Banking

  • January 25, 2021

    Cook County Wants Wells Fargo 'Consultant' Info In Bias Suit

    Cook County, Illinois, has said Wells Fargo must produce information about its retention of the county's former chief financial officer and comptroller as "consultants" in its suit accusing the bank of targeting minority borrowers with predatory lending practices, saying that in such high-level positions they were once privy to privileged communication.

  • January 25, 2021

    Ex-CFTC General Counsel Dan Davis Lands At Katten

    Daniel J. Davis, the U.S. Commodity Futures Trading Commission's recently departed general counsel, has joined the partnership at Katten Muchin Rosenman LLP, the firm announced Monday.

  • January 25, 2021

    After Trump, Dem Probes May Turn To Companies

    With a Democrat in the White House, veterans of congressional investigations expect Democratic leaders on Capitol Hill to shift most oversight to the private sector, probing industries ranging from pharmaceutical companies to banks to manufacturers.

  • January 25, 2021

    Wells Fargo Seeks To Nix Stock Suit Over Compliance Efforts

    Wells Fargo asked a New York federal judge on Friday to dismiss a lawsuit that, according to the bank, relies on "tiny snippets" of statements about the bank's regulatory compliance efforts to manufacture securities claims.

  • January 25, 2021

    Senate Confirms Yellen As Treasury Secretary

    A bipartisan majority of senators voted Monday evening to confirm Janet Yellen as the nation's first female Treasury secretary, quickly clearing a major hurdle in President Joe Biden's effort to resuscitate the U.S. economy from the novel coronavirus pandemic.

  • January 25, 2021

    Judge OKs Hy-Vee's $20M Data Breach Settlement

    An Illinois federal judge on Monday gave his blessing to a settlement between Hy-Vee Inc. and a class of customers who alleged that the grocery chain's lax security systems allowed cyberthieves to steal millions of credit card numbers.

  • January 25, 2021

    Luckin Investors Slam Exit Bids In Suit Over 'Massive' Fraud

    Investors in Chinese-based coffee chain Luckin Coffee urged a New York federal judge not to toss its proposed class action that alleges the company used "sham transactions" to fake hundreds of millions of dollars in sales, perpetrating "massive undisclosed fraud."

  • January 25, 2021

    High Court Won't Take Up M&T Bank Merger Case

    The U.S. Supreme Court on Monday declined to rethink a Third Circuit decision that revived a shareholder suit accusing M&T Bank of concealing the risks of a $3.7 billion merger.

  • January 22, 2021

    Biden's Rules Freeze May Not Stop Late Trump Financial Regs

    The Biden White House has declared a "regulatory freeze" aimed at halting the Trump administration's last-minute rulemaking in its tracks, but it may not offer progressives a quick fix for a spate of rules issued in recent weeks by the nation's traditionally independent financial regulators.

  • January 22, 2021

    Renovate Gets $5M Interim Loan Hike As Sale Fight Looms

    Bankrupt home improvement lender Renovate America Inc. pushed off a looming fight with unsecured creditors over its Chapter 11 sale terms Friday after its bankruptcy lender and stalking horse bidder agreed to add one week and $5 million to its original $18 million interim loan deadline.

  • January 22, 2021

    Capital One Customers Land Final OK On $13M ATM Fees Deal

    A federal judge in San Diego gave final approval to a $13 million settlement between Capitol One NA and consumers who allege the bank unfairly charged them balance inquiry fees.

  • January 22, 2021

    Former SEC Staff Attorney Takes Helm Of Enforcement Unit

    The U.S. Securities and Exchange Commission named a new acting director of its enforcement division Friday, calling in an associate director within the unit's home office, who is also an ex-staff attorney and former Milbank Tweed associate, to fill the role.

  • January 22, 2021

    Bank Faked Pay Data To Hide Bias Against Women, Suit Says

    A female bank executive alleges that the Utah bank she used to work for fudged payroll data to show women were being paid on par with men, and that her complaints about gender-based pay disparities prompted her termination, according to her lawsuit against the bank.

  • January 22, 2021

    Del. Justices Uphold Chancery's Higher Appraisal Of Tech Co.

    The Delaware Supreme Court on Friday upheld a lower court decision that gave investors in outsourcing company SourceHOV Holdings a post-merger share appraisal of $47.3 million, 2.8 times higher than the company's price.

  • January 22, 2021

    Vedder Price Adds Finance Atty To New Dallas Office

    Vedder Price PC has announced it has added a former Frost Brown Todd LLC finance attorney with more than a decade of experience in the field as the first hire for its new Dallas office.

  • January 22, 2021

    Simpson Thacher-Led Mortgage Co. Launches $250M IPO

    Private-equity backed mortgage producer Home Point Capital on Friday set a price range on an estimated $250 million initial public offering guided by Simpson Thacher & Bartlett LLP and underwriter counsel Davis Polk & Wardwell LLP, marking the latest mortgage-related company to seek public markets amid surging demand for home ownership.

  • January 22, 2021

    Yellen Slated To Win Senate Approval As Treasury Secretary

    The Senate will vote Monday on the confirmation of former Federal Reserve Chairwoman Janet Yellen as the nation's first female Treasury secretary, despite some Republican misgivings about her support for raising the corporate tax rate under President Joe Biden.

  • January 22, 2021

    Va. Judge Directs Re-Interview Of Witness In Capital One MDL

    A Virginia federal judge has directed attorneys in a multidistrict litigation over Capital One's massive data security breach that allegedly affected more than 100 million customers in the U.S. to re-interview a deponent, after he partially denied the customers' general discovery request based on the deposition.

  • January 22, 2021

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

    This past week in London has seen a top executive at Huawei take action against HSBC, British Gas file two fraud claims against MasterCard and Visa, and Chanel sue over a trademark infringement. Here, Law360 looks at those and other new claims in the U.K.

  • January 21, 2021

    Coronavirus Litigation: The Week In Review

    Verizon has escaped a $28 million lawsuit accusing it of spreading COVID-19, a coronavirus tracking application says Apple blocked it from its App Store to limit competition, and Enterprise wants an appeals court to consider whether the pandemic falls under the WARN Act's natural disaster exception. 

  • January 21, 2021

    FinCEN Says No To Activity Reports Over Negative Press

    The Financial Crimes Enforcement Network and other federal banking agencies added to its guidelines clarifying financial institutions' suspicious activity reporting obligations, noting that SARs are not necessary if based solely on negative media reports, grand jury subpoenas or other law enforcement inquiries.

  • January 21, 2021

    CFTC Names Democrat Rostin Behnam Acting Chairman

    The U.S. Commodity Futures Trading Commission announced Thursday that Rostin Behnam, its senior Democratic member, will serve as the agency's acting chairman for the time being.

  • January 21, 2021

    Borrowers Want Sanctions In Tribe-Linked Lending Row

    A proposed class of loan borrowers wants to sanction a vendor for tribal companies involved in online lending, accusing him of engaging in a "Stalingrad defense" and doing everything he can to delay complying with discovery requests.

  • January 21, 2021

    Chinese Fintech Co. Investors Claim Fraud Over IPO

    Investors in Chinese digital financial accounting platform 9F Inc. filed a proposed class action lawsuit in New Jersey federal court Wednesday, alleging that ahead of its initial public offering, 9F hid the fact that an ongoing dispute with a partner company had hurt its finances.

  • January 21, 2021

    'Come In And Talk To Us,' SEC's FinHUB Chief Urges

    The U.S. Securities and Exchange Commission announced Dec. 3 that its fintech innovation hub, or FinHUB, would become its own standalone office, a move its director Valerie Szczepanik tells Law360 will bolster its leadership role across the industry.

Expert Analysis

  • How Biden Might Dismantle Trump-Era Regulations

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    The Biden administration will likely take swift action to undo regulatory actions from the past four years with a variety of tools, including executive orders, the Congressional Review Act and legal challenges under the Administrative Procedure Act, say attorneys at Jenner & Block.

  • Opinion

    Lack Of Access To Remote Court Proceedings Is Inexcusable

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    Blanket rules that bar recording or dissemination of remote public court proceedings impede presumptive common law and First Amendment right of access, greatly expand courts' powers over nonparties, and likely run afoul of U.S. Supreme Court precedent, says Matthew Schafer at ViacomCBS.

  • OFAC Cyber Ransom Guidance Has Insurance Implications

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    A new advisory from the U.S. Department of the Treasury's Office of Foreign Assets Control will likely cause delay in insurance coverage determinations for ransom payments, but there are steps policyholders can take to secure coverage for restoration costs when a ransom is not paid, say attorneys at Hunton.

  • Ponzi Ruling Complicates Texas Fraudulent Transfer Litigation

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    The Fifth Circuit recently ruled that reliance on the Texas Uniform Fraudulent Transfer Act’s good faith affirmative defense required a diligent investigation in a Stanford International Bank Ponzi scheme case, but lack of clarity on what that entails leaves questions open for future fraudulent transfer litigation, say Joe Wielebinski and Matthias Kleinsasser at Winstead.

  • Anticipating CFPB Changes Under The Biden Administration

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    Joe Biden's presidential win and the U.S. Supreme Court's decision in Seila Law earlier this year may foretell a significant change in focus and tenacity at the Consumer Financial Protection Bureau, but as long as the U.S. Senate remains Republican-controlled, the likelihood of substantial structural change remains limited, say attorneys at Debevoise.

  • Opinion

    Why Attacks On Trump's Election Lawyers Are Problematic

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    The vilification of Jones Day and Porter Wright for their involvement in President Donald Trump's election lawsuits is an attack on lawyers' duty to advocate for their clients' causes fearlessly and zealously within the bounds of the law, says Pierce O'Donnell at Greenberg Glusker.

  • M&A Poised For Growth In The Biden Era

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    The M&A market is well positioned for recovery and growth under a Biden administration and divided Congress, which will likely gain control over the coronavirus pandemic, pass a stimulus package, and provide greater transparency in antitrust enforcement, say attorneys at Debevoise.

  • Key Takeaways From SEC's Fixed Income Trading Proposal

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    Attorneys at Sidley explain what the U.S. Securities and Exchange Commission's recently proposed rules for venues trading government securities will mean for broker-dealers operating fixed income platforms and investors that trade fixed income securities.

  • Avoiding 6 Common E-Discovery Production Pitfalls

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    Vanessa Barsanti and Sarah Mahoney at Redgrave explore how attorneys can prevent collateral discovery disputes by efficiently overseeing the electronic document review process and ensuring the integrity of the information provided to opposing counsel.

  • What To Expect From US Trade Policy In The Biden Era

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    President-elect Joe Biden’s administration will shift focus away from transactional relationships, focusing instead on multilateralism and rebuilding relations with key allies, even if a number of Trump administration trade initiatives live on, say attorneys at Squire Patton.

  • Navigating PPP Loan Forgiveness Risks: Part 2 — Lenders

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    Lenders and third parties should be aware of the risks surrounding misuse of Paycheck Protection Program funds and abuse of the loan-forgiveness process, and take steps to identify potential or suspected fraud, say attorneys at Blank Rome.

  • OFAC Art Transaction Advisory Signals Increased Scrutiny

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    Recent guidance from the Office of Foreign Assets Control sounds a clear warning that the agency views high-value artwork transactions as particularly susceptible to sanctions abuse and intends to initiate enforcement actions where those transactions directly or indirectly involved blocked persons, say attorneys at Patterson Belknap.

  • Law Firm Biz Development Tips For The Pandemic Era

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    Jessica Starr and Monica Ulzheimer at Alston & Bird look at four areas where business development and other law firm administrative teams can take a leadership role in driving practice growth at a time when attorney interactions with clients and peers are limited.

  • Navigating PPP Loan Forgiveness Risks: Part 1 — Borrowers

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    As deadlines approach for borrowers to submit Paycheck Protection Program forgiveness applications, they should take several precautions before signing certifications or talking to law enforcement in order to avoid triggering fraud investigations or criminal liability, say attorneys at Blank Rome.

  • Rulings Show Limits Of Federal Agency Vacancy Law

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    Recent court decisions applying the Federal Vacancies Reform Act to invalidate improper presidential appointments of acting federal agency heads have had little evident impact, highlighting shortcomings in the law that could become more acute if the presidency and Senate are controlled by different parties, says Steven Gordon at Holland & Knight.

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