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Banking

  • January 14, 2019

    NYSE Fines Wedbush, Founder $1M For Unsupervised Trades

    Wedbush Securities Inc. and co-founder Edward Wedbush will pay a combined $1 million to the regulatory arm of the New York Stock Exchange to end claims the company’s leader of 64 years worked the trading desk without oversight.

  • January 14, 2019

    UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

    UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.

  • January 14, 2019

    Shutdown Prompts Pause To Wells Fargo's $75M Bond Case

    A Rhode Island federal judge has put a suit filed by the U.S. Securities and Exchange Commission against Wells Fargo Co. over a $75 million bond offering involving a Major League Baseball pitcher’s video game company on hold during the federal government shutdown to give the agency time to look at a proposed settlement.

  • January 14, 2019

    Parties In CBM Review Spar Over New Eligibility Guidance

    A patent owner and a company challenging four of its patents at the Patent Trial and Appeal Board have filed dueling briefs at the board’s request about whether the patents cover ineligible subject matter under guidance the office issued to examiners this month.

  • January 14, 2019

    Even Defense Attys Miss SEC During Record Gov't Shutdown

    With the government shutdown now the longest on record at 24 days, even the attorneys who defend clients against inquiries by the U.S. Securities and Exchange Commission are anxious for the agency to get back to work.

  • January 14, 2019

    2 Biotech Firms, Chinese Lender File IPOs Totaling $192M

    Two biotechnology companies and a Chinese online lender filed initial public offerings on Friday preliminarily estimated to raise $192 million, adding to a growing backlog of IPOs that are waiting for the government to reopen before the submissions can move through the pipeline.

  • January 14, 2019

    Cboe Investors Denied Names In VIX Manipulation MDL

    Chicago Board Options Exchange investors will have to weather Cboe Global Markets Inc.'s dismissal bid before trying to get the names of traders who allegedly manipulated the exchange's volatility index, or VIX, after an Illinois federal judge on Friday refused to grant an early discovery peek in the multidistrict litigation.

  • January 14, 2019

    Former SEC Senior Enforcement Atty Joins King & Spalding

    King & Spalding LLP has bolstered its special matters and government investigations team in Atlanta with the hiring of a 14-year veteran attorney from the U.S. Securities and Exchange Commission.

  • January 14, 2019

    High Court Passes On CFPB Constitutionality Case

    The U.S. Supreme Court said Monday that it won't take up a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau’s structure, a case that Trump administration lawyers had called a “poor vehicle” for the justices to consider this high-stakes issue.

  • January 14, 2019

    Nationstar Inks $6.5M Deal Over Secretly Taping Customers

    Nationstar Mortgage reached a $6.5 million proposed settlement Friday with a class of California customers who claim their calls with the loan company were recorded without their knowledge or permission, violating state law, according to a joint motion filed in California federal court.

  • January 14, 2019

    Fed. Circ. Says TTAB Ignored Brands' Peaceful Coexistence

    The Federal Circuit on Monday ordered the Trademark Trial and Appeal Board to reconsider a ruling that "Guild Mortgage Company" is confusingly similar to "Guild Investment Management,” pointing to evidence that the two names have peacefully coexisted for decades.

  • January 11, 2019

    The Firms That Dominated In 2018

    Law360's top four Firms of the Year notched a combined 32 Practice Group of the Year awards after successfully securing wins in bet-the-company matters and closing high-profile, big-ticket deals for clients throughout 2018.

  • January 11, 2019

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2018 Practice Group of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • January 11, 2019

    Bank Examiners Getting The Word On Guidance, Officials Say

    Federal banking officials on Friday highlighted the work that's underway to make sure bank examiners understand they can't ding banks for violating supervisory guidance, but were cagey about prospects for formal rulemaking on how this guidance is used.

  • January 11, 2019

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

    The last week has seen Axa sue a private health-care provider, AIG take on shipper MSC and an appeal by a printer cartridge maker that has been fighting a multimillion-pound award to its pension trustees.

  • January 11, 2019

    Uncertain Deals Climate Persists After JPMorgan Conference

    Excitement for stock sales and acquisitions was somewhat restrained at this year’s JPMorgan’s health care conference, according to several attorneys who attended the event in San Francisco that concluded Thursday, given uncertainties caused by market volatility and the government shutdown.

  • January 11, 2019

    Washington Bank's $9.6M Tax Refund Suit Tossed

    A Washington bank is not entitled to a $9.6 million refund to a failed subsidiary because it missed filing deadlines and agreed to pay the subsidiary any refund, a federal court said Thursday, awarding summary judgment to federal banking regulators.

  • January 11, 2019

    Feds Lose Bid To Move BofA's $163M Refund Row

    A North Carolina federal court denied the U.S. government’s bid to transfer Bank of America’s $163 million tax interest refund lawsuit to the U.S. Court of Federal Claims, saying Thursday that it has jurisdiction over the case.

  • January 11, 2019

    Troutman Sanders Aids Bank Of China, ICBC On $61M Loan

    Troutman Sanders LLP represented Bank of China and Industrial and Commercial Bank of China Ltd. in connection with the banks' combined $60.8 million in financing to Pi Capital Partners for several properties in Manhattan and one Queens property, according to records made public in New York on Friday.

  • January 11, 2019

    Prison Guard Who Brought Zarrab Contraband Gets 3 Years

    Manhattan U.S. District Judge Richard J. Sullivan hit a former prison guard with three years behind bars Friday for smuggling alcohol and mobile phones to jailed Turkish-Iranian gold trader Reza Zarrab in exchange for cash, saying a “tough sentence” sends a message not to corrupt the judicial system.

Expert Analysis

  • 7 Questions To Add To Your Lateral Partner Questionnaire

    Howard Rosenberg

    Law firms should redesign the vetting process for lateral candidates so it directly addresses sexual harassment and assault issues, says Howard Rosenberg of Decipher.

  • Impressive Results From DOJ Fraud Section In 2018

    Kevin Muhlendorf

    The U.S. Department of Justice Criminal Division's 22-page report on the Fraud Section's accomplishments in 2018 provides important hints at what the future holds for individuals and entities whose activities come within the section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.

  • NY’s High Court Further Clarifies RMBS Legal Landscape

    Christopher Malloy

    In the past year, the New York Court of Appeals heard four significant cases addressing contractual remedies and timeliness of lawsuits concerning residential mortgage-backed securities — and has agreed to hear at least two more. The court's decisions in these cases will serve as useful guideposts, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Q&A

    A Chat With Reed Smith Chief Marketing Officer Sadie Baron

    Sadie Baron

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Sadie Baron, chief marketing officer at Reed Smith LLP.

  • 'Flexible Work' Makes Freelancing More Viable In BigLaw

    Elizabeth Black

    The rise of remote work capabilities and advances in technology are making flexible, freelance legal work a more accessible career option for corporate attorneys, say Elizabeth Black and Sara Eng of InCloudCounsel.

  • The Top Blockchain Patents Of 2018

    William Zac Duffy

    Of the 200 blockchain patents that were issued in the United States last year, 10 stand out as being particularly interesting and provide insight into the future direction of the technology, says William Zac Duffy of Munsch Hardt Kopf & Harr PC.

  • Opinion

    A Call To Permit Judicial Substitution In MDL Proceedings

    Doug Smith

    While several proposed changes to multidistrict litigation procedures may be warranted and appropriate, consideration should be given to a modest modification of the judicial selection process, says Doug Smith of Kirkland & Ellis LLP.

  • Guest Feature

    Judge Weinstein On Activism, Gobbledegook, Going Robeless

    Judge Jack Weinstein

    Judge Jack Weinstein has served in the Eastern District of New York for over half a century. White and Williams LLP attorney Randy Maniloff visited his Brooklyn office to find out what makes the 97-year-old jurist tick.

  • New Issues Raised By Internet Of Things Payments

    Duane Pozza

    As all signs point to payments growing in the internet of things space in 2019 and beyond, a key challenge is figuring out how consumer laws and regulations will apply to devices with small or no screens, or ones relying primarily on voice interaction, says Duane Pozza of Wiley Rein LLP.

  • Will New Congress Pass A National Data Protection Law?

    Joseph Facciponti

    The 116th Congress has an ideal opportunity to pass bipartisan privacy legislation that could safeguard consumer data, provide clear and uniform rules for businesses, and preserve innovation. Yet any new legislation faces significant hurdles, say Joseph Facciponti and Maxwell Thompson of Murphy & McGonigle PC.