Banking

  • February 9, 2018

    2nd Circ. Overturns $100M Arab Bank Terror Verdict

    The Second Circuit on Friday overturned a $100 million jury verdict against Arab Bank PLC, finding jury instructions in the case alleging that it provided material support to Hamas and other militant groups were prejudicial against the bank, in a case the bank already settled.

  • February 9, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen another contract suit against Hilton Worldwide and BayernLB, a New York investment manager lodge a professional negligence claim against RSM Corporate Finance, and an insurance brokerage sue Barclays. Here, Law360 looks at those and other new claims in the U.K.

  • February 8, 2018

    Class Cert. Granted In BofA, Countrywide Appraisal Suit

    A California federal judge has certified a nationwide class of borrowers accusing Countrywide Financial Corp. of using inflated real estate appraisals to juice its loan origination business during the mid-2000s, turning back arguments from the company and its successor Bank of America that the borrowers won’t be able to back up their racketeering claims with common proof.

  • February 8, 2018

    Background Check Co. Settles Claims Over Faulty Report

    Early Warning Services LLC has agreed to pay up to $225,000 to end a proposed class action by a woman who says Wells Fargo Bank NA rescinded a job offer after a background check falsely reported she was fired from her previous bank job for fraud, according to a Wednesday filing in New Jersey federal court.

  • February 8, 2018

    Ex-Worker Sues Credit Suisse Over $300M In Unpaid Wages

    A former Credit Suisse Securities (USA) LLC financial adviser accused the company of withholding up to $300 million in deferred compensation it owed hundreds of employees when it closed its financial advisory operations in 2015, according to a proposed class action filed Wednesday in California federal court.

  • February 8, 2018

    Lehman Puts Finishing Touch On MBS Claims Estimation Trial

    Attorneys for Lehman Brothers Holdings Inc. held firm in closing arguments Thursday that trustees accusing the defunct investment bank of selling toxic mortgage-backed securities have failed to show damages claims in excess of the $2.4 billion Lehman will accept.

  • February 8, 2018

    Tribe Wants Bank’s $1M Fees Nixed After Embezzlement Row

    The Paskenta Band of Nomlaki Indians has urged the Ninth Circuit to overturn a California federal judge’s decision handing $1 million in attorneys’ fees to a bank the tribe accused of helping former tribal leaders carry out a multimillion-dollar embezzlement scheme, saying a contract between the tribe and the bank didn’t allow the fees award.

  • February 8, 2018

    PE Firm Bids $820M To Ramp Up Stake In Swedish Bank

    Private equity firm Nordic Capital and financial company Sampo announced a proposed cash offer on Thursday to purchase the outstanding shares of Swedish bank Nordax Group for 6.66 billion Swedish kronor ($820 million), solidifying themselves as the bank's largest shareholders.

  • February 8, 2018

    Credit Suisse Fined $5M By Hong Kong Securities Regulator

    Hong Kong’s Securities and Futures Commission has fined three Credit Suisse entities a total of HK$39.3 million ($5 million) for various internal control failures, the agency said Thursday.

  • February 8, 2018

    On 4th Try, Mortgage Debt Collection Class Survives

    A Pennsylvania federal judge on Wednesday refused to toss a class claim against the last remaining defendant in an eight-year litigation from homeowners suing over foreclosure fees that allegedly were improperly assessed despite renegotiated mortgages, saying the debt collector isn’t precluded from similar claims settled by its associates.

  • February 8, 2018

    Senate Panel Approves Trump's FDIC Chair Pick, 2 Others

    The Senate Banking Committee on Thursday voted to advance three key financial regulatory nominees, including President Donald Trump’s choice to lead the Federal Deposit Insurance Corp.

  • February 7, 2018

    Consumer Attys Fear Mulvaney’s CFPB Could Leave Void

    Attorneys representing consumers fear that they are losing a key ally as the Consumer Financial Protection Bureau changes gears to be more industry friendly under the leadership of Mick Mulvaney.

  • February 7, 2018

    Gates Attys Cite 'Irreconcilable Differences' In Withdrawal

    The public got a peek into why attorneys for Richard Gates III, the indicted business partner of President Donald Trump’s former campaign chairman, asked to quit the case after four months’ work when a D.C. federal judge on Wednesday unsealed a note citing “irreconcilable differences.”

  • February 7, 2018

    CFPB Info Request Could Mean Shift In Enforcement Policies

    The Consumer Financial Protection Bureau said Wednesday it is seeking information about its enforcement process, the latest move by acting agency head Mick Mulvaney that could signal changes are on the way that would benefit financial firms and other investigation targets.

  • February 7, 2018

    Lawsuit Over $42M In Loans Could Kill $889M Greek Deal

    American billionaire John P. Calamos Sr. has hit a Dutch investment shop he reportedly co-founded with an Illinois state court suit seeking “immediate repayment” of $42 million in loans, potentially upending an $889 million deal between the onetime partners to purchase a Greek insurance company.

  • February 7, 2018

    Deals Rumor Mill: Wyndham, Goldman Sachs, Ping An

    Wyndham is mulling a deal with Platinum Equity Partners, Goldman Sachs is close to a deal to buy personal finance startup Clarity Money, and Ping An’s venture capital arm wants to raise up to $1.3 billion with two funds.

  • February 7, 2018

    Ill. Bank Shareholder Sues Over Merger Disclosures

    A shareholder of Illinois-based retail bank First BancTrust Corporation filed suit in Delaware federal court late Tuesday alleging the company’s directors omitted material information about its financial projections in a proxy statement detailing a proposed merger with First Mid-Illinois BancShares Inc.

  • February 7, 2018

    Ex-State Street Exec Faces New Charge Of Bilking Insurer

    Prosecutors on Wednesday added to a charge in a case against a former executive at State Street Corp., saying he duped a U.S. insurer into paying a hidden commission on fixed income trades just as he had overseas clients.

  • February 7, 2018

    NY Stresses Anti-Fraud Obligations For Cryptocurrency Cos.

    New York’s top financial regulator on Wednesday issued guidance reminding virtual currency companies licensed by the state that they need to have policies in place to prevent fraud and that they should be on the lookout for market manipulation.

  • February 7, 2018

    Schiff Hardin Adds Financial Markets Partner To SF Team

    Schiff Hardin LLP has hired a partner for its San Francisco office with extensive experience advising financial institutions in securities and commercial litigation as well as providing compliance and regulatory counsel to broker-dealers, investment advisers and hedge funds, the firm announced.

Expert Analysis

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

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    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • OFAC Enforcement Trends In 2017: Exporters On Notice

    Sean Kane

    One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.

  • 3 Enforcement Priorities For State AGs In 2018

    Joe Jacquot

    State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.

  • Indirect Purchaser Cases In 2017: Key Appeals Court Rulings

    Chris Micheletti

    As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.

  • 5 Pressing Issues Facing The SEC In 2018

    Britt Biles

    The U.S. Securities and Exchange Commission will grapple with a great deal of unfinished business this year. In fact, these issues will dwarf the natural changes that the SEC will undergo as it continues to transition to new leadership, says Britt Biles of Stein Mitchell Cipollone Beato & Missner LLP.

  • The Broader Implications Of Sessions’ Marijuana Move

    Markus Funk

    Beyond what it heralds for the marijuana industry, Jeff Sessions’ memo on marijuana enforcement signals a new era of increasingly decentralized federal prosecutorial power, say attorneys with Perkins Coie LLP, including former Colorado Chief Justice Michael Bender.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • CMBS In 2017 And A Look Ahead

    Stuart Goldstein

    The past year did not deliver the massive amount of commercial mortgage-backed securities refinancings predicted by many at the end of 2016. Stuart Goldstein and Gregory Prindle of Cadwalader Wickersham & Taft LLP review what happened in 2017 and look ahead to what the industry might see in 2018.