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Banking

  • October 19, 2018

    Jury Hears Ex-Barclays Trader's Worries As Gov't Case Ends

    Jurors in the antitrust trial of three former foreign exchange traders for Citigroup, Barclays PLC and JPMorgan Chase & Co. units on Friday heard a recording of a former Barclays trader voice concern about his allegedly collusive trading behavior in the forex market as prosecutors wrapped up their witness testimony.

  • October 19, 2018

    Bank Must Face Claim Of Stalling Wall Street Condo Sale

    A Manhattan trial judge ruled Friday that real estate firm Bleckner PC can sue Signature Bank for refusing to let the firm put a $14 million down payment on a building in the heart of New York’s Financial District because the bank believes the building’s seller is blacklisted by the U.S. Treasury.

  • October 19, 2018

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

    The last week has seen Allianz sue Maersk, a Barclays request to transfer part of its banking business and another filing between two sides fighting over payouts from a £200 million RBS rights holders settlement. Here, Law360 looks at those and other new claims in the U.K.

  • October 19, 2018

    CashCall Owes $200M For Loan Scheme, CFPB Tells 9th Circ.

    The U.S. Consumer Financial Protection Bureau urged the Ninth Circuit on Friday to reverse a lower court order and force CashCall Inc. to cough up more than $200 million for bilking consumers on high-interest payday loans, saying the company escaped with just a $10 million fine because a federal judge wrongly decided the company didn't have to pay restitution.

  • October 19, 2018

    Fake Heir Cops To $13M Hedge Fund Scam, Faces 10 Years

    A con man who raised $13 million by claiming to be a hedge fund manager and heir to the Genovese Drug Stores family fortune pled guilty to securities fraud in Manhattan federal court on Friday as part of a deal that calls for federal guidelines of 10 years or more in prison.

  • October 19, 2018

    Singapore Banks Seek Redo On SIBOR Rigging Escape Bid

    A group of Singapore-based banks, along with one based in Hong Kong, urged a New York federal judge on Thursday to reconsider a ruling that kept them in a suit over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, arguing that they don’t trade in the instruments at issue.

  • October 19, 2018

    Ex-Fed. Prosecutor Joins Reed Smith's Compliance Practice

    Reed Smith LLP has added a former federal white collar crime prosecutor to its global regulatory enforcement practice in Chicago, the firm has announced.

  • October 19, 2018

    High Court Urged Not To Review 9th Circ. Preemption Ruling

    The California homeowner behind a proposed class action over Bank of America's alleged violation of a California state mortgage escrow interest law has urged the U.S. Supreme Court not to review a Ninth Circuit decision that held the state law isn’t preempted by the National Bank Act.

  • October 19, 2018

    HP Unit Owes Startup $2.3M For Software Work

    A California federal jury found Friday that a Hewlett Packard unit must pay a software startup more than $2.3 million for work on a Malaysian banking project, while clearing HP on many of the allegations in a contract suit that sought tens of millions in damages.

  • October 19, 2018

    Customer Seeks Class Approval In Raymond James Fee Suit

    A Florida woman seeking to form a class to pursue claims that Raymond James charged unauthorized and unreasonable commissions via a “processing fee” rebutted the financial services company's arguments that the allegations require intensive individual analysis during a hearing Friday.

  • October 19, 2018

    Toys R Us Lenders Become Stalking Horse For IT Biz

    Toys R Us has received permission from a Virginia bankruptcy court to put the computer support operation for its overseas stores on the block next month, backed by a $57.5 million stalking horse credit bid from a term lenders group.

  • October 19, 2018

    SEC Launches 'FinHub' Office To Guide Startups On Fintech

    The U.S. Securities and Exchange Commission said Thursday it launched a new office intended to improve communication with entrepreneurs and their advisers about regulations relating to the booming field of financial technology, including blockchain and initial coin offerings.

  • October 19, 2018

    Ocwen, Others Want Fund's ERISA Suit Over RMBS Nixed

    Ocwen Financial Corp., Wells Fargo and others urged a New York federal judge to toss a proposed Employee Retirement Income Security Act class action alleging that Ocwen profited by pushing homeowners into foreclosure during the financial crisis, arguing that a pension fund couldn’t bring claims on behalf of other plans.

  • October 19, 2018

    Ex-Google Exec's Co. Can't Arbitrate Tribal Payday Loan Suit

    A Washington federal judge has denied a bid by a former Google executive's financial technology company and a tribal corporation through which his fintech firm ran a payday lending business to force into arbitration a suit over exorbitant interest rates, ruling that arbitration clauses in agreements borrowers signed are invalid.

  • October 19, 2018

    Labaton Says 1/3 Of Its Open Cases Include Referral Fees

    Nearly one-third of Labaton Sucharow LLP’s open cases came to the firm through referral arrangements, according to a filing Thursday in Massachusetts federal court, offering a peek behind the curtain as the firm faces scrutiny for a payment to a Texas attorney uncovered in the ongoing State Street settlement fee fight.

  • October 18, 2018

    Bitcoin Trader, CEO Ordered To Pay $2.5M For Ponzi Scheme

    Bitcoin trading outfit Gelfman Blueprint Inc. and its CEO Nicholas Gelfman have been ordered to pay nearly $2.5 million in restitution after stealing more than $600,000 from roughly 80 customers, in the first anti-fraud case involving bitcoin brought by the Commodity Futures Trading Commission.

  • October 18, 2018

    Proposed Volcker Rule Definition Change A No-Go, Banks Say

    Federal financial regulators are getting an earful about their proposal to revamp the trading account definition under the so-called Volcker rule, with industry players saying the change could actually make things worse for banks.  

  • October 18, 2018

    Last Tippee In $5M BofA Insider Trading Ring Takes Plea Deal

    A former Morgan Stanley vice president accused of trading on tips that came from a Bank of America technology consultant pled guilty to securities fraud conspiracy in Manhattan federal court on Thursday, making him the last of seven defendants in a $5 million insider trading ring to do so.

  • October 18, 2018

    Chicago Bank Accused Of Role In Va. Ponzi Scheme

    Two investors hit a Chicago bank Tuesday with a proposed class action in Illinois state court, claiming it played a role in a Ponzi scheme that caused them and other investors to lose more than $7 million.

  • October 18, 2018

    Nine West Files Amended Ch. 11 Plan With $105M Settlement

    Nine West Holdings Inc. has filed a revised Chapter 11 plan with a New York bankruptcy court that includes a $105 million settlement with company owner Sycamore Partners, releasing the latter of claims that it stripped Nine West’s assets and sent the company into bankruptcy.

Expert Analysis

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • ​Are You Ready For Your Congressional Investigation?

    Brian Smith

    ​The Democratic Party is ​expected to take control of the House of Representatives next year,​ ​which​ will dramatically increase the congressional investigations risks for ​the ​private sector.​ Prime targets include pharmaceutical, financial services and technology ​companies, says Brian Smith of Covington & Burling LLP.

  • How FTC Is Stepping Up Its Consumer Protection Efforts

    Jonice Gray Tucker

    The Federal Trade Commission, which once dominated the playing field on many consumer protection issues, appears poised to reclaim a more active role in connection with financial products and services, say attorneys with Buckley Sandler LLP.

  • Class Arbitration Goes To The Supreme Court

    Jay Bogan

    A U.S. Supreme Court ruling in Varela v. Lamps Plus that the Federal Arbitration Act displaces contractual interpretation rules likely would vacate the Eleventh Circuit's recent JPay decision, says James Bogan of Kilpatrick Townsend & Stockton LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Studying The Reactions To SEC's Whistleblower Proposals

    Kathleen Massey

    Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.

  • What Financial Cos. Can Expect If Democrats Win House

    Aaron Cutler

    It is widely expected that Democrats will take control of the House in the midterm elections, and a Democratic House Financial Services Committee will likely launch a broad range of investigations, particularly relating to consumer-facing issues, say attorneys with Hogan Lovells.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.