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Banking

  • October 17, 2018

    Treasury Declines To Name China A Currency Manipulator

    The U.S. Department of the Treasury declined to name China as a currency manipulator in its semiannual report Wednesday amid growing trade tensions with Beijing, but nevertheless gave a stern warning about the overall weakness of the Chinese currency renminbi and the lack of transparency in its monetary system.

  • October 17, 2018

    FirstEnergy's Bankrupt Units Seek OK For $25M Credit Deal

    FirstEnergy’s bankrupt power generation subsidiaries have asked an Ohio bankruptcy court to allow them to take out up to $25 million in letters of credit, saying the credit will help to keep the company’s seven power plants in operation.

  • October 17, 2018

    FSOC Pulls SIFI Tag From Prudential, Last Nonbank To Have It

    The Financial Stability Oversight Council said Wednesday that it has decided to rescind insurer Prudential Financial Inc.’s designation as a systemically important financial institution, freeing it from enhanced regulatory supervision and leaving no nonbank financial firms classified as “too big to fail.”

  • October 17, 2018

    Gov't Ready For Manafort Sentencing On Some Counts

    Federal prosecutors on Wednesday said they are ready to schedule a sentencing hearing for President Donald Trump's former campaign Chairman Paul Manafort, but said they want to keep open their option to retry Manafort on 10 counts that left a Virginia federal jury deadlocked in August.

  • October 17, 2018

    KKR's Auction Abuse Claims Dismissed As 'Joke' In Apt. Row

    A New York state judge gleefully smacked down counterclaims — including one he called “a joke” — on Wednesday against a real estate owner and manager that sued KKR & Co. LP and investment bank Macquarie for allegedly rigging an auction for $100 million in Texas property.

  • October 17, 2018

    FinCEN Staffer Arrested For BuzzFeed Russia Probe Leaks

    An employee at the U.S. Treasury Department's Financial Crimes Enforcement Network was arrested on Wednesday on charges of revealing banks' suspicious activity reports on transactions by Paul Manafort and an indicted Russian operative to an investigative reporter for BuzzFeed News.

  • October 17, 2018

    2 Ex-Deutsche Traders Convicted Of Libor-Rigging

    A Manhattan federal jury on Wednesday convicted two former Deutsche Bank AG traders of rigging the London Interbank Offered Rate to benefit their trading positions, setting the stage for a protracted legal fight over whether or not the trial was tainted by compelled testimony.  

  • October 17, 2018

    Ex-State Street Exec Promises Precedent-Setting Appeal

    After being sentenced to 18 months in prison, a former State Street Corp. executive who was convicted of stealing millions from international clients asked a Massachusetts federal judge Wednesday for his freedom pending an appeal that he promises will include multiple issues that have not yet been addressed by the First Circuit.

  • October 16, 2018

    SEC Comes Up Short In Fraud Case Against RD Legal Capital

    A U.S. Securities and Exchange Commission administrative law judge on Monday shot down much of the agency’s case alleging that fund manager RD Legal Capital LLC and its owner misled investors about their hedge funds’ legal receivables investments, ruling that while some misrepresentations had been made, they hadn’t been made with fraudulent intent.

  • October 16, 2018

    Ex-Equifax Engineer Gets House Arrest For Insider Trading

    A former Equifax Inc. software development manager who pled guilty over the summer to making a nearly $76,000 profit on inside knowledge of the credit reporting giant's headline-grabbing data breach was sentenced in Georgia federal court on Tuesday to eight months of home confinement.

  • October 16, 2018

    K&L Gates Repped Both Tech Co. And Its Lenders, Suit Says

    K&L Gates LLP was hit with a lawsuit Tuesday in Texas state court by former client Quantum Materials Corp., which alleges the firm committed malpractice through its simultaneous representation of it and its lenders in a payment dispute.

  • October 16, 2018

    Royal Park Pushes For Sampling In Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV has taken aim at a New York federal magistrate judge’s recent decision denying its request to allow loan sampling-related discovery in its suit over Deutsche Bank National Trust Co.’s alleged blunders as trustee for 10 residential mortgage-backed securities trusts, arguing that this rejection should itself be rejected.

  • October 16, 2018

    NY High Court Says Deutsche RMBS Claims Still Untimely

    New York state’s highest court on Tuesday upheld a trial judge’s dismissal of a Deutsche Bank trustee’s suit against Quicken Loans Inc. over the credit quality of securitized residential mortgage loans that held an initial balance of $33 million, agreeing with a lower appellate court that the breach of contract action was untimely.

  • October 16, 2018

    Iranian Businessman Says Feds Have Privileged Docs

    Lawyers for a businessman accused of violating U.S. sanctions by helping an Iranian firm route the proceeds of a housing project in Venezuela through American banks told a New York federal judge Tuesday that they identified several problems with the prosecution's case, including possible breaches of marital privilege and attorney-client privilege.

  • October 16, 2018

    NYSE, Nasdaq Didn’t Justify Market Data Fees, SEC Says

    The U.S. Securities and Exchange Commission said Tuesday that NYSE Arca Inc. and Nasdaq Stock Market LLC have failed to justify the fees for their proprietary data products, but the securities regulator didn't rule that the prices were necessarily unreasonable.

  • October 16, 2018

    CVR Takes Another Swing At Wachtell In Icahn Takeover Case

    Following the recent dismissal of a drawn-out malpractice suit against Wachtell Lipton Rosen & Katz, CVR Energy Inc. on Monday filed a modified complaint focused on allegedly faulty U.S. Securities and Exchange Commission disclosures prepared by the firm more than six years ago.

  • October 16, 2018

    Navy Federal To Shell Out $24.5M To End Overdraft Action

    Navy Federal Credit Union has agreed to pay more than $24.5 million to end claims by a proposed class that the organization unfairly charges "Optional Overdraft Protection Fees," according to a motion for preliminary approval filed in California federal court.

  • October 16, 2018

    Trump's Rulemaking Agenda Aims To Cut $18B In Costs

    President Donald Trump's administration is set to launch another round of regulatory actions aimed at what it claims will cut costs for private industry across the country, previewing the fall unified agenda meant to cut an estimated $18 billion in costs from the marketplace that is set to be released Wednesday.

  • October 16, 2018

    Brazilian Fintech Startup Preps $1.1B IPO Led By Davis Polk

    Brazilian digital payments processor StoneCo Ltd. on Tuesday launched an estimated $1.1 billion initial public offering, represented by Davis Polk & Wardwell LLP, hoping to capitalize on growing demand for financial technology services being provided outside of traditional banks.

  • October 16, 2018

    Investor Can't Overturn Yukos' Buyer's Bankruptcy Plan

    A New York federal judge has upheld the bankruptcy reorganization of a Luxembourg-based entity created to acquire the financial services arm of former Russian oil giant Yukos Oil Co., saying a minority investor waived his right to challenge the corporate overhaul that wrested away any say he might have in the entity.

Expert Analysis

  • Is CFPB Curtailing Its Own Supervisory Authority?

    Keith Bradley

    The Consumer Financial Protection Bureau recently announced plans to stop conducting supervisory examinations for violations of the Military Lending Act. The broader implications of this decision could lead to company push back on a wide range of supervisory activity by the CPFB, says Keith Bradley of Squire Patton Boggs LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • What New Bank Charters Mean For Fintech

    Mark Nuccio

    The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.

  • Kavanaugh Cannot Be Compelled To Recuse Himself

    Donald Scarinci

    Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Can Defrauded Crypto Investors Hope To Recover Anything?

    Brett Theisen

    While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.

  • Opinion

    Skip The New 'Civility Courses' And Think Like A Lawyer

    Alex Dimitrief

    As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.

  • 6 More Recommendations For Improving FATCA Compliance

    Rusudan Shervashidze

    This summer the U.S. Department of Treasury inspector general for tax administration issued a final audit report on Foreign Account Tax Compliance Act enforcement, concluding that after spending nearly $380 million, the IRS is still not prepared to enforce compliance. Rusudan Shervashidze and Nina Krauthamer of Ruchelman PLLC discuss the inspector general's recommendations and the IRS response.

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Does Rule 45 Protect Nonparties From Undue Burden?

    Matthew Hamilton

    Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.