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Banking

  • July 31, 2018

    Praised For Cooperation, Ex-State St. Manager Avoids Jail

    A former State Street Corp. manager who copped to aiding a conspiracy to overcharge some of the banks' biggest clients by more than $21 million avoided prison time Tuesday in Massachusetts federal court thanks to his "unprecedented" level of cooperation with the government.

  • July 31, 2018

    Rising Star: Skadden's Sven Mickisch

    Skadden Arps Slate Meagher & Flom LLP’s Sven Mickisch led some of his firm’s most high-profile transactions over the last year, working with big-bank financial technology startup TruSight and representing Vantiv Inc. in its $10 billion fintech acquisition, landing him among the top banking attorneys under 40 honored as Law360’s Rising Stars.

  • July 31, 2018

    OCC Will Accept Fintech Charter Applications

    The Office of the Comptroller of the Currency said Tuesday it will begin accepting applications for special-purpose national bank charters from financial technology companies that don’t take deposits, moving forward with a concept that’s been the subject of industry anticipation and state regulator litigation.

  • July 31, 2018

    Ex-Merrill Lynch Traders Say They're Not Guilty Of 'Spoofing'

    Two former Merrill Lynch traders who were indicted earlier this month on charges that they ran a yearslong scheme to "spoof" the precious metals futures market pled not guilty to the government's allegations in Illinois federal court on Tuesday.

  • July 31, 2018

    Ex-HSBC Forex Trader Wins Appeal Against Extradition To US

    A former foreign exchange trader at HSBC Holdings PLC won an appeal in London on Tuesday against the U.S. government’s attempt to extradite him to face forex-rigging charges in New York.

  • July 30, 2018

    Puerto Rico Board Constitutional Challenges Certified To AG

    A federal judge on Monday certified to Attorney General Jeff Sessions two lawsuits filed last week challenging the constitutionality of Congress' legislative package intended to fix Puerto Rico's debt crisis, asking if the government once again wants to defend the law and creation of a fiscal oversight board.

  • July 30, 2018

    9th Circ. Won't Revive Barclays Dark Pool Suit

    A Ninth Circuit panel has declined to revive a proposed class action accusing Barclays of misleading institutional investors about their exposure to high-frequency traders in its so-called LX dark pool, ruling Monday that the broker-dealer behind the suit hadn’t adequately spelled out the “who, what, when, where and how” of its alleged reliance on the bank’s LX marketing.

  • July 30, 2018

    HSBC To Pay $4.75M To Settle Libor-Rigging Claims

    Indirect investors have asked a New York federal judge to sign off on a $4.75 million settlement with HSBC Bank to end claims over accusations several large financial institutions manipulated the Libor, saying the deal was fair given the substantial risk associated with trying to explain a complicated market to a jury.

  • July 30, 2018

    Wells Fargo Defends Intent In $300M Tax Row In 8th Circ.

    In an Eighth Circuit fight over more than $300 million in foreign tax credits, Wells Fargo hit back Monday at the government’s assertion that transactions lacking economic substance should have no tax benefits, saying the real question is whether it reasonably believed its transactions had economic substance.

  • July 30, 2018

    Moldovan Investors Say Kazakhstan's 1st Circ. Appeal Is Early

    Two Moldovan oil and gas investors embroiled in a multinational legal battle attempting to squeeze a half-billion-dollar arbitration award out of Kazakhstan told the First Circuit on Friday that the country has jumped the gun by appealing a discovery request.

  • July 30, 2018

    Judge Urged To Keep Case Against Ex-Nomura Traders Alive

    Federal prosecutors urged a Connecticut federal judge to stick with his decision not to toss their residential mortgage-backed securities fraud case against two former traders at Nomura Securities International Inc. after the judge mused that he might be convinced to reverse himself.

  • July 30, 2018

    Lending Cos. Don't Share Tribal Immunity, Judge Says

    A Virginia federal judge on Friday refused to toss a proposed class action alleging that an online lending company sought to use its connection with a Michigan tribe to shield itself from accusations that it charged illegally high interest rates on loans, saying the company had not shown it was entitled to share the tribe's sovereign immunity to suit.

  • July 30, 2018

    5 Cybersecurity And Privacy Cases To Watch: Midyear Report

    The rest of 2018 could bring action on a slew of lingering privacy and cybersecurity disputes, including the legal fallout from Equifax's massive data breach, tests to the scope of Illinois' unique biometric privacy law, and challenges to the way tech giants have sought user consent under the European Union's General Data Protection Regulation. Here, Law360 takes a look at five cases cybersecurity and privacy attorneys should keep an eye on in the coming months.

  • July 30, 2018

    Retailers Press Claims Despite Justices' AmEx Decision

    A group of merchants challenging American Express Co.'s rules barring them from steering customers to cheaper payment options outlined a new plan Friday to forge ahead with their case in New York federal court despite the U.S. Supreme Court's recent decision finding the rules legal.

  • July 30, 2018

    CFTC Seeks $3.2M Judgment In Fraud Suit Against Crypto Co.

    The Commodity Futures Trading Commission has moved to wrap up its fraud suit over cryptocurrency trading advice company CabbageTech Corp., asking Friday for a more than $3.2 million final judgment from a Brooklyn federal judge who previously ruled in the case that the agency can regulate cryptocurrencies as commodities.

  • July 30, 2018

    Mesa Air Group Leads 2 IPOs Totaling $268M

    U.S. air carrier Mesa Air Group Inc. and New York-based Amalgamated Bank launched initial public offerings Monday worth a combined $268 million at midpoint.

  • July 30, 2018

    Cyprus Claims Victory In $1.2B Claim Over Cypriot Bank

    An international tribunal has dismissed a €1.05 billion ($1.23 billion) claim lodged by a Greek investment company and other former shareholders of Cyprus Popular Bank, which imploded in 2013 in the wake of the Greek debt crisis after receiving a €1.8 billion bailout from the Cypriot government.

  • July 30, 2018

    Whiteford Taylor & Preston Lands 2 Litigation Pros In Va.

    Whiteford Taylor & Preston LLP said on Monday that it had added as partners two former LeClairRyan attorneys with experience litigating banking disputes, construction and bankruptcies, and representing sports agents and athletes, in its Richmond, Virginia, office.

  • July 30, 2018

    Rising Star: Covington & Burling's Michael Nonaka

    Covington & Burling LLP’s Michael Nonaka has strutted his stuff as a champion of financial technology, helping firms navigate the legal and regulatory hurdles of the fintech frontier and co-authoring a white paper on blockchain’s cybersecurity implications, earning a spot as one of five banking attorneys under age 40 honored by Law360 as Rising Stars.

  • July 30, 2018

    Feds Give Up On Litvak, Drop Charge In Lieu Of 3rd Trial

    Federal prosecutors moved to dismiss the sole remaining charge against former Jefferies Group bond trader Jesse Litvak on Monday, ending a five-year criminal case in which Litvak was convicted twice and saw convictions from both trials overturned.

Expert Analysis

  • SEC Administrative Proceedings After Lucia

    Daniel Walfish

    Because of the U.S. Supreme Court’s decision in Lucia, the U.S. Securities and Exchange Commission will have to redo a series of administrative cases, potentially straining resources and possibly prompting the agency to tap new administrative law judges, says Daniel Walfish of Walfish & Fissell LLP.

  • Series

    From Lawmaker To Lawyer: How Congress Affected My Career

    Yvonne B. Burke

    Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.

  • Are OCC's Reserve-Based Lending Guidelines Enforceable?

    Buddy Clark

    Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.

  • Moving From The Duplicative Fines Of The Financial Crisis

    Neil Bloomfield

    Recent announcements from the U.S. Department of Justice, the U.S. Securities and Exchange Commission and federal banking agencies reveal a new approach to coordination among regulators. The penalties coming out of the next round of multiregulator investigations may look significantly different, say Neil Bloomfield and Kristen Kenley of Moore & Van Allen PLLC.

  • Series

    From Lawmaker To Lawyer: DC Isn't As Bad As You Think

    Norm Coleman

    Popular culture paints the Hill as a place teeming with intrigue, corruption and malicious intent. But in Congress I learned important lessons about respecting people and the work they do, says former Sen. Norm Coleman, R-Minn., of Hogan Lovells.

  • New, Improved Rules For 'High Volatility' Real Estate Loans

    Martin Taylor

    The new Economic Growth, Regulatory Relief and Consumer Protection Act reforms widely unpopular rules relating to high volatility commercial real estate loans, making it easier to reclassify loans as non-HVCRE acquisition, development and construction loans, say Martin Taylor and Jon Nomura of Troutman Sanders LLP.

  • FINRA Arbitration Guide For Employment Lawyers: Part 2

    Excerpt from Lexis Practice Advisor
    Steven Hurd

    In the final part of this guide to arbitrating employment disputes before the Financial Industry Regulatory Authority, Steven Hurd and Andrew Sherwood of Proskauer Rose LLP review prehearing procedures, the settlement and withdrawal of claims, hearing procedures and strategies, and the award and post-award process.

  • Lucia Leaves Many Important Questions Unanswered

    Michael Birnbaum

    Predicting the impact of the U.S. Supreme Court's decision in Lucia is far from simple. Litigants cannot be sure how the U.S. Securities and Exchange Commission will handle pending matters, and the SEC cannot be sure how administrative law judges should be appointed in the future to avoid additional judicial scrutiny, say attorneys with Morrison & Foerster LLP.

  • Venezuela Sanctions Complicate Compliance For Cos.

    Seetha Ramachandran

    New sanctions issued by President Donald Trump last month prohibit transactions involving the purchase of any debt owed to the Venezuela government. The challenge for firms that buy and sell securities is that the interest of a sanctioned party in any given security or transaction may not be readily apparent, say attorneys with Schulte Roth & Zabel LLP.

  • Series

    From Lawmaker To Lawyer: 6 Things I Learned In Congress

    Charles Gonzalez

    I found that senior members of Congress didn’t have time to mentor younger members. Lawyers — though just as busy as members of Congress — cannot afford to follow this model, says former Rep. Charles Gonzalez, D-Texas, of Ogletree Deakins Nash Smoak & Stewart PC.