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Banking

  • August 6, 2018

    Alsup Fears 'Mistake' In OK'ing $125M LendingClub Deal

    U.S. District Judge William Alsup expressed regret Monday for approving a $125 million deal ending securities class actions against LendingClub Corp., saying “he may have made a mistake” since he learned the parties “have gotten away” with releasing claims beyond the litigation’s allegations.

  • 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.

Expert Analysis

  • 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.

  • China Agritech's Positive Implications For Plaintiffs

    Serena Hallowell

    The U.S. Supreme Court’s reasoning in China Agritech v. Resh denies American Pipe tolling to successive class actions, but plaintiffs seeking to bring securities actions need not despair. Several aspects of the decision, and Justice Sonia Sotomayor’s concurrence, confirm plaintiffs’ rights in key areas, say attorneys with Labaton Sucharow LLP.

  • Roundup

    From Lawmaker To Lawyer

    From Lawmaker To Lawyer

    Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. ​​In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.

  • Opinion

    A Trump Supreme Court Nominee Can Be Defeated

    Nan Aron

    The Senate Republican leadership and the Trump administration are racing to fill Justice Anthony Kennedy’s spot on the U.S. Supreme Court. Does opposition to their plans have any chance of success? My answer is yes, because the stakes are so high, people are so engaged, and the records of those short-listed are so deeply troubling, says Nan Aron, president of Alliance for Justice.

  • Limiting Law Firms' Professional Liability Risks: Part 3

    Stuart Pattison

    As clients increasingly look to limit their own liability exposure, they can reasonably expect that their retained counsel should do the same. In this context, a carefully crafted, thoughtfully presented engagement letter can help a law firm strike a successful balance between protecting itself and preserving a client relationship, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • Crypto Tax Compliance Challenges Shouldn't Deter Investors

    Patrick McCormick

    Cryptocurrency has been a source of significant consternation in the tax arena due to the lack of guidance regarding transaction classification and consequent lack of reporting compliance. Despite the IRS ending its offshore voluntary disclosure program this coming September, alternate disclosure programs remain to enable taxpayers to come into compliance without significant penalty, says Patrick McCormick of Drucker & Scaccetti.

  • New Stats On Millennial Attorney Disciplinary Actions

    Jean Edwards

    In this analysis of disciplinary action trends in the legal industry, Edwards Neils LLC managing member Jean Edwards examines data provided by bar organizations for 17 states and the District of Columbia.

  • A Midyear Review Of State Attorney General Enforcement

    Joe Jacquot

    While appealing to voters this election season, attorney general candidates will inevitably target industries with promises of using their state enforcement powers. AGs are also increasingly defining themselves publicly by reacting to the federal government, whether by filing a lawsuit against the president or opposing congressional acts, says Joe Jacquot of Foley & Lardner LLP.

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

    Erin Fonté

    Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.