Banking

  • July 25, 2017

    NY Appeals Court Revives Ex-Client Suit Against Willkie Farr

    A securities broker whose suit against his former lawyers at Willkie Farr & Gallagher LLP was dismissed in 2015 won a partial victory Tuesday, with a New York state appeals court saying the lower court used the wrong date when it determined that Dennis T. Palmeri Jr. sued too late.

  • July 25, 2017

    Mortgage Brokerage Takes IRS To Tax Court Over Adjustments

    An Oregon-based mortgage brokerage hit the IRS with a Tax Court petition last week, accusing the agency of improper adjustments totaling in the hundreds of thousands of dollars and alleging the IRS failed to accommodate its disabled managing member.

  • July 25, 2017

    Libor Trader Waives Conflict To Keep Paul Hastings Team

    A former Deutsche Bank AG trader accused of rigging the London Interbank Offered Rate told a New York federal judge on Tuesday that he wants to stick with his counsel from Paul Hastings LLP even though there may be a conflict that might limit his attorney’s ability to defend him.

  • July 25, 2017

    Banks Say Top Court Ruling Cuts Against SIBOR-Rigging Suit

    A group of foreign banks accused of rigging the Singapore Interbank Offered Rate and another financial benchmark told a New York federal judge on Monday that a recent U.S. Supreme Court decision on jurisdiction strengthens their argument for dismissal, contrary to what plaintiffs have said.

  • July 25, 2017

    HSBC Wins Unredacted Docs In MBS Dispute

    A federal magistrate judge on Monday ordered an investment fund suing HSBC Holdings PLC over failed mortgage-backed securities to turn over more than 1,000 documents without redacting personal information contained in those messages, despite the fund’s concerns over potential privacy violations.

  • July 25, 2017

    Attys Want $4.45M In Fees In Wells Fargo's TCPA Settlement

    Attorneys representing a class of 3.2 million consumers who allege that Wells Fargo violated the Telephone Consumer Protection Act by autodialing their phones without consent asked a Georgia federal court on Monday to award them more than $4.45 million in fees after they secured a $14.8 million settlement to resolve the dispute.

  • July 25, 2017

    Edelson Escapes Mizuho Bank Sanctions Bid In Mt. Gox Suit

    An Illinois federal judge on Tuesday rejected Mizuho Bank Ltd.'s request for sanctions against Edelson PC, saying there wasn’t enough evidence to support an order that Edelson strike claims in its proposed class action over the collapse of bitcoin exchange Mt. Gox.

  • 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.

Expert Analysis

  • Attempting To Limit Class Action Waivers And The FAA

    John Hansen

    Two efforts are currently underway to limit the effect of the U.S. Supreme Court's past decisions involving anti-class action arbitration clauses in both consumer and employment agreements. However, both efforts are under attack, says John Hansen of John Hansen Law.

  • Financial Covenants In Project Financing: Key Points

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    Project finance lenders typically require that borrowers agree to financial covenants in loan agreements, prescribing the parameters within which the business venture may operate. These covenants and related provisions are often highly negotiated, and reflect the ultimate confidence of the parties in the financial success of the project, say Emeka Chinwuba and Laura Pettinelli of Norton Rose Fulbright LLP.

  • 2nd Circ. Libor Ruling Won’t Slow Cross-Border Enforcement

    Jason Linder

    Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.

  • 5 Questions Firms Should Ask When Evaluating Litigation AFA

    Gregory Lantier

    Law firm management should understand the client’s reasons for requesting an alternative fee arrangement, and whether approving the fee will help grow the relationship with the client, say attorneys with WilmerHale.

  • For Law Firm Offices, Business Savvy Is The New Cool

    Craig Braham

    Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, It's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.

  • Unclear Consequences For Lenders Asking Language Choice

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    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.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.

  • 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.