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Banking

  • December 21, 2018

    Texas Justices Side With Compass Bank In Account Theft Row

    The Texas Supreme Court said Friday that a Compass Bank client waited too long to notify the bank after a fraudster cleaned out his account, adding that the customer, a resident of Mexico, can’t use missing bank statements to excuse his delay in reporting the loss.

  • December 21, 2018

    3rd Circ. Questions Legal Standard In Foreign Account Case

    The Third Circuit on Friday asked a Pennsylvania federal court to take another look at its conclusion that a pharmaceutical executive didn’t willfully avoid disclosing his Swiss bank account, citing uncertainty over the legal standard that was applied.

  • December 21, 2018

    UBS Agrees To Pay States $68M Over Libor Rigging

    UBS AG has agreed to pay $68 million in a settlement with 39 U.S. states and the District of Columbia for manipulating its London Interbank Offered Rate submissions in order to dodge bad publicity and benefit its trading positions, prosecutors said Friday.

  • December 21, 2018

    SEC Resolves Numerous In-House Proceedings Post-Lucia

    The U.S. Securities and Exchange Commission resolved more than a dozen administrative proceedings Friday, many of which became eligible for a rehearing after the Supreme Court's Lucia v. SEC decision earlier this year.

  • December 21, 2018

    CFTC, Ex-UBS Trader Unveil $100K Spoofing Settlement

    The Commodity Futures Trading Commission and a former UBS AG trader accused of spoofing in precious metals futures markets asked a Connecticut federal judge on Thursday to approve a settlement that fines the ex-trader $100,000 and bars him from commodities trading for a year.

  • December 21, 2018

    Low-Level Tippee Gets 3 Months In BofA Insider-Trade Case

    A Manhattan federal judge sentenced a 35-year-old software engineer to three months in prison Friday for taking illegal stock tips from a former Bank of America consultant and profiting by $51,000, telling the Rochester Institute of Technology grad that other would-be cheats must be deterred.

  • December 20, 2018

    FINRA Offers Cybersecurity Tips For Remote Broker-Dealers

    The Financial Industry Regulatory Authority on Thursday published a set of tips for broker-dealer firms to facilitate robust cybersecurity practices at remote branches and among employees who work from home.

  • December 20, 2018

    Goldman Must Share Some Proof Of 'Boys’ Club' In Bias Suit

    A Manhattan federal magistrate judge ruled Thursday that Goldman Sachs must share limited evidence related to its alleged “boys’ club” culture with women who accuse the investment bank of gender discrimination, but not as much as the plaintiffs sought.

  • December 20, 2018

    Libor Prosecutors Told To Sift Their Work From Paul Weiss'

    A Manhattan federal judge on Wednesday suggested prosecutors retrace a five-year investigation into former Deutsche Bank AG traders accused of rigging the London Interbank Offered Rate and delineate it from work by the bank's counsel at Paul Weiss Rifkind Wharton & Garrison LLP.

  • December 20, 2018

    Convicted Ex-Barclays Trader Told To Pay Up In Euribor Case

    A London judge on Thursday ordered a former Barclays trader previously sentenced to eight years in prison for plotting to manipulate a key European interest rate benchmark to cough up £77,354 ($98,000) in criminal proceeds or face an additional three years of incarceration.

  • December 20, 2018

    Bipartisan Bill Targets McKinsey Conflicts In Puerto Rico

    A bipartisan bill introduced Wednesday in the U.S. House of Representatives calls for enhanced disclosures by advisers contracted to work on restructuring proceedings in Puerto Rico, citing reports that consultant McKinsey & Co. may be looking out for its own investments in the commonwealth.

  • December 20, 2018

    Deals Rumor Mill: Enel, Pinterest, BMPS

    Enel is reportedly nearing a deal to sell its stake in a solar joint venture to private equity firm F2i, Pinterest is laying the groundwork to go public as soon as spring 2019, and Banca Monte dei Paschi di Siena SpA has almost finalized a deal to sell €2.1 billion worth of bad loans.

  • December 20, 2018

    Reps Float Bill Exempting Crypto From Securities Laws

    Two congressmen on Thursday introduced a bill that seeks to exclude digital tokens from the statutory definition of a security and thus exempt them from securities laws that have remained murky amid the advent of cryptocurrencies and the industry they’ve spawned.

  • December 20, 2018

    Fidelity Says Ex-VP Using Info He Stole To Aid Morgan Stanley

    Fidelity Brokerage Services filed suit Wednesday in California federal court accusing one of its former vice presidents of stealing privileged client contact information that he is allegedly now using in his new job at rival Morgan Stanley to lure over customers.

  • December 20, 2018

    Ex-Judge Convicted Of Mortgage Fraud Gets 1 Year In Prison

    A former Illinois state court judge who was convicted in February of running a mortgage fraud scheme involving two Chicago investment properties was sentenced Thursday to one year and one day in prison.

  • December 20, 2018

    Merrill Lynch To Pay $6M Over Improper IPO Share Sales

    The Financial Industry Regulatory Authority has fined Merrill Lynch Pierce Fenner & Smith Inc. $6 million for selling shares in initial public offerings — including IPOs of Facebook, Twitter, LinkedIn and General Motors — to industry insiders for eight years in violation of the regulator's rules, FINRA said Thursday.

  • December 20, 2018

    EU Watchdog Accuses 4 Banks Of Sovereign Bond Cartel

    The European Commission has tentatively accused major lenders including Deutsche Bank and Credit Suisse of breaching its antitrust laws by rigging prices for sovereign bonds and related debt, echoing civil claims brought in U.S. against a number of banking giants.

  • December 19, 2018

    Broker-Dealer Admits It Ignored Signs Of Scott Tucker's Fraud

    A broker-dealer in Kansas has admitted to overlooking red flags in millions of dollars in transactions for Scott Tucker, the pro race car driver turned payday loan fraudster, and entered a deferred prosecution agreement with Manhattan federal prosecutors.

  • December 19, 2018

    After 109 Arbitration Hearings, Broker Beats $40M FINRA Suit

    Following 109 hearing sessions before a Financial Industry Regulatory Authority arbitration panel, clearing broker C.L. King & Associates Inc. has defeated breaches of fiduciary duty and contract claims asserted by an investor seeking $40 million in damages over his account’s collapse.

  • December 19, 2018

    Ch. 7 Trustee Seeks To Recover Ex-Transmar Exec's Wages

    The Chapter 7 trustee for defunct cocoa company Transmar Commodity Group Ltd. filed suit in New York bankruptcy court Wednesday to claw back $1.5 million from a convicted former executive and roughly $860,000 from entities that may have played a role in the $350 million fraud scheme that destroyed Transmar.

Expert Analysis

  • Emerging Cybersecurity Threats In The Legal Industry

    Michael Hall

    Predicting how the cybersecurity landscape will develop is critical for any organization wanting to mitigate the risk of the inevitable future attack. Michael Hall of HighQ Solutions Ltd. discusses five threats to look out for in the next 12 months.

  • The Legacy Of Madoff, A Decade Later

    Mark Kornfeld

    Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP.

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • Spoofing Charges Don't Readily Translate To Private Actions

    Laura Brookover

    Private plaintiffs have filed putative class actions in Chicago and New York on the heels of government enforcement efforts against spoofing. But actions like these are largely untested, and two threshold hurdles for these new cases are apparent, says Laura Brookover of Covington & Burling LLP.

  • Prospects For Tax Policy In The 116th Congress

    Evan Migdail

    Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.

  • Opinion

    Concerns About CFPB Trial Disclosure Policy Are Misplaced

    Eric Mogilnicki

    Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • AI's Role In Financial Services: Some Early Lessons

    Eamonn Moran

    The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.