Banking

  • January 23, 2018

    Ballard Snags SEC Assistant Director As Philly Partner

    Ballard Spahr LLP announced Tuesday that it has snagged U.S. Securities and Exchange Commission assistant director Dietrich King, who helped lead the agency’s review of e-commerce giant Alibaba’s record-shattering $25 billion initial public offering, to serve as a partner in its Philadelphia office.

  • January 23, 2018

    FDIC Chair Nom Supports Fintech Firms’ Charter Choice

    Jelena McWilliams, President Donald Trump’s choice to lead the Federal Deposit Insurance Corp., on Tuesday told senators that she would encourage the use of a specialty bank charter that has become a tool for financial technology firms seeking more lending capacity.

  • January 22, 2018

    No Bellwether For DZ Bank In Morgan Stanley RMBS Fight

    A New York state judge on Monday rejected German lender DZ Bank’s bid to conduct a bellwether trial in its fraud suit against Morgan Stanley over dud residential mortgage-backed securities it bought from the U.S. bank, expressing concerns that moving ahead with part of the case wouldn’t resolve things any more efficiently.

  • January 22, 2018

    TD Ameritrade Adviser Misled On Options Strategy, Suit Says

    A putative class of investors sued TD Ameritrade Inc. and one of its investment advisers in Illinois federal court Friday, claiming they lost significant money in a trading strategy the company said was stable and conservative.

  • January 22, 2018

    FDIC Nominee To Face Senate Questions But Little Opposition

    Jelena McWilliams is likely to face questions about her views on tools to wind down failing giant financial institutions and a host of other issues at her Tuesday confirmation hearing, but her bid to lead the Federal Deposit Insurance Corp. is expected to proceed without a hitch, experts say.

  • January 22, 2018

    Feds Say Ex-Audit Watchdogs Gave Inside Info To KPMG

    Federal prosecutors in New York on Monday charged three former members of the Public Company Accounting Oversight Board and three former top executives at accounting giant KPMG in an alleged scheme to use stolen confidential information to help KPMG obtain better results on audits conducted by the regulatory board.

  • January 22, 2018

    Banking Group Of The Year: Debevoise & Plimpton

    Debevoise & Plimpton LLP's banking group handled complex anti-money laundering issues for Societe Generale and Pakistan’s largest bank and facilitated Silicon Valley Bank’s investments in Chinese startups over the last year, landing it a spot among Law360’s 2017 Banking Groups of the Year.

  • January 22, 2018

    Spokeo Standing Fight Won’t Go Another Round At High Court

    The U.S. Supreme Court won't rethink the Article III standing bar it set in its landmark 2016 Spokeo decision in a dispute over alleged inaccuracies on a credit report, rejecting a petition from Spokeo Inc. to resolve what it called "widespread confusion" over what types of intangible injuries can establish standing.

  • January 22, 2018

    Citibank, Others Dodge Claims In Reinsurance Kickback Suit

    A Pennsylvania federal judge on Friday tossed a proposed class alleging Citibank NA schemed with private mortgage insurers in a kickback arrangement to push fraudulent reinsurance on home mortgages, finding the facts matched up with a Third Circuit ruling in which the appeals court said a homeowner was too late in bringing claims.

  • January 22, 2018

    Artis REIT Selling $80M Worth Of Trust Units

    Artis Real Estate Investment Trust has reached a deal to sell 4 million trust units to a syndicate of underwriters in a deal that's expected to generate gross proceeds of CA$100 million ($80.25 million), according to an announcement Monday from the Winnipeg, Manitoba-based REIT.

  • January 21, 2018

    Immigration Standoff Keeps Government Shuttered

    The Senate failed to reach a funding deal Sunday night, extending the government shutdown as both parties continued to clash over longstanding spending and immigration issues. 

  • January 19, 2018

    CashCall Owes $10M After CFPB Sought $287M At Trial

    CashCall Inc. will have to pay a $10 million penalty for offering high-interest loans via a tribal lands-based firm in states where payday loans are barred, but a California federal judge Friday denied the U.S. Consumer Financial Protection Bureau’s bid for $287 million in restitution and penalties.

  • January 19, 2018

    TierOne CEO’s 11-Year, $3M Sentence Confirmed By 8th Circ.

    A federal appeals court on Friday rejected a challenge by the former CEO of Nebraska’s failed TierOne Bank of his conviction, 11-year prison sentence and $3.1 million fine, saying jurors and the judge who oversaw the case made the appropriate decisions.

  • January 19, 2018

    SEC Chair Urges Retail Focus In Activist Investor Debate

    U.S. Securities and Exchange Commission Chairman Jay Clayton said Friday the interests of Main Street investors must remain central to a growing debate over the pros and cons of shareholder activism.

  • January 19, 2018

    MetLife Deal Could Imperil Future SIFI Designations

    Future financial regulators will have a more difficult time targeting nonbank financial firms for extra regulation after the Trump administration on Thursday agreed to include cost-benefit and other analyses in future designations of systemically important financial institutions, experts said.

  • January 19, 2018

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

    The last week has seen a dispute between a Dubai commodities trading firm and a foreign exchange trader, a contract suit against the Bank of Georgia, and a Swiss asset manager sue retailer L.K. Bennett, its founder and its former private equity owners. Here, Law360 looks at those and other new claims in the U.K.

  • January 19, 2018

    Puerto Rico Hands Over Info On Accounts With $7B Stash

    Officials of Puerto Rico on Friday unveiled a summary of account balances for the debt-ridden territory's various instrumentalities and touted a push for more transparency, amid heightened scrutiny over the recent discovery of nearly $7 billion in undisclosed funds stashed in government bank accounts.

  • January 19, 2018

    $240M FCA Suit Ends With Dropping Of BofA, Wells Fargo

    A relator in a False Claims Act suit in Illinois federal court that accused four financial giants of scamming U.S. agencies out of some $240 million dismissed claims Friday against Bank of America and Wells Fargo — weeks after dropping JPMorgan Chase and Citigroup — all due to “exonerating evidence.”

  • January 19, 2018

    No Proof Yet That Tax Cuts Have Boosted US Economy

    The flood of bonuses and wage-increase announcements from retailers, banks and manufacturers can’t be held as a testament to the Republicans’ tax cuts, as analysts remain firm that these well-timed disclosures would have happened even without the recently passed tax legislation.

  • January 19, 2018

    Fed’s Bank Regulator Wants To ‘Tailor’ Dodd-Frank Rules

    The Federal Reserve’s first-ever vice chair for supervision called Friday for a rethinking of Dodd-Frank Act bank regulations to make them more transparent and efficient, specifically calling for “tailoring” approaches for individual banks.

Expert Analysis

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    In December, three of the Trump administration’s judicial nominees were forced to withdraw after serious bipartisan concerns arose about their qualifications. What lessons can potential nominees learn from these high-profile failures? Having previously served on the White House vetting team during the Obama administration, I can offer three important points, says Arun Rao, executive vice president of Investigative Group International.

  • When Attorneys Get Ensnared In FCPA Misconduct

    Louis Ramos

    The prosecutions of veteran lawyers at two multinational corporations — Keppel and PetroTiger — offer a sobering truth: Those responsible for protecting their companies from corruption-related risks can be held criminally accountable for their lapses in judgment. Recently unsealed court documents shed light on potential pitfalls for both legal and compliance professionals, say Louis Ramos and Benjamin Klein of DLA Piper.

  • In New York, A Trust Beneficiary Has Powerful Rights

    Thomas Wiegand

    New York law gives beneficiaries powerful tools to investigate and combat corporate trustees’ wrongdoing, as seen in two recent state court decisions. Nobody should assume that a prior release is the end of the story, say Thomas Wiegand and Justin Ellis of MoloLamken LLP.

  • The Challenges Of Marijuana Banking Just Got Bigger

    Elizabeth Khalil

    A series of issuances from the U.S. Department of Justice during the Obama era provided the basis for the only federal guidance on banking services for the marijuana sector. With Attorney General Jeff Sessions' recent rescission of these DOJ memos, the future of the banking guidance is now unclear, says Elizabeth Khalil of Dykema Gossett PLLC.

  • How To Control Data As Technology Complicates E-Discovery

    Peter Ostrega

    While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.

  • Rebutting Presumption Of Reliance: Lessons From 2nd Circ.

    Brad Karp

    The Second Circuit's decision in Arkansas Teachers v. Goldman Sachs reminds district judges that the opportunity to introduce evidence in opposition to class certification and rebut the fraud-on-the-market presumption of reliance needs to be a meaningful one, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • How The Cybersecurity Legal Landscape Changed In 2017

    Jonathan Kolodner

    Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches, fast-moving regulatory developments around the globe, and record-breaking settlements by companies, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • The Rise And Fall Of Statistical Sampling In RMBS Cases

    Amanda Lawrence

    In the early days of the residential mortgage-backed securities and repurchase litigation that followed the 2008 crisis, plaintiffs’ strategy of proving their allegations through statistical sampling was highly successful. However, in recent years, a new trend has emerged, say attorneys with Buckley Sandler LLP.

  • What To Do With Performance Bonds When Projects Default

    Gary Strong high rez.jpg

    Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.

  • Fraud Section Under New Management: Takeaways From 2017

    Kevin Muhlendorf

    The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.