Banking

  • February 14, 2018

    Gold Sellers Say CFTC Order Shows UBS Helped Fix Prices

    A group of gold sellers told a New York federal judge Tuesday that a recent Commodity Futures Trading Commission sanctions order against UBS AG shows the Swiss bank should not be allowed to escape a suit accusing a group of international banks of manipulating the benchmark price of gold.

  • February 14, 2018

    House Passes Changes To CFPB, SEC Disclosure Rules

    The House of Representatives passed a package of bills Wednesday altering CFPB mortgage disclosure rules, SEC oversight rules and companies’ disclosure requirements, with backers saying the legislation would help encourage growth in the markets.

  • February 14, 2018

    JP Morgan Beats Investor Suit Over Mutual Fund Fees

    A New York federal judge granted J.P. Morgan an early exit Wednesday from a proposed shareholder action over allegedly excessive fees charged to investors in one of its mutual funds, dismissing the case after finding the investor failed to show the fund's rates were disproportionately high.

  • February 14, 2018

    Credit Suisse Targeted In FCPA Probe Over Asia Hiring

    Credit Suisse Group AG revealed Wednesday that it is being investigated by the U.S. Department of Justice and the U.S. Securities and Exchange Commission for possible violation of the Foreign Corrupt Practices Act in relation to the bank's hiring practices in Asia.

  • February 14, 2018

    Insurer Needn't Cover Foods Co. In Ex-Leader's Fraud Suit

    A Washington federal judge found Tuesday that Cincinnati Insurance Co. needn’t cover Zaycon Foods Inc. for a fraud suit by a former co-leader of the company who claims he was ousted after investing millions, saying the suit doesn't contain any defamation claims and therefore isn't covered under advertising injury in the company's general liability policies.

  • February 14, 2018

    BNY Mellon Says Some ADR Investor Claims Are Time-Barred

    The Bank of New York Mellon on Monday sought to pare a proposed class action alleging it has been overcharging holders of American depositary receipts for converting their foreign-currency dividends and other cash distributions into U.S. dollars, telling a New York federal judge that a chunk of the investors’ claims are time-barred.

  • February 14, 2018

    Facing Punitive Damages, BofA Settles With Fired Worker

    Bank of America NA reached a confidential settlement late Tuesday night with a former client manager after a California federal jury found the bank had illegally blacklisted and defamed her, resolving the dispute before the jury could deliberate on the amount of punitive damages the bank would have to pay.

  • February 14, 2018

    Play It Safe In Reporting Bitcoin On FBAR, Specialists Say

    Taxpayers who have offshore virtual currency accounts should report them on a Foreign Bank and Financial Accounts form despite a lack of clear guidance from the Internal Revenue Service, tax specialists said, noting that staying silent could prompt allegations of willful nondisclosure.

  • February 14, 2018

    TD Bank Dodges Repayment Bid Over NJ Atty's Check Fraud

    A Pennsylvania appeals court on Wednesday refused to revive claims aimed at forcing TD Bank to pay back Levy Baldante Finney & Rubenstein PC after a former partner fraudulently endorsed and cashed a string of checks totaling more than a quarter million dollars.

  • February 14, 2018

    Attorneys Predict Wave Of #MeToo Investor Suits

    The #MeToo reckoning unleashed last fall that has toppled an array of powerful American businessmen could trigger a wave of investor actions similar to a shareholder claim filed last week against Wynn Resorts for allegedly ignoring years of sexual misconduct complaints against its founder and CEO Steve Wynn, legal experts say.

  • February 14, 2018

    US Insurers Want Door Shut On $50M Brazilian Bank Claim

    Two U.S. insurers have urged a New York federal court to uphold an arbitral award dismissing a Brazilian banking and financial services company's $50 million policy claim against them, arguing that the bank's bid to recoup its losses ignores the great deference courts give to foreign arbitration.

  • February 14, 2018

    Mayer Brown Grows With 2 New Partners In Finance Groups

    Mayer Brown LLP boosted its New York office with the addition of two new partners — a former Ropes & Gray LLP attorney specializing in private fund formation for its corporate and securities practice and the former global co-head of Allen & Overy LLP’s leveraged finance practice for its banking group.

  • February 14, 2018

    CFPB Wants Hints On How To Ease Examination Burdens

    The Consumer Financial Protection Bureau on Wednesday asked for input into ways that it can make its supervision and examination process less onerous for the companies that it oversees.

  • February 14, 2018

    Ex-ICE Attorney Charged With Stealing Immigrant IDs

    A former top attorney at U.S. Immigration and Customs Enforcement's Seattle branch has been charged with stealing the identity of seven immigrants and attempting to use that information to defraud several major financial institutions, according to Washington federal court documents.

  • February 14, 2018

    Manafort And Gates Deserve Day In Court, Judge Says

    A D.C. federal judge on Wednesday expressed impatience with snags in setting a trial date for President Donald Trump's former campaign chairman Paul Manafort and Manafort's former business partner Rick Gates III, and also the extent to which the criminal case has so far been kept under wraps.

  • February 14, 2018

    EU Regulator Seeks Curbs On Risky Fund Practices

    A European financial markets regulator pushed on Wednesday for new rules to prevent investment funds from having too little cash on hand when investors ask for their payouts, which could pose risks to the broader sector during a market downturn.

  • February 13, 2018

    AmEx Ignoring Court Findings, Justices Hear In Antitrust Row

    A group of 11 states pressed forward with its attack on contract provisions that prevent merchants from steering customers to other credit cards in an antitrust case before the U.S. Supreme Court, accusing American Express Co. of ignoring a trial court’s findings.

  • February 13, 2018

    Capital Markets Partner Rejoins Latham In Hong Kong

    Latham & Watkins LLP said Monday that it’s welcoming back a former partner who has worked on a variety of capital markets transactions involving Chinese firms, including a $1.4 billion initial public offering for the Shanghai-based ZTO Express Inc. that was the largest U.S. IPO of 2016.

  • February 13, 2018

    Brothers Guilty Of Airplane Loan Scam, Other Bank Schemes

    A Massachusetts federal jury found a pair of Chicago brothers guilty Tuesday on all charges in a multimillion-dollar scheme in which prosecutors say the pair used fake names to dupe banks, including Commerce Bank of Worcester, into loaning them money to furnish a lavish lifestyle.

  • February 13, 2018

    Treasury Moves To Bar Latvian Bank Due To North Korea Ties

    The U.S. Department of Treasury on Tuesday moved to block Latvia’s second-largest bank from accessing the U.S. financial system after an investigation found that it had allowed illicit funds that were used to help North Korea’s missile program and other criminal activities.

Expert Analysis

  • Series

    Judging A Book: Kendall Reviews 'On The Jury Trial'

    Judge Virginia Kendall

    As someone who spent half her days last year on the bench presiding over trials, I often find the alarmist calls to revamp the jury trial system a tad puzzling — why is making trial lawyers better rarely discussed? Then along comes a refreshing little manual called "On the Jury Trial: Principles and Practices for Effective Advocacy," by Thomas Melsheimer and Judge Craig Smith, says U.S. District Judge Virginia Kendall of the Northe... (continued)

  • Lucia Will Not Address Essential Problem With SEC Court

    Susan Brune

    If the U.S. Supreme Court rules in favor of Raymond Lucia in his pending challenge, the SEC's administrative law judges will no longer be shielded from the executive branch. But litigants will still be at risk of adverse adjudications without full due process protections, says Susan Brune of Brune Law PC.

  • How Cos. Can Take Advantage Of DOJ False Claims Act Memo

    Aileen Fair

    The U.S. Department of Justice memorandum made public on Jan. 24 is a sensible clarification of government policy concerning the False Claims Act. If followed, it could deter qui tam relators from filing meritless FCA claims, say Aileen Fair and Harry Sandick of Patterson Belknap Webb & Tyler LLP.

  • Safe Bank-Fintech Partnerships Can Help Consumers

    Andrew Smith

    Consumers have access to an increasingly wide array of loans as a result of banks' arrangements with online lenders. Two pieces of legislation now making their way through Congress would resolve uncertainty about such partnerships and stabilize the expectations of consumers and banks alike, say Andrew Smith and Dwight Smith of Covington & Burling LLP.

  • Do I Need New Trial Counsel? 9 Questions To Ask

    Russell Hayman

    Initial selection of defense counsel is usually made at the outset of litigation, long before it is known whether the case may actually proceed to trial. Attorneys with McDermott Will & Emery discuss questions in-house lawyers should consider when deciding whether their litigation counsel should remain lead trial counsel in a case proceeding to trial.

  • Appointment Of CFPB Director Causes Rift Among State AGs

    Stephen Piepgrass

    With challenges to the president’s pick for acting director of the Consumer Financial Protection Bureau in the federal courts, opposing contingents of state attorneys general have weighed in with filings as amici curiae. The controversies have centered largely on whether the Consumer Financial Protection Act or the Federal Vacancies Reform Act controls the appointment, say Stephen Piepgrass and Robert Claiborne Jr. of Troutman Sanders LLP.

  • 10 Antitrust Developments And Trends To Watch In 2018

    Dee Bansal

    Expect to see antitrust developments in 10 areas this year, including continuing scrutiny of vertical mergers, no-poach agreements and conduct by pharmaceutical companies, say attorneys with Cooley LLP.

  • Will CFPB Adopt A More Nuanced Approach To Remedies?

    Ori Lev

    The Consumer Financial Protection Bureau's recent loss in CFPB v. CashCall suggests that parties willing to litigate against the agency may achieve success even if they lose on the merits, as courts appear reluctant to award the robust remedies the CFPB typically demands, says Ori Lev of Mayer Brown LLP.

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.

  • When Attorneys Get Ensnared In FCPA Misconduct

    Louis Ramos

    The prosecutions of veteran lawyers at two multinational corporations — Keppel and PetroTiger — offer a sobering truth: Those responsible for protecting their companies from corruption-related risks can be held criminally accountable for their lapses in judgment. Recently unsealed court documents shed light on potential pitfalls for both legal and compliance professionals, say Louis Ramos and Benjamin Klein of DLA Piper.