Banking

  • September 13, 2024

    Bankman-Fried Lays Blame On Trial Judge In 2nd Circ. Appeal

    FTX founder Sam Bankman-Fried on Friday launched an appeal of his fraud conviction over the cryptocurrency exchange's historic collapse, issuing a broadside against the judge who oversaw his trial and saying FTX's debtor counsel Sullivan & Cromwell LLP acted as an arm of the prosecution.

  • September 13, 2024

    Trio Of BigLaw Mergers Expected To Drive More Deal Talks

    After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.

  • September 13, 2024

    Mortgage Co. CEO Gets 11 Years In Prison For Ponzi Scams

    A mortgage company owner was sentenced Thursday to 11 years and three months in prison for defrauding investors, a community bank and the government's pandemic relief program to cover gambling debts and personal expenses like luxury cars, Philadelphia's top federal prosecutor announced.

  • September 13, 2024

    Swiss Banks Want Sanctions Review Amid Geopolitical Risk

    The Swiss Banking Association has called for a proactive review of the country's financial sanctions regime as the single most important factor amid "serious negative effects" from geopolitical risk confronting the country's banks.

  • September 13, 2024

    Ex-DOJ Deputy In TikTok, Twitter Cases Joins Mayer Brown

    A former leader of the U.S. Department of Justice's consumer protection arm who helped bring landmark privacy cases against TikTok and Twitter is jumping to Mayer Brown LLP, where he will focus on government investigations and enforcement actions.

  • September 13, 2024

    High Court Sanctions £2.2B Deal For Network International

    Middle Eastern payments company Network International Holdings said on Friday that the High Court has sanctioned a £2.2 billion ($2.9 billion) takeover bid from Brookfield Asset Management Ltd.

  • September 13, 2024

    EU Finance Ministers Boycott Hungary Meeting Over Russia

    Most European Union finance ministers protested on Friday against what they see as Hungary's Russia-friendly politics by boycotting a meeting with their EU peers in the country's capital, Budapest.

  • September 13, 2024

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

    This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.

  • September 13, 2024

    Freeths Hires McNulty As Pensions Director In London

    Freeths LLP has appointed Sean McNulty, a former legal director at Blake Morgan as a pensions director in its London office, a move it believes will bolster its retirement income business.

  • September 13, 2024

    UK Consumer Credit Firms Face New Reporting Requirements

    The Financial Conduct Authority has proposed issuing a new reporting obligation for consumer credit firms as it seeks to prevent harm to consumers earlier and avoid another scandal such as the collapse of London Capital & Finance.

  • September 13, 2024

    Retraining Offer No Reason For NCA Investigator To Quit

    A National Crime Agency investigator who quit his job a day after he was offered the opportunity to regain his official accreditation has lost his claim that he was forced to resign.

  • September 12, 2024

    8th Circ. Nixes $563M Verdict Against BMO Harris Over Ponzi

    The Eighth Circuit on Thursday struck down a $563 million verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion dollar Ponzi scheme, ruling that the bank should have been allowed to raise a defense that would have barred the suit in the first place.

  • September 12, 2024

    Wells Fargo Ordered To Overhaul Sanctions, AML Compliance

    Wells Fargo faces fresh restrictions on launching new products and entering new markets, and must beef up its compliance and monitoring efforts around sanctions, anti-money laundering and other international business risks, under an enforcement action announced Thursday by the Office of the Comptroller of the Currency. 

  • September 12, 2024

    Del. Justices Uphold Chancery Toss Of $1.2B NCino Deal Suit

    The Delaware Supreme Court on Thursday upheld the Chancery's court's decision to throw out nCino investor claims against company directors and investment firm Insight Venture Partners challenging the financial technology company's $1.2 billion acquisition of mortgage loan platform SimpleNexus.

  • September 12, 2024

    Corp. Disclosure Law Kills Community Boards, Nonprofits Say

    The Community Associations Institute and other groups have sued the U.S. Department of the Treasury over the Corporate Transparency Act, arguing the law should not apply to them, violates constitutional rights and will lead to mass resignations from their community leadership boards.

  • September 12, 2024

    US Sanctions Cambodian Tycoon For Forced Labor Scam

    A prominent Cambodian businessman and his business entities were hit with sanctions from the Treasury Department for their role in human rights abuses related to forced labor and human trafficking, the department announced Thursday.

  • September 12, 2024

    AGs Ask 2nd Circ. To Revive Their SALT Cap Workaround Suit

    Attorneys general from New York, New Jersey and Connecticut asked the Second Circuit to revive their challenge to an IRS rule prohibiting workarounds to the federal cap on state and local tax deductions, saying the rule was arbitrary and contrary to congressional intent.

  • September 12, 2024

    Quinn Emanuel, Cohen Milstein Get $102M In Stock Loan Case

    A judge awarded $102 million in attorney fees to Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC for settling claims from investors that major banks colluded to avoid modernizing the stock loan market.

  • September 12, 2024

    Employment Firm GQ Littler Hires Pro From Baker McKenzie

    GQ Littler has hired a long-serving employment lawyer at Baker McKenzie to its office in London to represent U.K. and international clients, particularly in the financial services, technology and media sectors.

  • September 12, 2024

    BNP Paribas Attempts To Prune London Banker's Claim

    BNP Paribas attempted to trim a manager's claim at a London employment tribunal on Thursday, arguing that the employee had taken a "kitchen sink approach" by adding excessive legal claims onto some of her allegations.

  • September 12, 2024

    UK Watchdog Waters Down New Capital Rules For Banks

    The Prudential Regulation Authority published Thursday the second part of its rules on capital requirements for banks and has delayed their implementation by six months to the beginning of 2026.

  • September 12, 2024

    Mastercard To Buy Recorded Future Security Co. For $2.65B

    Mastercard Inc. said Thursday that it plans to buy global threat intelligence company Recorded Future from software investor Insight Partners for $2.65 billion to bolster its cybersecurity offering.

  • September 12, 2024

    Navient Agrees To Pay $120M To End CFPB Student Loan Case

    Navient Corp. would be barred from servicing federal student loans and required to pay $120 million to settle allegations related to its student lending practices under a proposed settlement the Consumer Financial Protection Bureau announced Thursday.

  • September 12, 2024

    Canada's Laurentian Bank Changes Legal Leadership

    Canada's Laurentian Bank this week announced a new head of legal matters amid a broader leadership reshuffle.

  • September 12, 2024

    Austrian Bank Can't Recover Licence Axed Over AML Controls

    The European Union's highest court upheld on Thursday a decision by the bloc's central bank to strip an Austrian lender of its license over alleged anti-money laundering failures and regulatory breaches.

Expert Analysis

  • Managing Credit Card Rewards Programs Amid Scrutiny

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    Renewed New York and federal interest in consumer protection issues associated with credit card rewards programs presages future regulatory enforcement and attention from plaintiffs attorneys, so issuers should focus on certain categories of consumer complaints and some compliance ambiguities, say Rich Zukowsky and Ella Beres at Davis Wright.

  • Whistleblowers Must Note 5 Key Differences Of DOJ Program

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    The U.S. Department of Justice’s recently unveiled whistleblower awards program diverges in key ways from similar programs at other agencies, and individuals must weigh these differences and look first to programs with stronger, proven protections before blowing the whistle, say Stephen Kohn and Geoff Schweller at Kohn Kohn.

  • What NFL Draft Picks Have In Common With Lateral Law Hires

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    Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.

  • CrowdStrike Incident Highlights Third-Party Risk For Banks

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    The global business disruptions caused by CrowdStrike's faulty software update last month serves as a reminder that banks should assess operational and compliance risks associated with third-party service providers and create resiliency plans extending down to fourth- and fifth-level providers, says Craig Landrum at Jones Walker.

  • Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling

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    The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.

  • Replacing The Stigma Of Menopause With Law Firm Support

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    A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.

  • Crypto Regs Could See A Reset Under The Next President

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    Donald Trump has taken a permissive policy stance favoring crypto, while Kamala Harris has been silent on the issue, but no matter who wins the presidential election, we may see a more lenient regulatory climate toward the digital currency than from the Biden administration, says Liam Murphy at McKool Smith.

  • Planning Law Firm Content Calendars: What, When, Where

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    During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.

  • Key Concerns To Confront In FDIC Brokered Deposit Proposal

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    Banks and fintech companies should note several fundamental issues with the Federal Deposit Insurance Corp.'s recent proposal to widen how it classifies brokered deposits, an attempt to limit prudential risk that could expose the industry and underbanked consumers who rely on bank-fintech apps to widespread unintended consequences, say attorneys at Gibson Dunn.

  • 4 Steps To Address New Sanctions Time Bar Extension

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    Recent guidance from the Office of Foreign Assets Control clarifies details of the newly extended statute of limitations for civil and criminal enforcement of U.S. sanctions law, so compliance teams should implement key updates, including to lookback periods and recordkeeping policies, say attorneys at Freshfields.

  • Insuring Lender's Baseball Bet Leads To Major League Dispute

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    In RockFence v. Lloyd's, a California federal court seeks to define who qualifies as a professional baseball player for purposes of an insurance coverage payout, providing an illuminating case study of potential legal issues arising from baseball service loans, say Marshall Gilinsky and Seán McCabe at Anderson Kill.

  • Implementing Proposed AML Rules May Take More Guidance

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    Two recent rules proposed by financial regulators would modernize requirements for programs aimed at countering money laundering and terrorist financing by centering more robust risk assessments, but financial institutions may need more specific guidance before they could confidently comply, say Meghann Donahue and Nikhil Gore at Covington.

  • Series

    Playing Golf Makes Me A Better Lawyer

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    Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.

  • What To Expect From CFPB And DOT Card Rewards Inquiry

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    Following the Consumer Financial Protection Bureau's announcement of joint efforts with the U.S. Department of Transportation to investigate credit card rewards points, credit card issuers and airlines should keep a close eye on potential regulatory and class action litigation risks stemming from the inquiry, say attorneys at DLA Piper.

  • Law Firms Should Move From Reactive To Proactive Marketing

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    Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.

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