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Banking

  • May 22, 2018

    Citco's UBS Docs Privileged In Pension Fund Row, Judge Says

    Citco Group Ltd. can keep confidential certain communications with UBS AG sought by several pension funds that have accused Citco and others of making misrepresentations about a $100 million investment in an insolvent investment vehicle, a Louisiana federal judge ruled Monday, finding that the documents warranted attorney-client privilege.

  • May 22, 2018

    House Sends Dodd-Frank Banking Rule Rollback To Trump

    The U.S. House of Representatives on Tuesday passed a major rollback of Dodd-Frank rules, sending a package of financial industry changes that backers say cut costly and burdensome regulations to President Donald Trump, who has indicated his support for the measure.

  • May 22, 2018

    Convicted Judge Says Mortgage Fraud Case On Shaky Ground

    An Illinois state judge convicted earlier this year in a $1.4 million mortgage fraud scheme appeared in court on Tuesday to reset the date of her sentencing while she argues that the government had not proved she intended to commit fraud.

  • May 22, 2018

    Emirates NBD Snaps Up DenizBank For $3.1B

    Banking giant Emirates NBD has inked a $3.1 billion deal to buy an almost complete stake in Turkish private bank DenizBank AS held by state-owned Sberbank of Russia, the banks said Tuesday.

  • May 22, 2018

    NJ Mortgage Officer Gets 18 Months For $6M Fraud Scheme

    A New Jersey federal judge on Tuesday imposed an 18-month prison sentence on a man for his role in a $6 million mortgage scheme that led to several property loan defaults and exposed public and private lenders to millions of dollars in potential losses, U.S. Attorney Craig Carpenito announced.

  • May 21, 2018

    Justices To Review Scope Of Immunity For Int'l Orgs

    The U.S. Supreme Court has agreed to review a D.C. Circuit decision holding that international organizations enjoy even more immunity from lawsuits than do foreign governments, taking up a case Monday from a group of Indian nationals suing the International Finance Corp. over a power plant project they say has wreaked havoc on the surrounding environment.

  • May 21, 2018

    What's Next For The Payday Lending Rule

    Lawmakers may have run out of time to use the Congressional Review Act to overturn the Consumer Financial Protection Bureau’s controversial restrictions on issuers of payday, title and other forms of short-term, high-interest loans, but that doesn’t mean the agency’s so-called payday lending rule is in the clear.

  • May 21, 2018

    Litvak Is No Rescue For Ex-Nomura RMBS Trader, Feds Say

    Prosecutors on Friday ripped a renewed bid in Connecticut federal court for a new trial from a former Nomura Securities International Inc. residential mortgage-backed securities trader found guilty of conspiracy, saying the Second Circuit's recent reversal of ex-Jefferies Group trader Jesse Litvak's conviction has no bearing on this case.

  • May 21, 2018

    Bank Fraudster Gets 2 Years In Prison For Criminal Contempt

    A purported oil and gas entrepreneur found guilty of criminal contempt for refusing to repay a bank that won a $5 million judgment against him, and later convicted of bank fraud by a second jury, was sentenced Monday to two years in prison by a Manhattan federal judge in the contempt matter.

  • May 21, 2018

    Creditor Wants IBRC Ch. 15 Left Open For $12.6M Claim

    An Irish-American businessman has asked the Delaware bankruptcy court overseeing Irish Bank Resolution Corp.’s Chapter 15 proceedings to let him subpoena the debtor for documents, claiming the government-run “bad bank” cheated him out of $12.6 million.

  • May 21, 2018

    Deals Rumor Mill: Ansaldo STS, Meezan Bank, Kuwait Energy

    Hitachi Automotive hopes to buy Elliott Management’s stake in Italian rail-signaling business Ansaldo STS, U.S. and European institutional investors are in talks to buy small stakes in Pakistan’s Meezan Bank, and Kuwait Energy is mulling the sale of an oil and gas field in southern Iraq.

  • May 21, 2018

    CFTC Partners With States, Gives Crypto Derivative Guidance

    The U.S. Commodity Futures Trading Commission is entering an agreement with state regulators aimed at slashing red tape and increasing coordination and has put out new guidance on how exchanges should handle cryptocurrency derivatives, the agency's head said on Monday.

  • May 21, 2018

    Accused ICO Fraudsters Deny $25M Crypto Card Scheme

    Two co-founders of cryptocurrency company Centra Tech Inc. on Monday denied charges of conning investors in a $25 million initial coin offering to fund a digital currency payment card they falsely claimed was backed by major payment processors including Visa Inc.

  • May 21, 2018

    3 Firms Guide $4.7B Merger Of Fifth Third, MB Financial

    Fifth Third Bancorp and an Illinois-based holding company for MB Financial Bank NA on Monday said that they have agreed to merge in a deal that is valued at $4.7 billion and was guided by Simpson Thacher & Bartlett LLP, Silver Freedman Taff & Tiernan LLP and Vedder Price PC.

  • May 21, 2018

    $309M In Deutsche, Barclays, HSBC Euribor Deals OK'd

    A Manhattan federal judge gave a final nod Friday to $309 million in investor settlements with Deutsche Bank AG, Barclays PLC and HSBC Holdings PLC over allegations they manipulated the Euro Interbank Offered Rate, earmarking $68.7 million of the amount for attorneys' fees.

  • May 21, 2018

    PE-Backed Bank Software Biz Ipreo Sold In Nearly $1.9B Deal

    London-headquartered data and analytics firm IHS Markit Ltd. has agreed to buy private equity-backed banking software provider Ipreo Holdings LLC for $1.86 billion, in a deal guided by Davis Polk & Wardwell LLP and Weil Gotshal & Manges LLP, according to a Monday statement.

  • May 18, 2018

    Spokeo 2 Years Later: As Split Grows, High Court Redo Looms

    In the two years since the U.S. Supreme Court declared that concrete injuries are necessary to establish Article III standing, federal courts around the country have moved to apply the holding to scores of privacy and data breach cases. Here, attorneys look back at how courts have been interpreting the landmark decision and offer predictions at how the deepening divide is likely to play out moving forward.

  • May 18, 2018

    Wells Fargo Investor Sues Over 'Culture Of Lawlessness'

    A Wells Fargo & Co. shareholder has accused CEO Timothy Sloan, Chair Elizabeth Duke and other top brass of having enabled a “culture of lawlessness” at the bank in a derivative suit filed Thursday, the same day that new allegations emerged about a problem in the bank’s wholesale division.

  • May 18, 2018

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

    The last week has seen two individuals bring a personal injury claim against two insurers and a yacht company after a fatal boating accident in 2014, a cryptocurrency exchange sue another exchange over IP rights, and the export arm of Philip Morris sue British lender NatWest. Here, Law360 looks at those and other new claims in the U.K.

  • May 18, 2018

    IRS Found To Exceed Cap On Penalty For Offshore Reporting

    The Internal Revenue Service went beyond the cap on civil penalties it can assess for undisclosed offshore bank accounts, a Texas federal judge has ruled, rejecting the agency’s argument that regulations limiting the amount are implicitly invalid.

Expert Analysis

  • A New Regulatory Avenue For NY Cryptocurrency Exchanges

    Jonathan Sorkowitz

    Virtual currency businesses in New York should understand that they are under scrutiny even if they receive New York BitLicenses. The Virtual Markets Integrity Initiative will most likely survive the resignation and departure of former Attorney General Eric Schneiderman, so businesses should proceed cautiously, says Jonathan Sorkowitz of Skarzynski Black LLC.

  • How Iran Deal Pullout Will Impact Cos. And Investors

    Ama Adams

    President Donald Trump’s highly controversial decision to reinstate U.S. sanctions against Iran represents a dramatic change in policy, with significant consequences for international business and investors. The move could quickly put companies that are subject to the laws of multiple jurisdictions in a legally untenable position, say attorneys with Ropes & Gray LLP.

  • SEC Proposal Strikes At The Heart Of Broker-Dealer Model

    Steven Lofchie

    The U.S. Securities and Exchange Commission's proposed best-interest requirement for broker-dealers would likely discourage the offering of “full-service” brokerage and encourage alternatives, such as “discount” brokerage and fee-based advisory accounts, says Steven Lofchie of Cadwalader Wickersham & Taft LLP.

  • Series

    Judging A Book: Berzon Reviews 'We The Corporations'

    Judge Marsha Berzon

    My advice to prospective clerks will now include the suggestion that they read Adam Winkler's new book, "We the Corporations: How American Businesses Won Their Civil Rights," for the same reason I recommend taking a corporations course — appreciating the critical role of business corporations in American life and law, says Ninth Circuit Judge Marsha Berzon.

  • What ABA’s Position On Harassment Means For Employers

    Minjae Song

    In the #MeToo era, the American Bar Association’s recently passed Resolution 302 is a reminder of harassment policy best practices to all employers, and it should be of particular interest to employers in the legal industry, say attorneys with Hunton Andrews Kurth LLP.

  • Takeaways From 2nd Circ. Reversal Of Litvak Conviction

    Harry Sandick

    One wonders if the Second Circuit’s reversal of Jesse Litvak’s securities fraud conviction in the District of Connecticut, together with prosecutors’ recent loss at trial in United States v. Demos, will impact the government’s decision to prosecute further the other bond traders who are currently facing charges in the same courthouse, say Harry Sandick and Michael Schwartz of Patterson Belknap Webb & Tyler LLP.

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • Supporting Nontraditional Data Types In E-Discovery

    Jason Paroff

    The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.

  • How Tax Authorities Are Responding To Cryptocurrency

    Mark Rush

    The features that make cryptocurrencies attractive to their users — relative anonymity and mobility — have created heightened concerns among tax agencies in the U.S. and abroad. Providers of financial services to cryptocurrency holders should take steps to ensure that they are not enabling tax evasion, say members of K&L Gates LLP and Navigant Consulting Inc.

  • Volcker Rule Will Likely Change, But When And By How Much?

    Michael Silva

    It is difficult to say exactly what the ultimate changes to the Volcker Rule will be. However, certain political realities on the legislative side and a convergence of statements by policymakers on the regulatory side suggest that there are at least a few broad changes that can be reasonably forecast, say Michael Silva and Paola Ronquillo of DLA Piper.