Banking

  • April 23, 2018

    Proskauer Loses Bid To Delay $1.5B Clawback Trial

    A Texas federal judge said Monday that Proskauer Rose LLP was "frivolous” to appeal a $1.5 billion clawback suit by the receiver for the $7 billion Stanford Ponzi scheme, confirming trial for next week as scheduled but nevertheless carving out a separate trial for any claims by an investor group.

  • April 23, 2018

    Wilmington Trust Fraud Trial Not Complex, DOJ Tells Jury

    A U.S. Justice Department attorney urged federal jurors Monday to avoid over-complicating the felony trial of four Wilmington Trust executives charged in Delaware with concealing hundreds of millions of dollars in past due commercial loans.

  • April 23, 2018

    Longford Capital Adds Former Jenner & Block Atty To Team

    Chicago-based private litigation funder Longford Capital Management LP added former Jenner & Block LLP partner Justin Maleson to its roster last week as a director focused on investment sourcing, due diligence and monitoring of portfolio investments.

  • April 23, 2018

    Crypto Giant Can't Arbitrate Laundering Claims: 11th Circ.

    A customer of the defunct cryptocurrency exchange Cryptsy does not have to arbitrate his proposed class action against digital currency giant Coinbase Inc. alleging it helped Cryptsy’s CEO launder roughly $8 million in stolen customer funds, the Eleventh Circuit said Monday.

  • April 23, 2018

    Review BofA Preemption Ruling, OCC Tells 9th Circ.

    The Office of the Comptroller of the Currency on Monday threw its weight behind Bank of America in urging the Ninth Circuit to review a panel decision that found the National Bank Act does not preempt a California state escrow interest law, arguing that it’s the “rare case that justifies rehearing.”

  • April 23, 2018

    Bulgarian Telecom Fights Injunction Bid Over $6.7M Claim

    A Bulgarian telecommunications provider urged a New York federal court Monday not to freeze certain funds related to a complex satellite financing deal while an arbitral tribunal considers a California company's $6.7 million claim against it, saying the motion is a bullying tactic.

  • April 23, 2018

    Bowles Rice, Title Insurer Spar Over $41M Settlement Payment

    Bowles Rice LLP told a federal court on Friday that First American Title Insurance Co. can't prove the timeline at the heart of its argument that the law firm, which helped it during underwriting, owes money for the $41 million settlement of a title policy claim linked to a coal plant project. 

  • April 23, 2018

    Deals Rumor Mill: Tencent, Techcombank, Kazakhtelecom

    Tencent Music is eyeing an initial public offering, Techcombank and its investors are set to reap $922 million in an IPO of its own, and JP Morgan and VTB Capital have been tapped to lead the international offering of Kazakhstan’s largest telecommunications company.

  • April 23, 2018

    Cadwalader, DLA Piper Steer $110M Deutsche NYC Loan

    Cadwalader Wickersham & Taft LLP represented Deutsche Bank AG in connection with its $110 million loan to DLA Piper-counseled Oxford Properties Group for the purchase of various commercial condo units at a luxury condo tower on East 57th Street in Manhattan, according to records made public in New York on Monday.

  • April 23, 2018

    Borrowers Defend Claims In Wells Fargo Auto Insurance MDL

    Borrowers accusing Wells Fargo and National General Insurance of adding unneeded auto insurance to car loan bills have told a California federal court that dismissal bids from the pair in the multidistrict litigation “border on frivolous” in the wake of last week’s $1 billion fine for the bank.

  • April 23, 2018

    Covington Hires Ex-Wilson Sonsini Tech Deals Pro

    Covington & Burling LLP said it has bolstered its technology transactions practice in Silicon Valley with the hire of a former longtime Wilson Sonsini Goodrich & Rosati partner who has advised on intellectual property matters in multiple billion-dollar transactions.

  • April 23, 2018

    High Court Split On Accountability Issue In Lucia Arguments

    The U.S. Supreme Court on Monday appeared divided on whether U.S. Securities and Exchange Commission administrative law judges are "inferior officers" subject to the appointments clause of the Constitution, and whether a ruling that they are would render them more accountable for their decisions or less politically independent.

  • April 23, 2018

    High Court Won't Review Sentinel's Clawback Attempt

    The U.S. Supreme Court declined Monday to review the Sentinel Management Group Inc. trustee’s bid to claw back nearly $300 million from the bankrupt investment firm’s creditors, driving the final nail in the dispute’s coffin despite the trustee’s warning that future financial fraud bankruptcies will “become free-for-alls” unless the case was taken up.

  • April 23, 2018

    Ex-Wells Fargo Employee Without Contract Can't Sue Bank

    A New Jersey federal judge on Friday tossed a lawsuit against Wells Fargo by a former employee alleging she was wrongfully discharged for refusing to take part in opening phony accounts without customers' consent, saying she could not pursue a contract action without the existence of an employment agreement.

  • April 23, 2018

    BuzzFeed Seeks Hague's Help In Billionaire's Libel Suit

    BuzzFeed is trying to get more information from overseas banks about whether its publication of a dossier alleging ties between Russia and President Donald Trump had any effects on the business of a Russian billionaire named in the dossier, according to requests for international judicial assistance sent to The Hague by a Florida federal judge.

  • April 20, 2018

    Undoing CFPB Guidance May Yield Unintended Effects

    The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

  • April 20, 2018

    Orphaned By Feds, SEC Judges Find Ally In O'Melveny Advocate

    Administrative law judges at the U.S. Securities and Exchange Commission can no longer count on Solicitor General Noel Francisco to defend them in their upcoming fight before the U.S. Supreme Court, but they may not need him if an attorney invited by the court can convince the justices there was no constitutional foul in the way they were hired.

  • April 20, 2018

    6 Firms To Guide Tech-Heavy IPO Lineup Set To Exceed $1.3B

    Six firms are set to guide companies on initial public offerings estimated to surpass $1.3 billion during the week of April 23, steering a technology-dominated lineup led by a projected $542 million offering from electronic signature company DocuSign Inc.

  • April 20, 2018

    FirstCaribbean Bank Pulls IPO, Blaming Market Conditions

    Blaming market conditions, FirstCaribbean International Bank Ltd. pulled an estimated $226 million initial public offering late Thursday, becoming the second company in two days to cancel IPO plans at the last minute.

  • April 20, 2018

    Windups, Jury Charge Loom In Wilmington Trust Trial

    Federal prosecutors and defense attorneys shipped 173 pages of jury-instruction proposals Friday to a federal judge hearing a criminal case in Delaware against four Wilmington Trust executives accused of hiding hundreds of millions of dollars in bad loans, with the words “past due” appearing 159 times.

Expert Analysis

  • Crypto Set To Drive Demand For Traditional Services: Part 1

    Collin Starkweather

    The widespread adoption and increasing regulation of virtual currencies and related technologies will give rise to the need for individuals with expertise in traditional fields, such as financial services and tax, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.