Banking

  • January 20, 2017

    SEC Unlikely To Escape Partisan Chokehold Under Trump

    The U.S. Securities and Exchange Commission became an increasingly political focal point in the eight years of Barack Obama's presidency, buffeted by partisan forces both inside and out that experts say have damaged the SEC’s credibility and are unlikely to abate during the Trump administration.

  • January 20, 2017

    JPMorgan Finalizes $53M Deal With Feds Over Mortgage Bias

    A JPMorgan Chase & Co. unit agreed to pay $53 million to settle the government’s claims it charged black and Hispanic customers more for their mortgages for three years after the housing crisis, according to a finalized deal filed in New York federal court Friday.

  • January 20, 2017

    Calif. Court Affirms BofA Win, Reverses Fees In Bias Row

    A California appeals court affirmed on Friday a lower court’s decision giving Bank of America Corp. an early win in a consolidated class action alleging the bank terminated its debt collection employees based on their race, but reversed an order that awarded the bank $620,000 in attorneys' fees.

  • January 20, 2017

    Rimon Snags Ex-Reed Smith FinTech Partner In DC

    Rimon PC has bolstered its intellectual property and financial services team with the addition of an ex-Reed Smith LLP attorney in Washington, D.C., who has a deep wealth of experience in the FinTech space, according to a Rimon announcement on Friday.

  • January 20, 2017

    Del. High Court Tosses Goldman Ex-Coder's Fee Demand

    An ex-Goldman Sachs Group Inc. vice president’s long fight for corporate officer legal fee rights flamed out again Friday with the Delaware Supreme Court's refusal to overturn an earlier rejection of claims that commercial bank VPs are due board-level benefits.

  • January 20, 2017

    Tribal Lenders Must Respond To CFPB Probe, 9th Circ. Says

    A Ninth Circuit panel on Friday affirmed a district court decision compelling three tribal lending entities to comply with civil investigative demands issued by the Consumer Financial Protection Bureau, holding that Congress didn’t expressly exclude from the bureau’s enforcement authority the tribes that told the entities not to respond to the demands.

  • January 20, 2017

    CFTC Names Giancarlo As Acting Chairman

    The U.S. Commodities Futures Trading Commission on Friday named commissioner J. Christopher Giancarlo as acting chairman of the agency, who is taking the reins from the outgoing chairman, Timothy Massad.

  • January 20, 2017

    Morgan Stanley Aims To Trim Calif.’s Great Recession Suit

    Morgan Stanley asked a San Francisco judge Friday to trim California’s suit over hits state public retirement funds took during the Great Recession, arguing that the state’s attorney general brought blanket fraud and securities claims that didn’t apply to all defendants or all mortgage-backed securities named in the complaint.

  • January 20, 2017

    Mnuchin’s Testimony Leaves Many Regulatory Questions

    While there had been hopes Treasury Secretary nominee Steven Mnuchin’s confirmation hearings Thursday would provide more clarity on the Trump administration’s plans for bank regulations, Mnuchin’s responses on a broad range of topics left lawmakers with even more questions to be answered.

  • January 20, 2017

    FHFA Supplants Fannie Mae Shareholders In Deloitte Suit

    The Federal Housing Finance Agency took over from Fannie Mae shareholders as the plaintiff in a lawsuit against auditing firm Deloitte & Touche LLP over mortgage-crisis losses after a Florida federal judge found that FHFA, as the conservator of government-sponsored Fannie Mae, has the sole power to bring any claims.

  • January 20, 2017

    Societe Generale Owes $50M For Lying About $780M In RMBS

    Paris-based bank Societe Generale will pay $50 million to settle claims that it lied to investors about $780 million in residential mortgage-backed securities, the U.S. Department of Justice said Friday.

  • January 20, 2017

    Investors, Banks Trade Shots In Libor Case

    Investors this week continued to spar with the banks they accuse of manipulating the London Interbank Offered Rate over the dismissal of investor claims last year, while the court ordered another plaintiff to resubmit its complaint.

  • January 20, 2017

    Credit Suisse, UBS Can't Ditch Credit Unions' RMBS Claims

    A Kansas federal judge has refused a bid by UBS Securities LLC and Credit Suisse Securities USA LLC to ditch claims in suits alleging the banks knowingly sold toxic mortgage-backed securities, saying that the pair could be liable for misstatements in post-sale prospectus supplements.

  • January 20, 2017

    Morgan Stanley, UBS Must Provide ISDAfix Gov't Probe Docs

    A New York federal judge on Friday ordered BNP Paribas, ICAP, Morgan Stanley and UBS to hand over documents they provided to government investigators regarding fixing the ISDAfix benchmark rate, which is used to set terms for swaps transactions, to a pension fund bringing a potential class action over the alleged manipulation.

  • January 20, 2017

    Coin.mx Trial Date Slips After 'Disappointing' Gov't Tactic

    Prosecutors’ move to file new charges against New Jersey pastor Trevon Gross and Coin.mx operator Yuri Lebedev just over six weeks before their trial date was “disappointing” and “problematic,” a New York federal judge said Friday, but the defendants suspected of facilitating a bitcoin-fueled fraud won little relief as a result.

  • January 19, 2017

    FBI Agent Says Ex-JPMorgan Analyst's Calls Led Pals To Buy

    Prosecutors accusing a former J.P. Morgan Securities LLC analyst of tipping off friends about pending acquisitions on Thursday called an FBI special agent to tell a California federal jury how the analyst's friends often bought securities just minutes after he would contact them.

  • January 19, 2017

    The Lawyer Who Will Shape Trump’s Presidency

    Jones Day’s Donald McGahn is stepping into the role of White House counsel, a powerful but little-understood position that has a strong history of impacting the president’s authority.

  • January 19, 2017

    In The Polarized Era Of Trump, BigLaw Searches For Balance

    The alignment of law firms with or against the new administration in legal battles to come could open rifts among attorneys and clients. But the publicity earned for taking on a potentially unpopular case could ultimately be worth any public fallout.

  • January 19, 2017

    Rolling Back Regulation In The Age Of Trump

    The incoming president’s plans to rein in the power of federal agencies will lead to uncertainty for lawyers and their clients as pending investigations and rulemaking are stopped in their tracks.

  • January 19, 2017

    Most Influential Judges On Trump’s Supreme Court Short List

    A new look at the potential U.S. Supreme Court nominees’ rulings reveals a ranking of judicial influence with some surprises at the top — and at the bottom.

Expert Analysis

  • How Litigation Funding Is Bringing Champerty Back To Life

    John H. Beisner

    While some courts have declined to apply the common-law doctrine of champerty to invalidate third-party litigation funding agreements, two recent rulings by appellate courts in New York and Pennsylvania have brought renewed attention to champerty principles, casting doubts on the legality of certain forms of third-party litigation funding, say John Beisner and Jordan Schwartz of Skadden Arps Slate Meagher & Flom LLP.

  • What Attorneys Need To Know About Calif. Elder Abuse Act

    Steven D. Wasserman

    As California's population continues to age and the elderly become a larger proportion of the population, ensuring their financial health will become an increasingly significant issue. California's Elder Abuse and Dependent Adult Civil Protection Act addresses those who neglect or intentionally take advantage of the elderly, but it also poses issues, risks and challenges for lawyers, says Steven Wasserman of Sedgwick LLP.

  • Attracting And Retaining The Millennial Lawyer

    Christopher Imperiale

    Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.

  • Expect Continued Aggressive Enforcement Under Bharara

    Nicholas Lewis

    The beginning of 2017 brings with it significant changes to the government as a whole and the U.S. Department of Justice in particular, but one constant in this time of change is the U.S. Attorney’s Office for the Southern District of New York. Recent developments reflect a seal of approval for that office’s aggressive enforcement approach under Preet Bharara, says Nicholas Lewis of McGuireWoods LLP.

  • It’s Time To Change The Law Firm Business Model

    Lucia Chiocchio

    Every year, statistics reveal very little change in the number of women and minorities in the ranks of partnership. So how do law firms change this painfully slow rate of progress? It takes more than adding a diversity policy or a women’s leadership program to the current law firm business model, says Lucia Chiocchio, co-chair of Cuddy & Feder LLP's telecommunications and land use, zoning & development groups.

  • Hague Convention’s Impact On Secured Transactions

    Edwin E. Smith

    Choice-of-law rules for the perfection and priority of a security interest in “securities credited to a securities account” will change on April 1, 2017, when the Hague Securities Convention comes into effect. Edwin Smith and Alan Beloff of Morgan Lewis & Bockius LLP describe what steps secured parties may need to take now for existing secured transactions and in planning for new ones.

  • Amended Rule 37(e): 1 Year Later

    Samantha Southall

    After a full year in effect, the amended Federal Rule of Civil Procedure 37(e) has been tested in a variety of district courts. A sampling of these decisions reveals that courts seem to be adhering closely to the amended rule and ordering adverse inference instructions only where there was intent to deprive another party of access to relevant information, say Carrie Amezcua and Samantha Southall of Buchanan Ingersoll & Rooney PC.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • Dabbing Into The Financial Side Of Marijuana

    Neda Ghomeshi

    Both the U.S. Department of Justice and the Financial Crimes Enforcement Network have provided guidance for brokers and firms doing business with the cannabis industry, concerning how to avoid prosecution for violating the law. However, even 100 percent compliance does not guarantee total safety from investigation, says Neda Ghomeshi of Hunter Taubman Fischer & Li LLC.

  • FINRA’s Most Significant 2016 Enforcement Actions

    Jon Eisenberg

    The Financial Industry Regulatory Authority brings about 1,500 enforcement actions a year, but often lost in the volume of actions are the ones that merit particular attention. Jon Eisenberg and Michael Dyson of K&L Gates LLP review the 2016 actions that resulted in fines of $1 million or more.