Banking

  • June 27, 2017

    10th Circ. Nixes Colo. Pot Credit Union's KC Fed Challenge

    A Colorado credit union hit another obstacle Tuesday in its quest to provide banking services to the state's legal marijuana industry as the Tenth Circuit declined to revive the financial institution's suit challenging the denial of its application for a master account at the Federal Reserve Bank of Kansas City.

  • June 27, 2017

    SunEd Blasts Whistleblower Execs In Push For $32M Deal OK

    SunEdison Inc. on Monday blasted two former executives with pending whistleblower claims against the bankrupt green energy giant for objecting to a proposed $32 million settlement with unsecured creditors, urging a New York bankruptcy court to overrule their objections and approve the deal.

  • June 27, 2017

    Charles Schwab Can't Bar Employees' Disrespectful Conduct

    A National Labor Relations Board judge on Monday largely rejected the contention that two Charles Schwab & Co. Inc. employee misconduct rules are too broad under the National Labor Relations Act, but he held that aspects of one of the rules barring disrespectful conduct, including disparaging comments, “are clearly overbroad.”

  • June 27, 2017

    Gorsuch And Thomas Becoming Fast Friends At High Court

    In Neil Gorsuch, Clarence Thomas seems to have found a U.S. Supreme Court justice after his own heart. The court’s newest member and its most silent one cast identical votes in case after case this year, at times taking positions deemed more conservative than those of their fellow Republican appointees on the court.

  • June 27, 2017

    DOJ Says Challenge To Trump’s 2-For-1 Order Is Premature

    U.S. Department of Justice lawyers representing President Donald Trump said in a court filing Monday that a lawsuit challenging Trump’s executive order to repeal two federal regulations for each new one is premature since it has not yet caused injury to any parties.

  • June 27, 2017

    Fannie Mae Beats Contractor's Whistleblower Suit At DC Circ.

    A contractor who claimed she was frozen out by Fannie Mae because she blew the whistle on a mortgage relief program that wasted taxpayer dollars had her appeal rejected by the D.C. Circuit on Tuesday, with the court saying Fannie can't be sued for retaliation like the government can.

  • June 27, 2017

    Lewis Brisbois Adds 3 Partners To Houston Office

    Lewis Brisbois Bisgaard & Smith LLP announced Monday that it has added three partners to its Houston office, bolstering its corporate and commercial litigation practices.

  • June 27, 2017

    5 High Court Concurrences That Read Like Dissents

    “Concurring opinion” can feel like a misnomer when a justice departs from — or downright slams — the reasoning of the majority. Here are the opinions from the latest U.S. Supreme Court term in which the biggest divisions bore the label of agreement.

  • June 27, 2017

    The Sharpest Dissents From This Supreme Court Term

    While there were fewer dissents coming from the U.S. Supreme Court during its October 2016 term than in years past, justices still managed to come up with creative disses and blistering attacks when they were on the losing side. Here, Law360 highlights the term’s top dissents.

  • June 27, 2017

    High Court Turns Away Bear Stearns Investor After CalPERS

    The U.S. Supreme Court declined to take up a private investment fund’s request to review its $200 million securities fraud suit against Bear Stearns Cos. LLC on Tuesday in the wake of its ruling on a similar but separate challenge brought by the California Public Employees’ Retirement System.

  • June 27, 2017

    Supreme Court Declines To Hear Class Action Tolling Case

    The U.S. Supreme Court on Tuesday declined to hear a case that centered on how strict the Securities Act's three-year statute of repose is, after a Monday ruling by the high court helped to clarify the same issue.

  • June 27, 2017

    Le-Nature's Ex-CEO Says He Was Coerced Into Guilty Plea

    The onetime top executive of defunct bottling company Le-Nature's Inc., who in 2011 pled guilty to his role in defrauding banks and investors out of $660 million, asked a Pennsylvania federal judge Friday to throw out his conviction, arguing that his attorney coerced him into accepting a defective plea agreement.

  • June 27, 2017

    Insurers Prevail In $75M Coverage Suit Over Bank's FCA Deal

    A Tennessee federal judge has ruled that First Tennessee Bank NA's insurance carriers don't have to shell out their $75 million in limits to cover part of the bank's $212.5 million False Claims Act settlement in 2015, finding that First Tennessee provided insufficient notice to the insurers of the circumstances that led to the deal.

  • June 27, 2017

    Bear Stearns Didn't Need Insurers' OK For Deal, Court Says

    Bear Stearns didn't necessarily trigger an exclusion in its insurance policies by entering into a settlement with the U.S. Securities and Exchange Commission in 2006 without its insurers' permission because the insurers had already made clear they were denying the claim, a New York appellate court affirmed on Tuesday.

  • June 27, 2017

    SEC, CFTC Chiefs Say Budget Proposals Reflect Tech Needs

    The heads of the U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission urged a Senate subcommittee Tuesday to approve their respective $1.6 billion and $281.5 million budget requests, characterizing the amounts as sparing while stressing the need for funding to keep up with changing technologies.

  • June 27, 2017

    Banks Accused Of $240M Foreclosure Scam Against Agencies

    Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are accused of scamming U.S. agencies out of some $240 million in a False Claims Act suit unsealed Friday in Illinois federal court, which the government has said it will not join.

  • June 27, 2017

    Head Coin.mx Crook Hit With 5 1/2-Year Sentence

    A Manhattan federal judge on Tuesday hit a restaurateur-turned-bitcoin fraudster with a 66-month prison sentence for engineering a criminal online operation that left a trail of damaged lives in its wake.

  • June 27, 2017

    Fed Fines BNY Mellon $3M For Improper Capital Calculations

    The Federal Reserve on Tuesday fined Bank of New York Mellon Corp. $3 million for incorrectly assessing the risks in one of its portfolios, allowing the bank to claim higher capital ratios than were actually in place.

  • June 27, 2017

    Monitorships In DOJ Deals Reached New Height, Study Finds

    The U.S. Department of Justice's imposition of corporate monitorships through deferred or non-prosecution agreements reached a high watermark last year, with more required than any year on record, according to a report released on Tuesday.

  • June 27, 2017

    Supreme Court Will Take Up Iran Artifacts Case

    The U.S. Supreme Court on Tuesday said it would take up the question of whether Persian artifacts held in Chicago museums can be seized to satisfy a $71.5 million judgment won by victims of a 1997 Hamas bombing.

Expert Analysis

  • Ransomware Attacks Raise Key Legal Considerations

    Lisa Sotto

    Ransomware is a growing concern and can have significant legal implications for affected entities. There are six things to keep in mind as you work to understand and respond to the threat of these disruptive attacks, say Lisa Sotto, Brittany Bacon and Jeffrey Dunifon of Hunton & Williams LLP.

  • FINRA Continues To Step Up Focus On Senior Investors

    Bruce Bettigole

    The Financial Industry Regulatory Authority recently introduced new sanction guidelines that allow FINRA staff to consider the vulnerability of customers in determining appropriate sanction levels. These guidelines are only one of many recent FINRA publications related to the protection of senior investors, say Bruce Bettigole and Sarah Razaq Sallis of Eversheds Sutherland.

  • Opinion

    How Nevada Is Preparing For Blockchain Technology

    Ben Kieckhefer

    Nevada Senate Bill 398 helps make the state welcoming to companies using blockchain technology, and gives legal recognition to blockchain transactions. It also incorporates blockchain into the definition of electronic records, and prohibits interference from local governments, says Ben Kieckhefer, a member of the Nevada Senate and director of client relations for McDonald Carano LLP.

  • An Interview With Floyd Abrams

    Randy Maniloff

    It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.

  • Bucking Tradition: NewLaw And The Coming Millennials

    Jill Dessalines

    Recent surveys show that law firms won't be able to rely on the flood of associates their business model demands as long as they require them to dedicate all day, most nights, every weekend and all holidays to firm business, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant GC at McKesson Corp.

  • State AGs Responding To Trump Policies: 3 Areas To Watch

    Michael Rossetti

    The federal government’s unfolding enforcement priorities have galvanized state attorneys general into action. We expect this trend to continue, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Monthly Column

    Gray Matters: We Feel, We Decide

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    Despite legal education training and the focus on logic and reason by the courts, lawyers address emotional issues on a daily basis — albeit more indirectly. But a shift to consciously and strategically addressing emotions gives us a powerful tool to help our clients reach faster, better decisions, say dispute resolution experts Robert Creo and Selina Shultz.

  • The UK's New Suspicious Activity Reporting Regime: Part 2

    Neil Gerrard

    Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.

  • The Misconception About SWS Appraisal Decision

    Gail Weinstein

    The Delaware Chancery Court’s recent decision in SWS Group raises the question whether below-the-merger-price appraisal results will now become more common. A number of commentators have suggested that the answer is yes, but their conclusion follows what we believe to be a misconception, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The UK's New Suspicious Activity Reporting Regime: Part 1

    Neil Gerrard

    The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.