Banking

  • May 3, 2018

    CFPB Beats Back Law Firms’ Bid To Chuck Illegal Fee Fight

    Three law firms and two attorneys can’t shake a Consumer Financial Protection Bureau suit claiming they charged millions of dollars in illegal up-front fees for debt relief services, a California federal judge said Thursday, finding many of those fees were collected within the three-year statute of limitations for enforcement actions.

  • May 3, 2018

    Buchanan Ingersoll Adds 2 Attys In San Diego

    Buchanan Ingersoll & Rooney PC said Thursday it has hired a former Troutman Sanders LLP partner with experience guiding financial institutions in leveraged financing and other transactions, as well as an employment attorney versed in personal injury, construction and other employer-related matters, bolstering the firm's offerings in San Diego.

  • May 3, 2018

    HSBC Must Face NY Homeowner's Suit Over Collection Calls

    A New York federal judge on Wednesday substantially trimmed a property owner’s lawsuit challenging the handling of an HSBC Bank mortgage, rejecting his efforts to escape the debt as time-barred but holding that he can pursue claims that he was improperly bombarded with collection calls.

  • May 3, 2018

    Nigerian Oil Co. Wants Time To Get Docs In $1.8B Award Row

    A Nigerian state-owned oil company facing a suit from subsidiaries of Exxon Mobil and Shell to enforce a $1.8 billion arbitration award asked a New York federal judge Wednesday for more time to produce documents that would show if the company is an alter ego of the Nigerian government.

  • May 3, 2018

    NY High Court Affirms Goldman Code Swiper's Conviction

    A former Goldman Sachs programmer who swiped a chunk of valuable computer code on his last day of work can't dodge an unlawful use conviction under state criminal laws, the New York Court of Appeals said Thursday in an opinion that sought to untangle the term "tangible" as it applies to the seemingly abstract concept of coding.

  • May 3, 2018

    BofA Won’t Hire Qualified Immigrants, Class Action Claims

    A New Jersey resident hit Bank of America NA with a putative class action in North Carolina federal court Thursday, alleging the bank refuses to hire qualified applicants based on their immigration status, even if they are authorized to work in the United States as a Deferred Action for Childhood Arrivals recipient.

  • May 3, 2018

    Senate Dems Urge Banks To Play Role In Limiting Gun Sales

    A dozen Senate Democrats urged banks and other financial institutions to set new rules for their clients to help address gun violence in letters released Wednesday, introducing measures aimed at limiting gun sales.

  • May 3, 2018

    ERISA Claim Against SunTrust Trimmed As Too Old

    A Georgia federal judge cited a time bar in cutting one claim and three defendants Wednesday from a proposed class action alleging SunTrust Banks Inc.’s retirement plan investments performed poorly and were selected improperly.

  • May 3, 2018

    Former Wilmington Trust Execs Found Guilty Of Fraud

    A federal jury in Delaware on Thursday convicted four former Wilmington Trust Corp. executives on a string of criminal conspiracy, securities fraud and related charges for concealing hundreds of millions of dollars in bad commercial real estate loans in a series of disclosures and reports in 2009 and 2010.

  • May 3, 2018

    2nd Circ. Flips Ex-Jefferies Trader's RMBS Fraud Conviction

    The Second Circuit once again reversed the conviction of former Jefferies Group trader Jesse Litvak on Thursday, deciding that a Connecticut federal judge had erred in allowing a residential mortgage-backed securities buyer to testify about his mistaken belief that Litvak was working as his agent when Litvak lied to him during a transaction.

  • May 2, 2018

    7th Circ. Won't Release Collector From Debt Dispute Suits

    The Seventh Circuit on Wednesday rejected debt collector Portfolio Recovery Associates LLC’s bid to overturn several lower court orders declining to dismiss consumers’ lawsuits accusing the company of incorrectly and unlawfully reporting their debts as undisputed in violation of the federal Fair Debt Collection Practices Act.

  • May 2, 2018

    Texas Money Manager Charged With Swindling NFL Player

    A federal grand jury in Houston has indicted a money manager on 16 criminal counts related to her role in a scheme that prosecutors say defrauded a National Football League player who was her former client out of more than $1 million.

  • May 2, 2018

    5th Circ. Won't Rethink Invalidation Of DOL Fiduciary Rule

    The Fifth Circuit shot down attempts by AARP and the attorneys general from California, New York and Oregon to revive the U.S. Department of Labor's 2016 fiduciary rule on Wednesday in a move that attorneys think could be the final nail in the coffin for the Obama-era regulation.

  • May 2, 2018

    $500M In Failed Assets Deductible, Lender Tells Fed. Circ.

    A mortgage company argued before the Federal Circuit on Wednesday that because it acquired other failing savings-and-loans banks, it should be able to make deductions associated with those purchases, which would total more than $500 million.

  • May 2, 2018

    NY Regulator Fines Broker $7M Over NRA-Branded Insurance

    New York’s top financial regulator said Wednesday that insurance broker Lockton Cos. LLC and affiliate Lockton Affinity LLC have agreed to a $7 million fine for serving as an administrator of a National Rifle Association-branded insurance program called “Carry Guard” in violation of state law.

  • May 2, 2018

    Jailed Racer's Ferrari Eyed For $1.3B Payday Fraud Tab

    The monitor seeking assets to satisfy the Federal Trade Commission’s $1.3 billion judgment against imprisoned ex-race car driver Scott Tucker for allegedly running tribe-affiliated predatory lending companies sought the green light Wednesday to sell his special edition Ferrari.

  • May 2, 2018

    Dems Want Bank Subpoenaed Over Alleged Army Sec. Deal

    Two senior Democrats on the House Oversight Committee on Tuesday urged Chairman Trey Gowdy, R-S.C., to subpoena a bank whose CEO was reportedly promised the Army secretary role in exchange for loans to former Trump campaign chairman Paul Manafort, saying it has refused to cough up requested documents.

  • May 2, 2018

    Sidley Snags 3 NY Capital Markets Partners From O'Melveny

    Sidley Austin LLP has bolstered its capital markets team with three O'Melveny & Myers LLP partners, including a former practice head who built his career backing banks in capital markets transactions and two attorneys who have steered industry giants like DreamWorks and their underwriters in various offerings, the firm announced Monday.

  • May 2, 2018

    Conn. Firm Shakes Lender Suit Over $12M Loan Opinion Letter

    An opinion letter prepared by Connecticut transaction boutique Berkowitz Trager & Trager for a $12 million loan that went south for the lender didn't create a contractual obligation the firm could breach, a federal judge said Tuesday in an order dismissing a malpractice suit against the firm.

  • May 2, 2018

    SEC Keeps $27M Asset Freeze Over Longfin Share Proceeds

    The U.S. Securities and Exchange Commission can maintain a $27 million asset freeze against three affiliates of the financial technology firm Longfin Corp. who allegedly made millions on the sale of restricted shares, a New York federal judge said in an order on Tuesday that extends the freeze pending trial.

Expert Analysis

  • Series

    After Cyan: A 'Problem' That Does Not Exist

    Adam Pulver

    Contrary to the hyperbole advanced by the defense bar, state courts are not flooded with frivolous securities lawsuits. And if there is a spike after the U.S. Supreme Court’s decision in Cyan v. Beaver County, there are likely other factors to blame, says Adam Pulver of the Public Citizen Litigation Group.

  • Opinion

    We Need A Cybersecurity Framework For Law Firms

    Shaun Jamison

    In order to enable lawyers to best meet cybersecurity challenges, state bars should pass rules that adopt a cybersecurity framework to be developed by a national committee, says Shaun Jamison, associate dean of faculty and professor at Purdue University's Concord Law School.

  • Keys To Corporate Social Responsibility Compliance: Part 3

    Michael Littenberg

    As the quantity and quality of corporate social responsibility disclosure increases, there is also movement toward greater comparability. Larger companies should benchmark their disclosures against global peers and evolving global standards, since over time, enhancements in foreign disclosure practices are likely to drive disclosures by many U.S. companies, say attorneys with Ropes & Gray LLP.

  • Series

    After Cyan: Potential Trends In Section 11 Litigation

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    The U.S. Supreme Court's clear signal in Cyan v. Beaver County that Section 11 claims filed in state court can remain in state court causes the litigation chess game to evolve to a new phase. A reasonable hypothesis is that Section 11 filings in state court will increase nationwide and not just in California, say members of Stanford Law School and Cornerstone Research.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.

  • Complying With 2 New AML Rules As Deadlines Approach

    Walter Mix

    Two landmark anti-money laundering rules — the federal beneficial ownership rule and New York’s transaction monitoring rule — have compliance deadlines coming up in the next few weeks. A variety of events may impact a financial institution’s ability to comply, says Walter Mix of Berkeley Research Group.

  • Keys To Corporate Social Responsibility Compliance: Part 2

    Michael Littenberg

    Increasingly, corporate social responsibility must be on the radar screen of in-house counsel. Investors are paying more attention to environmental, social and governance issues, and a growing number of shareholder proposals on these subjects should be expected, say attorneys with Ropes & Gray LLP.

  • Series

    After Cyan: Creative Lawyering Can't Displace Clear Statute

    Darren Robbins

    Prior to the U.S. Supreme Court’s decision last week in Cyan v. Beaver County, defense counsel often engaged in procedural maneuvering by interjecting jurisdictional challenges or removing cases to federal court. But defendants can no longer unilaterally override investors' clear statutory right under the Securities Act of 1933, say attorneys with Robbins Geller Rudman & Dowd LLP.

  • Series

    Judging A Book: Hardiman Reviews 'Without Precedent'

    Judge Thomas Hardiman

    In his new book, "Without Precedent: Chief Justice John Marshall and His Times," professor Joel Richard Paul ably explains more than a dozen of Marshall’s most significant opinions, which comes as no surprise​. ​What is a surprise — a pleasant one — is the book's readability, says Judge Thomas Hardiman of the Third Circuit.

  • Show Me The Money: The Answer To Trump Bribery Questions

    Seth Waxman

    Reports abound that “intermediaries” for President Donald Trump and Russian President Vladimir Putin participated in a secret bribery scheme involving lifting U.S. sanctions against massive Russian financial institutions. Having worked as a federal prosecutor in the Clinton, Bush and Obama administrations, I can report that there is one cardinal rule in these types of cases — follow the money, says Seth Waxman of Dickinson Wright PLLC.