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

  • August 6, 2018

    Co. Tries To Duck Claims It Scammed 9/11 First Responders

    RD Legal, a settlement advance company accused of scamming injured NFL players and ailing 9/11 first responders out of millions, has asked a federal court to toss the New York attorney general’s suit against it after the same court issued a head-turning ruling in June finding the Consumer Financial Protection Act unconstitutional.

  • August 6, 2018

    Groups Challenge SEC Paperless Reporting Rule At DC Circ.

    A collection of groups representing consumers as well as the paper and printing industries have asked the D.C. Circuit to throw out the U.S. Securities and Exchange Commission’s recently finalized rule allowing mutual funds to distribute most shareholder reports online and send out paper versions only upon request.

  • August 6, 2018

    CFPB Says Navient Withholding Docs In Loan Servicing Suit

    The Consumer Financial Protection Bureau accused Navient Solutions Inc. of throwing up roadblocks and providing incomplete information in the bureau's suit over the company's student loan servicing practices and it is asking a Pennsylvania federal judge to make the company release more documents.

  • August 6, 2018

    Pittsburgh Casino Spied On Texts, Banking Info, Guests Say

    Two women have accused Rivers Casino in Pittsburgh of zooming in on their cell phones with its security cameras to record their private information, then sharing that information with one plaintiff’s ex-husband, according to two lawsuits filed in Allegheny County court.

  • August 6, 2018

    Investment Co. Slams Schwab With $100M Defamation Suit

    A Texas investment adviser hit Charles Schwab Corp. with a $100 million defamation suit, claiming the national investment firm poached its clients after terminating their working relationship because of false stories alleging the adviser colluded with President Donald Trump, Russians and Fox News to publish “fake news.”

  • August 6, 2018

    US Begins To Squeeze Iran Following Nuclear Deal Exit

    The Trump administration will reinstate sanctions on Iran’s aircraft, automotive and metals sectors as it completes its exit from the Obama administration’s historic nuclear disarmament deal, vowing to apply “unprecedented” economic pressure on Tehran.

  • August 6, 2018

    HSBC To Pay US Regulators $765M To Settle Loans Probe

    HSBC Holdings PLC has agreed to pay U.S. regulators $765 million to settle an investigation by the U.S. Department of Justice into its selling of controversial mortgage securities in the years before the financial crisis, the bank revealed in half-year results on Monday.

  • August 3, 2018

    US Bank Sued Over Out-Of-Network ATM, Overdraft Fees

    U.S. Bank NA has been hit in San Diego federal court with a proposed class action accusing it of bilking customers out of millions of dollars with allegedly improper out-of-network ATM fees and overdraft fees.

  • August 3, 2018

    Madoff Investor's $3.4M Deal Not Covered, 2nd Circ. Told

    Two Chubb Ltd. insurers on Thursday urged the Second Circuit to affirm that they don’t have to cover a nearly $3.4 million settlement that a victim of Bernard L. Madoff’s Ponzi scheme paid to resolve a clawback action brought by the Madoff bankruptcy trustee, saying a lower court properly held that the action didn’t trigger their policies’ personal injury coverage.

  • August 3, 2018

    DHS Hub To Offer Cybersecurity Boost, But Cos. Still Exposed

    The U.S. Department of Homeland Security's recent decision to open a center dedicated to tackling cyberthreats directed at critical infrastructure is likely to help expand vital communication channels between the public and private sectors, but lingering concerns over liability protections could limit the initiative's ultimate effectiveness, attorneys say.

  • August 3, 2018

    Rising Star: Sullivan & Cromwell's Stephen Salley

    Stephen Salley of Sullivan & Cromwell LLP has advised NorthStar Asset Management in a three-way merger that created one of the largest real estate investment trusts in the country and guided American Express in major co-branded credit card portfolio deals, earning him a spot as one of five banking attorneys under age 40 honored by Law360 as Rising Stars.

  • August 3, 2018

    DC Circ. Slams DOJ’s 'Blanket Refusals' In Atty's FOIA Row

    A panel for the D.C. Circuit on Friday criticized the Department of Justice’s Office of Professional Responsibility for its “blanket refusals” to provide a jailed attorney documents relating to the alleged misconduct of the former federal prosecutor who convicted him, saying the office didn’t justify all of its Freedom of Information Act exclusions.

  • August 3, 2018

    Chase's Bias Win Axed Over Arbitrator's Disclosure Failure

    A California state appeals court has wiped out JPMorgan Chase's arbitration win in a worker's race bias suit, saying the arbitrator violated ethics rules by failing to mention her work in several other cases involving the company's law firm, Seyfarth Shaw LLP.

  • August 3, 2018

    Forex Traders Want Pleas, Spoofing Claims Kept Out Of Trial

    Three London-based foreign currency exchange traders urged a Manhattan federal judge to block prosecutors from bringing up a group of large banks’ guilty pleas to manipulating the forex market, or any accusations of “spoofing” from their upcoming trial.

  • August 3, 2018

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

    The last week has seen a Russian businessman's telecom company forge ahead with a commercial fraud claim against Russia's VTB bank, ED&F Man Capital Markets sue a rival brokerage and U.K. insurer RSA initiate the court process to transfer policies to its new Luxembourg unit. Here, Law360 looks at those and other new claims in the U.K.

  • August 3, 2018

    Manafort's Former Accountant Details Tax-Dodge Scheme

    A former accountant for Paul Manafort on Friday said in Virginia federal court that she helped the onetime Trump campaign chairman reduce his tax burden by improperly reclassifying $900,000 in income received by his consulting firm from a Cyprus-based company as loans on his 2014 tax returns.

  • August 3, 2018

    Think Finance Can't Dodge CFPB Suit, Judge Says

    A Montana federal judge on Friday rejected Think Finance LLC's bid to end a Consumer Financial Protection Bureau suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying the CFPB’s structure is legal and tribal leaders don’t have to be joined to the suit.

  • August 3, 2018

    JPMorgan's Damages Bill Cut From $4B To $7M In Estate Row

    A Texas probate judge chopped a $4 billion judgment against JPMorgan Chase & Co. to $7 million in a case alleging the bank had maliciously mishandled the inheritance of a deceased American Airlines executive.

  • August 3, 2018

    Morgan Lewis Nabs Finance Pro For New York Office

    Morgan Lewis & Bockius LLP has added a finance partner with nearly 20 years of experience to its New York office, according to the firm.

  • August 3, 2018

    City National Bank Agrees To Pay $33M To End Ponzi Claims

    The receiver overseeing a company accused of operating a $123 million Ponzi scheme involving fraudulent ATM sales has urged a California federal court to approve a $33 million settlement resolving claims against the company’s bank, City National Bank.

Expert Analysis

  • 3 Top E-Discovery Case Law Lessons Of 2018 (So Far)

    Casey Sullivan

    The blockbuster e-discovery cases, with big sanctions and bigger controversies, have been few and far between this year. But that doesn’t mean the legal questions around e-discovery have been answered. Let’s take a closer look at three cases worthy of our attention, says Casey Sullivan, an attorney at discovery technology provider Logikcull.

  • The 1st Judicial Finding That Digital Tokens Are Securities

    Deborah Meshulam

    A Florida magistrate judge's finding last month that tokens issued and sold by technology startup Centra Tech are investment contracts could serve as a road map for the evaluation of token sales in other cases, say attorneys with DLA Piper.

  • Another Decision In Goldman Code Theft Case

    Jonathan Waisnor

    The Aleynikov case demonstrates that employees who attempt to use the proprietary source code of their former employers without authorization may face not only the risk of civil liability, but also prosecution under local criminal statutes. And they could also face liability under the recently expanded federal Economic Espionage Act, says Jonathan Waisnor of Willkie Farr & Gallagher LLP. 

  • Following The Tax Map To Deduct Loan Commitment Fees

    Mark Leeds

    The deduction for interest as a business expense was substantially limited by last year’s revision of IRC Section 162(c). But last month's IRS chief counsel memo has advised that borrowers in lending transactions can deduct unused commitment fees and provides taxpayers with a road map for structuring transactions to avoid the new limitations, say Mark Leeds and Brennan Young of Mayer Brown LLP.

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • New Bill Addresses Systemic Risk In Cannabis Banking

    Lance Boldrey

    The newly introduced STATES Act would alleviate most of the issues that financial institutions face in providing services to marijuana-related businesses, say attorneys with Dykema Gossett PLLC.

  • Opinion

    The Problem With SEC's Plan To Cap Whistleblower Awards

    Stephen Kohn

    The U.S. Securities and Exchange Commission's proposal to reduce payments to whistleblowers in the largest anti-fraud cases completely ignores the central purpose of the Dodd-Frank Act's whistleblower provisions, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • What To Expect From The FDIC’s New Chief

    Kristina Whittaker

    A takeaway from the few public statements available so far is that Jelena McWilliams, the Federal Deposit Insurance Corp.'s new chairwoman, has put forth an ambitious, pro-industry agenda that will require coordination among the banking regulators, say Kristina Whittaker and Neil Bloomfield of Moore & Van Allen PLLC.

  • Myths And Facts About Using TAR Across Borders

    John Tredennick

    Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.

  • 3 Key Defense Arguments For Post-Lucia SEC Proceedings

    Andrew Morris

    The U.S. Securities and Exchange Commission’s post-Lucia problems extend beyond the practical challenge of litigating cases for a second time. The U.S. Supreme Court's decision has also set up several concrete defense arguments for respondents in SEC administrative actions, say Andrew Morris and Ben Aiken of Orrick Herrrington & Sutcliffe LLP.