Banking

  • December 14, 2020

    2nd Circ. Kicks Trump Subpoena Fight To Lower Court

    The Second Circuit on Monday sent back to a federal district court President Donald Trump's suit seeking to keep Deutsche Bank from handing over his financial records to two congressional committees.

  • December 14, 2020

    4 Firms Rep Benefits Biz's $1.1B Takeover By Goldman Sachs

    Canadian employee benefits plan provider People Corp. said Monday that it had inked a $1.13 billion cash deal to be bought by Goldman Sachs' investment arm in a deal guided by Stikeman Elliott, Davies Ward, Osler and Sullivan & Cromwell.

  • December 14, 2020

    Justices Let Convictions Over $18.5M USDA Loan Fraud Stand

    The U.S. Supreme Court on Monday declined to hear appeals from two businessmen convicted of securing government-backed loans through fraud, which ultimately left the U.S. Department of Agriculture on the hook for over $18.5 million.

  • December 14, 2020

    Class Action Lessons From Top Court's Mastercard Ruling

    A decision by Britain's court to revive a landmark consumer lawsuit against Mastercard has provided clarity for claims in the country's growing class action regime, with lawyers noting its focus on access to justice and the potential to unlock other big antitrust actions.

  • December 11, 2020

    State AGs Press Challenge To OCC's Valid-When-Made Rule

    State attorneys general challenging the Office of the Comptroller of the Currency's valid-when-made rule have entered a bid for judgment in their California federal court case against the agency, arguing the rule is a deeply flawed product that should be struck down.

  • December 11, 2020

    Monaco Bank Gets Tangled In $92M Russian Award Feud

    A former business partner of an alleged real estate fraudster opened a new front Friday in his worldwide bid to enforce a $92 million arbitral award against the former Russian politician, accusing a Monaco-based bank and others of helping to hide the fortune on which the man's "criminal empire" is based.

  • December 11, 2020

    9th Circ. Urged To Void MoneyLion's Arbitration Agreement

    A MoneyLion consumer suing the mobile banking company for being a "high-tech debt trap" urged the Ninth Circuit on Friday to reverse a lower court's ruling that her claims must be sent to arbitration, arguing that the agreement's language runs afoul of a California Supreme Court ruling.

  • December 11, 2020

    Supreme Court To Hear Goldman Class Cert. Fight

    The U.S. Supreme Court said that it would review Goldman Sachs' hotly watched challenge to certification of an investor class accusing the bank of concealing conflicts of interest.

  • December 11, 2020

    9 Blank-Check IPOs Rake In $2B As SPAC Blitz Continues

    Two blank-check companies — one looking for businesses serving the elderly and the other hoping to merge with financial technology enterprises — led a horde of nine special-purpose acquisition companies whose units kicked off trading Friday, raising nearly $2 billion in total through initial public offerings.

  • December 11, 2020

    Ameritrade Demands Judge Recusal Over Plaintiff Connection

    A federal judge's friendship with the husband of a woman leading a class action accusing TD Ameritrade of skimping on dividends is grounds for recusal, according to a motion filed Wednesday in Missouri federal court by the financial services giant.

  • December 11, 2020

    Bank Sues Pa. La Quinta Inn For $8M Over Defaulted Loan

    A national banking association is demanding a Harrisburg, Pennsylvania, La Quinta Inn location repay $7.9 million for a $6 million loan borrowed in 2017, according to a complaint filed Thursday in Pennsylvania federal court.

  • December 11, 2020

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

    This past week in London has seen Nigeria's federal airports authority continue its long-running dispute with AIC, Aviva go head-to-head with AXA, and oil giant BP sued by a rival. Here, Law360 looks at those and other new claims in the U.K.

  • December 11, 2020

    UK's Top Court Paves Way For £14B Mastercard Class Action

    Britain's highest court cleared the way Friday for a £14 billion ($18.5 billion) proposed consumer lawsuit against Mastercard over its merchant swipe fees to go ahead as a class action, endorsing a more lenient test for deciding whether an antitrust suit merits collective status.

  • December 10, 2020

    CFPB Completes Qualified Mortgage Rule Overhaul

    The Consumer Financial Protection Bureau on Thursday released rules that revamp and expand its standards for what counts as a qualified mortgage, swapping out an old debt-to-income limit and introducing a new subcategory of seasoned loans.

  • December 10, 2020

    Names To Watch As Biden Mulls Next SEC And CFTC Leaders

    As President-elect Joe Biden's transition team continues to stock the incoming administration with new government agency leaders, several names are being tossed around as potential successors to the outgoing heads of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

  • December 10, 2020

    Ex-Goldman Banker Says Feds Withholding 1MDB Evidence

    Former Goldman Sachs executive Roger Ng on Thursday said the government is withholding exculpatory evidence from the defense in the case stemming from a purported $2.7 billion fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Bhd.

  • December 10, 2020

    Real Estate Rumors: Sterling, JPMorgan, Butters Construction

    Sterling Equities has reportedly paid $92.25 million for a Florida apartment complex, JPMorgan is said to be one of five lenders on a $316 million loan for a Queens logistics project and a Butters Construction and Development venture has reportedly broken ground on a Florida logistics project.

  • December 10, 2020

    Defense Bill To Usher In New Era For Anti-Money Laundering

    U.S. anti-money laundering laws are set for their biggest overhaul in decades under a new defense spending bill that would expose the true owners behind shell corporations, a move that attorneys believe will provide regulators and banks with critical information to clamp down on criminals looking to move dirty money.

  • December 10, 2020

    FinCEN Chief Says COVID-19 Crime Reports Must Be Specific

    The head of the Financial Crimes Enforcement Network on Thursday applauded companies for reporting suspicious activity during the COVID-19 pandemic, but he said their reports need to be more specific.

  • December 10, 2020

    COVID-19 Concerns Won't Spring Jailed State Street Exec

    A former State Street Corp. vice president convicted of tacking on unauthorized charges to huge international transactions will not be able to get out of prison five months into his 18-month sentence, as a judge ruled Thursday he does not face a substantial COVID-19 risk.

  • December 10, 2020

    Banking Group Of The Year: McGuireWoods

    McGuireWoods LLP's financial institutions industry team helped its banking clients face the COVID-19 crisis head-on, guiding Bank of America's $1 billion corporate social bond and winning a case of first impression interpreting the CARES Act to land it among Law360's 2020 Banking Groups of the Year.

  • December 10, 2020

    SEC Enforcement Chief Avakian To Step Down At Year's End

    The U.S. Securities and Exchange Commission said Thursday that its enforcement chief, Stephanie Avakian, is stepping down by the end of the month, capping off a four-year tenure during which the agency brought more than 3,000 enforcement actions and secured more than $17 billion in fines and other monetary relief.

  • December 10, 2020

    Judge Ordered To Respond To DQ Motion In Backpage Case

    A Ninth Circuit panel has ordered an Arizona federal judge to respond to a disqualification motion brought by former Backpage.com executives and employees accused of facilitating prostitution who say she can't be impartial due to comments made by her husband, the state's attorney general.

  • December 10, 2020

    Attys, Bankers Face Trial In Germany On Cum-Ex Charges

    A district court in the German city of Frankfurt opened a trial against six former employees of an insolvent bank as well as two lawyers from an unnamed law firm on charges of serious tax evasion or abetting tax evasion.

  • December 10, 2020

    CFTC's Tarbert To Step Down As Chairman In 2021

    Commodity Futures Trading Commission head Heath Tarbert announced Thursday that he will be resigning from the role of chairman early next year, though he said he plans to remain a commissioner at the agency.

Expert Analysis

  • 6 Structural Issues Complicating Libor Transition

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    Examining specific challenges financial institutions face in reconfiguring risk models, compliance processes and operational technologies ahead of Libor's 2021 phaseout may keep the market from grinding to a halt as it transitions to a new interest rate benchmark, says Don Mumma at AxiomSL.

  • Foreign Cos. Should Consider Risks Of OFAC Iran Sanctions

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    The Office of Foreign Assets Control’s recent sanction of 18 Iranian banks creates a dilemma for foreign entities, particularly those reliant on U.S. dollars, who must evaluate whether to wind down their existing business with Iran to minimize risk of becoming a secondary sanctions target, say attorneys at Kirkland.

  • Series

    Lawyering While Parenting: A Day In A Dad's Pandemic Life

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    Christopher Jennison shares a view of his life working from home as a Federal Aviation Administration attorney preparing to first-chair a trial while splitting child care responsibilities with his lawyer wife.

  • Series

    Lawyering While Parenting: A Day In A Mom's Pandemic Life

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    Josephine Bahn shares a view of her life working from home as an attorney at the Federal Deposit Insurance Corporation while splitting child care responsibilities with her lawyer husband.

  • Opinion

    SBA Change-In-Ownership Guidance Highlights PPP Flaws

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    The lack of clarity in the U.S. Small Business Administration's recent guidance on Paycheck Protection Program requirements for borrowers undergoing ownership changes is an example of how changing the pandemic relief program's rules on the fly could leave borrowers confused and potentially economically vulnerable, says Christine Price at Moritt Hock.

  • Brazilian Data Protection Law's Impact On US Financial Firms

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    In this brief video, Flavia Rebello at Trench Rossi and Daniela Fonseca Puggina at Baker McKenzie explain why U.S. financial institutions that do not have a presence in Brazil should still be up to speed with its newly effective General Data Protection Law to avoid potential issues with Brazilian regulators and courts.

  • 5 Cost-Cutting Strategies For Corporate Legal Departments

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    To achieve long-term reduction in their legal expenses, companies must look beyond law firm hourly rates and better distribute their legal work among high-cost premier firms, low-cost practitioners and alternative legal service providers, and their own in-house teams, says Nathan Wenzel at SimpleLegal.

  • Guest Feature

    Preparing The Next Generation Of Female Trial Lawyers

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    To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.

  • Guest Feature

    Mentorship Is Key To Fixing Drop-Off Of Women In Law

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    It falls to senior male attorneys to recognize the crisis female attorneys face as the pandemic amplifies an already unequal system and to offer their knowledge, experience and counsel to build a better future for women in law, says James Meadows at Culhane Meadows.

  • Calculating FCA Damages From PPP Fraud May Be Tricky

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    The Paycheck Protection Program will undoubtedly give rise to False Claims Act enforcement, but the intangible nature of some contract benefits and differences in contract valuation between the circuits raise uncertainty about damages calculations, say Ellen London at Alto Litigation and Derek Adams at Potomac Law.

  • Guest Feature

    5 Ways Firms Can Avoid Female Atty Exodus During Pandemic

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    The pandemic's disproportionate impact on women presents law firms with a unique opportunity to devise innovative policies that will address the increasing home life demands female lawyers face and help retain them long after COVID-19 is over, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • Highlights From 'SEC Speaks' 2020

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    At its recent virtual SEC Speaks conference, the U.S. Securities and Exchange Commission emphasized efforts to adapt enforcement to emerging risks amid the pandemic, and warned companies not to use COVID-19 to cover up past mistakes or newly discovered ones, say attorneys at Perkins Coie.

  • How The State And Local Regulatory Landscape Is Expanding

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    States and localities are employing creative methods to emerge as key players in regulatory enforcement traditionally dominated by the federal government, including False Claims Act investigations, unfair and deceptive acts and practices claims, and pharmaceutical sector regulation, say attorneys at Troutman Pepper.

  • What To Know About The First Wave Of CARES Act Litigation

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    James Murphy and Daniel Payne at Murphy & McGonigle analyze the first six months of CARES Act litigation and provide insight into how early cases are progressing and who seems to be winning.

  • UK Pandemic Recovery Offers Opportunities For Green Cos.

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    The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.

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