Banking

  • December 13, 2017

    Dentons Adds Ex-Mayer Brown Partners To DC Team

    Dentons has announced the addition of a pair of former Mayer Brown LLP partners to the litigation and dispute resolution teams at its Washington, D.C., office, where they will focus on insurance and financial litigation issues.

  • December 13, 2017

    Istanbul Ex-Cop Never Saw Turkish Banker During Stakeouts

    A former Istanbul anti-fraud cop told a Manhattan jury on Wednesday that during stakeouts he performed in a 2013 bribery probe before being forced to leave Turkey, he never saw Mehmet Hakan Atilla, the Turkish banker standing trial on charges of helping Iran dodge U.S. sanctions.

  • December 13, 2017

    Yellen Expects Continuity In Fed Rules When She Departs

    Federal Reserve Chair Janet Yellen on Wednesday said that she does not expect her successor to veer significantly from the regulatory policies the central bank has followed under her leadership, including its focus on higher capital requirements and plans for taking banks apart should they fail.

  • December 13, 2017

    Real Estate Rumors: CubeSmart, Visual Arts School, US Bank

    CubeSmart is said to have picked up a self-storage building in Florida for $17.75 million, the School of Visual Arts has reportedly renewed its 80,000-square-foot New York lease and US Bank is said to have taken control of an Illinois building following a foreclosure suit filed against owner Lexington Realty Trust nearly a year ago.

  • December 13, 2017

    MVP: Stroock's Julia Strickland

    Stroock & Stroock & Lavan LLP’s Julia B. Strickland has had a busy year both as an ace litigator who delivered courtroom victories for JPMorgan Chase, HSBC and others and as an expert counselor who steered clients through turbulent regulatory waters, securing her a place as one of Law360’s 2017 Banking MVPs.

  • December 12, 2017

    Navajo Nation Hits Wells Fargo With $50M Fake Account Suit

    Navajo Nation Attorney General Ethel Branch sued Wells Fargo Tuesday in a New Mexico federal court case worth an estimated $50 million, alleging the bank opened fraudulent accounts, targeted the most vulnerable tribal members and sought to block litigation by lying to the Navajo government after the false account scandal came to light.

  • December 12, 2017

    7th Circ. Tosses Ex-Morgan Stanley Worker’s Sex Bias Suit

    The Seventh Circuit on Monday upheld a lower court’s decision tossing litigation accusing a Morgan Stanley unit of firing an employee because of her sex and allowing coworkers to mistreat her, concluding that her discrimination claim is speculative and she didn’t sufficiently show a hostile work environment.

  • December 12, 2017

    Banc Of Calif. Says Board Never Heard Shareholder Claims

    Banc of California Inc. urged a California federal judge on Monday to toss a shareholder suit alleging four of its directors used a scandal tying top executives to an admitted fraudster to wrest control of the bank, saying the shareholder failed to bring his complaints to the bank’s board before filing suit as required by law.

  • December 12, 2017

    House Passes Mortgage Escrow Safe Harbor For Small Banks

    Smaller financial institutions could have a new safe harbor to exempt them from federal mortgage escrow rules under a bill the U.S. House of Representatives passed Tuesday.

  • December 12, 2017

    Turkish Banker Disputes That Iran Warning Made Him Nervous

    A former Obama administration official on Tuesday told a Manhattan jury that Mehmet Hakan Atilla, a Turkish banker accused of helping Iran dodge U.S. sanctions, was “taken aback” and “sweating” when directly warned against helping Tehran, which was disputed by the defense because the former official could not back up his account with notes from the time.

  • December 12, 2017

    2nd Circ. Won't Rethink Denying Nomura, RBS Jury Trial

    The Second Circuit on Monday rejected a request by employees and units of Nomura Holdings Inc. and the Royal Bank of Scotland Group PLC to reconsider its decision to deny their demand for a jury trial in an $800 million fight with the Federal Housing Finance Agency.

  • December 12, 2017

    NY's OCC Fintech Charter Suit Dismissed As 'Speculative'

    A challenge to a proposed federal charter for financial technology firms was dismissed on Tuesday, with a federal judge ruling that New York's top financial regulator's case was speculative, because the Office of the Comptroller of the Currency has not finalized its plans for the charter.

  • December 12, 2017

    Deals Rumor Mill: FirstCaribbean, Sabeco, Elenia Oy

    The Caribbean business of Canadian Imperial Bank of Commerce will be taken public, Vietnam Beverage has offered to buy a significant stake in Sabeco in a deal that could be worth $2.25 billion or more and Finnish power company Elenia is up for grabs.

  • December 12, 2017

    Barclays Banker Gets 6 Years For Role In Laundering £2.5M

    A Barclays PLC banker was jailed for six years and four months on Tuesday for his role in a conspiracy to launder over £2.5 million ($3.3 million) that was stolen using malware.

  • December 12, 2017

    MVP: Arnold & Porter's Howard Cayne

    Arnold & Porter Kaye Scholer LLP’s Howard Cayne has scored several wins representing the Federal Housing Finance Agency before state and federal courts in the past year, including defeating attempts by Fannie Mae and Freddie Mac shareholders to declare the agency unconstitutional, securing him a place as one of Law360’s 2017 Banking MVPs.

  • December 12, 2017

    DOJ Seeks Dismissal Of HSBC Money Laundering Case

    The Justice Department on Tuesday asked a federal judge in Brooklyn to end a deferred prosecution agreement against HSBC Holdings PLC, saying that the British bank had addressed the problems that allowed Mexican drug cartels to funnel nearly $1 billion into the U.S. financial system.

  • December 12, 2017

    Fed Scholar Says Trump Can Control CFPB Through Mulvaney

    President Donald Trump’s selection of a White House staffer to temporarily lead the Consumer Financial Protection Bureau violates the bureau’s independence, and could potentially let the president dictate financial policies that Congress has said is outside his purview, a scholar of the Federal Reserve said Monday.

  • December 12, 2017

    Investors Say Lloyds Should Have Revealed £10B HBOS Loan

    A former Lloyds risk manager only approved a £10 billion loan facility to bail out HBOS in 2008 after it got the full backing of the U.K.’s former banking regulator, a lawyer representing Lloyds shareholders said at trial Tuesday, arguing the deal was outside of the lender’s ordinary course of business and should have been disclosed.

  • December 11, 2017

    Has Litigation Finance Shed Its Stigma?

    Once a taboo topic in the halls of BigLaw, litigation finance is winning over converts. And the peer pressure is building for rival law firms to join the bandwagon.

  • December 11, 2017

    What Your Colleagues Think Of Litigation Finance

    We asked, and you answered. Here are the results of Law360’s inaugural survey on third-party legal funding.

Expert Analysis

  • The Future Of Bitcoin Futures

    Colin Lloyd

    Trading in bitcoin futures opened this week on the CBOE Futures Exchange, with offerings from the Chicago Mercantile Exchange and the Cantor Exchange to soon follow. In designing their contracts, the exchanges had to make decisions about contract size, tenor, and trading and settlement conventions, with some notable consequences, say Colin Lloyd and James Michael Blakemore of Cleary Gottlieb Steen & Hamilton LLP.

  • Series

    40 Years Of FCPA: Compliance, Past And Future

    Hui Chen

    More than any other statute, the Foreign Corrupt Practices Act has fueled the growth of the compliance industry. While the expansion of corporate compliance is a positive development, the fear-driven and FCPA-centric approach has also produced unfortunate consequences, says ethics consultant Hui Chen, who served as the U.S. Department of Justice's first-ever compliance counsel.

  • A Look Inside Texas' New Home Equity Loan Law

    Jeff Dunn

    New amendments to the Texas constitutional provisions permitting loans secured by homestead equity should help expand loan opportunities, but the transition period requires compliance vigilance by lenders, says Jeff Dunn of Munsch Hardt Kopf & Harr PC.

  • Series

    40 Years Of FCPA: Cross-Border Efforts And Growing Risk

    Patrick Stokes

    The U.S. agencies’ increasing coordination with their foreign partners has led to more potent Foreign Corrupt Practices Act investigations — in terms of both their scope and settlement cost, say Patrick Stokes, former chief of the FCPA Unit at the U.S. Department of Justice, and Zachariah Lloyd of Gibson Dunn & Crutcher LLP.

  • International ICOs May Not Be Safe From The SEC

    John Reed Stark.jpeg

    Simply originating an initial coin offering in a foreign jurisdiction may not be sufficient to avoid the long and global reach of the U.S. securities laws — and the current ICO dragnet of the U.S. Securities and Exchange Commission’s new cyber unit, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • Series

    Judging A Book: Cooke Reviews 'Constance Baker Motley'

    Judge Marcia Cooke

    Gary Ford's new book, "Constance Baker Motley: One Woman’s Fight for Civil Rights and Equal Justice Under Law," is more than a biography of the first African-American woman to become a federal judge. It presents in vivid detail how her work altered the legal landscape of the United States, says U.S. District Judge Marcia Cooke of the Southern District of Florida.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • 6 Things You Need To Know About Millennial Jurors

    Zachary Martin

    Millennials are now the largest living generation and comprise one-third of jurors. While it is impossible to generalize a group so large and diverse, trial lawyers should be mindful of certain generational differences, say baby boomer Lee Hollis and millennial Zachary Martin of Lightfoot Franklin & White LLC.

  • Series

    40 Years Of FCPA: A View From The Monitorship Trenches

    Gil Soffer

    There have been many articles on the corporate monitor selection process, but you will find little guidance on how to prepare yourself for a job that has few parallels. There are three key lessons I have learned over the course of a Foreign Corrupt Practices Act monitorship still in progress, says Gil Soffer of Katten Muchin Rosenman LLP.

  • The Trump Administration’s Move Against SEC Judges

    Daniel Walfish

    The government’s new position on the constitutionality of the U.S. Securities and Exchange Commission’s administrative law judges is more far-reaching and potentially consequential than is generally understood, says Daniel Walfish, a former SEC senior counsel now with Milbank Tweed Hadley & McCloy LLP.