Banking

  • February 13, 2018

    Mulvaney Tells Sens. He Had Say In Axing Payday Lender Suit

    Mick Mulvaney, director of the White House Office of Management and Budget, on Tuesday confirmed he took part in the decision to drop a lawsuit against a payday lender, despite his spokesman initially stating the decision was made by career staff at the Consumer Financial Protection Bureau.

  • February 12, 2018

    Labor Dept. Helps Retirement Plans Recover Nearly $16M

    The U.S. Department of Labor on Friday announced it has recovered more than $7 million for three companies that suffered losses for future retirees as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC.

  • February 12, 2018

    Ex-Nomura Trader Can't Ditch SEC Fraud Suit, Judge Rules

    A former head trader at Nomura must face a U.S. Securities and Exchange Commission suit accusing him of lying to customers about the prices he’d paid for commercial mortgage-backed securities he was reselling, a New York federal judge ruled Monday.

  • February 12, 2018

    Cadwalader Row Looks Trial-Bound: Redskins Owner's Atty

    A Manhattan judge's refusal to toss Washington Redskins owner Dan Snyder's malpractice suit targeting Cadwalader Wickersham & Taft LLP over a $10 million fee he was forced to pay UBS for a long-ago Six Flags proxy fight means the dispute is probably going to trial, Snyder's counsel said Monday.

  • February 12, 2018

    Feds, Ex-UBS Trader Spar Over Fraud, Spoofing Counts

    Federal prosecutors traded barbs Monday with a former UBS trader accused of scheming to manipulate the precious metals market, arguing he is right to say six of the seven counts against him do not belong in Connecticut federal court but wrong to say they should be thrown out for good.

  • February 12, 2018

    Former SEC Enforcer Joins Covington's DC Office

    Covington & Burling LLP announced Monday it has added a former associate director in the enforcement division of the U.S. Securities and Exchange Commission to its Washington, D.C., office, where the 20-year SEC veteran will serve as partner in the firm’s securities litigation and enforcement practice area.

  • February 12, 2018

    Abu Dhabi's Financial Watchdog Weighs Crypto Regulations

    Abu Dhabi, United Arab Emirates, financial regulators said Sunday they are considering establishing a regulatory framework for cryptocurrency exchanges and intermediaries, potentially providing a clearer legal regime for parties that facilitate transactions involving initial coin offerings.

  • February 12, 2018

    Trump Budget Seeks CFTC User Fees To Raise $32M

    The Trump administration on Monday called on Congress to authorize the U.S. Commodity Futures Trading Commission to initiate user fees on some market participants to raise an additional $31.5 million above the $250 million the White House has budgeted for the regulatory agency in fiscal year 2019.

  • February 12, 2018

    Mulvaney Says CFPB Will Act With ‘Humility And Moderation’

    The acting director of the Consumer Financial Protection Bureau on Monday said that his agency would stay within the boundaries set by federal law, acting with “humility and moderation” and continuing a shift away from the aggressive tactics of his predecessor.

  • February 12, 2018

    Scotiabank Expands Investment Biz With $950M Deal

    Scotiabank, Canada’s international bank, has agreed to purchase Montreal-based investment firm Jarislowsky Fraser for $950 million, the bank said Monday.

  • February 12, 2018

    BofA Is 'Barrel-Chested Bully,' Jury Told As $2M Trial Ends

    Counsel for a former Bank of America client manager urged a California federal jury Monday to find the bank blacklisted and defamed her and award her more than $2 million in damages, saying during closings the bank is a “great big barrel-chested bully” whose “grossly inadequate” fraud investigation ruined her earning potential.

  • February 12, 2018

    Debt Co.'s Wording In Notices Could Mislead, 3rd Circ. Says

    A Third Circuit panel on Monday revived a proposed class action alleging Allied Interstate LLC violated the law when it tried to recoup unpaid gym membership debt after the statute of limitations had expired, finding its notices could cause a reader to interpret the debt as enforceable in court.

  • February 12, 2018

    SEC Seeks Budget Hike To Boost Cybersecurity, Add Staff

    The U.S. Securities and Exchange Commission on Monday requested a $1.66 billion budget for fiscal 2019 that contains a 3.5 percent spending increase after three years of flat budgets, hoping to spend more money on cybersecurity and restore positions lost to hiring freezes.

  • February 12, 2018

    Madoff Trustee Reaches $76M Settlement With Feeder Fund

    The trustee for Bernie Madoff's shuttered investment firm announced Monday that the bankrupt estate has settled Ponzi scheme profiteering allegations against a feeder fund for just over $76 million, saying the sum covers all transfers received by the fund in the two years preceding the collapse of Madoff's fraud.

  • February 12, 2018

    Deutsche Bank To Repay Overcharged MBS Customers $3.7M

    Deutsche Bank has agreed to pay back $3.7 million to customers allegedly misled by the firm’s traders and salespeople while negotiating sales of commercial mortgage-backed securities, the U.S. Securities and Exchange Commission said Monday.

  • February 12, 2018

    Trump Budget Eyes Putting CFPB At Congress’ Mercy

    President Donald Trump has proposed a radical restructuring of the U.S. Consumer Financial Protection Bureau that would see the independent agency subjected to the congressional appropriations process and a steep cut to its operating budget.

  • February 12, 2018

    Lenders Pledge $100B As Broadcom Tries To Woo Qualcomm

    A group of 12 lenders that includes private equity firms and banks has agreed to commit up to $100 billion in total financing for Broadcom Ltd.’s proposed acquisition of Qualcomm Inc., even though the California chipmaker rejected a Broadcom takeover offer last week, Broadcom said Monday.

  • February 12, 2018

    YapStone Snags $71M In Series C Funding

    California-based YapStone Inc., a company that provides payment processing for online and mobile transactions for apartment and vacation rental companies, raised $71 million from Mastercard, Accel and others in its first closing in a Series C funding round, the company said on Monday.

  • February 12, 2018

    Gibraltar Aims To Become First To Legislate On ICOs

    Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.

  • February 12, 2018

    15 Minutes With The General Counsel Of PNC Bank

    Gregory B. Jordan joined the world of in-house at PNC following a nearly 30-year career at Reed Smith LLP. He spoke with Law360 about the changing legal industry, what convinced him to go in-house and the biggest regulatory issues his organization is grappling with.

Expert Analysis

  • Opinion

    Evolving Due Process In The Digital Age

    Stephen Kane

    Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.

  • Mortgage Pricing Scrutiny Poses New Challenges For Lenders

    Jeffrey Naimon

    Recent federal and state enforcement actions indicate that, even if regulators are not setting “the right price” for a loan, they are increasingly willing to declare certain prices “wrong.” This is a troubling development for mortgage lenders, say Jeffrey Naimon and Benjamin Olson of Buckley Sandler LLP.

  • Under New Tax Law, Time Is Running Out For Ponzi Victims

    Kevin Diamond

    Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.

  • Centers Of Influence Are Key To Small Law Firm Rainmaking

    Frank Carone

    In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.

  • Potential Revamp Of CFPB Civil Investigative Demand Process

    Jean Veta

    Last week the Consumer Financial Protection Bureau published a request for information seeking comment on its civil investigative demand process. This signals the bureau’s potential openness to revising the process, which has been regarded as difficult, expensive and time-consuming by many institutions, say attorneys with Covington & Burling LLP.

  • Beware ICO Lawyers, You're The Next Target

    John Reed Stark

    Chairman Jay Clayton of the U.S. Securities and Exchange Commission recently gave an extraordinary speech reiterating his concerns about initial coin offerings while also adding a new twist. It's gatekeeper liability redux at the SEC, and lawyers connected to ICOs should be watching their backs, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • No Consensus On Conspiracy Theory Of Personal Jurisdiction

    Jack Figura

    Courts are divided — and the U.S. Supreme Court has yet to rule — on whether the conspiracy theory of personal jurisdiction is proper under due process requirements. But it is reasonable to expect that sooner or later the high court will narrow the permissible reach of this theory, says John P. “Jack” Figura of Norton Rose Fulbright.

  • State Of The Aircraft Finance Debt Market

    Ronald Scheinberg

    The improving financial position of airlines and operating lessors, coupled with increased competition for deals, has put pressure on private-sector lenders. One would expect this state of “borrower power” to continue during the current economic cycle, says Ronald Scheinberg of Vedder Price PC.

  • Feature

    From Law Firm To Newsroom: An Interview With Bob Woodruff

    Randy Maniloff

    Lawyers who have left the traditional practice for perceived greener pastures are many. But the circumstances surrounding broadcast journalist Bob Woodruff’s departure are unique. Like none I’ve ever heard, says Randy Maniloff of White and Williams LLP.

  • New Pa. Mortgage Servicer Law Raises A Host Of Questions

    Costas Avrakotos

    To welcome in the new year, mortgage loan servicers in Pennsylvania were greeted by a new licensing obligation. However, there are uncertainties as to how the new law will be applied, say Costas Avrakotos, Daniel Pearson and Patty Mesa of Mayer Brown LLP.