Banking

  • May 8, 2018

    Gov't Fights Foreclosure Law Firm’s Bid To Ax FCA Claims

    The government on Monday defended its False Claims Act claims against New York mortgage foreclosure law firm Rosicki Rosicki & Associates PC and two related companies over allegations that they caused Fannie Mae to pay millions of dollars in reimbursement claims for fraudulently inflated foreclosure expenses.

  • May 8, 2018

    Equifax Reveals 56K IDs Stolen In Breach That Hit 146M

    Credit reporting giant Equifax on Monday revealed more details about the consumer data stolen during a breach last year that affected 146.6 million consumers in the U.S., writing in a Securities and Exchange Commission filing that the hackers lifted 56,200 government-issued IDs from its online dispute resolution portal.

  • May 8, 2018

    Perkins Coie Adds Veteran Litigator To Dallas Office

    A name partner from the former Gruber Hail Johansen Shank LLP has joined Perkins Coie LLP’s Dallas office in the firm’s commercial litigation practice, where he’ll continue to represent financial services, health care, energy and real estate clients.

  • May 8, 2018

    Ex-Acting AG Sally Yates, Fired For Defying Trump, Joins K&S

    Sally Yates, the one-time second highest ranking official in the U.S. Department of Justice who defied President Donald Trump’s first iteration of an immigration ban during her brief stint as acting attorney general last year, is joining King & Spalding LLP’s government investigations team, the firm announced Tuesday.

  • May 7, 2018

    DOL Declines To Scrap Fiduciary Rule Despite Invalidation

    The U.S. Department of Labor announced on Monday that financial advisers are free to continue relying on its now-invalidated, Obama-era fiduciary rule for the time being, though they won't be penalized if they stop.

  • May 7, 2018

    SEC Republican Commissioner Michael Piwowar To Step Down

    Michael Piwowar, a Republican member of the five-person U.S. Securities and Exchange Commission, said Monday he will step down in July or earlier if his replacement is appointed and sworn in before then.

  • May 7, 2018

    Puerto Rico Finance Monitor Can't Duck Journos' Bid For Docs

    A Puerto Rico district court has ruled that the island’s federally appointed oversight board must turn over internal documents to journalists, a move that severely undermines the board’s claims of broad constitutional immunity and could open the door to future lawsuits against it.

  • May 7, 2018

    Hacking Suspects Charged In $18M Computer Fraud Case

    Two suspected computer hackers accused of causing an estimated $18 million in financial losses have been extradited from Romania and arraigned on federal charges of wire and computer fraud, conspiracy and aggravated identity theft, Georgia federal prosecutors said Friday.

  • May 7, 2018

    Ashurst Steers $4.1B Bond Deal For Record Real Estate Buy

    Ashurst represented investor consortium CHMT Peaceful Development Asia Property Ltd. in connection with its $4.1 billion issuance of bonds to finance the entity's recent acquisition of a Hong Kong tower for HK$40.2 billion ($5.1 billion), an amount Ashurst said Monday was the most ever paid for a single building.

  • May 7, 2018

    Banc Of Calif. Must Face Suit Over Takeover, Investor Says

    A Banc of California Inc. investor asked a California federal judge on Friday to keep alive his suit alleging four directors improperly wrested control of the bank by exploiting other executives' ties to an admitted fraudster, saying he was not legally required to bring the claims to the bank’s board before filing his suit.

  • May 7, 2018

    Real Estate Rumors: Deutsche Bank, Fosun, Landstar

    Deutsche Bank is reportedly moving to 1.2 million square feet in Midtown Manhattan, a Fosun International venture is said to have scored a $350 million construction loan for a New York condo and retail project, and an entity tied to a Landstar Development executive has reportedly sold a phase of a Florida development site for $95 million.

  • May 7, 2018

    Investors Rebut Bid To Move Fraud Case From Miami To Brazil

    Two investment entities seeking tens of millions of dollars over an alleged multibillion-dollar investment fraud orchestrated by one of Brazil's leading businessmen told a Florida federal judge Friday that the businessman and others' arguments that Miami is not an appropriate forum fall short and Brazil is not a viable alternative.

  • May 7, 2018

    Regulator Fines Chubb $1.3M Over NRA-Branded Insurance

    New York's top financial regulator on Monday said that Chubb Ltd. has agreed to pay a $1.3 million fine for underwriting policies for a National Rifle Association-branded insurance program called "Carry Guard" in violation of state law.

  • May 7, 2018

    CFTC Pick Reports Earning Almost $1.2M At WilmerHale

    The co-chair of WilmerHale's futures and derivatives practice who was tapped for a spot in the U.S. Commodity Futures Trading Commission has filed a report with the U.S. Office of Government Ethics revealing he earned nearly $1.2 million at the law firm in 2017 and the first few months of this year.

  • May 7, 2018

    Dechert Beefs Up Finance Team With Ex-Kirkland Atty

    Dechert LLP said it has hired a former Kirkland & Ellis LLP partner whose practice areas include commercial real estate finance, asset-backed securities and derivatives, and fintech, further bolstering its global finance team.

  • May 7, 2018

    Lehman Deal's Terms Not So 'Plain Vanilla,' 2nd Circ. Hears

    A Korean bank that refused to honor an unsigned settlement after a judge ruled in its favor in a dispute with bankrupt lender Lehman Brothers Holdings Inc. asked the Second Circuit on Monday to reverse a judge’s finding that the deal was binding, saying the “plain vanilla” terms that weren’t addressed in mediation were actually complex.

  • May 7, 2018

    UK Forex Traders Must Face Rate-Rigging Charges In US

    Three London-based traders can't duck criminal charges in New York for allegedly scheming to manipulate foreign exchange benchmarks, a Manhattan federal judge said Friday, finding federal prosecutors had adequately tied the traders' activity to the U.S.

  • May 7, 2018

    Gibson Dunn Hires Real Estate Finance Pro From Dechert

    Gibson Dunn & Crutcher LLP announced Friday it has hired a real estate finance partner from Dechert LLP who has represented lenders, including banks and insurance companies, in various phases of loans secured by commercial real estate.

  • May 4, 2018

    Law360 Reveals Titans Of The Plaintiffs Bar

    They’ve gone up against big-name companies while advocating for plaintiffs ranging from grieving family members to shareholders and consumers in some of the biggest and most well-known cases of the past year.

  • May 4, 2018

    PNC Sees Privacy Violation Claim Axed In Data Sharing Row

    A New Jersey federal judge on Friday reversed his decision to allow a staffing services company to move forward with its claim that PNC Bank invaded its privacy by unlawfully sharing its private information with the Royal Bank of Canada after the plaintiffs’ recent statements upended his understanding of the case.

Expert Analysis

  • FBARs: A Changing Landscape

    James Mastracchio

    This video from James Mastracchio and Susan Seabrook of Eversheds Sutherland LLP discusses the changes to the rules impacting FBAR filing obligations and the impact of the changes on potential penalties.

  • 50 Years After MLK's Death, Housing Segregation Persists

    Rigel Oliveri

    On the 50th anniversary of Martin Luther King Jr.'s assassination, which likely influenced passage of the Fair Housing Act, segregation levels have decreased but still remain high. As a result, fair housing lawyers have turned their attention to the structural and economic forces that limit housing opportunities, says Rigel Oliveri of the University of Missouri.

  • How Senate Bill Would Change Compliance For Midsize Banks

    Christopher Allen

    The U.S. Senate last month passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which makes modest reforms to the Dodd-Frank Act. Here, attorneys with Arnold & Porter look at the bill's notable provisions for community and midsized banks and the prospects for enactment.

  • A Notable Footnote In High Court Merit Management Decision

    Elliot Moskowitz

    The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Elliot Moskowitz and Tina Hwa Joe of Davis Polk & Wardwell LLP.

  • The SEC Cyber Unit's First 6 Months, And What’s Ahead

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    The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Mueller's Innovative Use Of Money Laundering Statute

    Solomon Wisenberg

    The U.S. special counsel, Robert Mueller, has shown a willingness to use the money laundering statute in unique ways to further the investigation into links between the Trump campaign and the Russian government, say Solomon Wisenberg and Graham Billings of Nelson Mullins Riley & Scarborough LLP.

  • The Justices' Divergent Views On Class Action Tolling

    Steven Molo

    China Agritech v. Resh is an important U.S. Supreme Court case that will have significant repercussions for class actions of all kinds. During oral arguments, many of the justices' questions focused on the plaintiff diligence prerequisite for equitable tolling, say Steven Molo and Michelle Parthum of MoloLamken.

  • Prosecutors Should Be Wary Of Overreach After Marinello

    Stephen Cook

    The U.S. Supreme Court's rejection of the government’s broad interpretation of a criminal tax obstruction statute in Marinello may have implications for special counsel Robert Mueller’s indictments and the case involving alleged leaks from the Public Company Accounting Oversight Board, say attorneys with Brown Rudnick LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Credit Unions Face Website Accessibility Claims Under ADA

    Nancy Rigby

    Credit unions have seen a wave of litigation claiming their websites are inaccessible to blind or low-vision plaintiffs, allegedly in violation of the Americans with Disabilities Act. While two credit unions recently succeeded in defending against such claims, it does not appear they are going away anytime soon, says Nancy Rigby of Weinberg Wheeler Hudgins Gunn & Dial LLC.