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Banking

  • January 17, 2019

    Bertram Partners Lands $72M Loan For 3 Calif. Properties

    Bertram Partners Inc. has scored $72 million in financing for a trio of affordable housing complexes in Orange County, California, the real estate company's broker, Holliday Fenoglio Fowler LP, said Thursday.

  • January 17, 2019

    Bank OZK Wants $46M Bad-Loan Suit Moved To Arkansas

    A proposed securities class action accusing Bank OZK and two of its executives of hiding $46 million lost in bad real estate loans should be moved to the bank’s home state of Arkansas where a similar case is already underway, the bank told a New York federal court Wednesday.

  • January 17, 2019

    Deals Rumor Mill: Campbell Soup, Nasdaq, Riyad Bank

    A group of companies has reportedly been asked to submit second-round bids for the international business of Campbell Soup, Nasdaq is in talks to buy Norwegian exchange Oslo Bors, and Saudi Arabia's National Commercial Bank and Riyad Bank have hired financial advisers to help as they look to merge.

  • January 17, 2019

    Trader Pushed Cash To 'Add Weight' To Euribor Fix, Jury Told

    A former trader working on the money markets desk at Barclays PLC, who is on trial for his alleged role in a conspiracy to game the financial system, manipulated the cash market to “add extra weight” to attempts to rig a key global interest rate benchmark, prosecutors told a jury in London on Thursday.

  • January 16, 2019

    Puerto Rico Creditors Press For Sales Tax Plan Approval

    Major stakeholders engulfed in Puerto Rico's bankruptcy-like proceedings urged a federal judge on Wednesday to approve a watershed settlement designed to restructure nearly $18 billion in debt carried by the Puerto Rico Sales Tax Corp., or COFINA, saying it is the best way to avert years of protracted litigation.

  • January 16, 2019

    OCC Chief Hopes To Work With Rep. Waters On CRA, Fintech

    The Office of the Comptroller of the Currency's top official said Wednesday he's "excited" the Community Reinvestment Act and fintech policy are key issues for Rep. Maxine Waters, the new Democratic chair of the House Financial Services Committee, and doesn't expect his agency's work to be affected by the committee's tilt to the left.

  • January 16, 2019

    Ex-Morgan Stanley Employee Accuses Co. Of Pregnancy Bias

    A former Morgan Stanley vice president says she was “ruthlessly” fired just weeks after returning from maternity leave, claiming in a U.S. Equal Employment Opportunity Commission charge Wednesday that the incident is illustrative of a larger issue of pregnancy-based discrimination at the Wall Street behemoth.

  • January 16, 2019

    Republic Metals Lenders Fight Ch. 11 Examiner Appointment

    The senior lenders for Republic Metals Refining Corp. on Wednesday told a New York bankruptcy judge that a U.S. Trustee request for an independent examiner to check on the ownership of the company’s inventory would be a waste of time and money.

  • January 16, 2019

    Real Estate Rumors: SME, JP Morgan Asset Management, IDS

    SME Capital Ventures is reportedly nearing a deal to buy a New York apartment building for $22 million, a venture of JP Morgan Asset Management could get more than $90 million with the sale of a Chicago apartment tower and an IDS Real Estate venture is seeking $280 million for a new Los Angeles-area office property.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    FHFA Won't Defend Leadership Structure Before Full 5th Circ.

    The Federal Housing Finance Agency has told the full Fifth Circuit that it won't defend the constitutionality of the for-cause removal protection enjoyed by directors of the agency, a move that comes about a week before the court will sit for en banc rehearing in the case.

  • January 16, 2019

    Move To Block Russia Sanction Deal Dies In Senate

    The Treasury Department is free to relax U.S. sanctions on three companies tied to a Russian oligarch after Senate Democrats on Wednesday failed to pick up enough Republicans to oppose the move.

  • January 16, 2019

    FCA Suit Alleging Retaliation Against Ex-Underwriter Tossed

    A Missouri federal court on Tuesday dismissed a False Claims Act suit against a commercial real estate lender company that is accused of terminating an underwriter who alerted the company to misrepresented Housing and Urban Development loan submissions, finding that the former employee’s complaints played no part in the decision to fire him.

  • January 16, 2019

    BNY, Investors Reach $72.5M Deal In ADR Overcharge Suit

    The Bank of New York Mellon has agreed to pay $72.5 million to resolve claims that it overcharged American depositary receipt holders for the conversion of foreign currency dividends to U.S. dollars, according to investors who asked a New York federal judge on Tuesday for preliminary approval of the settlement.

  • January 16, 2019

    Sterling Jewelers Fined $11M Over 'Deceptive' Credit Offerings

    Sterling Jewelers Inc., the parent of chains Kay Jewelers and Jared the Galleria of Jewelry, has agreed to pay $11 million to settle allegations that its staff signed shoppers up for branded credit cards and other products without their knowledge or consent, regulators said Wednesday.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    4 Firms Guide Fiserv's $22B First Data Buy

    Fiserv said Wednesday it will buy private equity-backed financial services company First Data in a $22 billion all-stock acquisition guided by Sullivan & Cromwell LLP, Simpson Thacher & Bartlett LLP, Latham & Watkins LLP and Kirkland & Ellis LLP.

  • January 16, 2019

    Markets Expect Brexit Will Be Delayed, BoE's Carney Says

    The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    Justices Mull Class Action Removal In Home Depot Appeal

    U.S. Supreme Court justices grappled with Home Depot's call to close what it views as a loophole in the Class Action Fairness Act's removal protections during oral arguments Tuesday in a case that started out as a debt-collection suit between a bank and a North Carolina man.

Expert Analysis

  • Handling Corporate Congressional Probes In The Trump Era

    John Hellerman

    President Donald Trump’s approach to crisis communications has changed the game enough to demand companies' consideration of a whole new set of options. John Hellerman of Hellerman Communications and Bill Pittard of KaiserDillon PLLC discuss whether corporations can successfully use similar tactics.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • Cybersecurity's Developing Role In FCPA Compliance

    Ryan Rohlfsen

    While much attention has been paid to recent revisions to the Foreign Corrupt Practices Act Corporate Enforcement Policy, other developments suggest that the U.S. Department of Justice may also be adapting FCPA enforcement principles to the area of cybersecurity, say attorneys with Ropes & Gray LLP.

  • 4 Tips For Protecting Privilege When Working With Auditors

    John Carney

    A recent U.S. Securities and Exchange Commission action against Crowe LLP illustrates the pressure on independent auditors to gather enough evidence to defend their audits. However, there is tension between an auditor’s need for information and a company’s need to protect its privileged material, say attorneys with BakerHostetler.

  • Shutdown's Messy Impact On Consumer Protection Activities

    Alan Wingfield

    As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.

  • Trends Suggest Cartel Enforcers Face Headwinds In 2019

    John Terzaken

    Judged purely by enforcement statistics, 2018 was a down year for cartel enforcement. But authorities are training their sights on new sectors, theories and targets, and considering additional ways to further sharpen their enforcement stick and sweeten the leniency pot, say John Terzaken and Elizabeth French of Simpson Thacher & Bartlett LLP.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 1

    Peter Jarvis

    Contrary to what the New York City Bar Association concluded in an ethics opinion last year, lawyer-directed nonrecourse commercial litigation funding does not violate New York rules on sharing fees with nonlawyers, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • How Congress Could Change The Game For Digital Tokens

    Stephen Crimmins

    The crypto industry and regulators have struggled to fit cutting-edge blockchain technology into a securities regulatory framework with roots in the 1930s. But a December bill set to be reintroduced in the new Congress would exempt certain blockchain networks from securities laws, say Stephen Crimmins and Matthew Comstock of Murphy & McGonigle PC.

  • What To Make Of DOJ's 2018 False Claims Act Report

    Matthew Turetzky

    The U.S. Department of Justice’s 2018 False Claims Act statistics showed the lowest total recovery since the act was amended in 2009. But government contractors would be mistaken to think this signals fewer new qui tam lawsuits or a more relaxed enforcement landscape, says Matthew Turetzky of The Norton Law Firm.

  • 4 AML Insights Broker-Dealers Should Carry Into 2019

    Mirella deRose

    While many of us were winding down 2018 focused on the holidays, the U.S. Department of Justice and other financial industry regulators were busy delivering a flurry of messages about anti-money laundering compliance, say attorneys with King & Spalding LLP.