Banking

  • July 24, 2017

    Wells Fargo Seeks Return Of Inadvertently Leaked Client Info

    ‎Wells Fargo Advisors LLC asked a New York state judge on Monday to prevent further dissemination of reams of client data inadvertently provided in a response to a subpoena, saying the release was a mistake and a former employee and his counsel should be forced to return it.

  • July 24, 2017

    Barclays Forex Rigging Settlement Nets $8.75M In Atty Fees

    Counsel for Axiom Investment Advisors LLC will receive $8.75 million from a $50 million settlement with Barclays Bank LLC in a New York federal court action filed over purported misuse of a foreign exchange trading system to boost bank profits. 

  • July 24, 2017

    JPMorgan Due $11M In Auto Mogul Fraud Row, 6th Circ. Says

    The Sixth Circuit on Friday affirmed a lower court’s decision awarding JPMorgan Chase $11.2 million in fees and expenses for litigation related to the bankruptcy of an auto parts magnate’s business, finding that the issue of fees hadn’t been previously argued and decided.

  • July 24, 2017

    Wells Fargo Fights Investor's Class Cert. Bid In RMBS Suit

    Wells Fargo Bank NA has slammed a bid for class certification from an investor suing the bank over its alleged failures as trustee of two residential mortgage-backed securities trusts, telling a New York federal court on Monday that the proposed class is unworkable.

  • July 24, 2017

    Fresh Charges Eyed For Alleged NY Fed Scammers

    Six alleged fraudsters accused of stealing $50 million from investors by posing as New York Federal Reserve employees may soon face additional criminal charges stemming from what a federal prosecutor characterized Monday as a different scheme.

  • July 24, 2017

    Auto Racer's Wife Urges 9th Circ. To Nix $27M FTC Win

    The wife of professional auto racer Scott Tucker told the Ninth Circuit on Friday a court order mandating she and her company disgorge $27 million in "ill-gotten gains" as part of a $1.3 billion Federal Trade Commission unlawful payday lending suit against her husband improperly relieves the commission from having to prove the money was received illegally.

  • July 24, 2017

    Puerto Rico Bondholders Seek Seat On Creditor Committee

    A group of Puerto Rico bondholders on Friday asked a federal court to allow them on the unsecured creditor’s committee in the commonwealth's bankruptcy, saying they were unfairly excluded.

  • July 24, 2017

    Former Bank Exec Could Face 5 Years Over Tax Conspiracy

    The former vice president of a South Carolina bank faces up to five years in prison after pleading guilty on Monday to providing illegal loans to a staffing company that owed the government millions in unpaid payroll taxes, according to the U.S. Department of Justice.

  • July 24, 2017

    Consumer Urges 2nd Circ. For En Banc Review In TCPA Suit

    A consumer suing Lincoln Automotive Financial Services for violating the Telephone Consumer Protection Act has asked for the full Second Circuit to rethink his case, saying the smaller panel decision finding that consent given in contracts isn’t revocable conflicts with many other courts of appeal.

  • July 24, 2017

    House Passes Small Business Banking, Microloans Bills

    Federal rules for investing in and lending to small businesses could see major reforms through a set of bills passed by the House of Representatives Monday, increasing borrowing limits and making other changes to the Small Business Administration.

  • July 24, 2017

    JPMorgan Sues Former Employees For Poaching Customers

    JPMorgan Securities Friday filed a suit in Illinois federal court accusing two former investment advisers of poaching $36 million in client accounts and asking for an order to bar them from soliciting more customers.

  • July 24, 2017

    Petrobras Seeks To Expand 2nd Circ. Win In Investor Suit

    Brazilian oil giant Petrobras and several banks that underwrote its debt securities asked the Second Circuit on Friday to rehear a decision that decertified two investor class actions but affirmed part of a certification order, saying the circuit conflicted with U.S. Supreme Court precedent.

  • July 24, 2017

    Ex-Barclays Trader Banned From Banking For Unsafe Actions

    The Federal Reserve Board of Governors on Monday banned a former Barclays Bank PLC foreign exchange trader from the banking industry for possible coordination with other investors and the release of confidential information about Barclays and its clients.

  • July 24, 2017

    8th Circ. Won't Reconsider Sigillito Ponzi Victims' Case

    The Eighth Circuit has refused to rehear a suit against St. Louis Bank brought by victims of a $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican Bishop Martin Sigillito after finding in May that the bank didn’t know the money moving through Sigillito's accounts was being stolen.

  • July 24, 2017

    House To Vote To Overturn CFPB Arbitration Rule

    The House of Representatives is set to vote Tuesday to overturn the latest Consumer Financial Protection Bureau rules on consumer arbitration agreements, taking aim at one of the most recent controversial rule-makings from the agency.

  • July 24, 2017

    Fed Eases Volcker’s Treatment Of ‘Seed’ Investments

    The Federal Reserve on Monday made it simpler for banks to get more time to provide so-called seed funding in investment funds under the Volcker Rule, the second tweak to the Dodd-Frank Act’s ban on proprietary trading announced in less than a week.

  • July 24, 2017

    Wells Fargo Wants Philly's Lending Bias Suit Axed

    Wells Fargo & Co. urged a Pennsylvania federal judge on Friday to throw out a lawsuit from the city of Philadelphia accusing the bank of systematically targeting minority borrowers for high-interest loans in violation of the Fair Housing Act.

  • July 24, 2017

    Sen. Questions Watchdog's Challenge To Arbitration Rule

    A Democratic senator said Monday that she intends to question why a federal banking regulator is pushing hard against the Consumer Financial Protection Bureau’s rule eliminating class action bans in arbitration clauses.

  • July 24, 2017

    Jordanian Bank Faces $40M Suit Over Iraqi Helicopter Deal

    A Nevada-based defense contractor asked a Virginia federal court Friday to order a business association, a bank and a procurement agency based in Jordan to fork over $40 million in compensatory and statutory damages, claiming they conspired to stiff the contractor on a helicopter purchase deal with the Iraqi government.

  • July 24, 2017

    PNC Bank Can't Duck New ResCap Loan Claims

    A Minnesota federal judge on Friday denied PNC Bank's bid to toss the second lawsuit brought against it by ResCap Liquidating Trust over the alleged sale of bad loans by a PNC predecessor that supposedly contributed to ResCap's bankruptcy, saying the two suits are based on different facts.

Expert Analysis

  • Unclear Consequences For Lenders Asking Language Choice

    Platt,Laurence_4C.jpg

    When should mortgage lenders be required to conduct business in a foreign language because the consumer has expressed a preference for a different language? This is only one of the questions that is “top of mind” for lenders, servicers and loan-holders who have read the Federal Housing Finance Agency’s recent request for input on language access in mortgage lending and servicing, say Laurence Platt and Tori Shinohara of Mayer Brown LLP.

  • The Best Documents In Your Case May Be From 3rd Parties

    Wyatt Dowling

    Cases are built on evidence and evidence comes from discovery. But discovery is largely a voluntary process. Serving a document subpoena on a third party can be an efficient and creative way to fill in the gaps that may exist in the productions of opposing parties, says Wyatt Dowling of Yetter Coleman LLP.

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Lessons From The CoinDash Hack

    Stuart Levi

    The CoinDash initial coin offering was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions about the security and legitimacy of ICOs and of the blockchain more generally, says Stuart Levi of Skadden Arps Slate Meagher & Flom.

  • Clayton Speech Signals New Tone At The Top

    Nicolas Morgan

    In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • A Chat With FTC’s Thomas Pahl

    Lucy Morris

    Recently, I joined a “fireside chat” with Thomas Pahl, acting director of the Federal Trade Commission’s Bureau of Consumer Protection. He discussed the FTC’s consumer protection priorities and its initiative to reform the agency’s investigative process, says Lucy Morris of Hudson Cook LLC.

  • Courts Rein In TCPA 'Revocation Of Consent' Claims

    Michael Daly

    As we all anxiously await a decision in the appeal from the Federal Communications Commission's “any reasonable method” ruling, several courts have found other ways to limit this particular species of Telephone Consumer Protection Act abuse. The most recent and notable is the Second Circuit's decision last month in Reyes v. Lincoln, say Michael Daly and Daniel Brewer of Drinker Biddle & Reath LLP.