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Banking

  • October 10, 2018

    Finance Atty Joins Holland & Knight In Denver

    Holland & Knight LLP has hired finance and bankruptcy attorney Keith Sambur from Haynes and Boone LLP as a partner at its financial services practice group in the Denver office.

  • October 10, 2018

    Forex 'Cartel' Traders Cheated The Market, Jury Hears

    Using a private chatroom dubbed “the cartel,” three former foreign currency exchange traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co. units colluded to suppress competition in the forex market, a federal prosecutor said Wednesday as the trio's criminal forex-rigging trial began.

  • October 10, 2018

    Navient Asks For Special Master In CFPB Discovery Row

    Navient Corp. told a Pennsylvania federal judge on Wednesday that the Consumer Financial Protection Bureau has been withholding documents in the agency’s suit over the company’s student loan servicing practices and ought to have a special master check over its work.

  • October 10, 2018

    NY Regulator Fines UAE Bank $40M Over Compliance Issues

    New York’s financial services regulator filed a consent order Wednesday saying it has reached an agreement with United Arab Emirates-based Mashreqbank PSC and its New York branch, which will pay a $40 million civil penalty and take remedial steps to address deficiencies in its compliance infrastructure.

  • October 10, 2018

    LeClairRyan Adds Cybersecurity-Focused Atty From SF Fed

    LeClairRyan has brought on an attorney from the Federal Reserve Bank of San Francisco who specializes in privacy, data security, financial services and white collar matters and litigation, the firm announced Tuesday.

  • October 10, 2018

    Raymond James Can't Ditch Secret Commission Class Action

    A Florida federal judge denied Raymond James’ bid to toss a putative class action alleging the financial services company charges unauthorized commissions via a “processing fee,” rejecting the company's argument that the payments are unrecoverable because they were made voluntarily. 

  • October 10, 2018

    DOJ Rules Out Life Term Bids For Ex-Wilmington Trust Execs

    Federal prosecutors in Delaware reported an agreement Wednesday to scale back initial life sentence recommendations for four Wilmington Trust Corp. executives convicted of an estimated $196 million securities fraud in May, opting instead to seek prison terms topping out at 11¼ years.

  • October 10, 2018

    Hong Kong To Penalize IPO Sponsors For 'Substandard' Work

    The Hong Kong Securities and Futures Commission is penalizing investment banks that fail to uphold standards when sponsoring initial public offerings, the agency’s enforcement director said Wednesday, and is promising additional disciplinary action until regulators see improvement.

  • October 10, 2018

    BofA Workers Want Approval Of $11M Mileage Expense Deal

    About 1,900 Bank of America NA workers have asked a California federal judge to give preliminary approval to an $11 million deal settling claims that the bank failed to reimburse loan officers for use of their personal vehicles, saying the deal balanced the risk of going to trial given the lack of mileage records.

  • October 10, 2018

    Labaton To Pay $4.8M, Accept Oversight On Fee Practices

    Labaton Sucharow LLP has apologized and will pay $4.8 million and accept oversight by a retired judge to resolve a Massachusetts federal court’s investigation into the firm's excess fees and a controversial payment to a Texas lawyer, according to Wednesday court filings. 

  • October 10, 2018

    Feds Seek 5 Years For Convicted State Street Exec

    Prosecutors called for a five-year sentence Tuesday for a former vice president of State Street Corp. convicted of overbilling clients by millions, a substantially shorter prison term than federal guidelines suggest but enough to send a message, the government said.

  • October 10, 2018

    Cryptocurrencies Could Threaten Financial Stability, FSB Says

    International regulators should vigilantly monitor virtual currencies such as bitcoin, which could threaten financial stability if they escalate in popularity, the Financial Stability Board warned Wednesday.

  • October 10, 2018

    FCA Plans To Weave EU Rules Into Handbook For Brexit

    The Financial Conduct Authority detailed amendments on Wednesday that it said would implement existing European Union law into its handbook and allow Europe’s firms to operate in Britain for a limited time if the U.K. leaves the bloc without a transition period.

  • October 9, 2018

    ICOs Are Coming Of Age, Say DLA Piper, Deloitte Experts

    While some may still fear it's a fickle fad, the market for initial coin offerings is maturing and becoming more structured, financial technology and legal experts said Tuesday at a Silicon Valley conference hosted by DLA Piper.

  • October 9, 2018

    Utah Justices Flip 'Clearly Erroneous' Foreclosure Ruling

    The Utah Supreme Court has changed its mind about whether Utah law necessarily applies to national banks seeking to foreclose on real property in the state, overturning its “clearly erroneous” 2013 decision that held federal law doesn’t preempt Utah state law limits on this authority.

  • October 9, 2018

    Ex-Goldman CEO Aide Accused In Wine Theft Leaps To Death

    A former assistant to the CEO of Goldman Sachs who was expected to plead guilty on Tuesday to stealing $1.2 million in rare wines from his former employer was found dead at a Manhattan hotel that afternoon in an apparent suicide.

  • October 9, 2018

    NCUA Seeks Sub To Bring RMBS Suit Against Deutsche Bank

    The National Credit Union Administration has urged a New York federal judge to allow the substitution of a new plaintiff to pursue claims against Deutsche Bank National Trust Co. over a number of residential mortgage-backed securities trusts, arguing that this swap would address standing issues highlighted in a similar suit brought by the agency against U.S. Bank.

  • October 9, 2018

    Royal Park Can't Revive $3.7B RMBS Suit, NY Court Rules

    A New York appellate court said Tuesday that a lower court was right to toss Royal Park Investments SA/NV's $3.7 billion suit accusing four major banks of committing fraud in connection with the sale of residential mortgage-backed securities, finding the Belgian bank did not have standing to bring negligence and fraud claims.

  • October 9, 2018

    BuzzFeed Says Russian Exec In Dossier Row Is Public Figure

    BuzzFeed told a Florida federal court Tuesday that despite Aleksej Gubarev’s protestations, the Russian technology executive is a public figure for the purposes of his defamation suit over the website’s publication of a dossier alleging ties between Russia and President Donald Trump.

  • October 9, 2018

    HSBC Finalizes $765M Mortgage-Backed Securities Deal

    HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.

Expert Analysis

  • Dismissing FCA Cases: The Granston Memo In Action

    Jeffrey Belkin

    In January, the Granston memo advised U.S. Department of Justice attorneys that, in tandem with their decisions to decline intervention in False Claims Act qui tam suits, they should consider proactively seeking dismissal. Since then, only a small number of cases have explored this form of dismissal, and the results have been mixed, say Jeffrey Belkin and Michael Mortorano of Alston & Bird LLP.

  • SEC Case Brings Rarely Used Cyber Rules Into Limelight

    Erica Williams

    The U.S. Securities and Exchange Commission's settlement this week with Voya Financial Advisors represents the first SEC action involving the Identity Theft Red Flags Rule and only its third action involving the Safeguards Rule. The case provides a critical data point in evaluating how the SEC plans to enforce these two rules going forward, say Erica Williams and Sunil Shenoi of Kirkland & Ellis LLP.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.

  • The Principles Guiding FINRA Enforcement

    John Sikora

    Recent remarks by the head of enforcement at the Financial Industry Regulatory Authority offer valuable clues to regulated entities as to how FINRA decides whether to bring an enforcement action. This can be useful in guiding effective responses to FINRA actions, say attorneys with Latham & Watkins LLP.

  • US' Secondary China Sanctions Signal New Risks For Cos.

    Ama Adams

    Last week, the U.S. government imposed broad sanctions on a component of the Chinese military — the first time that the U.S. has exercised its authority to impose secondary sanctions against non-U.S. parties for transactions occurring outside of the United States. This signals an era of expanded risks for U.S. and non-U.S. companies alike, say attorneys at Ropes & Gray LLP.

  • 5 More GC Tips For Succeeding As A New Associate

    Jason Idilbi

    Jason Idilbi, former BigLaw associate and general counsel of the tech startup Passport Labs Inc., returns to Law360 to share recent thoughts on best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Manafort Plea Reminds Us Of Whitewater

    Lawrence Laurenzi

    It is clear from Paul Manafort's plea agreement that special counsel Robert Mueller's team is using the same prosecutorial strategy that Ken Starr used in Whitewater. Mueller’s team, however, also faces the same headwinds that Starr faced, say Lawrence Laurenzi and Joe Whitley of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • 2 New Cases Showcase CFTC Spoofing Theories

    Katherine Cooper

    The Victory Asset and Mizuho Bank spoofing settlements announced by the U.S. Commodity Futures Trading Commission last week show that the agency’s campaign against spoofing continues unabated. It is likely that the CFTC will now place more emphasis on the surveillance and control systems employed by futures commission merchants, say Katherine Cooper and Elizabeth Lan Davis of Murphy & McGonigle PC.

  • Many Crypto Exchanges May Now Need Colorado Licenses

    Sarah Auchterlonie

    Ever since cryptocurrencies appeared on the scene, states have scrambled to determine whether their money transmission laws and licensure requirements apply to cryptocurrency exchanges. Last week, Colorado joined the minority of jurisdictions with clear guidance on the issue, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • 3rd Circ. Deepens Uncertainty Over FINRA Arbitration

    David Cinotti

    The Third Circuit's decision last month in Reading Health System v. Bear Stearns adds to a circuit split on whether a contractual forum-selection clause supersedes or waives Financial Industry Regulatory Authority arbitration. However, U.S. Supreme Court review of the issue might be premature, says David Cinotti of Pashman Stein Walder Hayden PC.