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Banking

  • 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.

  • September 28, 2018

    Wachtell Prevails In CVR's Takeover Malpractice Suit

    A New York federal judge on Friday dismissed CVR Energy Inc.'s malpractice claim against Wachtell Lipton Rosen & Katz stemming from $37 million in bank fees incurred by the company in connection with Carl Icahn's 2012 takeover, saying CVR hasn't shown the firm's conduct fell below the applicable standard of professional care.

  • September 28, 2018

    Foul With Routine Witness Trips Up Deutsche Libor Trial

    The government’s Libor-rigging case against two former Deutsche Bank traders has suffered setbacks in recent days, after a routine witness put on to authenticate documents admitted signing an untrue declaration, which led to harsh words from a federal judge to prosecutors and the exclusion of a swath of trading data from coming into the case.

  • September 28, 2018

    SEC Settles With LendingClub Unit, 2 Ex-Execs For $4.2M

    The U.S. Securities and Exchange Commission said Friday that it’s reached a more than $4.2 million deal with a LendingClub Corp. unit and two former top executives to resolve agency allegations of misconduct involving private funds managed by the subsidiary.

Expert Analysis

  • 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.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Del. Series LLC Changes Bring Clarity For Secured Lenders

    R. Jason Russell

    Delaware recently passed amendments to the Delaware Limited Liability Company Act that enable a new type of series of an LLC known as a “registered series.” The changes address historical uncertainty among secured lenders seeking to perfect a security interest, say R. Jason Russell and Sean Sullivan of Morris Nichols Arsht & Tunnell LLP.

  • Could Diversity Pledge Lead To Unintended Consequences?

    Anthony Oncidi

    The CEO Action for Diversity & Inclusion Pledge is an initiative designed to promote diversity in the workplace. However, because its three main elements are extremely broad, the lack of specificity about what a company is committing to could be problematic in a litigation context, say Anthony Oncidi and Seth Victor of Proskauer Rose LLP.

  • States May Escheat IRAs But Who Gets The Tax Bill?

    Carol Tello

    The June IRS publication of a revenue ruling addressing the timing of federal income tax withholding and reporting treatment for funds escheated from traditional IRAs was timely. As a matter of substance, or of tax and unclaimed property administration, however, the ruling is already proving problematic, say attorneys at Eversheds Sutherland LLP.

  • Series

    Winner's Playbook: Behind The Scenes Of China Ag V. Resh

    Seth Aronson

    Earlier this year, the U.S. Supreme Court ruled unanimously in China Agritech v. Resh that statutes of limitations cannot be tolled for subsequent class actions. Here, members of the O'Melveny & Myers LLP team that defended China Agritech describe how an otherwise routine securities case turned into a far-reaching check on serial class actions.

  • Policing Bad Claims In Consolidated Litigation: Part 2

    Danielle Bagwell

    While conducting a pre-suit investigation sufficient to file a lawsuit may seem like a perfunctory enterprise, courts appear increasingly willing to affirm the importance of complying with this requirement — and this issue is particularly ripe in consolidated and multidistrict litigation, say Danielle Bagwell and Anne Gruner of Duane Morris LLP.

  • Policing Bad Claims In Consolidated Litigation: Part 1

    Danielle Bagwell

    With the proliferation of consolidated litigation, courts have lamented the lack of scrutiny often given to individual cases in these proceedings. Recent federal court decisions demonstrate an increased willingness to police meritless claims by assessing whether counsel’s pre-suit investigation was adequate, say Danielle Bagwell and Anne Gruner of Duane Morris LLP.

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.