Banking

  • February 21, 2018

    Companies May Find High Court Whistleblower Ruling Costly

    A U.S. Supreme Court ruling Wednesday narrowing the scope of anti-retaliation protections for corporate whistleblowers could lead to a significant increase in the number of complaints filed directly with the U.S. Securities and Exchange Commission, a result companies may find costly, legal experts said.

  • February 21, 2018

    UAE Mall Project Scores $354M Loan From Group Of Banks

    A syndicate of lenders has provided a 1.3 billion dirham ($353.9 million) loan to a United Arab Emirates construction company primed to do work on a massive mall project for Dubai developer Nakheel, according to an announcement Wednesday from Dubai bank Emirates NBD.

  • February 21, 2018

    LendingClub Unveils $125M Settlement Of Investor Suits

    LendingClub Corp. on Tuesday said it has reached a $125 million preliminary settlement with the plaintiffs behind two securities class actions in California federal and state court that allege the peer-to-peer lending company misled investors in the run-up to its $1 billion initial public offering in 2014.

  • February 21, 2018

    Libor Manipulation By 16 Banks Sank Doral, FDIC Alleges

    The Federal Deposit Insurance Corporation alleged that 16 global banks collectively manipulated the benchmark London Interbank Offered Rate, accelerating the collapse of Puerto Rico’s Doral Bank, according to a lawsuit filed Tuesday in New York federal court.

  • February 21, 2018

    Santander To Pay Conn. Consumers $2.9M In Settlement

    Santander Consumer USA has agreed to pay $2.9 million in relief to consumers affected by its alleged violations of Connecticut banking law in handling repossessed motor vehicles found during a 2016 examination by the State of Connecticut Department of Banking, according to a consent order filed on Tuesday.

  • February 21, 2018

    Suit Over Firm's Debt Collection Was Timely, 3rd Circ. Told

    The Pennsylvania resident who alleged a law firm’s credit card debt judgment prevented him from getting a mortgage told a full Third Circuit on Wednesday that the one-year time limit on his claim didn’t begin until he learned about the judgment, which was when he was rejected for the loan.

  • February 21, 2018

    Temenos Expands Fintech Service With $1.9B Fidessa Merger

    United Kingdom-based capital markets software provider Fidessa Group PLC has been acquired by Swiss banking software company Temenos AG for £1.43 billion ($1.99 billion), the companies said Wednesday.

  • February 21, 2018

    Libor Transition Could Cost Banks $200M, Report Says

    The switch from Libor to alternative benchmark interest rates could cost banks millions of dollars, management consulting firm Oliver Wyman warned in a report on Wednesday.

  • February 21, 2018

    Watchdog Floats Rules For Banks Managing Capital Raises

    The International Organization of Securities Commissions floated new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.

  • February 21, 2018

    Supreme Court Narrows Definition Of Whistleblower

    The U.S. Supreme Court on Wednesday ruled in favor of a narrow definition of the term "whistleblower," a decision that will significantly limit the scope of anti-retaliation measures meant to protect whistleblowers under the Dodd-Frank Act.

  • February 20, 2018

    Stanford Ponzi Deal Wrongly Bars Claims, 5th Circ. Hears

    Hundreds of investors in the Stanford Ponzi scheme urged the Fifth Circuit on Monday to overturn a $120 million deal settling claims that broker Willis Ltd. fraudulently induced their investments, arguing that the settlement funds inexplicably go to the Stanford receiver and the terms of the deal indefensibly bar further claims against Willis.

  • February 20, 2018

    Wilmington Suit Over Ex-Chesapeake CEO's $464M Debt Stays

    A New York federal judge on Friday largely left intact a suit brought by Wilmington Trust National Association over a $464 million loan guaranty from the late Chesapeake Energy CEO and part-owner of the NBA's Oklahoma City Thunder, finding the court has jurisdiction to hear the case.

  • February 20, 2018

    Fed. Circ. OKs Killing Money Transfer Patent Under Alice

    The Federal Circuit on Tuesday upheld U.S. District Judge Rodney Gilstrap’s decision to invalidate claims in four Integrated Technological Systems Inc. patents tied to money transfers in the newest of several high-profile decisions over how to interpret the U.S. Supreme Court’s Alice test.

  • February 20, 2018

    Judge Nixes LendingClub Investor Bid For Underwriter Docs

    Morgan Stanley, Goldman Sachs and the other underwriters of LendingClub Corp.'s $1 billion initial public offering for now don't have to produce roughly a thousand documents sought by a class of investors suing the peer-to-peer lending company for alleged stock fraud, a California federal judge ruled Tuesday.

  • February 20, 2018

    Swift Action Called For In Pacific Drilling Ch. 11 Case

    Turning down calls for mediation in the Chapter 11 case for Pacific Drilling, a New York bankruptcy judge on Tuesday questioned the company’s reorganizing efforts to date and said he expects quick signs of progress in its restructuring plan talks with creditors.

  • February 20, 2018

    4 Cos. Restock IPO Pipeline With Filings Totaling $300M

    Four companies, spanning the life sciences, technology and banking industries, have filed initial public offerings that are preliminarily estimated to raise $300 million, adding new potential deals to an IPO pipeline that has thinned out in recent weeks.

  • February 20, 2018

    Deals Rumor Mill: Deutsche Bank, Tesco, United Arab Bank

    Deutsche Bank is planning to list its asset management arm next month, Booker investors are being urged to reject Tesco's $4.6 billion takeover offer, and the Commercial Bank of Qatar is looking to sell its stake in United Arab Bank to Tabarak Investment.

  • February 20, 2018

    High Court Turns Away Fannie, Freddie Investor Appeals

    The U.S. Supreme Court on Tuesday denied a plea from investors hoping for reconsideration of their case challenging the federal government’s conservatorship of Fannie Mae and Freddie Mac, reinforcing a lower court’s ruling that the Federal Housing Finance Agency cannot be sued over its role in managing the mortgage finance duo.

  • February 20, 2018

    Ex-UBS Trader Gets Spoofing, Fraud Counts Nixed Over Venue

    A Connecticut federal judge on Monday axed the criminal spoofing and commodities fraud counts facing a former UBS AG trader accused of scheming to manipulate the precious metals market, blasting the government’s handling of the case and refusing to scrap its remaining conspiracy charge in order to let federal prosecutors have a mulligan.

  • February 20, 2018

    Ex-Skadden Atty Pleads Guilty To Lying In Mueller Probe

    A former Skadden Arps Slate Meagher & Flom LLP lawyer pled guilty Tuesday to lying to officials in Special Counsel Robert Mueller’s investigation into Russian meddling in the 2016 presidential election.

Expert Analysis

  • 4 Takeaways For Lenders From Recent TCPA Decision

    Eve Cann

    As Telephone Consumer Protection Act cases rarely result in favorable trial outcomes for creditors and loan servicers, there are several key practice points from a Florida federal court’s recent decision in Larry Harrington v. RoundPoint Mortgage Servicing, say Eve Cann and Keith Andress of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • CFIUS Scrutiny Of Foreign Acquisitions Intensifies

    John Barker

    The environment for foreign investment in the United States is shifting. Most recently, the Chinese acquisition of MoneyGram was derailed after the Committee on Foreign Investment in the United States rejected proposals offered to try to mitigate national security concerns. At the same time, U.S. legislation to enhance CFIUS controls seems to be gaining momentum, say attorneys with Arnold & Porter.

  • The Impact Of Kokesh So Far, And What's Next: Part 1

    Dixie Johnson

    The U.S. Supreme Court's decision last year in Kokesh had immediate effects on the U.S. Securities and Exchange Commission’s ability to seek disgorgement in enforcement actions. On the other hand, defendants have had little success when seeking to amend previously awarded disgorgement amounts, say attorneys with King & Spalding LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • SEC, CFTC Whistleblowers Dodge A Devastating Tax Bullet

    Gary Aguirre

    Before the brief government shutdown last week, whistleblowers destined to receive bounties from the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission faced devastating tax liability. But the act that reopened the government vaporized the bullet about to strike this narrow class of whistleblowers, says Gary Aguirre, a former SEC staff attorney.

  • A Fresh Look At CFPB's Enforcement Process

    Jean Veta

    In its most recent request for information the Consumer Financial Protection Bureau emphasizes seven aspects of its enforcement process that “may be deserving of more immediate focus.” Because the process is a series of interrelated steps, changes to any one of these areas may impact, or be impacted by, changes to other areas, say Jean Veta and Eitan Levisohn of Covington & Burling LLP.

  • Emerging Trends In FCA Enforcement: 2018 Outlook

    Vince Farhat

    Two new policies from the U.S. Department of Justice, along with ongoing developments concerning the elements of scienter and materiality stemming from the landmark U.S. Supreme Court decision in Escobar, have the potential to significantly change the landscape of False Claims Act enforcement in the year ahead, say attorneys with Holland & Knight LLP.

  • Movements Without Motion In Russian Sanctions Policy

    Fatema Merchant

    Current sanctions appear not to deter Russian bad behavior. And the much anticipated oligarchs list appears to have been cribbed from someone else’s homework. Taking the two together, one begins to suspect that the Trump administration, without a further push from Congress or world events, will continue to resist ratcheting up Russia sanctions, say members of Sheppard Mullin Richter & Hampton LLP.

  • When Blockchain Meets Article 9 And Bankruptcy

    Andrew Helman

    Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.