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Banking

  • August 10, 2018

    Mt. Gox Traders Seek Default Win After Ex-CEO Doesn't Show

    A former user of the now-defunct Bitcoin exchange Mt. Gox asked an Illinois federal judge to enter a default judgment against the exchange’s founder Mark Karpeles on Friday, saying he has not responded to a proposed class action over its collapse.

  • August 10, 2018

    JPMorgan's $3M Vehicle Repo Deal With Consumers Approved

    A Minnesota federal judge Thursday gave her initial approval to a $3.25 million deal struck between JPMorgan Chase Bank NA’s auto financing arm, a debt collector and a proposed class of Minnesota consumers who allegedly had their cars illegally repossessed during a five-year period.

  • August 10, 2018

    Monster Beats $8.9M Fees Suit From Investment Bank

    A New York federal judge said Friday that Monster Worldwide Inc. does not owe Stone Key Partners LLC about $8.9 million in fees and costs for the boutique investment bank's role in evaluating strategic alternatives because the transactions that the job-search site ultimately completed were either too small or too late.

  • August 10, 2018

    Ex-Municipal Credit Union CEO Discussing Plea In Fraud Case

    Kam Wong, the former CEO of New York's 500,000-member Municipal Credit Union who was charged in May with pilfering $7 million from the $2.9 billion lender, is discussing a plea deal, a prosecutor has told a Manhattan federal judge.

  • August 10, 2018

    Fox Rothschild Nabs Montgomery McCracken Litigator

    Fox Rothschild LLP has added as a partner to its Wilmington office a Montgomery McCracken Walker & Rhoads LLP attorney who has worked high-profile securities fraud cases during his more than 20-year legal career, including the $3.2 billion settlement in the Tyco International Ltd. case.

  • August 10, 2018

    Investors Want Affiliate-Bank Claims To Stay In Libor MDL

     A class of over-the-counter investors urged a New York federal court Thursday to keep alive its antitrust claims against affiliates of Bank of America N.A. and JPMorgan Chase Bank N.A. in sprawling multidistrict litigation over alleged manipulation of the London Interbank Offered Rate.

  • August 10, 2018

    Visa, MasterCard Take Swipe Fees Battle To UK's Top Court

    MasterCard and Visa have sought permission from Britain’s Supreme Court to challenge a landmark Court of Appeal decision that found the credit card companies set charges at an unlawfully high level that restricted competition.

  • August 9, 2018

    In Manafort Trial: 5 Witnesses, 2 Banks And An Airbnb

    Paul Manafort’s Virginia federal jury trial focused Thursday on allegations that President Donald Trump’s former campaign manager tricked banks into giving him millions in loans by hiding his debt on one property and the fact that he was renting out another property through Airbnb, as well as inflating his income with a sham loan from an entity he controlled.

  • August 9, 2018

    Special Master To Reopen $4M State Street Fee Probe

    A special master appointed by a Massachusetts federal judge to probe the attorneys' fees arrangements in a $300 million class action against State Street agreed Thursday to modify his report that called for plaintiffs’ counsel to return up to $10 million in fees, averting a ruling on a request to have him taken off the case.

  • August 9, 2018

    Man In Tribal-Linked Payday Lending Scheme Gets 3 Years

    A Pennsylvania man was sentenced to more than three years in prison and ordered to pay about $10 million after providing payday loans at illegally high interest rates and using an Indian tribe to get around the law, prosecutors said.

  • August 9, 2018

    2nd Circ. Says FARC Victim Can't Get JPMorgan-Blocked EFTs

    A Second Circuit panel ruled Thursday that a victim of Colombia’s FARC guerillas can’t go after intercepted wire transfers held at JPMorgan to collect on a nearly $37 million judgment against the group, finding that the frozen money doesn’t belong anymore to the allegedly FARC-linked entities that originally sent it.

  • August 9, 2018

    Mass. AG Launches Probe Into LendingClub’s Ad Practices

    LendingClub Corp. said in a regulatory filing Wednesday that the Massachusetts attorney general is investigating the San Francisco-based peer-to-peer lending company's advertising and disclosure practices to consumers in that state.

  • August 9, 2018

    Ex-IRS Worker Cops To Identity Theft In Refund Scheme

    A former Internal Revenue Service employee on Thursday admitted to stealing a taxpayer’s identity as part of a yearlong tax refund fraud scheme in which prosecutors alleged she used information available to her as an IRS contact representative to file false returns in the name of other taxpayers and deposit the refunds in friends’ accounts.

  • August 9, 2018

    Manafort Judge Says His Dressing-Down Of Feds Was Wrong

    The case against Paul Manafort focused Thursday on allegations that he tricked banks into more favorable loans, but it kicked off with a mea culpa from the Virginia federal judge admitting he may have made a mistake. 

  • August 9, 2018

    GM Trust, Lenders Told To Resolve $1.5B Loan Row Quickly

    A New York bankruptcy judge Thursday urged General Motors Co.'s bankruptcy trust and JPMorgan Chase Bank NA to pick up the pace following a bellwether ruling in 2017 intended to resolve a dispute over the nature and value of security interests in GM plants related to a $1.5 billion term loan.

  • August 9, 2018

    Mesa Air Group Leads 3 IPOs Raising $260M Combined

    U.S. regional air carrier Mesa Air Group Inc. led three initial public offerings that raised a combined $260 million on Thursday, joined by a New York community bank and a cancer-focused biotechnology firm, kicking off a quiet week for IPOs.

  • August 9, 2018

    1st Circ. Hands Win To Puerto Rico In Bond Lien Dispute

    Hedge fund Peaje Investments' $65 million in bonds issued by Puerto Rico's Highways and Transportation Authority are not secured by a lien on toll revenues, the First Circuit has affirmed in a decision that amounts to a victory for the commonwealth and yet another setback for creditors of its various government agencies.

  • August 9, 2018

    Ex-Goldman Sachs Managing Director Alleges Retaliation

    Goldman Sachs & Co. LLC inappropriately fired and withheld millions of dollars in bonuses from a former senior managing director who refused to take the blame for the investment bank's alleged failure to properly vet a European businessman with a "checkered past," the employee alleged Thursday in New York federal court.

  • August 9, 2018

    Tax Residence Means Physical Presence, UK Isles Say

    Banks, insurers and company headquarters wanting to be taxed in the British dependencies of Jersey, Guernsey and the Isle of Man may have to show they hold physical board meetings and have sufficient staff on the islands as of next year, recently published government documents show.

  • August 8, 2018

    Manafort Wouldn't Have Noticed Embezzled Cash, Gates Says

    A prosecutor worked Wednesday to shore up cooperator Rick Gates' testimony against former Trump campaign chairman Paul Manafort in the face of attacks on Gates' credibility, in part by asserting to a Virginia federal jury that Manafort wouldn't have noticed that his business partner was skimming from their lobbying firm's revenue.

Expert Analysis

  • The Future Of Authenticating Audio And Video Evidence

    Jonathan Mraunac

    The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.

  • The IRS Gets Real About Virtual Currencies

    Nelson Yates

    On July 2, 2018, the Internal Revenue Service announced its Large Business and International Division would undertake five new compliance campaigns, including a virtual currency initiative. But with limited guidance from the IRS, compliance enforcement through the virtual currency campaign will almost certainly leave taxpayers with more questions than answers, says Nelson Yates of Morgan Lewis & Bockius LLP.

  • FCPA Liability For Hiring Practices Gains New Credence

    Bruce Searby

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • Revisiting The Fax Provision: Technology’s Impact On TCPA

    Douglas Brown

    Applying the Telephone Consumer Protection Act fax provisions to e-faxes and similar communications is like applying equestrian regulations to modern automobiles. However, change in Federal Communications Commission leadership and two recent opinions by the D.C. Circuit suggest that a fundamental change in TCPA fax litigation is occurring, says Douglas Brown of Rumberger Kirk & Caldwell.

  • Suddenly, ALJs Become Political Appointees

    Brian Casey

    Less than three weeks after the U.S. Supreme Court decided Lucia v. Securities and Exchange Commission, President Donald Trump signed an executive order applying the court’s rationale in Lucia to the hiring — and firing — of all administrative law judges in the federal government, making them entirely beholden to the heads of their agencies or the president for their jobs, says Brian Casey of Barnes & Thornburg LLP.

  • The Role Of IP In The Crypto Bubble

    Aaron Parker

    Crypto markets experienced a sharp downturn in the first half of 2018. But strategically positioned blockchain-related patent and trademark rights can help keep a company financially and technologically relevant through even turbulent times, say attorneys with Finnegan Henderson Farabow Garrett & Dunner LLP.

  • Guest Feature

    Chris Dodd Talks Dodd-Frank, Nuremberg Trial, Hollywood

    Randy Maniloff

    Attorney Randy Maniloff recently sat down with former Sen. Christopher Dodd at his new office at Arnold & Porter in Washington, D.C. The goal? To discover things we might not know about the author of some of the most important legislation of the last few decades.

  • How FCC Ruling Could Impact Viability Of TCPA Fax Cases

    Lewis Wiener

    In Scoma Chiropractic v. Dental Equities, a junk fax case brought against MasterCard International, a Florida federal court recently issued a stay pending a ruling from the Federal Communications Commission. The decision may have ripple effects in other pending Telephone Consumer Protection Act actions, say Lewis Wiener and Alexander Fuchs of Eversheds Sutherland.

  • Illinois Tax Talk: Financial Organization Apportionment

    Christopher Lutz

    As financial organizations must now be included in the same Illinois unitary return as other services providers, it is important that businesses understand their classification and the resulting differences in how receipts must be apportioned to the state, says Christopher Lutz of Horwood Marcus & Berk Chtd.