Division Director Andrew J. Ceresney will step down from his post as the agency’s top cop, the SEC announced Thursday, ending a nearly four-year term in which the agency brought record numbers of actions and collected billions in fines from wrongdoers.

  • December 8, 2016

    Jackson Hewitt Wants Remainder Of Text-Spam Row Dismissed

    A consumer accusing Jackson Hewitt of bombarding his cellphone with unwanted and unauthorized account update text messages is only guessing that it used an automated telephone dialing system and cannot sustain his Telephone Consumer Protection Act claim without more proof, the tax preparer told an Illinois judge.

  • December 8, 2016

    2nd Circ. Won't Revive ERISA Suit Over Madoff Profits

    The Second Circuit on Thursday refused to revive a suit by a New York engineers' union fund that kept nearly $33 million in fake Bernie Madoff profits, rejecting the fund’s stance that it lost potential profits over its asset manager’s failure to recommend a full withdrawal from Madoff's investments.

  • December 8, 2016

    Feds Say Ex-JPMorgan Employee Stole $5M To Cover Debts

    A Texas-based former JPMorgan Chase & Co. employee is facing criminal charges federal district court in New York on allegations that he undertook a $5 million fraud scheme against the bank in a bid to pay personal debts.

  • December 8, 2016

    Ex-Furniture Co. Exec Gets 2 Yrs For $17M Bank Loan Fraud

    A Manhattan federal judge on Thursday sentenced an India-born former chief financial officer to two years in prison for a $17 million scheme to dupe Bank Leumi into backing a now-bankrupt New Jersey furniture company, departing sharply downward from guidelines calling for a sentence in the range of five years.

  • December 8, 2016

    Pryor Cashman Malpractice Claim Revived By NY Appeals Court

    A New York appeals court has resurrected a malpractice claim from a $37 million suit against Pryor Cashman LLP over a soured deal to acquire a bank by a holding company once tied to real estate investor David Lichtenstein, saying the dismissal shields the firm from alleged wrongdoing.

  • December 8, 2016

    Gold Investors Shouldn't Get Another Shot In MDL, UBS Says

    UBS AG told a New York federal court Wednesday that new information obtained from Deutsche Bank does not warrant pulling UBS back into a putative class action alleging a conspiracy to manipulate the price of gold after earlier claims against it were dismissed.

  • December 8, 2016

    SEC Chair Warns Trump Against Eliminating Dodd-Frank Rules

    Outgoing U.S. Securities and Exchange Commission Chair Mary Jo White on Thursday joined the chorus of financial regulators urging the incoming Trump administration not to discard the Dodd-Frank Act and its financial reforms.

  • December 7, 2016

    Banking Group Sues Over Credit Union Membership

    A banking industry group said in a Wednesday lawsuit that a rule expanding credit union membership poses a threat to banks because it allows their tax-exempt competitors to vastly increase their customer base beyond what federal law allows.

  • December 7, 2016

    EU Anti-Tax Evasion Move Targets Company Ownership Info

    The Council of the European Union reached an agreement Tuesday to require banks in member states to share information on the beneficial ownership of companies, as a measure to prevent tax evasion and fraud.

  • December 7, 2016

    Chase Beats Rental Property Co.'s Fraudulent Charges Suit

    Chase Bank on Monday was relieved of a federal lawsuit brought by a rental property owner who alleged it would not waive fraudulent charges on the company’s business card, after a Illinois federal judge said the suit lacked specificity.

  • December 7, 2016

    Stifel, Exec To Pay $24.6M To Settle $200M SEC Suit

    A Wisconsin federal judge slapped broker-dealer Stifel Nicolaus & Co. and a former top company executive with penalties totaling $24.6 million when he entered final judgment Tuesday to resolve a U.S. Securities and Exchange Commission suit accusing them of selling $200 million worth of risky collateralized debt obligations to school districts in 2006.

  • December 7, 2016

    UBS, Banco Popular Unit See $5M Investor Suit Pared

    A Manhattan federal judge on Wednesday largely pared a $5 million proposed class action alleging that UBS AG and a Banco Popular subsidiary steered older investors into risky and volatile mutual funds, finding many claims to be time-barred.

  • December 7, 2016

    Banking MVP: Debevoise's Gregory Lyons

    Debevoise & Plimpton LLP partner Gregory Lyons helped a wide variety of banks, nonbank firms and trade groups navigate the choppy global regulatory and transactional waters over the course of the last year, earning him a spot on Law360’s list of Banking MVPs for 2016.

  • December 7, 2016

    CFTC Hits SocGen With $450K Penalty For Unreported Swaps

    The U.S. Commodity Futures Trading Commission on Wednesday announced that it has ordered French financial services firm Societe Generale SA to pay $450,000 for failing to properly report certain swap transactions in 2014 and 2015 due to a software error.

  • 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.

Expert Analysis

  • Lawyer EQ: Finding Success In Every Interaction

    Judith Gordon

    American legal education relies almost exclusively on analytical thinking. But success in legal practice depends in large part upon an accurate emotional understanding of oneself and the human seated opposite us. Honing emotional intelligence skills can lead to greater success, and Judith Gordon of LeaderEsQ offers a few tools that can be implemented immediately to raise one’s emotional intelligence quotient.

  • Managing Intergenerational Differences Within Your Law Firm

    Martucci.JPG

    We are privileged to be part of an employment market that hosts employees from various generations. While “differences” may imply inherent conflict, intergenerational differences can actually be used to an advantage for organizations — especially law firms, say William Martucci of Shook Hardy & Bacon LLP and Najmeh Mahmoudjafari, founder of ImmigraTrust Law.

  • 12 Things To Know About The SEC Whistleblower Program

    Jon Eisenberg

    Earlier this year, the U.S. Securities and Exchange Commission’s first chief of the whistleblower program jumped ship to a law firm that specializes in bringing whistleblower claims. The message was clear — SEC whistleblowing is a growing and lucrative area, say Jon Eisenberg and Vince Martinez of K&L Gates LLP.

  • Investor Concerns In Light Of New CMS Long-Term Care Rule

    Michael A. Witt

    While the increasing need for development of housing alternatives for the growing population of older Americans has created new opportunities for investors to provide capital to owner-operators of long-term care facilities, a new rule revising the requirements for LTC Medicare and Medicaid participation could have a direct impact on potential investors, say Michael Witt and Kyle Molidor of Duane Morris LLP.

  • PHH And The Future Of CFPB: 10 Questions And 9 Answers

    Joseph R. Palmore

    Following the D.C. Circuit’s recent decision in PHH v. Consumer Financial Protection Bureau and the outcome of the presidential election, many questions about how the PHH litigation may proceed and the future of the CFPB have emerged. Attorneys with Morrison & Foerster LLP share their views on a number of questions arising from this litigation.

  • Holding The CFPB’s Feet To The Fire

    Ori Lev

    In Consumer Financial Protection Bureau v. Prime Market Holdings, a California federal judge recently ruled that claims brought by the CFPB alleging that a company engaged in deceptive conduct must be accompanied by specific factual allegations. The decision may have long-term implications for how the CFPB pleads its cases, which cases it brings and where it brings them, says Ori Lev of Mayer Brown LLP.

  • 'Rep and Warranty' Insurance: Claims Study Analysis

    Mitchell L. Griffith

    Despite the rise of liability insurance in the United States, little information has been provided regarding claims under transaction liability insurance products. Mitchell Griffith of Thompson & Knight LLP and John McNally and Adam Wilhite of JLT Specialty USA discuss claims data and shed some light on the transaction liability insurance market.

  • The Personal Benefit Test Post-Salman

    Daniel J. Kramer

    In its first opinion addressing the scope of insider trading liability in nearly 20 years, the U.S. Supreme Court limited its holding in Salman to gifts to friends or relatives, providing little clarity about the scope of the personal benefit requirement outside of that context, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Philip Hirschkop: Quietly Making Noise For 50 Years

    Randy Maniloff

    The first paragraph of Philip Hirschkop’s obituary is going to contain the word "Loving." That’s undeniable. But many of Hirschkop’s other cases are just as groundbreaking in their own right. They aren’t household names like Loving, but they have affected millions in the nation’s households, says Randy Maniloff of White and Williams LLP.

  • 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.