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Banking

  • October 2, 2018

    Judge Scolds JPMorgan, Traders For 'Excessive' Redactions

    A New York federal judge has ordered both sides in a $25 million competition suit against JPMorgan Chase & Co. to refile their motions over what evidence to allow at trial without the “extremely excessive” redactions, saying that by his estimation, up to 90 percent of the redacted information should not have been concealed.

  • October 2, 2018

    Lawyer Gets 5 Years In $22.9M Chicago Mortgage Fraud

    An Illinois lawyer was sentenced to 63 months in prison Tuesday for his role in a $22.9 million mortgage fraud scheme centered on selling condos in a downtown Chicago high-rise to straw buyers.

  • October 2, 2018

    Fla. Man Pleads Guilty To $6.1M Fraud Scheme, Tax Evasion

    A Florida man who had passed himself off as a Harvard-educated investment adviser pled guilty in North Carolina federal court Tuesday to wire fraud and tax evasion for having engaged in a scheme that defrauded lenders, his father's company and his wife out of more than $6.1 million that he either spent or lost through risky trading.

  • October 2, 2018

    AmEx Won’t Challenge 2-Sided Market In Card-Steering Row

    Multidistrict litigation accusing American Express of keeping competitors at bay by not letting merchants steer customers toward other cards appeared bound for trial after the charge card giant told a New York federal judge Monday it has decided not to challenge one of the possible markets identified by retailers.

  • October 2, 2018

    Atty Accused Of Depositing Stolen $1M Tax Refund Check

    A California attorney has been arrested by federal agents and accused of depositing a stolen check from the U.S. Department of the Treasury worth more than $1 million, according to the U.S. Department of Justice.

  • October 2, 2018

    Attys In ISDAfix Antitrust Suit Request $151M In Fees

    Attorneys for a group of investors have asked a New York federal court for $151 million in fees for their work in an antitrust lawsuit brought by their clients alleging that a group of financial firms manipulated global swaps and options benchmark ISDAfix.

  • October 1, 2018

    Atty Fees Slashed By $22M In Wells Fargo Rest Break Row

    The lawyers who won $97.3 million in rest break claims for a class of 4,464 Golden State-based Wells Fargo home mortgage consultants have seen their $24 million attorneys’ fee request slashed to $2 million, with a California federal judge calling their bid “excessive.”

  • October 1, 2018

    GOP Reps Push Fed To Free Some Banks From SIFI Regs

    As top federal banking officials head to Capitol Hill on Tuesday to testify on their progress in implementing this spring’s package of bank rule rollbacks, a group of nearly 30 House Republicans has urged the Federal Reserve to stop regulating banks of a certain size as systemically important financial institutions.

  • October 1, 2018

    BuzzFeed Wants Out Of Russian Exec's Defamation Suit

    BuzzFeed has asked a Florida federal court for a quick win in Russian technology executive Aleksej Gubarev's defamation suit over the publication of a dossier alleging ties between Russia and President Donald Trump, arguing in briefs filed publicly Monday that its article was a fair report that was clear about presenting unsubstantiated allegations.

  • October 1, 2018

    3 Big Banks Can't Dodge Enron Debt Investor Suit

    A New York federal judge has ruled that Credit Suisse, Deutsche Bank and Merrill Lynch must go to trial over many of the claims brought against them by a group of investment funds seeking to hold them responsible for losses stemming from Enron Corp.’s 2001 collapse.

  • October 1, 2018

    Bail For Hong Kong Doc To Be Revisited Ahead Of FCPA Trial

    Prosecutors seeking to convict a physician from Hong Kong of bribing African officials for favors in the energy and banking sectors said Friday he remains a flight risk and should stay jailed, after the quiet dismissal of his co-defendant ahead of a Nov. 5 trial caused a Manhattan judge to agree to revisit the question of bail.

  • October 1, 2018

    CFTC Chief Aims To Alter Agency’s Cross-Border Swap Role

    The head of the Commodity Futures Trading Commission on Monday unveiled a plan to overhaul the agency's role in reviewing cross-border swaps, proposing a new system that would hand more control over to "competent" regulators outside the U.S. with comparable regulatory frameworks.

  • October 1, 2018

    Execs, Attys Avoid $80M Suit Over Brazilian Investments

    A Florida federal judge has tossed claims against several former executives and lawyers sued in an $80 million fraud and racketeering suit over lost investments in Brazilian business mogul Eike Batista's oil exploration company OGX, which plunged into one of Latin America's largest-ever corporate bankruptcies.

  • October 1, 2018

    Justices Want Gov't View On Pursuit Of Iran Terror Funds

    The U.S. Supreme Court asked the U.S. solicitor general on Monday to weigh in on whether the families of the victims of the 1983 U.S. Marine Corps Beirut barracks bombing can chase Iran-linked funds through a foreign bank to fulfill a terrorism liability judgment.

  • October 1, 2018

    Real Estate Rumors: Blackstone, Wells Fargo, Elion Partners

    Blackstone Real Estate Income Trust has reportedly landed a $257 million CMBS loan for hotels in Florida, California, Massachusetts and beyond, Broward Health is said to be seeking to buy a Florida property from Wells Fargo, and an Elion Partners venture is said to have bought a New York residential and retail portfolio for $83 million.

  • October 1, 2018

    Investors File Consolidated Claims In VIX Manipulation MDL

    Investors suing in multidistrict litigation over alleged manipulation of Cboe Global Markets Inc.'s volatility index filed a consolidated complaint in Illinois federal court Friday that incorporates theories outlined in more than a dozen earlier individual complaints.

  • October 1, 2018

    Justices Seek Solicitor General's View In US Bank ERISA Suit

    The U.S. Supreme Court on Monday asked the federal government to weigh in on whether the court should consider a petition challenging the Eighth Circuit’s finding that participants in a U.S. Bank pension plan couldn’t sue over alleged fiduciary breaches because the plan was overfunded.

  • October 1, 2018

    UBS, RBS Duck Claims Of Conspiracy Against Swaps Platform

    UBS Group AG and The Royal Bank of Scotland Group PLC successfully avoided a class action that accused them and 10 other banks of boycotting a firm’s interest rate swaps platform, when a New York federal judge on Friday dismissed them from the suit on jurisdictional grounds.

  • October 1, 2018

    Tesco Bank Hit With Landmark £16M Fine For Cyberattack

    Tesco Bank has been fined £16.4 million ($21.4 million) for failing to protect its customers against a “foreseeable” cyberattack in 2016, the Financial Conduct Authority said Monday.

  • September 28, 2018

    Supreme Court Cheat Sheet: 8 Cases To Watch

    With D.C. Circuit Judge Brett Kavanaugh’s fate as the ninth justice still hanging in the balance, the U.S. Supreme Court kicks off its new term Monday without a case of blockbuster proportions. But there are several bread-and-butter business issues filling out the docket.

Expert Analysis

  • 10 Ways To Prevent E-Discovery Woes

    Debbie Reynolds

    E-discovery is not easy, but employing these 10 strategies may help minimize future headaches, say Debbie Reynolds and Daryl Gardner of EimerStahl Discovery Solutions LLC.

  • What Banks Should Know About 'Fiserv' Data Breach Risk

    Paige Boshell

    Banks that use Fiserv — an outsourcing vendor for community banks in the U.S. — for online banking may have recently had their customer account information exposed. Paige Boshell of Privacy Counsel LLC explains immediate steps for banks to proactively mitigate risk.

  • Cos. Must Prepare For Toughening Russia Sanctions

    Mario Mancuso

    On Monday, the U.S. Department of State enacted the first round of sanctions against Russia in response to the March 2018 poisoning of the Skripal family in the United Kingdom. The impact of these sanctions is somewhat limited, but the next round of sanctions, expected in early November, may be more sweeping, say attorneys with Kirkland Ellis LLP.

  • Why Courts Should Apply Escobar In Criminal Cases

    Antonio Pozos

    In the two years since the U.S. Supreme Court's Escobar decision set off waves of litigation over materiality in civil False Claims Act cases, it has largely failed to gain traction in criminal fraud prosecutions. However, the ruling has broad implications in criminal law, say Antonio Pozos and Mark Taticchi of Drinker Biddle & Reath LLP.

  • How Blockchain Use Can Block Competition

    Daniel Fenske

    Given that blockchain technology is still developing and new uses are popping up every day, it is impossible to conceive of every anti-competitive problem that could arise. Daniel Fenske and Justin Steffen of Jenner & Block LLP address two antitrust issues that are readily apparent and can be mitigated.

  • 4 Key Components To New Firm Partnership Agreements

    Russell Shinsky

    A well-drafted partnership agreement protects a law firm's founders, establishes a process for new and outgoing partners, and sets forth guidelines for navigating conflict along the way. Startup firms can begin with something less complex, but there are important elements that every agreement should include, says Russell Shinsky of Anchin Block & Anchin LLP.

  • Opinion

    Open The Federal Courthouses

    David Oscar Markus

    Forget about cameras, reporters in the Manafort trial were not even permitted in the courtroom with their phones, tablets or computers. That meant no live reporting on Twitter and no emails to the newsrooms with updates. In a world focused on information and news as it happens, this is unacceptable, says trial attorney David Oscar Markus.

  • Good News For Banks Organized As Pass-Through Entities

    Brian Harvel

    Following some confusion, the IRS this month proposed Treasury Section 199A regulations that specifically exclude banking from the definition of specified financial services, meaning that owners of banks organized as flow-through entities would qualify for a 20 percent deduction, say Brian Harvel and Michael Senger of Alston & Bird LLP.

  • Assessing 'Concreteness' Under Spokeo In Northern Illinois

    Alex Egbert

    The U.S. Supreme Court's Spokeo decision left lower courts to flesh out history's and Congress' “important roles” when developing a workable legal standard for deciding whether an intangible injury is sufficiently “concrete.” Not surprisingly, the Northern District of Illinois “concreteness” determinations relying on Congress’ role tend to be ad hoc, say Alex Egbert and Tony Hopp of Steptoe & Johnson LLP.

  • 5 E-Discovery Hurdles For Government Agencies

    Amy Hilbert

    Electronic discovery is a challenging process for even the most experienced law firms and corporations, but the challenges faced by government agencies may be even more daunting, says Amy Hilbert of Casepoint LLC.