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Banking

  • October 12, 2018

    AmEx Wants Narrow Market Claims Tossed In Card Fee Fight

    American Express told a New York federal judge Friday that since it competes on a playing field for both merchants and cardholders, claims from retailers that it unfairly blocks rivals in a narrower market should be dropped from an antitrust suit.

  • October 12, 2018

    Ex-UBS Forex Trader Says 'Cartel' Used Chats To Collude

    A former foreign currency exchange trader for Barclays PLC and UBS Group AG on Friday told a Manhattan federal jury that he and three other forex traders at rival banks used a chatroom dubbed “the cartel” to coordinate their euro-U.S. dollar deals, including those tied to benchmark fix rates.

  • October 12, 2018

    Fla. Consumer Slams Firm With Debt Collection Class Suit

    A Florida woman hit Marinosci Law Group with a putative class suit Thursday after alleging that the firm’s debt collection letters fail to meet the disclosure requirements under the Fair Debt Collection Practices Act.

  • October 12, 2018

    Former SEC Senior Counsel Joins Cahill Gordon In DC

    A senior counsel to a former U.S. Securities and Exchange Commission member has joined Cahill Gordon & Reindel LLP’s securities and regulatory enforcement practice in Washington, D.C., the firm announced Thursday.

  • October 12, 2018

    Synovus, Fla. Bank Owe Info On $2.9B Deal, Investor Says

    A shareholder for Florida Community Bank launched a proposed class action in Delaware federal court Thursday to try to put a pending $2.9 billion acquisition of the bank by financial services firm Synovus on hold, saying more information is needed before the deal can go through.

  • October 12, 2018

    3 Commodity Traders Charged In $60M Spoofing Scheme

    The U.S. Department of Justice said Friday that it has hit three commodity futures traders with fraud and conspiracy charges related to a spoofing scheme that distorted the commodities markets and caused other traders to lose more than $60 million.

  • October 12, 2018

    Treasury Warns US Banks Of Iranian Plots To Evade Sanctions

    The U.S. Department of the Treasury has warned American banks to guard against Iranian schemes to dodge U.S. sanctions, which were recently reinstated against the Middle Eastern country following the Trump administration’s withdrawal from the Iran nuclear deal.

  • October 11, 2018

    HP Treated Startup Like Slaves, Jury Told As Trial Wraps

    A startup alleging Hewlett Packard took tens of millions of dollars in software and services for a Malaysian banking-system project without paying it told jurors during closing arguments Thursday it was roped into “involuntary servitude," while HP's lawyers countered the startup improperly threatened to walk off the job.

  • October 11, 2018

    Lieff Cabraser Balks At Paying More In State Street Fee Fight

    Lieff Cabraser Heimann & Bernstein LLP told a Massachusetts federal judge late Thursday it should not have to continue paying for a multimillion-dollar probe into a $75 million attorney fee awarded following a settlement with State Street Corp., arguing much of the money has been spent looking into conduct tied to its fellow class counsel, Labaton Sucharow LLP.

  • October 11, 2018

    Ex-Royal Bank Of Canada Unit Fights Cert. In Overdraft MDL

    The Royal Bank of Canada’s former U.S. retail banking arm urged a Florida federal judge on Wednesday not to certify several proposed account holder classes pursuing claims against it as part of multidistrict litigation over banks' overdraft practices, arguing the classes include customers whose claims must be arbitrated.

  • October 11, 2018

    Crypto Is 'Father Of All Scams,' Economist Tells Senate

    An economist panned cryptocurrency and its related blockchain technology as overhyped scams before the Senate Banking Committee on Thursday, offering testimony that was countered by an advocate who praised these innovations as on par with the birth of the internet.

  • October 11, 2018

    Wells Fargo Workers Fight To Revive 401(k) Row In 8th Circ.

    A group of current and former Wells Fargo workers asked the Eighth Circuit on Wednesday to revive a proposed Employee Retirement Income Security Act class action accusing the bank of improperly investing employees’ retirement savings in company stock even as share prices tumbled amid a fraud scandal.

  • October 11, 2018

    Ex-Newsweek Owner Denies $10M Fraud, Blames DA Vance

    A former co-owner of Newsweek and people and entities linked to him who are charged in a $10 million bank fraud scheme pled not guilty in a New York courtroom Thursday, claiming the case was retribution by Manhattan District Attorney Cyrus Vance Jr. for negative news coverage.

  • October 11, 2018

    Trader Can't Sway 7th Circ. To Revive Suit Over Firing

    A former Jefferies LLC metals trader didn't do enough to maintain a suit alleging his supervisor encouraged him to pursue trades the firm wouldn't approve, which then led to his firing, the Seventh Circuit held Thursday.

  • October 11, 2018

    Bharara Group To Explore Changing Insider Trading Law

    An insider trading task force of the sort proposed by former Manhattan U.S. Attorney Preet Bharara earlier this week could bring much-needed clarity to the law by defining key aspects such as personal benefit and materiality, experts say.

  • October 11, 2018

    4 Important Insurance Decisions You May Have Missed

    Courts around the country have issued a number of important decisions over the past few months, including an Ohio court’s first-of-its-kind finding that lost bitcoin is covered property under a homeowner’s policy and the Sixth Circuit’s ruling that a bank’s insufficient notice to its insurers defeated its claim for $75 million in False Claims Act coverage. Here, Law360 looks at four key insurance rulings you may have missed.

  • October 11, 2018

    Fyre Festival 'Serial Fraudster' Faces 6 Years, $26M Forfeiture

    Billy McFarland, a young entrepreneur who caught the FBI's attention when his ill-fated Fyre Festival left concertgoers stranded on a remote island, was sentenced to six years in prison on Thursday — far less than the government sought — by a judge who called him a "serial fraudster," and also ordered to pay a $26 million forfeiture.

  • October 11, 2018

    AmEx Aims To Toss Amended Claims In Card-Steering Row

    American Express asked a Brooklyn federal court Thursday to toss multidistrict litigation accusing the company of violating antitrust law by preventing merchants from steering their customers toward competing cards, saying the vendors have failed to state a claim in an amended complaint and that their allegations are otherwise barred for various reasons.

  • October 11, 2018

    Ex-Top Feinstein Atty Joins Wiley Rein's White Collar Group

    Wiley Rein LLP has added a former assistant U.S. attorney and the former chief counsel to California Democratic Sen. Dianne Feinstein as a partner in the Washington, D.C.-based firm's white collar practice.

  • October 11, 2018

    Payment Processor Says Ex-CEO Stole Company Secrets

    A payment processing company has accused its former CEO and several former employees in California federal court of stealing trade secrets to form a competing payment processing business.

Expert Analysis

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Benefits Of New Federal Savings Association Designation

    Joan Guilfoyle

    The Office of the Comptroller of the Currency recently proposed regulations to implement the “covered federal savings association” designation introduced by the Economic Growth, Regulatory Relief, and Consumer Protection Act. For many eligible institutions, opting for this designation will make a great deal of sense, says Joan Guilfoyle of Jones Walker LLP.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • A Closer Look At Proposed Regs For Nonbank Loan Servicers

    Laurence Platt

    A recently introduced bill that would create a new authority over mortgage loan servicers that handle loans for Fannie Mae and Freddie Mac likely has no chance of passage in the short term. But these entities should keep an eye on the potential federal extension of so-called safety and soundness principles, say Laurence Platt and Michael McElroy of Mayer Brown LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • The Diminishing Role Of Agency Guidance

    David Freeman

    An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.

  • Where Have The SEC Enforcement Actions Gone?

    Kurt Wolfe

    There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.

  • Florida Courts Are Prepared For A New Wave Of Foreclosures

    Victor Petrescu

    For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.