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Banking

  • August 20, 2018

    GOP Sens. Press Fed To Pare Regs For Less Risky Banks

    Seven Republican senators urged the Federal Reserve on Friday to press forward with paring back regulations for bigger banks that are not systemically risky, saying that they are concerned about some of the recent comments from Fed leadership about the implementation of the banking regulatory reform bill that was signed into law earlier this year.

  • August 20, 2018

    Brink's Gets Ax Of FCA Suit Alleging Penny-Swapping Scheme

    An Ohio federal judge on Monday tossed a False Claims Act suit accusing armored carrier company Brink’s of a coin-swapping scheme involving copper-rich pennies belonging to the Federal Reserve Bank of Cleveland, finding in part that regional Fed banks don’t count as the government as far as the False Claims Act is concerned.

  • August 20, 2018

    Ex-Congressional Aide Says Trump Tweets Moot Sentence

    A former information technology aide to Rep. Debbie Wasserman Schultz, D-Fla., who agreed to a plea deal over fraud charges asked a D.C. federal court Monday to be sentenced to time served, saying President Donald Trump’s Twitter outbursts have led to "deranged, politically driven" attacks.

  • August 20, 2018

    Chancery Class Says 'Phantom' Rights Benefited Ebix CEO

    Phantom approvals and disclosure failures propped up a potential $825 million in allegedly backdated stock appreciation rights provided to the CEO of software company Ebix Inc., a class attorney asserted Monday during the opening of a three-day Delaware Chancery Court trial challenging the benefit.

  • August 20, 2018

    Pacific Drilling Says Majority Shareholder OK'd Ch. 11 Plan

    Pacific Drilling SA announced Monday it has secured the approval of its majority shareholder for a Chapter 11 restructuring plan, putting the company on track to shed $3 billion in debt after more than a year of talks.

  • August 20, 2018

    Deals Rumor Mill: TPG, Standard Chartered, Hess

    TPG Capital is reportedly mulling a deal to invest in the ailing Jet Airways Ltd., Standard Chartered PLC is discussing a deal to sell its private equity unit to Intermediate Capital Group, and PTTEP PCL and OMV are eyeing Hess Corp.’s Southeast Asian offshore natural gas assets.

  • August 20, 2018

    Banco Bradesco Investors Seek Cert. In Bribery Suit

    Two institutional investors asked a New York federal court on Friday to certify a class of shareholders in a suit alleging that Banco Bradesco SA made a series of misstatements to conceal a tax bribery scheme, saying the Brazilian bank’s lies artificially inflated the price of its preferred American depositary shares.

  • August 20, 2018

    Merrill Lynch Pays SEC $8.9M Over Conflict Of Interest Claims

    The U.S. Securities and Exchange Commission said Monday that Merrill Lynch has agreed to pay nearly $8.9 million to settle claims that it did not disclose a conflict of interest to its customers related to the offering of certain products managed by a third-party investment advisory firm.

  • August 20, 2018

    FINRA Fines Interactive Brokers $5.5 Million For Violations

    The Financial Industry Regulatory Authority has fined Connecticut-based Interactive Brokers LLC $5.5 million for failing to require that short-sale shares be delivered or closed out within legally required time frames and for the supervisory failures that allowed those transgressions to occur, the agency announced on Monday.

  • August 17, 2018

    Manafort Judge Talks Threats In Not Releasing Jurors' Names

    The Virginia federal judge overseeing the Paul Manafort trial on Friday revealed he has received threats during the case and expressed concern that revealing the names of jurors deliberating the fate of the former Trump campaign chair could put their “peace and safety” at risk.

  • August 17, 2018

    Cooley Adds Ex-Boies Schiller Trial Partner In NY

    Cooley LLP said Thursday that it has hired a former Boies Schiller Flexner LLP trial partner with experience representing financial institutions and sports and entertainment clients in securities and antitrust litigation, as well as in international and domestic arbitrations, bolstering its offerings in New York.

  • August 17, 2018

    Nissan '0% Financing' Suit Tossed For Lack Of State Claim

    A New Jersey federal judge on Thursday dismissed a putative class action alleging that a Nissan services contractor and a car dealership used a service agreement with higher interest rates than stated to rip off a car buyer, finding the warranty statute governing the suit mandates plaintiffs plead an underlying state-law claim.

  • August 17, 2018

    Don't Send CFPB Queries To OMB, Mulvaney Tells Dems

    Consumer Financial Protection Bureau acting Director Mick Mulvaney has replied to a letter from Senate Democrats asking about his decision earlier this year to dissolve the agency’s Consumer Advisory Board, saying he can’t answer their inquiry because it was addressed to him at his other job at the Office of Management and Budget.

  • August 17, 2018

    US Takes Ex-HSBC Trader's Extradition Win To Top UK Court

    The U.S. is appealing the denial of extradition of a former HSBC foreign exchange trader to the U.K.'s highest court, prosecutors said Thursday, to face charges in New York alleging he and a colleague defrauded bank client Cairn Energy PLC by trading ahead of a $3.5 billion forex deal for the Scottish oil and gas developer.

  • August 17, 2018

    CashCall Ruling Creates Legal Uncertainty For Calif. Lenders

    The California Supreme Court’s recent ruling that it’s possible for the interest rate on a consumer loan of more than a certain dollar amount in the state to be declared "unconscionable" could wind up being a headache for nonbank lenders operating under California law, attorneys told Law360.

  • August 17, 2018

    Class Counsel In $2B Forex Deal Awarded $22M In Expenses

    A New York federal judge awarded nearly $22.5 million to an investor class' counsel for litigation expenses incurred in a $2.3 billion settlement resolving claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.

  • August 17, 2018

    Dutch National Gets 17 Years For $2.5M Investment Schemes

    An Illinois federal judge on Thursday sentenced a Dutch national to 17 years in prison in an international criminal fraud case that saw the man cop to procuring more than $2.5 million through fake investment schemes between 1998 and 2010.

  • August 17, 2018

    7th Circ. Backs Officers Of Defunct Bank Co. On $76M Refund

    The Seventh Circuit on Friday upheld the dismissal of a bankruptcy trustee's suit against the officers of a defunct bank holding company for keeping a $76 million tax refund instead of disbursing it to the company’s failing banks.

  • August 17, 2018

    Half-Built Fla. Resort's $39M Sale Gets Court Approval

    A Florida bankruptcy judge signed off Friday on a $39.1 million sale of a stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program.

  • August 17, 2018

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

    The last week has seen Gatwick Airport sue an insolvent construction firm and two insurers for professional negligence, Deutsche Bank lodge a claim against India's Canara Bank and a Markel unit file a contract dispute against German animal insurance specialist Hippo.

Expert Analysis

  • The 'Post-Fact' Jury In The 'Fake News' Era

    Ross Laguzza

    The "fake news" phenomenon is ever more prominent in the political arena — but not in the jury box. At a trial, jurors don’t have to rely on the media or any other source to tell them the facts and issues, since they have a front-row seat to the action, says Ross Laguzza, a consultant at R&D Strategic Solutions LLC.

  • DOJ's New Policy On FCA Dismissals Highlights Circuit Split

    Nicholas Peterson

    A January memo suggested the U.S. Department of Justice may now be more willing to dismiss False Claims Act qui tam actions over the objections of relators. Defendants should familiarize themselves with an outstanding circuit split over the extent of the government’s dismissal authority, say Nicholas Peterson and Madeline Cohen of Wiley Rein LLP.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • What If The Auto Loan Securitization Market Crashes?

    Albert Fowerbaugh

    With memories of the Great Recession still fresh, fears that the auto loan securitization market is headed for a crash similar to the ill-fated residential mortgage backed securities market are on the rise. Albert Fowerbaugh and Julie Rodriguez Aldort of Butler Rubin Saltarelli & Boyd LLP consider the types of claims that various participants might assert if the market veers off course.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.