Banking

  • December 07, 2020

    Ill. Court Affirms US Bank's $120M Win Over Mall Build

    An Illinois appellate panel has affirmed a ruling that U.S. Bank NA is owed more than $120 million from the operator of a suburban Chicago shopping mall, saying the guaranty at issue puts the mall company on the hook for debt from two phases of the mall's construction.

  • December 07, 2020

    Job Loss From Work Visa Delay Is 'Minor' Issue, Feds Say

    Immigration officials asked a federal judge on Monday to toss a visa-holder's bid to speed up his work authorization renewal, calling his prospective unemployment and loss of income "speculative and relatively minor" harms.

  • December 07, 2020

    SEC Tells Justices Not To Hear Challenge To In-House Judges

    The U.S. Securities and Exchange Commission has urged the U.S. Supreme Court to reject a bid backed by small-government group New Civil Liberties Alliance to challenge the constitutionality of the agency's in-house judges, saying the justices have denied similar petitions before and should do so again.

  • December 07, 2020

    Attys Say Credit Agency Founder Can't Pile On Claims

    A group of class action attorneys fired back at a credit reporting company's founder's bid to add new plaintiffs and allegations to his suit claiming he and his family were harassed by a process server, arguing that the founder is retaliating against the attorneys for suing them in Virginia federal court.

  • December 07, 2020

    Banking Practice Group Of The Year: Cravath

    In the past year, Cravath Swaine & Moore LLP's banking practice group fended off a suit accusing Goldman Sachs of unfairly profiting from advising natural food wholesaler United Natural Foods Inc. on a $2.9 billion acquisition. This accomplishment, among others, garnered the group a place among Law360's 2020 Practice Groups of the Year.

  • December 07, 2020

    Nationstar Mortgage Settles With CFPB, States For $91M

    Federal and state regulators announced Monday that they've reached agreements to settle claims of compliance violations and other operational failures dating back years at Nationstar Mortgage LLC, unveiling deals that cover borrower refunds, fines and other relief totaling tens of millions of dollars.

  • December 04, 2020

    Fidelity Trial Wraps With Judge Questioning VP's Credibility

    A California federal judge probed the "inconsistent" testimony of a vice president at Fidelity Investments' charitable arm over alleged mismanagement of a donor-advised fund, questioning during closing arguments in a bench trial Friday whether the executive made empty promises to philanthropists to land their $100 million donation.

  • December 04, 2020

    Sens. Back PTAB Denial Rules, Drug Pricing Activists Balk

    The depth of the rift over whether the U.S. Patent and Trademark Office should be denying patent challenges for reasons other than merit came fully to light, as 800 comments over codifying the practice poured in by the Thursday deadline.

  • December 04, 2020

    CFPB Accuses Fintech LendUp Of Military Lending Violations

    The Consumer Financial Protection Bureau on Friday sued LendUp Loan LLC in California federal court, alleging the online lender violated federal consumer credit protections for military servicemembers and their families in making thousands of loans to such borrowers.

  • December 04, 2020

    Capital One Customers Eye Approval On $13M ATM Fees Deal

    Capital One customers on Thursday asked a California federal judge to approve their $13 million settlement with the bank, a deal that would put to rest their claims that it charges surprising fees for ATM transactions.

  • December 04, 2020

    Drug Co. Ex-CEO Liable For $1M FBAR Penalty

    A pharmaceutical company's former CEO faces a $1 million penalty for failing to disclose a foreign bank account after a federal court decided Friday he recklessly disregarded his duty to file.

  • December 04, 2020

    Real Estate Rumors: Banesco, Morgan Stanley, Greybrook

    Banesco USA has reportedly dropped $11.95 million on a Florida office building, Morgan Stanley is said to have provided $400 million in CMBS debt for a Manhattan office tower, and a Greybrook Realty Partners venture has reportedly paid $11.5 million for a development site in Miami.

  • December 04, 2020

    Financial Lobby Calls For 'Mandatory' Climate Disclosures

    A new report from a top financial markets lobbying group urges governments and regulators worldwide to institute a unified approach to climate-related disclosures and reporting, both to mitigate climate change and to decrease the costs of what it describes as a currently fragmented system.

  • December 04, 2020

    Amazon Needn't Supply Docs In Capital One Breach Suit

    A Virginia federal judge on Friday partially denied Capital One customers' push for Amazon to fork over documents and materials related to a massive data security breach that allegedly affected more than 100 million of its customers in the U.S., calling their requests "overbroad" and "not appropriate."

  • December 04, 2020

    PNC Bank Settles With EB-5 Investors In Fla. Hotel Fraud Suit

    PNC Bank has reached a settlement with a group of Chinese investors who claimed it conspired with a developer to defraud them of millions of dollars they collectively provided to back a now-shuttered Miami Beach hotel with the hopes of securing immigration visas.

  • December 04, 2020

    CFTC's Top Cop Says Cooperation Sends 'Powerful Message'

    On the heels of the Commodity Futures Trading Commission's most active enforcement year, the agency's top enforcer offered insights on how compliance teams can help firms stay out of the commission's regulatory crosshairs — and how to help mitigate the damage once they're in them.

  • December 04, 2020

    Banking Group Of The Year: Covington

    Covington & Burling LLP's banking practice dealt a blow to multibillion-dollar litigation over fees earned by lenders in a federal coronavirus relief loan program, helped thwart class certification sought by aluminum buyers suing JPMorgan for collusion, and guided one of the biggest European bank mergers in years, earning it a spot as one of Law360's 2020 Banking Practice Groups of the Year.

  • December 04, 2020

    U.S. House Makes History With Pot Decriminalization Vote

    The U.S. House of Representatives on Friday approved a bill to decriminalize marijuana at the national level, but it has little chance of getting a hearing in the GOP-controlled Senate before the end of the lame-duck session.

  • December 04, 2020

    2nd Circ. Affirms Penny Stock Broker's $12M SEC Fine

    A Second Circuit panel on Friday upheld the U.S. Securities and Exchange Commission's $12 million fine against a Utah penny stock broker for deficient suspicious transactions reporting practices, ruling the agency wasn't improperly enforcing another federal regulator's anti-money laundering laws.

  • December 04, 2020

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

    The past week in London has seen pharmaceutical giant Teva hit Astellas with a patent suit, Volkswagen sue several shippers, and Prince Harry sue several tabloids for defamation. Here, Law360 looks at those and other new claims in the U.K.

  • December 03, 2020

    NY Appeals Court Unpauses IPO Suit Against Lender Qudian

    A New York state appeals court on Thursday stepped in and lifted a stay on an investor action accusing the Chinese online microlender Qudian of going public without disclosing the extent of a principal shareholder's control over its operations.

  • December 03, 2020

    SEC's 'FinHub' To Become Stand-Alone Office Within Agency

    The U.S. Securities and Exchange Commission said Thursday that "FinHub," the agency's two-year-old effort to provide regulatory clarity and facilitate communication with players in the fintech industry, will become a stand-alone office.

  • December 03, 2020

    Citizens Can't Shake CFPB Suit Over Card Dispute Handling

    A Rhode Island federal judge has ruled that Citizens Bank NA must face a Consumer Financial Protection Bureau lawsuit accusing the bank of mishandling customers' credit card disputes, concluding the case isn't time-barred and doesn't need to be thrown out in light of the U.S Supreme Court's recent decision on the agency's constitutionality.

  • December 03, 2020

    SEC Taps Nelson Mullins Partner To Lead Atlanta Office

    The U.S. Securities and Exchange Commission announced Thursday that a former federal prosecutor and litigation partner at Nelson Mullins Riley & Scarborough LLP has been named director of the agency's Atlanta regional office.

  • December 03, 2020

    Judge Frees 1 Of Several Defendants In $2.1B Danish Tax Row

    A Manhattan federal judge dismissed one defendant in the $2.1 billion tax refund fraud suit brought by Denmark's tax authority against pension funds while declining to dismiss several other defendants.

Expert Analysis

  • Series

    Judging A Book: Schroeder Reviews 'Collegiality'

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    Mark Barringer's new book, "Collegiality and the Constitution," is an engaging, vibrant work of judicial history in Texas' Eastern District, and reveals an atmosphere of civility and respect among all those involved in the business of the court, says U.S. District Judge Robert W. Schroeder III.

  • How Cos. Can Respond To Growing Crypto Tax Enforcement

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    As the U.S. Department of Justice and the Internal Revenue Service remain laser-focused on abusive cryptocurrency schemes, companies operating in this high-risk industry should review their compliance measures in areas such as data analysis, employee oversight and industry benchmarking, say attorneys at Norton Rose.

  • Now Is The Time To Go Digital With Compliance Training

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    To properly meet the U.S. Department of Justice's latest corporate compliance expectations and adapt to the current remote working environment, consider collaborating with a client on an e-learning solution tailored to its employees, says Alexander Holtan at Eversheds Sutherland.

  • Opinion

    Cos. Should Have To Notify Workers Of Whistleblower Rights

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    The U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, U.S. Department of Justice and Internal Revenue Service should require employment confidentiality and separation agreements to make clear workers may talk to the agencies and retain any whistleblower award without retaliation or approval, says Ezra Bronstein at Mehri & Skalet.

  • Overcoming The Pandemic's Hurdles To Pro Bono Work

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    Sarah McLean at Shearman & Sterling looks at how attorneys and law firms can partner with nonprofits to leverage their collective resources, sharpen their legal skills and beat the unique pandemic-induced challenges to providing free legal services to low-income individuals.

  • Opinion

    Trump's Tax Tactics May Be Criminal

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    Apologists who defend President Donald Trump as having shrewdly exploited legal loopholes by deducting dubious consulting fees from his taxes are ignoring major badges of fraud that would have led the Internal Revenue Service to investigate any other taxpayer, says Daren Firestone at Levy Firestone.

  • Barrett's Rulings Show Fairness In Employment Cases

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    While court watchers may assume U.S. Supreme Court nominee Judge Amy Coney Barrett leans toward deciding employment cases in favor of management, her Seventh Circuit opinions demonstrate a balanced approach that respects jury verdicts, adheres to the law and is not results-oriented, says David Garland at Epstein Becker.

  • Best Practices For Presenting Exhibits In A Remote Deposition

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    In this era of fully remote depositions, attorneys must carefully consider whether they want to deliver exhibits to opposing counsel in advance or on the day of the deposition, and think creatively about the technological resources available to them, say Helene Wasserman and Nathaniel Jenkins at Littler.

  • What We Know About How Judicial Bias Can Influence Rulings

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    The struggle to replace Justice Ruth Bader Ginsburg raises the question whether U.S. Supreme Court justices and federal judges are able to separate their political beliefs and world views from their judicial opinions, with studies in political science and social psychology providing clear answers, says Drury Sherrod at Mattson and Sherrod.

  • Opinion

    We Must Hold Banks Accountable To Stop Money Laundering

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    On the heels of a recent Financial Crimes Enforcement Network leak exposing trillions of dollars in suspicious transactions, banks and regulators must work together to hold individual bankers, boards of directors and senior management accountable when they facilitate transactions of criminally derived cash, says Linda Lacewell at the New York State Department of Financial Services.

  • Law Firm Social Responsibility Strategies In The New Normal

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    Law firm leaders and marketers should consider several fundamental questions as they develop their corporate social responsibility programs amid the pandemic with reduced available time, money and personnel, including identifying a realistic charitable spending budget and seeking input from firm lawyers, clients and nonprofit partners, says Tina van der Ven at NewStar Media.

  • What To Expect On Key Civil Procedure Issues From Barrett

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    Judge Amy Coney Barrett's prolific opinion writing on the Seventh Circuit reveals a clear picture of what we can expect from this jurist on issues such as state court personal jurisdiction over out-of-state defendants, Article III standing and the application of federal law in diversity actions, says James Wagstaffe at Wagstaffe von Loewenfeldt Busch.

  • Preparing For Enhanced Enforcement Under Calif. 'Mini-CFPB'

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    Brett Watson and Michael Kraft at Cozen O'Connor analyze the pros and cons of a new California law to establish a Consumer Financial Protection Bureau-like agency in the state, and explore how financial services providers should prepare for more aggressive enforcement.

  • A Likely Tipping Point For Nonlawyer Ownership Of Law Firms

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    The Arizona Supreme Court's recent decision to eliminate prohibitions on nonlawyer ownership of law firms may show that the organized bar's long-standing rhetoric that such rules are essential to protecting the legal profession's core values is overblown, say Anthony Sebok at Cardozo School of Law and Bradley Wendel at Cornell Law School.

  • Practical Lessons From 2nd Circ. Lehman Bankruptcy Ruling

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    The Second Circuit's recent decision in the Lehman Brothers bankruptcy litigation provides guidance for market participants who structure or invest in complex finance transactions involving derivatives, as well as a useful perspective for creditors seeking to protect their rights in a bankruptcy proceeding, say Thomas Mitchell at Orrick and attorney Steven Fink.

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