Banking

  • May 11, 2018

    Insurers Try To Nix Coverage For $11.7M FCA Deal

    Travelers Casualty and Surety Co. of America and Illinois Union Insurance Co. have moved to dismiss a suit by IberiaBank seeking coverage for an $11.7 million False Claims Act settlement the bank reached with the government last year over its sloppy mortgage lending, arguing that the government was never a “client” of IberiaBank.

  • May 11, 2018

    Pa. Woman Drops TCPA Class Suit Over Alleged Robocalls

    A Pennsylvania woman has agreed to drop a putative class action accusing loan servicer Seterus Inc. of violating the Telephone Consumer Protection Act by autodialing the cellphones of individuals who had no existing debt themselves, but who had friends or relatives with existing debt.

  • May 11, 2018

    Deals Rumor Mill: Carolina Panthers, Mubadala, Ant Financial

    The NFL’s Carolina Panthers could reportedly be sold to billionaire David Tepper, Emirati sovereign wealth fund Mubadala is having a hard time selling a Swiss private bank, and China’s Ant Financial may secure $10 billion in funding in the next few days.

  • May 11, 2018

    Does Corporate Cooperation Turn Counsel Into Prosecutors?

    The U.S. Department of Justice has touted new rewards for companies to report employees' financial crimes, but can a company's cooperation be so extreme that its lawyers essentially become prosecutors? A New Jersey court is weighing that question now.

  • May 11, 2018

    Sale Delay Sought In Ch. 11 Tied To Alleged Indian Fraudster

    A government agency in India and a national bank claiming it was defrauded by billionaire Nirav Modi are seeking to postpone the sale of Modi's insolvent U.S. jewelry businesses, citing their apparent connections to the fraud as well as failed efforts to garner substantial interest from bidders.

  • May 11, 2018

    SEC Faces Calls To Push Back Harder On Audit Trail Delays

    Eight years have passed since the May 6, 2010, flash crash and calls are growing for the U.S. Securities and Exchange Commission to forcefully address delays to a powerful, long-awaited market surveillance tool called the consolidated audit trail designed to prevent a repeat.

  • May 11, 2018

    Majority Of BofI Stock Drop Suit 'Unripe,' Judge Says

    A California federal judge on Friday tentatively dismissed a significant portion of a derivative suit claiming the Bank of Internet’s board of directors engaged in multiple schemes that led to a steep stock drop when they were revealed, saying most of the claims rely on the outcome of a pending whistleblower suit and are thus “unripe.”

  • May 11, 2018

    Restructuring Of Puerto Rico's Investment Bank Approved

    Puerto Rico’s federally appointed oversight board has officially signed off on a plan to restructure the $4.1 billion in debt held by the island’s Government Development Bank, in a move government officials called an “important step” toward working out its total $74 billion debt load.

  • May 11, 2018

    Ex-Google Exec's Co. Accused Of 'Rent-A-Tribe' Loan Scheme

    A former Google executive and his financial technology company worked with a North Dakota tribe so they could hide behind its sovereign immunity while issuing illegal short-term loans with exorbitant interest rates, a proposed class of borrowers alleged in Washington federal court Thursday.

  • May 11, 2018

    7th Circ. Won't Revisit Axing Of Northern Trust ERISA Action

    The Seventh Circuit said Thursday it will not reconsider a Northern Trust executive's proposed class action against his employer over changes to its pension plan that he said discriminated against older workers, leaving in place the court's decision to toss the suit.

  • May 11, 2018

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

    The last week has seen a vacation rental agency file for an appeal against a fiduciary service company, the Bank of India sue a jewelry company owned by an alleged fraudster and an African mining company launch legal proceedings against a Brazilian bank. Here, Law360 looks at those and other new claims in the U.K.

  • May 11, 2018

    TD Ameritrade Seeks Discovery Stay In Liquidations Suit

    TD Ameritrade Inc. has asked a Florida federal judge to press pause on discovery in a proposed class action accusing the firm and two of its subsidiaries of fraudulently liquidating its clients’ futures option investments, saying the suit is essentially a securities fraud case being touted as a commodities case.

  • May 11, 2018

    Watchdogs Fine Barclays CEO £642K For Whistleblower Hunt

    U.K. regulators said Friday they have fined Barclays PLC Chief Executive Jes Staley £642,430 ($870,000) for pursuing an internal investigation to unmask a whistleblower, adding that they will submit the bank's whistleblowing controls to unprecedented scrutiny.

  • May 10, 2018

    DOL, Cattle Feeding Co. Settle ERISA Suit For $5.4M

    A Texas-based cattle feeding company has reached a $5.4 million settlement with the U.S. Department of Labor over allegations that it caused its employee stock-ownership program to overpay for company stock, according to papers recently filed in Texas federal court.

  • May 10, 2018

    Long-Running FCA Suit Against Wells Fargo Tossed

    A New York federal judge on Wednesday tossed long-running whistleblower litigation alleging Wells Fargo, through banks it acquired, defrauded the Federal Reserve to borrow money at lower interest rates, saying Federal Reserve Banks aren’t covered by the False Claims Act since they’re technically not government agencies.

  • May 10, 2018

    Cohen Says Avenatti's Report Should Block Him From Court

    Lawyers for Michael Cohen urged a Manhattan federal judge Wednesday to reject Michael Avenatti’s bid to appear in the case that began after last month’s government raid on Cohen’s office, arguing the attorney representing adult film actress Stormy Daniels tried to bash the attorney who’s represented President Donald Trump by publishing Cohen’s bank records.

  • May 10, 2018

    11th Circ. Says Wells Fargo Didn't Waive Arbitration

    An Eleventh Circuit panel said Thursday that Wells Fargo Bank NA didn’t waive its arbitration rights against absent class members in five suits in multidistrict litigation over allegedly unlawful overdraft fee charges, overturning a Florida federal judge’s denial of the bank's effort to push those class members’ claims into arbitration.

  • May 10, 2018

    Insurer Need Not Cover $11M Lost After Hack, 11th Circ. Says

    The Eleventh Circuit on Thursday found that a Great American Insurance Co. policy against computer fraud does not cover $11.4 million in fraudulent debit card redemptions, finding that while computer fraud occurred, the policyholder's loss was too many steps removed from the fraud for coverage.

  • May 10, 2018

    Law Firm Cites Mulvaney In 9th Circ. Challenge To CFPB

    A California law firm that’s asking the Ninth Circuit to free it from a Consumer Financial Protection Bureau civil investigative demand pressed its challenge to the constitutionality of the agency’s structure on Wednesday, citing recent criticism from CFPB acting Director Mick Mulvaney that the agency he leads “is far too powerful.”

  • May 10, 2018

    PE-Backed Evo Payments Launches $210M IPO

    Private equity-backed payment processor Evo Payments Inc. launched an initial public offering Thursday that could raise $210 million, provided that shares price at the middle of their range, represented by King & Spalding LLP.

Expert Analysis

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.

  • Equifax Cybersecurity Ruling Heightens Risk For Companies

    Heather Egan Sussman

    The Superior Court of Massachusetts' recent Equifax decision — the first-ever court ruling on allegations made by a state attorney general in cybersecurity litigation — is notable for siding with Attorney General Maura Healey on several key issues of concern to all companies that collect personal information, say attorneys with Ropes & Gray LLP.