Banking

  • November 23, 2020

    Trade Groups Press Case In CFPB Payday Rule Suit

    Two payday lender trade groups told a Texas federal judge that the Consumer Financial Protection Bureau still hasn't shown why it should be allowed to move forward with the remainder of its 2017 payday lending rule, pressing to bring their more than two-year-old court challenge to a close.

  • November 23, 2020

    CFPB Insists Student Loan Biz And Exec Must Cough Up $53M

    The U.S. Consumer Financial Protection Bureau asked a California district judge on Monday — for a second time — to make a business owner and his firm pay more than $53 million for their role in an alleged $11.8 million student debt relief scheme.

  • November 23, 2020

    DOJ Says Visa Pushing 'Infeasible' Merger Trial Timeline

    The U.S. Department of Justice has blasted Visa and Plaid for pushing an "infeasible" timeline for a trial over their proposed $5.3 billion tie-up that is seven months sooner than the agency's preferred September start date.

  • November 23, 2020

    Ex-Mine Owner Tells DC Circ. Fraud Charges Time-Barred

    The ex-owner of an Afghan marble mining company convicted of fraud and money laundering told the D.C. Circuit on Monday that some of the counts against him were time-barred.

  • November 23, 2020

    Indicted Ex-Goldman Banker Denies Role In 1MDB Scandal

    A former Goldman Sachs banker asked a New York federal court to toss an indictment against him stemming from the 1Malaysia Development Bhd. scandal, arguing he had no involvement in the multibillion-dollar fraud scheme aside from introducing two of the alleged key players.

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

  • November 23, 2020

    Ex-Fed Chair Yellen Is Biden's Pick For Treasury Secretary

    President-elect Joe Biden is expected to announce former Federal Reserve Chair Janet Yellen as his nominee for Treasury secretary, picking the esteemed economist to become potentially the first woman to serve in the key Cabinet position, according to media reports on Monday.

  • November 23, 2020

    Judge Backs Sanctions For AWOL EB-5 Fraud Suit Defendant

    A Florida federal judge recommended Monday that a son should follow in his father's footsteps by being sanctioned with the striking of his pleadings and a default judgment for violating court orders and abandoning his defense in a suit accusing him of aiding a $50 million EB-5 investment fraud.

  • November 20, 2020

    SEC Official Calls On Firms To Empower Compliance Chiefs

    The director of the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations has urged investment firms to empower their chief compliance officers, and warned that regulators notice when firms take a "check-the-box" approach to the position.

  • November 20, 2020

    Fla. Judge Says Attys On 'Thin Ice' After FCRA Claims

    A Florida federal judge issued a stern warning in lieu of sanctions Friday to two attorneys who lender BlueChip Financial and its CEO claimed had pursued frivolous Fair Credit Reporting Act violation claims against them, cautioning the lawyers that they were "on thin ice."

  • November 20, 2020

    Cos. Turn Over Security Contracts In NYPD Off-Duty Pay Fight

    Five companies have given a New York federal judge agreements they signed with the New York City Police Department as part of a security program for off-duty officers, a precursor to their coming request to escape a proposed class and collective action from officers alleging they were not properly paid for their work.

  • November 20, 2020

    OCC Pitches Rule Requiring Banks To Provide 'Fair Access'

    The Office of the Comptroller of the Currency on Friday floated a proposed rule that would limit big banks' ability to turn away fossil fuel companies, gun manufacturers and other "politically controversial" businesses, citing concerns about the banking system being misused to advance ideological agendas.

  • November 20, 2020

    SEC's Clayton Leaves Behind Market-Friendly Legacy

    Outgoing U.S. Securities and Exchange Commission Chairman Jay Clayton built a record that focused on easing capital formation from day one, a priority welcomed by capital markets attorneys, albeit over objections from investor protection advocates.

  • November 20, 2020

    FCA Says Undisclosed Info Won't Upend Insider Dealing Case

    A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.

  • November 20, 2020

    Cooperation In KPMG Case Spares Ex-PCAOB Staffer Prison

    A former financial watchdog staffer accused of feeding stolen information about audit inspections to KPMG employees will avoid prison after a New York federal judge on Friday lauded his "crucial" cooperation with the government's investigation of other alleged co-conspirators.

  • November 20, 2020

    NY Judge Orders Args In AG's Trump Probe Doc Dispute

    A New York judge Friday ordered oral arguments to be held next month in a dispute over subpoenas to entities related to President Donald Trump's businesses, part of the state attorney general's probe over whether Trump inflated his asset values.

  • November 20, 2020

    Ex-Finance Pro's No-Prison Sentence Caps BofA Insider Case

    A Manhattan federal judge on Friday ordered a former Tullett Prebon accounting supervisor to forfeit $2 million he earned while trading illegally on Bank of America merger secrets, but credited his cooperation with the Manhattan U.S. Attorney's Office in sparing him prison.

  • November 20, 2020

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

    This week in London has seen some of Europe's biggest truckmakers facing more litigation following their antitrust fines, Eddie Stobart sued by its fired founder, and pharmaceutical company Reckitt Benckiser go after its former prescription drugs business. Here, Law360 looks at those and other new claims in the U.K.

  • November 19, 2020

    9th Circ. Puts Heat On Seila Law In CFPB Ratification Fight

    A Ninth Circuit panel on Thursday appeared reluctant to shoot down a Consumer Financial Protection Bureau administrative subpoena against the California law firm that successfully challenged the agency's constitutionality at the U.S. Supreme Court, struggling with the firm's position that the agency can't be allowed to pick up where it left off after their high court trip.

  • November 19, 2020

    PayPal 'Soft-Pedaled' Data Breach Disclosure, 9th Circ. Told

    PayPal investors urged the Ninth Circuit on Thursday to revive a proposed class action alleging the company hid what it knew about a 2017 data breach, allegedly causing its stock to later drop when the hack was revealed, arguing that PayPal "soft-pedaled" its initial announcement to avoid a strong market reaction.

  • November 19, 2020

    US, EU, Others Put Export Credit Negotiations On Ice

    The United States, along with more than half the members of an international body tasked with updating export financing standards, staged an administrative walkout Thursday, issuing a joint statement of protest over some member states' lack of transparency.

  • November 19, 2020

    DOJ Keeps Heat On Advisers Despite Quiet End To Bain Case

    The U.S. Department of Justice put deal makers on notice last month with a very public rollout of a lawsuit blasting Bain & Co. for withholding documents regarding Visa Inc.'s latest mega-deal. And the quiet dropping of the case weeks later didn't give deal advisers any comfort as the department moved to challenge the merger itself.

  • November 19, 2020

    6th Circ. Upholds Hartford's Win In Disability Benefits Case

    A Sixth Circuit panel ruled Thursday that Hartford Life & Accident Insurance Co. was within its legal rights to stop providing disability benefits to a former U.S. Bank employee with multiple myeloma, upholding a Kentucky federal judge's decision.

  • November 19, 2020

    Lender Seeks Sanctions Over 'Shakedown' FCRA Suit

    A Florida woman informed a Tampa federal court Wednesday of a settlement in her Fair Credit Reporting Act suit against lender BlueChip Financial and its CEO, but the judge set a hearing for Friday on the defendants' sanctions motion alleging the suit was "factually and legally frivolous."

  • November 19, 2020

    NY AG Wants New Args In Trump Tax Probe Doc Dispute

    New York's attorney general asked a state judge Thursday to allow rearguments over what subpoenaed documents can be shielded under attorney-client privilege in a tax probe into whether President Donald Trump inflated his asset values.

Expert Analysis

  • DOJ's Visa-Plaid Challenge Shows Email Can Imperil A Deal

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    The U.S. Department of Justice used a trove of internal Visa email and other communications to show how the $5.3 billion Plaid merger might limit competition — providing a cautionary tale of how internal documents can endanger a transaction that shows few antitrust concerns on the surface, says Tammy Zhu at Medallia.

  • 6 Best Practices For Banks Serving The Marijuana Industry

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    As more states legalize marijuana, financial institutions with marijuana-related business customers should implement robust and nuanced compliance programs, and those that do not want to serve the industry should have policies in place for determining whether existing customers are engaged in marijuana-related activities, say attorneys at Venable.

  • What To Expect From DOJ Enforcement Under Biden

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    Companies shouldn't fear a rapid uptick in overall corporate enforcement actions by the U.S. Department of Justice under a new Democratic administration, but should anticipate a shift in focus away from immigration cases toward COVID-19-related fraud and civil rights reform, say Sandra Moser and Kenneth Polite at Morgan Lewis.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • What Calif.'s New Consumer Debt Law Means For Collectors

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    Brett Watson at Cozen O’Connor explains what California's recently enacted Debt Collection Licensing Act means for debt collectors, including how they should prepare to comply, how the act interacts with existing state laws, and whether to expect forthcoming enforcement actions.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

  • Valuation Uncertainty Could Prompt Increased Litigation

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    The COVID-19 pandemic has increased volatility around forward-looking cash flows and discount rates, which may lead to more business valuation disputes, particularly in the M&A and bankruptcy litigation contexts, say analysts at Cornerstone Research.

  • State FCA Considerations For Cos. Seeking COVID-19 Relief

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    Any business seeking funding from a state or local pandemic relief program should be cognizant of the significant legal exposure it could face under a state false claims act, say attorneys at Patterson Belknap.

  • What The Biden-Harris Win Means For Securities Regulation

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    In this brief video, Amy Greer and Valerie Mirko at Baker McKenzie examine what a government led by Joe Biden and Kamala Harris could mean for the securities industry, regulatory leadership and financial policy.

  • The Pandemic's Long-Term Impact On Law Firm Operations

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    Brian Burlant at Major Lindsey looks at how pandemic-era remote work has changed the way law firms operate — from shifts in secretarial functions to associate professional development — and explains why some alterations may be here to stay.

  • Treasury Stance On Ransomware Payment Could Hurt Targets

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    Recent statements from two U.S. Department of the Treasury offices indicate that paying off ransomware with cryptocurrency may trigger certain registration requirements and U.S. sanctions scrutiny, placing a significant regulatory burden on cybervictims and their incident response consultants, say attorneys at McDermott.

  • How Biden Might Dismantle Trump-Era Regulations

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    The Biden administration will likely take swift action to undo regulatory actions from the past four years with a variety of tools, including executive orders, the Congressional Review Act and legal challenges under the Administrative Procedure Act, say attorneys at Jenner & Block.

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