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Banking

  • December 13, 2018

    Deutsche Bank Not Liable For Iran Bomb, 7th Circ. Says

    Deutsche Bank cannot be held liable for the death of a U.S. soldier killed in Iraq by a bomb supplied by Iran, the Seventh Circuit ruled Wednesday, saying the bank's violations of U.S. sanctions on Iran were too far removed from the soldier’s death to create liability under anti-terrorism law.

  • December 13, 2018

    Fed Says Banking Duo Snooped For Executive Roles At Rival

    Two banking executives acted as moles at a community bank in Wyoming, feeding information and customers to a rival institution to secure ownership stakes and executive positions, the Federal Reserve Board claimed in a disciplinary notice Thursday.

  • December 13, 2018

    Treasury Floats Rules On Withholding Payments Under FATCA

    The U.S. Department of the Treasury proposed regulations Thursday to eliminate or defer withholding taxes on certain payments out of America to foreign banks that have fallen short on their requirements under the Foreign Account Tax Compliance Act.

  • December 13, 2018

    Senate Dems Call For Deutsche Bank Probe After AML Raid

    Two Senate Democrats called for a bipartisan investigation into Deutsche Bank AG's compliance with federal anti-money laundering laws and its correspondent banking operations in a letter to their colleagues in the Senate Banking Committee on Thursday, citing German authorities' recent raid on the bank and its "history of regulatory problems."

  • December 13, 2018

    Ellenoff-Led Blank-Check Co. CF Finance Scores $250M IPO

    CF Finance Acquisition Corp. began trading on the Nasdaq on Thursday after pricing a $250 million initial public offering guided by Ellenoff Grossman & Schole LLP, as the blank-check company sets its sights on an acquisition in the financial services or real estate services industries.

  • December 13, 2018

    Shareholder’s Suit Over Terror Financing Gets Second Wind

    A Jordanian businessman will get a second chance to hold the directors of a Lebanese bank accountable for losses he suffered when it allegedly financed Hezbollah terror attacks and human rights violations after a New York federal judge gave him leave to amend his complaint on Thursday.

  • December 13, 2018

    The Biggest Securities Decisions Of 2018

    From district courts to the highest court, judges decided major issues in 2018 affecting the U.S. Securities and Exchange Commission’s enforcement process, the protections afforded to whistleblowers and the ability of investors and corporate defendants to pursue and defend themselves against securities claims.

  • December 13, 2018

    Steptoe Adds Blockchain Atty To Ranks In Chicago

    Steptoe & Johnson LLP has added a securities, cryptocurrency and blockchain pro from Barnes & Thornburg LLP as a partner in its Chicago office, the firm has announced.

  • December 12, 2018

    Mortgage Co. Settles Loan Insurance FCA Case For $14.5M

    Finance of America Mortgage will pay $14.5 million to resolve a whistleblower lawsuit alleging that a predecessor company originated and underwrote deficient loans backed by federal insurance in violation of the False Claims Act, the U.S. Department of Justice announced Wednesday.

  • December 12, 2018

    AriseBank Execs Settle SEC's ICO Scam Claims For $2.7M

    Two top executives of the now-shuttered AriseBank have agreed to pay a combined $2.7 million to settle claims by the U.S. Securities and Exchange Commission that the cryptobank fraudulently raised money in an unregistered initial coin offering, the regulator told a Texas federal court on Tuesday.

  • December 12, 2018

    UBS Balks At Whistleblower Case's $3.2M In Attys' Fees

    UBS Securities asked a New York federal judge Tuesday to reject a “jaw-dropping” and “excessive” $3.2 million in attorneys' fees requested by a former analyst who won a $1 million verdict in his whistleblower trial under representation by Herbst Law PLLC and Broach & Stulberg LLP.

  • December 12, 2018

    Chase Says Workers Reneged On Deal To End Seating Suit

    JPMorgan Chase accused two workers of reneging on a deal to drop a long-running California federal suit alleging it violates the state’s suitable seating law Tuesday, calling the purported about-face “vexatious, wanton and oppressive” and urging a judge to enforce the settlement.

  • December 12, 2018

    Nigerian Oil Co. Says $2.67B Award Can't Be Enforced

    Nigeria's state-owned oil company urged a New York federal court on Tuesday to toss a bid filed by units of ExxonMobil Corp. and Royal Dutch Shell PLC to confirm a $2.67 billion arbitral award they won following a dispute over a deepwater drilling deal, arguing that the award was set aside in Nigeria and is unenforceable.

  • December 12, 2018

    MoFo Nabs Former OFAC Sanctions Official In DC

    Morrison & Foerster LLP has lured another attorney away from the U.S. Treasury Department’s Office of Foreign Assets Control, bolstering its national security practice in Washington, D.C., with his experience helping formulate sanctions policy, according to a Tuesday announcement.

  • December 12, 2018

    FCA Vows To Retry UBS Insider Dealing Case After Hung Jury

    A London jury failed to reach a verdict Wednesday in the trial of a former UBS AG compliance officer and her day-trader friend accused of making £1.4 million ($1.76 million) by trading on inside information on potential takeover deals, in a case the British financial watchdog quickly said it planned to retry.

  • December 12, 2018

    UK's May Survives But Weakened After Brexit Revolt In Party

    Prime Minister Theresa May survived a coup attempt by rebel lawmakers within her Conservative Party late Wednesday, winning a no-confidence vote by a sufficiently large margin to allow her to continue pushing to get a draft Brexit withdrawal agreement through a hostile Parliament.

  • December 12, 2018

    DOJ Urges Prison For Convicted Wilmington Trust Execs

    Federal prosecutors in Delaware recommended prison terms between five and eight years for four convicted Wilmington Trust Corp. executives at the center of a more than $200 million years-long cover-up of bad commercial loans, saying the deception led to huge investor losses and tarnishing of trust in financial industry safeguards.

  • December 12, 2018

    EU Seeks Banks' Credit Card Data To Fight Online VAT Fraud

    Banks would have to share credit card data with European tax authorities under a draft law proposed by the European Commission on Wednesday, in a bid to cut value-added tax fraud using bogus online stores by €1.2 billion ($1.4 billion).

  • December 11, 2018

    Consumer Allies Blast CFPB's Proposed No-Action Overhaul

    The Consumer Financial Protection Bureau wants to overhaul its policy on no-action letters and create a regulatory sandbox to attract more companies seeking to test out new consumer offerings, but consumer advocates and their allies warned Tuesday that the proposed changes go too far.

  • December 11, 2018

    Barclays Prevails In Hedge Fund's Breach-Of-Contract Suit

    More than a year after taking the matter up in a bench trial, a Manhattan judge has found in favor of Barclays PLC in a decade-old suit brought by a unit of hedge fund Black Diamond Capital Management LLC over whether the bank defaulted on a derivatives contract in the height of the 2008 financial crisis.

Expert Analysis

  • Guest Feature

    The Subtle Art Of Fred Fielding

    He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff visits him to learn more.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 2

    John Reed Stark

    By interacting with a cryptocurrency institution for tax payments, Ohio is exposing its operations to a potential cyberattack. In addition, the noxious mix of federal and state regulatory requirements creates a foggy compliance labyrinth, even for a U.S. state, says John Reed Stark of John Reed Stark Consulting LLC.

  • Recent Trends In Intercreditor Agreements

    Excerpt from Lexis Practice Advisor
    Bruce Cybul

    In the current commercial real estate market, mortgage lenders' cautious approach should continue to provide mezzanine lenders with ample opportunities. By maintaining an important role in transactions, mezzanine lenders can gain more leverage when negotiating intercreditor agreements, say attorneys at Schulte Roth & Zabel LLP.

  • Few Taxpayers Should Use New Offshore Disclosure Protocol

    Patrick McCormick

    Last month, the IRS updated its voluntary disclosure practices. For taxpayers without criminal exposure, the updated protocol can provide the optimal route for an offshore disclosure, but more palatable options likely exist for the significant majority of noncompliant taxpayers, says Patrick McCormick of Drucker & Scaccetti.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 1

    John Reed Stark

    Last month, cryptocurrency hit yet another milestone when Ohio began accepting bitcoin payments for taxes. However, Ohio’s treasury, or any other state or federal government entity, should be the very last institutions to even consider accepting this dubious form of payment, says John Reed Stark of John Reed Stark Consulting LLC.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Prudential Framework For Large Banks Is Set To Change

    Satish Kini

    The Federal Reserve Board recently issued two proposals that represent a significant change in the prudential regulation of large banking organizations. Attorneys with Debevoise & Plimpton LLP examine the notable aspects of the new framework.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.

  • A Review Of US Economic Sanctions In 2018

    Ama Adams

    In 2018, the U.S. government strengthened sanctions targeting Iran, Russia and Venezuela, sanctioned an agency of the Chinese government and completed the second largest sanctions-related enforcement action on record. And the evidence suggests 2019 will be equally tumultuous, say attorneys with Ropes & Gray LLP.