Banking

  • October 23, 2017

    Consultant In Janis Joplin Biopic Loan Row Has Claims Pared

    A consultant being sued by an investment bank over her role helping broker a $1.2 million loan for a now-abandoned biopic about Janis Joplin escaped some claims Friday, with a Massachusetts federal judge ruling that the bank can’t claim a contract was breached when it can’t show a contract existed.

  • October 23, 2017

    Lehman MBS Trial May Be Delayed After Claims Removal Row

    A court-assisted process to evaluate claims against Lehman Brothers for allegedly selling billions of dollars' worth of dud mortgage-backed securities before its collapse may not begin next week as expected after the judge presiding over the case said Monday she couldn't square away efforts to remove claims without reducing damage amounts.

  • October 23, 2017

    Korean Banks Say Newegg Part Of ‘Classic Ponzi Scheme’

    Four Korean banks claim in a fraud suit filed in California federal court Wednesday that online computer parts retailer Newegg took part in a “classic Ponzi scheme” that involved fraudulently procuring more than $3 billion in loans, $230 million of which is still missing.

  • October 23, 2017

    Feds Hit Back At Acquittal Bids In Nomura RMBS Fraud Case

    The government pushed back Friday on acquittal bids entered by two former Nomura traders accused of conning customers looking to buy and sell residential mortgage-backed securities, telling a Connecticut federal court that the men misread conspiracy law to argue prosecutors failed to carry their burden of proof at trial.

  • October 23, 2017

    Exelco Ch. 11 Bankruptcy Is 'A Mess,' Judge Says

    A Delaware bankruptcy judge called diamond cutter and wholesaler Exelco NV's Chapter 11 case “a mess” Monday and directed the sides to talk over a tangle of disputes before he tried unraveling them, including whether the proceeding should be in Belgium and who speaks for the debtor.

  • October 23, 2017

    Deals Rumor Mill: Link REIT, SoFi, Pure Gym

    Link REIT is looking to sell about $2 billion worth of Hong Kong retail assets, online lender SoFi tried but failed to find a buyer willing to pay $8 billion for the company, and multiple potential suitors for U.K. health and fitness club operator Pure Gym have emerged.

  • October 23, 2017

    2nd Circ. Won’t Rehear TCPA Consent-Withdrawal Case

    The Second Circuit said Friday it will not reconsider a decision to toss a Telephone Consumer Protection Act suit accusing the lending arm of Lincoln Motor Co. of barraging a borrower with calls he had no longer consented to receive, affirming a decision that the TCPA is silent on the issue of withdrawing consent for such calls.

  • October 23, 2017

    Defense Star Alex Spiro Joins Quinn Emanuel

    Quinn Emanuel Urquhart & Sullivan LLP has picked up one of New York's best known non-BigLaw-affiliated defense lawyers, Alex Spiro, from defense litigation boutique Brafman & Associates.

  • October 23, 2017

    ‘Last Look’ Abuse Case Against Goldman Dropped Early

    A proposed class action that accused Goldman Sachs Group Inc. of using a practice called “last look” to cheat traders on its foreign exchange platforms has been dropped, making it the third of six similar cases to be withdrawn in the past two months.

  • October 23, 2017

    Treasury Report Adds To Case Against CFPB Arbitration Rule

    A Treasury Department report on Monday took a swipe at the Consumer Financial Protection Bureau’s arbitration rule, providing more ammunition for financial firms challenging the rule in court even as a move to nullify it in Congress appears on the ropes.

  • October 23, 2017

    HSBC Executive Convicted Of Forex Fraud

    A Brooklyn federal jury on Monday convicted former HSBC executive Mark Johnson of defrauding bank client Cairn Energy PLC by scheming to trade ahead of a $3.5 billion foreign currency exchange the Scottish oil and gas developer planned and ramping up the price of British pounds sterling.

  • October 20, 2017

    Greenberg's Co. Asks High Court To Hear AIG Bailout Row

    The company led by former American International Group Inc. CEO Maurice "Hank" Greenberg urged the U.S. Supreme Court to review an appeals court’s decision that found the firm lacked standing to pursue claims against the federal government over the 2008 bailout of AIG, saying the decision amounts to an “egregious injustice.”

  • October 20, 2017

    US Trustee Waves Off Request For Seadrill Equity Committee

    The U.S. government's bankruptcy watchdog said Thursday there is no need to appoint a committee to represent the interests of Seadrill Ltd. shareholders in the company's Chapter 11 proceedings since no evidence has been provided that they might receive substantial recoveries.

  • October 20, 2017

    Deutsche Bank Trader Scores Hearing On DOJ Case Taint

    The government will have to prove that its indictment for one of two former Deutsche Bank traders in a Libor-rigging suit wasn't based on testimony compelled by U.K. authorities, according to a New York federal judge's finding that a lawyer may have tainted the case.

  • October 20, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a dispute between the last standing shareholder group in the RBS rights issue case and one of its funding claimants, a Law Society suit over financial transactions, and more competition claims against Visa and MasterCard. Here, Law360 looks at those and other new claims in the U.K.

  • October 20, 2017

    Subprime Auto Loan Co. Execs Get Jail Time For $11M Fraud

    Two Massachusetts men were sentenced to prison by a federal judge Friday over an $11 million fraud scheme in which they falsely told investors that their subprime auto loan company could accept tax-advantaged retirement account funds.

  • October 20, 2017

    Fannie Owners Ask Justices To Revive Conservatorship Fight

    Shareholders in Fannie Mae and Freddie Mac have asked the U.S. Supreme Court to save their challenge to the federal government’s conservatorship of the companies that has left their stock almost worthless, saying the D.C. Circuit’s rejection of their case set a dangerous precedent.

  • October 20, 2017

    Tech Expert Gets 16 Months In Bitcoin Bank Bribery Scheme

    A tech expert who was convicted in a scheme to co-opt a credit union to process illegal bitcoin-dollar exchanges was sentenced Friday to 16 months in prison by a New York federal judge, who granted him a “substantial variance” from the guidelines for his relatively small role and positive personal characteristics.

  • October 20, 2017

    Judge OKs LendingClub Investor Class, Competing State Suit

    Investors in LendingClub Corp. who accused the online lender of stock fraud were recognized as a class in California federal court on Friday, but the judge allowed a competing state-court case to advance despite his skepticism that it would result in a better outcome for investors.

  • October 20, 2017

    Stock Analyst Pleads Guilty In Insider Trading Case

    A former managing director at Zacks Investment Research has pled guilty to one count of securities fraud in Illinois federal court after prosecutors accused him of purchasing stock in companies he covered in his research reports before those reports were publicly released.

Expert Analysis

  • Series

    Judging A Book: Pryor Reviews 'Scalia Speaks'

    Judge William Pryor

    Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.

  • Financial Crisis Anniversary

    The Inside Counsel Revolution

    Ben Heineman

    The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.

  • NY Commercial Division Rule Changes Promote ADR Use

    Christopher Palermo

    Recent rule changes in the Commercial Division of the Supreme Court of New York are the latest of several efforts made to foster greater use of mediation and to institutionalize alternative dispute resolution, says Christopher Palermo, a litigation partner at Bleakley Platt & Schmidt LLP who serves on the Commercial Division Advisory Council.

  • How Arbitrators Maintain Proportionality In Discovery

    Richard Seymour

    There has been much discussion of discovery proportionality in federal litigation since the December 2015 changes to Civil Rule 26. But arbitrators have long used procedures to simplify the discovery process that courts have only recently begun to adopt, says attorney and arbitrator Richard Seymour.

  • Revisiting The $50B Threshold For Stricter Bank Regs

    Satish Kini

    If the Dodd-Frank Act’s $50 billion asset threshold that triggers enhanced prudential standards for banks is revised, the federal banking agencies separately may feel compelled to revisit a range of other regulations and guidance that have used the $50 billion asset line, say attorneys with Debevoise & Plimpton LLP.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.

  • Law Firms Must Transition To An Industry Sector Approach

    Heidi Gardner

    Clients are beginning to expect and demand that their external lawyers provide advice tailored to the client's industry. Aside from this, law firms should want to move toward a sector approach because industry-focused groups are a natural place for cross-practice collaboration to flourish, say Heidi Gardner and Anusia Gillespie of Harvard Law School.

  • Series

    Judging A Book: Kozinski Reviews 'The Judge'

    Judge Alex Kozinski

    In their new book, "The Judge: 26 Machiavellian Lessons," do Ronald Collins and David Skover prove their thesis that hypocrisy is the key to judicial greatness? Some of the examples they present are hard to dispute, says Judge Alex Kozinski of the Ninth Circuit.

  • The Evolution Of Regulators’ Views On Bitcoin ETFs

    Daniel Nathan

    Bitcoin has taken two significant steps toward legitimacy since the Winklevoss and SolidX exchange-traded fund applications were rejected by the U.S. Securities and Exchange Commission earlier this year. As bitcoin trading proliferates, it is likely that the SEC will change its stance and approve a bitcoin ETF, say attorneys with Morvillo LLP.

  • Financial Crisis Anniversary

    New Post-Recession Metrics For BigLaw Partner Success

    Peter Zeughauser

    After nearly a decade of recession-accelerated change in the legal industry, “merit-based” compensation has largely come to mean measuring attorney success using some combination of origination and working attorney hours metrics. However, there are signs that the real impact of the recession is still around the corner, and that building a book isn’t enough, says Peter Zeughauser of Zeughauser Group.