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Banking

  • August 14, 2018

    Bolivia Hit With Arbitration Bid Over Pension Fund Transfer

    The multinational Spanish banking group Banco Bilbao Vizcaya Argentaria SA has initiated arbitration against Bolivia as the country looks to shift the management of public pension funds from a BBVA unit back to the government, saying they've been unable to come to an agreement on compensation.

  • August 14, 2018

    Goldman Investors Win Cert. After 2nd Circ. Reversal

    A New York federal judge on Tuesday recertified an investor class after a Second Circuit decision vacated its first certification win, finding that Goldman Sachs failed to show that alleged misstatements on its ethical compliance had no price effect on its stock value.

  • August 14, 2018

    Momentive, Noteholders Gear Up For Interest Revision Trial

    Silicone maker Momentive Performance Materials Inc. and two investor group trustees filed legal briefs Monday ahead of a New York bankruptcy court trial over the proper interest rate that should attach to the company's Chapter 11 plan cramdown notes, a matter remanded by the Second Circuit last year.

  • August 14, 2018

    Legal Funder Can't Exit Fraud Suit After CFPB Ruling: NY AG

    The New York attorney general fired back on Monday against litigation funder RD Legal Funding LLC’s efforts to shut down a suit alleging it scammed injured NFL players and ailing 9/11 first responders, saying the suit should continue despite an earlier ruling that found the Consumer Financial Protection Bureau unconstitutional.

  • August 14, 2018

    SEC Bans Oil Exec Accused Of ICO Fraud From Penny Stocks

    The U.S. Securities and Exchange Commission on Tuesday barred the founder of an oil and gas company from serving in leadership positions and participating in penny stock offerings after making alleged misstatements related to an initial coin offering.

  • August 14, 2018

    RMBS Investors Can't Get Orders Tossed In Wells Fargo Suits

    A New York federal judge overseeing coordinated residential mortgage-backed securities trustee litigation against Wells Fargo Bank NA has backed a magistrate judge’s rejection of challenges both to the bank’s privilege assertions and to its push for more detail on certain claims from the investors behind the suits.

  • August 14, 2018

    RBS Finalizes $4.9B Financial Crisis Settlement With DOJ

    The Royal Bank of Scotland will pay the U.S. $4.9 billion to end claims the bank deceived investors about poor-quality loans behind its residential mortgage-backed securities in what the U.S. Department of Justice on Tuesday called its largest civil penalty against a single corporate entity over the financial crisis.

  • August 14, 2018

    BNY Mellon Says Fed Law Bars Case Alleging Self-Dealing

    A proposed class action lawsuit alleging the Bank of New York Mellon engaged in self-dealing should be dismissed because the case is precluded by the Securities Litigation Uniform Standards Act, the bank told a Pennsylvania federal court.

  • August 14, 2018

    Euronext Hits Back At Wrongful Termination Lawsuit

    Euronext said Tuesday it has bought out the remaining minority stake of its Fastmatch unit held by the currency trading business' founder after the former executive sued the European stock exchange for wrongful termination in New York federal court.

  • August 14, 2018

    State Street, Shareholders Seek OK Of $4.9M Deal

    Shareholders suing State Street Corp. in a proposed class action have asked a Massachusetts federal judge to approve a $4.9 million settlement in the case, which alleged the bank overcharged clients and inflated revenue and profits in its financial statements.

  • August 14, 2018

    Nelson Mullins Adds Corporate Partner in Atlanta Office

    Nelson Mullins Riley & Scarborough LLP has brought on a corporate attorney who previously worked in private practice as a partner in the firm’s Atlanta office.

  • August 14, 2018

    Manafort's Defense Rests Without Bringing Evidence

    Attorneys for former Trump campaign chair Paul Manafort rested their case on Tuesday, declining to present evidence to rebut the government's allegations that the political consultant concealed overseas earnings from the U.S. government to avoid paying taxes and borrowed money using bogus financial documents.

  • August 13, 2018

    David Boies On How Dyslexia Shaped His Practice

    One of the country’s highest-profile litigators, the Boies Schiller Flexner LLP chairman was diagnosed with dyslexia when he was in his 30s. In an interview with Law360, he talks about practicing law with the learning disability. This article is part of our special report on disability inclusion in the legal industry.

  • August 13, 2018

    BigLaw’s Mental Health Stigma Shows Signs Of Fading

    Sometimes viewed as an “invisible” disability, mental illness has long been forced under wraps because of the risk attorneys could face bias and stigma. Here’s how lawyers, law firms and other groups are starting to take on the status quo. This article is part of our special report on disability inclusion in the legal industry.

  • August 13, 2018

    Banker Pushed $16M Manafort Loans Despite Risk, Jury Told

    The CEO of Federal Savings Bank pushed through $16 million in bank loans to Paul Manafort despite concerns of too much risk to the bank posed by lending to the president's former campaign manager, a bank executive told a Virginia federal jury Monday.

  • August 13, 2018

    Calif. High Court Says High-Interest Loans May Be Illegal

    The high interest rates on CashCall’s consumer loans worth more than $2,500 could be unconscionable, the California Supreme Court said Monday, answering the Ninth Circuit’s query on whether the state’s Financial Code, which lays out interest caps on loans under $2,500, could apply to larger debts.

  • August 13, 2018

    Aralez Gets OK To Tap $5M DIP, Must Produce Budget Info

    A New York bankruptcy judge on Monday approved a request by Aralez Pharmaceuticals Inc. to use up to $1 million from a $5 million debtor-in-possession loan, but instructed the distressed drug distributor to better explain its budget and application of borrowed funds when it seeks the remainder.

  • August 13, 2018

    Swiss Bank ZKB To Pay $98.5M For Role In US Tax Avoidance

    Swiss bank Zürcher Kantonalbank has agreed to pay $98.5 million after admitting to helping U.S. clients dodge taxes by letting them stash money in undeclared accounts that used code names and shell companies, Manhattan federal prosecutors announced Monday.

  • August 13, 2018

    Hear It In England, UBS Says Of Bloomberg's Data Suit

    UBS AG asked a New York federal judge on Monday to dismiss Bloomberg's suit alleging that it unlawfully redistributed proprietary data through its portfolio analysis and risk management software, saying that England — the place where the disputed actions of UBS Delta took place in their entirety — is a more appropriate venue.

  • August 13, 2018

    Insider Trading Tied To BofA Staffer Yields Another Guilty Plea

    A man accused of trading at least six stocks based on insider tips about corporate transactions relayed to him from a Bank of America Corp. staffer pled guilty to a conspiracy charge in Manhattan federal court on Monday and faces a guidelines sentence of 18 to 24 months behind bars.

Expert Analysis

  • How Taxpayers Are Taking To Tax Reform So Far

    Nickolas Gianou

    The effects of last year’s tax overhaul, the most significant since 1986, have not been as drastic as some expected. Still, taxpayers have begun to adjust and a number of significant trends are emerging, say Nickolas Gianou and Sally Thurston of Skadden Arps Slate Meagher & Flom LLP.

  • ERISA Class Actions After Epic Systems

    James Baker

    U.S. Supreme Court Justice Neil Gorsuch's opinion in Epic Systems v. Lewis employed the same analytics used by Justice Antonin Scalia in three previous decisions. They strongly suggest the court would allow a mandatory arbitration clause with a class action waiver in the Employee Retirement Income Security Act context, says James Baker of Baker McKenzie.

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • AI In Lending: Key Challenges And Practical Considerations

    David Stein

    A recent report from the U.S. Treasury Department discussed the use of artificial intelligence in financial services and identified related legal challenges. There is little risk of financial regulators taking proactive steps to restrict the use of AI, but existing laws and regulations adopted long before its advent remain in effect, says David Stein of Covington & Burling LLP.

  • 2 Strikes And You’re Out: The Litvak Saga Comes To An End

    Joon Kim

    The U.S. Attorney’s Office for the District of Connecticut, following reversals of two prior convictions, has moved to dismiss its remaining securities fraud claim against bond trader Jesse Litvak. While it can be difficult to prove misstatements are material as a matter of law, the government's move is certainly not a death knell for similarly grounded fraud charges, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Blockchains: A Better Tool For Supply Chain Management

    James Ton-that

    Although commonly associated with cryptocurrencies, blockchain technology can also be implemented to modernize international supply chains, which currently suffer from voluminous documentary requirements, layers of middlemen and immense regulation, say James Ton-that and Ravi Soopramanien of Hughes Hubbard & Reed LLP.

  • Fixing The 'Funk' Of Delinquent Loan Holders In Md.

    Laurence Platt

    Relying in part on the definition of “doing business" in the 100-year-old Funk & Wagnalls dictionary, the Maryland Court of Appeals recently ruled on the licensing of Delaware statutory trusts and foreclosure proceedings on delinquent residential mortgage loans. The decision should end the confusion surrounding the ability of a state trust to foreclose in Maryland, say attorneys with Mayer Brown LLP.

  • Series

    Clerking For Ginsburg: 4 RBG Lessons On Having It All

    Rachel Wainer Apter

    Justice Ruth Bader Ginsburg is everything she is cracked up to be​ — f​eminist icon​, brilliant jurist​, fierce dissenter. She is also an incredible boss, mentor and friend.​ ​Her advice has shaped how I have tried to balance building a career and ​raising children, says Rachel Wainer Apter, counsel to the New Jersey attorney general.

  • Does The Word 'Will' Clearly Accelerate A NY Mortgage Debt?

    Diana Eng

    Currently, there is a split in New York appellate authority over whether a notice of default using the words “will be accelerated" clearly and unequivocally accelerates a mortgage debt upon the expiration of the cure period. Mortgage servicers and other financial institutions would benefit from adjudication of this heavily litigated gray area by the state’s highest court, say Diana Eng and Andrea Roberts of Blank Rome LLP.

  • Global Magnitsky: The Swiss Army Knife Of Sanctions

    Hdeel Abdelhady

    The United States last week took the unprecedented step of sanctioning officials of a NATO member state — the justice and interior ministers of Turkey — pursuant to the Global Magnitsky Human Rights Accountability Act of 2016. The action demonstrates how Global Magnitsky sanctions can be readily employed without much advance legal groundwork, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.