We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Banking

  • October 10, 2018

    DOJ Rules Out Life Term Bids For Ex-Wilmington Trust Execs

    Federal prosecutors in Delaware reported an agreement Wednesday to scale back initial life sentence recommendations for four Wilmington Trust Corp. executives convicted of an estimated $196 million securities fraud in May, opting instead to seek prison terms topping out at 11¼ years.

  • October 10, 2018

    Hong Kong To Penalize IPO Sponsors For 'Substandard' Work

    The Hong Kong Securities and Futures Commission is penalizing investment banks that fail to uphold standards when sponsoring initial public offerings, the agency’s enforcement director said Wednesday, and is promising additional disciplinary action until regulators see improvement.

  • October 10, 2018

    BofA Workers Want Approval Of $11M Mileage Expense Deal

    About 1,900 Bank of America NA workers have asked a California federal judge to give preliminary approval to an $11 million deal settling claims that the bank failed to reimburse loan officers for use of their personal vehicles, saying the deal balanced the risk of going to trial given the lack of mileage records.

  • October 10, 2018

    Labaton To Pay $4.8M, Accept Oversight On Fee Practices

    Labaton Sucharow LLP has apologized and will pay $4.8 million and accept oversight by a retired judge to resolve a Massachusetts federal court’s investigation into the firm's excess fees and a controversial payment to a Texas lawyer, according to Wednesday court filings. 

  • October 10, 2018

    Feds Seek 5 Years For Convicted State Street Exec

    Prosecutors called for a five-year sentence Tuesday for a former vice president of State Street Corp. convicted of overbilling clients by millions, a substantially shorter prison term than federal guidelines suggest but enough to send a message, the government said.

  • October 10, 2018

    Cryptocurrencies Could Threaten Financial Stability, FSB Says

    International regulators should vigilantly monitor virtual currencies such as bitcoin, which could threaten financial stability if they escalate in popularity, the Financial Stability Board warned Wednesday.

  • October 10, 2018

    FCA Plans To Weave EU Rules Into Handbook For Brexit

    The Financial Conduct Authority detailed amendments on Wednesday that it said would implement existing European Union law into its handbook and allow Europe’s firms to operate in Britain for a limited time if the U.K. leaves the bloc without a transition period.

  • October 9, 2018

    ICOs Are Coming Of Age, Say DLA Piper, Deloitte Experts

    While some may still fear it's a fickle fad, the market for initial coin offerings is maturing and becoming more structured, financial technology and legal experts said Tuesday at a Silicon Valley conference hosted by DLA Piper.

  • October 9, 2018

    Utah Justices Flip 'Clearly Erroneous' Foreclosure Ruling

    The Utah Supreme Court has changed its mind about whether Utah law necessarily applies to national banks seeking to foreclose on real property in the state, overturning its “clearly erroneous” 2013 decision that held federal law doesn’t preempt Utah state law limits on this authority.

  • October 9, 2018

    Ex-Goldman CEO Aide Accused In Wine Theft Leaps To Death

    A former assistant to the CEO of Goldman Sachs who was expected to plead guilty on Tuesday to stealing $1.2 million in rare wines from his former employer was found dead at a Manhattan hotel that afternoon in an apparent suicide.

  • October 9, 2018

    NCUA Seeks Sub To Bring RMBS Suit Against Deutsche Bank

    The National Credit Union Administration has urged a New York federal judge to allow the substitution of a new plaintiff to pursue claims against Deutsche Bank National Trust Co. over a number of residential mortgage-backed securities trusts, arguing that this swap would address standing issues highlighted in a similar suit brought by the agency against U.S. Bank.

  • October 9, 2018

    Royal Park Can't Revive $3.7B RMBS Suit, NY Court Rules

    A New York appellate court said Tuesday that a lower court was right to toss Royal Park Investments SA/NV's $3.7 billion suit accusing four major banks of committing fraud in connection with the sale of residential mortgage-backed securities, finding the Belgian bank did not have standing to bring negligence and fraud claims.

  • October 9, 2018

    BuzzFeed Says Russian Exec In Dossier Row Is Public Figure

    BuzzFeed told a Florida federal court Tuesday that despite Aleksej Gubarev’s protestations, the Russian technology executive is a public figure for the purposes of his defamation suit over the website’s publication of a dossier alleging ties between Russia and President Donald Trump.

  • October 9, 2018

    HSBC Finalizes $765M Mortgage-Backed Securities Deal

    HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.

  • October 9, 2018

    2nd Circ. Mulls Unsettled McDonnell Issues In Guinean Case

    A convicted former Guinean mining minister's attorney told an appeals court panel on Tuesday that the Supreme Court's McDonnell ruling should apply to foreign bribery law, leading one appellate judge to muse that the Second Circuit has yet to limit the ruling to specific laws.

  • October 9, 2018

    Westmoreland Coal Hits Ch. 11 With Plan For Lender Takeover

    Westmoreland Coal Co. on Tuesday became the latest coal company to file for Chapter 11, telling a Texas bankruptcy court it has reached an agreement with a lender group to restructure $90 million in debt and sell off its core business assets.

  • October 9, 2018

    Loan Class Suit Revived With Instructions To Mull NJ Ties

    A New Jersey state appeals court revived a proposed class action challenging interest charged on car title loans, ruling Tuesday that a lower court tossed the case for jurisdictional purposes before considering new evidence that could support the Garden State’s connection to the matter.

  • October 5, 2018

    Fintech Charter Interest Could Be Shaped By Litigation

    How much appetite financial technology firms show for pursuing the Office of the Comptroller of the Currency’s so-called fintech charter could depend in part on the wave of litigation testing their business model of partnering with banks, legal experts said Friday.

  • October 9, 2018

    CORRECTED: Ex-Exec Of Modi Jewelry Co. Seeks Access To D&O Coverage

    The ex-president of a company owned by billionaire jeweler Nirav Modi on Thursday asked a New York bankruptcy court for an order allowing one of his company’s directors and officers insurance to pay for his legal defense, saying the policy proceeds are not estate property. Correction: A previous version of this story incorrectly identified the individual filing the motion. The error has been corrected.

  • October 5, 2018

    Tilton Loses Bid To Seal Tax Documents On Appeal

    A New York appeals court has rejected a bid by Lynn Tilton and her company Patriarch Management to keep certain tax and financial information private in their dispute with a German lender.

Expert Analysis

  • Understanding The Unwinding Of DOL's Fiduciary Rule

    Excerpt from Lexis Practice Advisor
    George Sepsakos

    In Chamber of Commerce v. U.S. Department of Labor, the Fifth Circuit decided the DOL's so-called fiduciary rule conflicted with Section 3(21) of the Employee Retirement Income Security Act. George Sepsakos and Michael Kreps of Groom Law Group discuss the decision's implications and various elements to consider following vacatur of the rule.

  • The Courts’ Take On Obama-Era Regs: You Are Erased

    Andrew Oringer

    It is at this point axiomatic that the Trump administration is intent on reversing significant portions of the Obama administration's regulatory activity. Interestingly, it seems that courts may pose another major risk to the survival of some Obama-era initiatives, say Andrew Oringer and Samuel Scarritt-Selman of Dechert LLP.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • There's No Such Thing As A Free Token

    Dan Nathan

    Digital tokens issued in exchange for services rather than money can still constitute a sale of securities, according to recent findings by the U.S. Securities and Exchange Commission in Tomahawk Exploration. The case represents a new application of a principle previously applied in at least three 1999 cases involving "free" securities, say Daniel Nathan and Angelo Aratan of Orrick Herrington & Sutcliffe LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Regulation Best Interest: The SEC Can't Please Everybody

    Mark Jensen

    The U.S. Securities and Exchange Commission has proposed a package of rules, including “Regulation Best Interest,” that is intended to raise the standard of care for investment professionals. Based on a sampling of the multitude of comments to the rule proposal, it is clear that the commission must weigh some bitterly opposed views about major details, say attorneys with Nutter McClennen & Fish LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • Cos. Caught Between Iran Sanctions And EU Blocking Statute

    Guy Soussan

    In response to the reimposition of U.S. sanctions against Iran, the European Union has expanded the scope of its blocking statute to prohibit EU and multinational companies from complying with these sanctions. But the blocking statute does not apply if a decision to terminate business with Iran is for reasons unrelated to sanctions, which gives companies some flexibility, say attorneys with Steptoe & Johnson LLP.

  • The Potential Reach Of High Court's AmEx Antitrust Analysis

    Barry Reingold

    As lower courts decide whether to apply the U.S. Supreme Court's AmEx decision to other types of two-sided markets, the key question will be whether allegedly anti-competitive conduct on one side of a platform may be credibly constrained by indirect network effects on the other, say Barry Reingold and David Chiappetta of Perkins Coie LLP.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.