Banking

  • May 18, 2018

    Spokeo 2 Years Later: As Split Grows, High Court Redo Looms

    In the two years since the U.S. Supreme Court declared that concrete injuries are necessary to establish Article III standing, federal courts around the country have moved to apply the holding to scores of privacy and data breach cases. Here, attorneys look back at how courts have been interpreting the landmark decision and offer predictions at how the deepening divide is likely to play out moving forward.

  • May 18, 2018

    Wells Fargo Investor Sues Over 'Culture Of Lawlessness'

    A Wells Fargo & Co. shareholder has accused CEO Timothy Sloan, Chair Elizabeth Duke and other top brass of having enabled a “culture of lawlessness” at the bank in a derivative suit filed Thursday, the same day that new allegations emerged about a problem in the bank’s wholesale division.

  • May 18, 2018

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

    The last week has seen two individuals bring a personal injury claim against two insurers and a yacht company after a fatal boating accident in 2014, a cryptocurrency exchange sue another exchange over IP rights, and the export arm of Philip Morris sue British lender NatWest. Here, Law360 looks at those and other new claims in the U.K.

  • May 18, 2018

    IRS Found To Exceed Cap On Penalty For Offshore Reporting

    The Internal Revenue Service went beyond the cap on civil penalties it can assess for undisclosed offshore bank accounts, a Texas federal judge has ruled, rejecting the agency’s argument that regulations limiting the amount are implicitly invalid.

  • May 18, 2018

    CFTC Tells Fraud Suit Judge It Can Regulate Cryptocurrency

    Cryptocurrency is a commodity that can be regulated by the U.S. Commodity Futures Trading Commission, the regulatory watchdog agency told a Massachusetts federal judge Friday as it fights a cryptocurrency company's bid to dismiss a $6 million fraud suit.

  • May 18, 2018

    IHeartMedia Seeks OK To Access $450M Ch. 11 Credit Facility

    Bankrupt radio giant iHeartMedia Inc. sought permission Thursday to access a $450 million debtor-in-possession credit facility, with an option to increase the amount by $100 million, to pay back its prebankruptcy asset-based lenders and fund its Chapter 11 case.

  • May 18, 2018

    Homeowners Ask 9th Circ. To Revive Citi, Chase Fee Fights

    Homeowners claiming Citibank NA and JPMorgan Chase & Co. charged them unnecessary fees for property inspections after they defaulted on their loans asked the Ninth Circuit to revive their suits Friday, saying a lower court erred in finding no basis for their racketeering allegations against the banks and inspection companies.

  • May 18, 2018

    Trusts Ask 11th Circ. To Revive $100M Arbitration Claim

    Two offshore trusts told the Eleventh Circuit Friday that a lower court misinterpreted the Financial Industry Regulatory Authority's code when it ruled that they could not pursue a $100 million arbitration against Canadian brokerage Pictet Overseas Inc.

  • May 18, 2018

    Chase Bank Hits Landry's With $20M Suit Over Data Breach

    JPMorgan Chase Bank NA and its payment processing arm Paymentech LLC filed a $20.06 million breach of contract lawsuit against Landry's Inc. in Texas federal court, claiming the hospitality company refuses to compensate them for costs related to a data breach at Landry’s properties in 2014 and 2015.

  • May 18, 2018

    7 Firms To Guide IPO Lineup Projected To Surpass $1.2B

    Seven firms will guide initial public offerings set to raise more than $1.2 billion during the week of May 21, led by a fintech company that aims to disrupt the consumer loan business, plus three biotechnology firms, a private equity-backed payment processor and two small Chinese deals.

  • May 17, 2018

    Bid To Undo CFPB's Payday Lending Rule Via CRA Fizzles

    Consumer advocates claimed victory on Thursday after lawmakers appeared to run out of time for passing a Congressional Review Act resolution to roll back Consumer Financial Protection Bureau restrictions on short-term, high-interest lenders. 

  • May 17, 2018

    Calif., NY, Ore. Push On In Fiduciary Rule Case

    The attorneys general of California, New York and Oregon showed on Wednesday that they aren't ready to give up the fight to save the U.S. Department of Labor's fiduciary rule, asking the full Fifth Circuit for permission to intervene in the case after a three-judge panel wouldn't let them.

  • May 17, 2018

    PayPal Announces Deal To Buy Sweden's iZettle For $2.2B

    PayPal Holdings Inc. announced Thursday it has agreed to pay $2.2 billion to acquire Sweden’s iZettle, a payments platform boasting nearly half a million merchants across 11 international markets, in a bid to strengthen in-store presence by acquiring the business behind the world’s first mini chip card reader.

  • May 17, 2018

    Investors Lose Sampling Bid In Deutsche Bank RMBS Suit

    Investors suing Deutsche Bank National Trust Co. and an affiliate for allegedly failing to properly oversee a slew of residential mortgage-backed securitization trusts can't use loan sampling to help make their case, a New York federal judge ruled Thursday.

  • May 17, 2018

    Creditors Slam iHeartMedia For Double-Adviser Request

    Creditors of iHeartMedia on Wednesday urged a Texas bankruptcy court to reject the radio broadcast giant’s request to retain a pair of financial advisers, saying they duplicate each other’s services and their fees may reach an excessive $90 million.

  • May 17, 2018

    Ariz. Men Charged With $23M PAC Donation Scheme

    The U.S. Department of Justice unsealed a criminal complaint Thursday in Manhattan federal court, charging two Arizona men with fraud and money laundering for allegedly using nine fake political action committees to raise more than $23 million from unsuspecting donors.

  • May 17, 2018

    TD Ameritrade Clients Fight Stay In Options Liquidation Row

    TD Ameritrade clients suing the company over an allegedly fraudulent liquidation of their futures option investments urged a Florida federal court on Wednesday not to pause discovery in the case, saying the investment brokerage has not shown how it would be prejudiced if discovery went forward.

  • May 17, 2018

    NY Federal Reserve Impersonator Gets 3 Years For $50M Scam

    A Manhattan federal judge on Thursday sentenced a former U.S. Navy photographer to three years in prison for a $50 million investment scam in which victims were told their dollars would go to an urban improvement fund bearing the imprimatur of the Federal Reserve Bank of New York.

  • May 17, 2018

    Ex-Wilmington Trust Execs Convicted Of Fraud Want New Trial

    Four former Wilmington Trust Corp. executives convicted May 3 in Delaware on federal securities fraud and conspiracy charges for allegedly concealing bad commercial real estate loans from regulators and the public sought a new trial late Tuesday, arguing that prosecutors went outside the boundaries of the complaint.

  • May 17, 2018

    A Chat With Perkins Practice Management Chief Toby Brown

    In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Toby Brown, chief practice management officer at Perkins Coie LLP.

Expert Analysis

  • Relief From CFPB’s Auto Guidance May Be Short-Lived

    Dowse Rustin IV

    In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • Industry-Friendly OCC Regulations May Be On The Horizon

    David Freeman

    The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • FCPA Settlement Shows Gov't Going After All Sides

    Amelia Hairston-Porter

    A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.

  • Financial Institutions Seem Unprepared For Libor Demise

    Kevin Trabaris

    We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.