Banking

  • December 10, 2020

    Libertarian Orgs Back Challenge To SEC Judges In 5th Circ.

    A pair of libertarian think tanks and a Koch brothers-funded conservative political advocacy group are throwing their support behind a Fifth Circuit challenge to the constitutionality of the U.S. Securities and Exchange Commission's in-house judges.

  • December 09, 2020

    Justices Scrutinize Remedies In FHFA Constitutionality Case

    The U.S. Supreme Court wrestled Wednesday with how far to go on the question of the Federal Housing Finance Agency's constitutionality as investors challenging the agency's multibillion-dollar "net worth sweep" of Fannie Mae and Freddie Mac pushed for the justices to set the arrangement aside.

  • December 09, 2020

    Banking Group Of The Year: Mayer Brown

    Mayer Brown LLP's banking practice freed Citi from litigation over fees it earned in a federal coronavirus relief loan program, extricated a big Swiss bank from a $350 million bribery case, and helped Goldman Sachs raise $6.8 billion for United Airlines by monetizing its reward program, earning it a spot as one of Law360's 2020 Banking Practice Groups of the Year.

  • December 09, 2020

    Santander To Pay Investors $47M Over IPO Statements

    Santander Consumer USA Holdings Inc. investors asked a Texas federal judge Tuesday to give final approval to a $47 million class action settlement to end five years of "contentious litigation" over claims the auto lender misled them ahead of its initial public offering.

  • December 09, 2020

    Capital One Tries To Trim Breach Suit, Victims Say It's 'Games'

    Attorneys for Capital One and the victims of a massive data security breach that allegedly affected more than 100 million customers in the U.S. squabbled Wednesday over whether the bank's privacy notice should be considered part of its cardholder agreement, in a hearing over a request for the court to dismiss some of the victims' claims.

  • December 09, 2020

    Defendant In $50M EB-5 Fraud Suit Hit With Default, Sanctions

    A Florida federal judge on Wednesday ordered that a man accused of aiding a $50 million EB-5 investment fraud be sanctioned with the striking of his pleadings and a default judgment for violating court orders and abandoning his defense.

  • December 09, 2020

    Intermex Taps Kaplan VP As New General Counsel

    A Kaplan Higher Education vice president and associate general counsel has been named the new general counsel and chief compliance officer of International Money Express.

  • December 09, 2020

    TD Bank Accused Of 'Bait-And-Switch' Credit Card Scheme

    TD Bank NA was hit with a proposed class action Tuesday in New Jersey federal court alleging it engaged in a "bait-and-switch" scheme of luring customers with the promise of upgrading their credit card accounts after seven months when it actually takes two years.

  • December 09, 2020

    Ex-CFTC Enforcement Head To Join Sullivan & Cromwell

    James McDonald, former enforcement chief with the Commodity Futures Trading Commission, announced Wednesday he will join Sullivan & Cromwell LLP as partner on Jan. 1, a move that teams him up with another former top regulatory enforcement cop, the former U.S. Securities and Exchange Commission enforcement co-head Steven Peikin.

  • December 09, 2020

    Ex-Barclays Traders Lose Appeal Of Rate-Rigging Conviction

    An appeals court refused on Wednesday to overturn the convictions of two former Barclays PLC traders imprisoned for conspiring to rig a European interest rate benchmark, rejecting challenges over the presence of an ex-UBS intern on the jury.

  • December 08, 2020

    Industry Groups Warn OCC Over Figure's Bank Charter Bid

    Prominent banking industry groups urged the Office of the Comptroller of the Currency on Monday to delay action on Figure Technologies' bid to launch a blockchain-powered national bank, citing legal and public policy concerns about the proposed upstart bank's plan to take only uninsured deposits.

  • December 08, 2020

    SEC Asked Why Convicted State St. Exec's Deal Lacks A Fine

    A Massachusetts federal judge refused to sign off on a judgment between a convicted former State Street Corp. executive and the U.S. Securities and Exchange Commission, telling both sides in a hearing Tuesday they need to convince him why the former bigwig should not be fined.

  • December 08, 2020

    CFTC OKs Electronic Trading Rules, Revises Bankruptcy Code

    The U.S. Commodity Futures Trading Commission on Tuesday approved rules to mitigate market disruptions caused by electronic trading anomalies and enacted its first update to bankruptcy regulations in 37 years, both actions that seek to resolve long-standing priorities.

  • December 08, 2020

    SEC General Counsel To Leave Agency In January

    Robert B. Stebbins, general counsel to the U.S. Securities and Exchange Commission, will leave the regulator in early January after three-and-a-half years, the SEC announced Tuesday.

  • December 08, 2020

    FBI Chief Wants Banks' Help Fighting COVID-19 Scams

    FBI Director Christopher Wray urged banks on Tuesday to continue reaching out to the agency as COVID-19-related financial crimes ramp up, using a recent case involving a professional football player to show the extent to which relief funds are being misused — and to pledge his support for the New York Giants.

  • December 08, 2020

    Banking Group Of The Year: Latham

    Latham & Watkins LLP's banking practice secured for UBS a more than $1 billion judgment against two defunct affiliates of the bankrupt Highland Capital Management, and it got more than two dozen underwriters of two initial public offerings off the hook in separate investor class actions, earning it a place among Law360's 2020 Banking Groups of the Year.

  • December 08, 2020

    Trump Org Opposes New Subpoena Args In NY AG's Probe

    The Trump Organization, Eric Trump and others are opposing new arguments over which subpoenaed documents can be shielded under attorney-client privilege in a New York attorney general probe into whether the president's businesses inflated asset values.

  • December 08, 2020

    Fintech Startup Remitly Taps New GC From Fifth Third Bank

    Online money transfer service Remitly announced Tuesday that it hired Fifth Third Bank's deputy general counsel as its new general counsel.

  • December 08, 2020

    HSBC Bank Settles Gold Price-Fixing Class Action For $42M

    HSBC Bank investors and traders asked a New York federal judge to preliminarily approve a $42 million deal to settle class action claims that the bank was one of several to engage in illegal price-fixing of the gold market.

  • December 08, 2020

    4 Blank-Check Cos. Raise Combined $875M In IPOs

    Four blank-check companies, planning to target a range of companies including those in financial technology and those that have recently emerged from bankruptcy, started trading Tuesday after raising $875 million combined.

  • December 07, 2020

    Former Sen. Paul Sarbanes, Co-Writer Of SOX, Dies At 87

    Former Maryland Sen. Paul Sarbanes, co-author of the landmark Sarbanes-Oxley Act of 2002, died Sunday night at the age of 87, according to a statement from his son.

  • December 07, 2020

    Feds Say Ex-Goldman Banker Can't Shake 1MDB Charges

    Federal prosecutors pushed back Friday against a bid by a former Goldman Sachs banker to dismiss charges stemming from the 1Malaysia Development Bhd. scandal, calling it a "thinly veiled" attempt to bring a motion for acquittal before trial.

  • December 07, 2020

    Student Loan Firm, Manager Must Pay $41M, Calif. Judge Says

    A student loan debt relief company and one of its principals will have to cough up more than $41 million in connection with U.S. Consumer Financial Protection Bureau claims they broke federal laws by charging advance fees on their services, a federal judge in California decided Friday.

  • December 07, 2020

    Wachtell-Guided Nasdaq Prices $1.9B Senior Notes Offering

    Nasdaq on Monday priced a $1.9 billion senior notes offering to help finance its acquisition of financial crime management software provider Verafin, in a transaction steered by Wachtell Lipton Rosen & Katz.

  • December 07, 2020

    US Trustee Inks $74M Deal For Bankrupt Mortgage Holders

    The U.S. Trustee's Office announced Monday that three major mortgage providers have agreed to pay out $74 million to correct errors they've made servicing the accounts of tens of thousands of bankrupt mortgage holders.

Expert Analysis

  • Case Law Likely Undercuts DOL's Microsoft Diversity Probe

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    The U.S. Department of Labor is unlikely to uncover liability in its recent investigation into Microsoft’s attempt to hire more Black managers and executives, because Title VII case law supports private employers' consideration of race among other factors to enhance diversity, says Conor Ahern at Sanford Heisler.

  • DOJ Guidance, Indictment Suggest Expanding Crypto Focus

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    Read together, the U.S. Department of Justice's recently released cryptocurrency guidance and unsealed BitMEX indictment send a strong message that the government is expanding efforts to combat use of digital assets and blockchain technology for criminal purposes, say Benjamin Klein and Deborah Meshulam at DLA Piper.

  • Opinion

    Lawyers Must Fight Voter Suppression This Election Season

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    Lawyers should use their unique skill sets, knowledge and spheres of influence to fight burdensome ID requirements and other voter suppression tactics that may influence the 2020 elections, and to participate in potential post-election litigation, say CK Hoffler and Allyce Bailey at the National Bar Association.

  • Why Sustainable Finance Is On The Rise

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    With green bonds, green loans and sustainability-linked debt instruments appearing with increasing prevalence in the bond and loan markets, opportunities within sustainable finance look set to continue their upward trajectory as environmental, social and governance factors increase in importance for both companies and investors, say attorneys at Vinson & Elkins.

  • Why Online Mediation May Be Here To Stay

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    Videoconferenced mediation offers several advantages and helps cases settle faster and more cordially, making it hard to imagine going back to logistically difficult in-person dispute resolution after COVID-19 restrictions are gone, says Sidney Kanazawa at ARC.

  • States' Evolving Patchwork Of Insurance Data Security Laws

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    With key differences in state approaches to insurance data security regulation beginning to emerge, even small and bank-affiliated insurance entities that are granted partial exemptions in some jurisdictions will likely have to develop information security programs eventually, say attorneys at McIntyre & Lemon.

  • CFTC Climate Change Report Highlights Costs Of Inaction

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    The Commodity Futures Trading Commission's recent report on climate change and financial markets makes it clear that while government regulation of carbon dioxide pollution may have negative consequences, letting greenhouse gas emissions go unaddressed could harm investors, asset managers and financial institutions, says Nicholas Fox at Goldberg Segalla.

  • Clients Have The Power To Promote Wellness At Law Firms

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    Law firm clients can play a role in lowering mental distress in the legal profession by seeking lawyer wellness data from firms and factoring those responses into outside counsel hiring decisions, says Jonathan Prokup at Cigna.

  • Opinion

    Appellate Courts Should Welcome Well-Crafted Amicus Briefs

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    A Seventh Circuit judge's recent order granting leave for three organizations to file amicus curiae briefs in Prairie Rivers Network v. Dynegy Midwest Generation is a reminder that relevant, nonduplicative amicus briefs can provide courts with helpful perspective, important facts and legal arguments, says Lawrence Ebner at Capital Appellate Advocacy.

  • 4 Compliance Tips Amid Increased Ransomware Scrutiny

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    In light of two new U.S. Treasury Department advisories signaling increased oversight of ransomware payments, victim companies and their third-party response teams considering making payments should follow certain due diligence and compliance best practices, say attorneys at Squire Patton.

  • CFPB U-Turn On Mortgage Marketing May Repair Industry Ties

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    The Consumer Financial Protection Bureau this week rescinded previous guidance that increased scrutiny on marketing services agreements in the mortgage space, representing a step toward reconciling the often tense relationship between regulators and the industry, says Nate Viebrock at Viebrock & De Nittis.

  • Floating-Rate Debt Considerations As Libor Cessation Nears

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    Ahead of Libor's discontinuance in 2021, issuers of floating-rate debt should contemplate several liability management measures to eliminate benchmark rate exposure for both new and legacy securities, says Dawn Pruitt at Faegre Drinker.

  • Alternative Financing Options For Retail And Hotel Properties

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    With the pandemic making it more difficult for retail shopping centers and hotels to secure traditional mortgage loans, borrowers should understand some of the customary features and requirements of mezzanine loans and preferred equity investments, say Mark Levenson and Jeffrey Gaskill at Sills Cummis.

  • SEC's Accredited Investor Rule Will Benefit Sovereign Wealth

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    The U.S. Securities and Exchange Commission’s newly finalized rule amending the "accredited investor" definition should lay to rest sovereign wealth funds’ ongoing headache of determining whether they qualify to participate in certain investment activities on a case-by-case basis, say attorneys at Baker McKenzie.

  • What Hiring Law Firms Should Consider Instead Of Grades

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    With law schools forgoing traditional grading due to the pandemic, hiring firms that have heavily weighted first-year grades during the on-campus interview process should turn to metrics that allow a more holistic view of a candidate, says Kate Reder Sheikh at Major Lindsey.

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