Banking

  • February 5, 2018

    Hacking Suspect Lauri Love Wins Appeal Of US Extradition

    A U.K. high court ruled Monday that Lauri Love, a British student charged with a series of hacks into U.S. government websites, will not be extradited, citing the risk that the accused hacker would kill himself if he were to face trial in America.

  • February 2, 2018

    Feds Say Hedge Funder Lied About Credentials, Criminal Past

    A New York hedge fund manager illegally raised at least $4 million from investors by lying about his professional background, allegedly saying he once worked in top positions at both Goldman Sachs and Bear Stearns, and by concealing an extensive criminal history, federal prosecutors said Friday in a complaint unsealed in Manhattan federal court.

  • February 2, 2018

    Morgan Stanley, Others Must Face ISDAfix Rate-Rigging Suit

    A New York federal judge Friday refused to toss some antitrust allegations from investors claiming that Morgan Stanley and other banks rigged a benchmark interest rate to cheat them on swap transactions, but did shave other claims requested by Nomura Securities International and Wells Fargo.

  • February 2, 2018

    Online Marketing Firm Wants 'Wiretap' Claims Tossed

    Online marketing company NaviStone Inc. urged a New Jersey federal court Friday to quash a proposed class action suit claiming its customer tracking software is illegal, arguing that its tracing tools installed on Quicken Loans Inc.’s website do not “intercept” data as part of a  “wiretap” because visitors are a party to the messages.

  • February 2, 2018

    Polsinelli Pair Can't Change Venues For $10M Loan Suit

    A bid by two Polsinelli PC attorneys who are former leaders of the defunct Novak Druce intellectual property firm to get a Citibank suit seeking to recoup millions in loans they personally guaranteed thrown out “borders on being frivolous,” a D.C. federal judge said Thursday.

  • February 2, 2018

    Iran UN Consultant Gets 3 Months For Tax, Sanctions Crimes

    A researcher for Iran's mission to the United Nations who copped to tax evasion and sanctions violations was sentenced by a Brooklyn federal judge to three months in prison on Friday after he testified at length to rebut prosecutors' insinuations that he worked for Iranian intelligence.

  • February 2, 2018

    Fed Lowers The Boom On Wells Fargo As Yellen Exits

    In Janet Yellen’s last official act as chair, the Federal Reserve Board announced Friday that it would restrict the growth of Wells Fargo & Co. until it gets its governance in order, following the bank’s fake account scandal.

  • February 2, 2018

    BofA ‘Murdered’ Ex-Client Manager’s Career, Jury Told

    A former Bank of America client manager took the stand Friday during the first day of a California federal jury trial over allegations the bank defamed and illegally blacklisted her when it fired her and listed her with a fraud reporting agency, testifying that the bank’s actions “murdered” her career.

  • February 2, 2018

    New Online Portal To Streamline Mass. Data Breach Reporting

    The Massachusetts attorney general is launching a new online portal that will make it easier for businesses to comply with their obligation to timely report data breaches, and will soon roll out an electronic database that will allow state residents to quickly view information about these incidents, the state’s attorney general said Thursday.

  • February 2, 2018

    Morgan Stanley Wants FCA Claims Cut From Calif.'s Suit

    Morgan Stanley urged a San Francisco judge Friday to nix False Claims Act allegations from the California attorney general’s suit alleging the bank carelessly lost public retirement funds during the 2008 financial crisis, saying the state waited too long to sue.

  • February 2, 2018

    Ex-Venable Atty Gets 7 Years For Laundering $2M

    A Virginia federal judge on Friday sentenced a former Venable LLP and Arent Fox LLP patent attorney to seven years in prison after he pled guilty to laundering more than $2.1 million while employed at another firm as part of a catfishing scheme uncovered by U.S. Immigration and Customs Enforcement.

  • February 2, 2018

    2 Plead Guilty In $50M Federal Reserve Investment Scheme

     A husband and wife accused in what prosecutors call a $50 million investment fraud tied to false claims that an urban revitalization project was backed by the New York Federal Reserve Bank admitted to conspiracy charges Friday in federal court in Manhattan.

  • February 2, 2018

    Madoff Investors Can't Get All SDNY Judges Off Their Case

    A New York federal judge on Friday dismissed motions by a group of investors in Bernard Madoff’s Ponzi scheme asking that a $1 billion settlement be reconsidered and that every judge in the Southern District of New York be recused for conflicts of interest, saying she's the judge who matters for the case and she has no conflicts.

  • February 2, 2018

    WaMu Ordered To Pay $5M Tax Counsel Fee For Ch. 11 Work

    The liquidating trust created by the Chapter 11 plan of Washington Mutual Inc. must pay $5 million in contingent fees to its tax counsel after a Delaware bankruptcy judge granted a sanctions request from the counsel Friday.

  • February 2, 2018

    Fed Says 2018 Stress Tests Will Include Steeper Recession

    The Federal Reserve on Thursday said it intends to test this year whether the biggest banks will be able to survive a steeper recession, including higher unemployment rates and a crushed housing market, than has been envisioned under previous years' stress tests.

  • February 2, 2018

    Georgia Man Gets 5 Years For $20M Investment Scheme

    A Georgia federal judge has sentenced an Atlanta man to five years in prison after he pled guilty to misleading KeyBank and others over medical software and imaging businesses, including one investor who gave him around $20 million, federal prosecutors said Thursday.

  • February 2, 2018

    Jailed Spoofer Coscia Asks High Court To Review Conviction

    The New Jersey commodities trader who was the first person convicted for using high-frequency trading techniques to illegally manipulate securities markets in a practice known as spoofing asked the U.S. Supreme Court on Friday to review his case on the grounds that the statutes defining the crime are “hopelessly" vague.

  • February 2, 2018

    Ill. Judge's Fraud Trial A Rare Moment For The Bench

    A Cook County, Illinois, circuit court judge is set to face a federal jury Monday on charges she fraudulently obtained $1.4 million in mortgage and commercial loans before she took the bench, the first time in years that a sitting Illinois judge has been tried on criminal charges in federal court.

  • February 2, 2018

    Prevezon Must Pay Out $6M Settlement Despite Asset Freeze

    A Russian real estate investing company implicated in a $230 million Russian tax fraud scheme must pony up a $5.9 million settlement with the U.S. government after a New York federal judge on Friday shut down its bid to try to prove that the government had interfered with the release of its frozen debt asset in the Netherlands.

  • February 2, 2018

    Securities Pro Joins Foley & Lardner Auditor Liability Group

    Foley & Lardner LLP has tapped an experienced securities attorney working in-house at a top-tier accounting firm to join its securities enforcement and litigation practice in Chicago representing auditors in liability cases.

Expert Analysis

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • OFAC Enforcement Trends In 2017: Exporters On Notice

    Sean Kane

    One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.

  • 3 Enforcement Priorities For State AGs In 2018

    Joe Jacquot

    State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.

  • Indirect Purchaser Cases In 2017: Key Appeals Court Rulings

    Chris Micheletti

    As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.

  • 5 Pressing Issues Facing The SEC In 2018

    Britt Biles

    The U.S. Securities and Exchange Commission will grapple with a great deal of unfinished business this year. In fact, these issues will dwarf the natural changes that the SEC will undergo as it continues to transition to new leadership, says Britt Biles of Stein Mitchell Cipollone Beato & Missner LLP.

  • The Broader Implications Of Sessions’ Marijuana Move

    Markus Funk

    Beyond what it heralds for the marijuana industry, Jeff Sessions’ memo on marijuana enforcement signals a new era of increasingly decentralized federal prosecutorial power, say attorneys with Perkins Coie LLP, including former Colorado Chief Justice Michael Bender.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • CMBS In 2017 And A Look Ahead

    Stuart Goldstein

    The past year did not deliver the massive amount of commercial mortgage-backed securities refinancings predicted by many at the end of 2016. Stuart Goldstein and Gregory Prindle of Cadwalader Wickersham & Taft LLP review what happened in 2017 and look ahead to what the industry might see in 2018.