Banking

  • November 23, 2020

    Indicted Ex-Goldman Banker Denies Role In 1MDB Scandal

    A former Goldman Sachs banker asked a New York federal court to toss an indictment against him stemming from the 1Malaysia Development Bhd. scandal, arguing he had no involvement in the multibillion-dollar fraud scheme aside from introducing two of the alleged key players.

  • November 23, 2020

    Forex Rigger Katz On Track For $400-Per-Hour Consult Gig

    A Manhattan federal judge showed little inclination Monday to stop convicted forex rigger Jason Katz from earning $400 per hour as consultant for investors seeking to hold 16 big banks liable for price-fixing, but the judge suggested capping the former government cooperator's pay.

  • November 23, 2020

    Ex-Fed Chair Yellen Is Biden's Pick For Treasury Secretary

    President-elect Joe Biden is expected to announce former Federal Reserve Chair Janet Yellen as his nominee for Treasury secretary, picking the esteemed economist to become potentially the first woman to serve in the key Cabinet position, according to media reports on Monday.

  • November 23, 2020

    Judge Backs Sanctions For AWOL EB-5 Fraud Suit Defendant

    A Florida federal judge recommended Monday that a son should follow in his father's footsteps by being sanctioned with the striking of his pleadings and a default judgment for violating court orders and abandoning his defense in a suit accusing him of aiding a $50 million EB-5 investment fraud.

  • November 20, 2020

    SEC Official Calls On Firms To Empower Compliance Chiefs

    The director of the U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations has urged investment firms to empower their chief compliance officers, and warned that regulators notice when firms take a "check-the-box" approach to the position.

  • November 20, 2020

    Fla. Judge Says Attys On 'Thin Ice' After FCRA Claims

    A Florida federal judge issued a stern warning in lieu of sanctions Friday to two attorneys who lender BlueChip Financial and its CEO claimed had pursued frivolous Fair Credit Reporting Act violation claims against them, cautioning the lawyers that they were "on thin ice."

  • November 20, 2020

    Cos. Turn Over Security Contracts In NYPD Off-Duty Pay Fight

    Five companies have given a New York federal judge agreements they signed with the New York City Police Department as part of a security program for off-duty officers, a precursor to their coming request to escape a proposed class and collective action from officers alleging they were not properly paid for their work.

  • November 20, 2020

    OCC Pitches Rule Requiring Banks To Provide 'Fair Access'

    The Office of the Comptroller of the Currency on Friday floated a proposed rule that would limit big banks' ability to turn away fossil fuel companies, gun manufacturers and other "politically controversial" businesses, citing concerns about the banking system being misused to advance ideological agendas.

  • November 20, 2020

    SEC's Clayton Leaves Behind Market-Friendly Legacy

    Outgoing U.S. Securities and Exchange Commission Chairman Jay Clayton built a record that focused on easing capital formation from day one, a priority welcomed by capital markets attorneys, albeit over objections from investor protection advocates.

  • November 20, 2020

    FCA Says Undisclosed Info Won't Upend Insider Dealing Case

    A British prosecutor told an appeals court Friday that undisclosed information linking associates of a man convicted of insider dealing to an inside source at Citibank doesn't surmount evidence that he got confidential deal information from a friend who was a UBS compliance officer.

  • November 20, 2020

    Cooperation In KPMG Case Spares Ex-PCAOB Staffer Prison

    A former financial watchdog staffer accused of feeding stolen information about audit inspections to KPMG employees will avoid prison after a New York federal judge on Friday lauded his "crucial" cooperation with the government's investigation of other alleged co-conspirators.

  • November 20, 2020

    NY Judge Orders Args In AG's Trump Probe Doc Dispute

    A New York judge Friday ordered oral arguments to be held next month in a dispute over subpoenas to entities related to President Donald Trump's businesses, part of the state attorney general's probe over whether Trump inflated his asset values.

  • November 20, 2020

    Ex-Finance Pro's No-Prison Sentence Caps BofA Insider Case

    A Manhattan federal judge on Friday ordered a former Tullett Prebon accounting supervisor to forfeit $2 million he earned while trading illegally on Bank of America merger secrets, but credited his cooperation with the Manhattan U.S. Attorney's Office in sparing him prison.

  • November 20, 2020

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

    This week in London has seen some of Europe's biggest truckmakers facing more litigation following their antitrust fines, Eddie Stobart sued by its fired founder, and pharmaceutical company Reckitt Benckiser go after its former prescription drugs business. Here, Law360 looks at those and other new claims in the U.K.

  • November 19, 2020

    9th Circ. Puts Heat On Seila Law In CFPB Ratification Fight

    A Ninth Circuit panel on Thursday appeared reluctant to shoot down a Consumer Financial Protection Bureau administrative subpoena against the California law firm that successfully challenged the agency's constitutionality at the U.S. Supreme Court, struggling with the firm's position that the agency can't be allowed to pick up where it left off after their high court trip.

  • November 19, 2020

    PayPal 'Soft-Pedaled' Data Breach Disclosure, 9th Circ. Told

    PayPal investors urged the Ninth Circuit on Thursday to revive a proposed class action alleging the company hid what it knew about a 2017 data breach, allegedly causing its stock to later drop when the hack was revealed, arguing that PayPal "soft-pedaled" its initial announcement to avoid a strong market reaction.

  • November 19, 2020

    US, EU, Others Put Export Credit Negotiations On Ice

    The United States, along with more than half the members of an international body tasked with updating export financing standards, staged an administrative walkout Thursday, issuing a joint statement of protest over some member states' lack of transparency.

  • November 19, 2020

    DOJ Keeps Heat On Advisers Despite Quiet End To Bain Case

    The U.S. Department of Justice put deal makers on notice last month with a very public rollout of a lawsuit blasting Bain & Co. for withholding documents regarding Visa Inc.'s latest mega-deal. And the quiet dropping of the case weeks later didn't give deal advisers any comfort as the department moved to challenge the merger itself.

  • November 19, 2020

    6th Circ. Upholds Hartford's Win In Disability Benefits Case

    A Sixth Circuit panel ruled Thursday that Hartford Life & Accident Insurance Co. was within its legal rights to stop providing disability benefits to a former U.S. Bank employee with multiple myeloma, upholding a Kentucky federal judge's decision.

  • November 19, 2020

    Lender Seeks Sanctions Over 'Shakedown' FCRA Suit

    A Florida woman informed a Tampa federal court Wednesday of a settlement in her Fair Credit Reporting Act suit against lender BlueChip Financial and its CEO, but the judge set a hearing for Friday on the defendants' sanctions motion alleging the suit was "factually and legally frivolous."

  • November 19, 2020

    NY AG Wants New Args In Trump Tax Probe Doc Dispute

    New York's attorney general asked a state judge Thursday to allow rearguments over what subpoenaed documents can be shielded under attorney-client privilege in a tax probe into whether President Donald Trump inflated his asset values.

  • November 19, 2020

    SEC Hires FINRA Vet, Promotes Another For NY Broker Exams

    The U.S. Securities and Exchange Commission on Thursday named two new associate directors of its Office of Compliance Inspections and Examinations' broker-dealer examination program in New York, including a former executive with the Financial Industry Regulatory Authority.

  • November 19, 2020

    Ex-UBS Compliance Pro, Trader Appeal Insider Dealing Convictions

    A former UBS compliance officer and her day trader friend urged a U.K. appeals court Thursday to overturn their insider dealing convictions, saying the Financial Conduct Authority didn't disclose evidence that assisted their case.

  • November 19, 2020

    Deals Rumor Mill: Bumble, Deliveroo, Talkspace

    Bumble could be worth $8 billion in an IPO set for early 2021, U.K.-based Deliveroo is seeking a roughly $3 billion valuation in its own planned IPO, and online therapy app Talkspace could sell for about $1 billion. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 19, 2020

    Coronavirus Litigation: The Week In Review

    Governors continue to face legal battles over restrictions to curb the spread of coronavirus cases in their states, FEMA has been sued for moving forward with a disputed $48 million no-bid contract for COVID-19 testing services, and Amazon faces claims that its pandemic response disproportionately harmed workers of color. 

Expert Analysis

  • Valuation Uncertainty Could Prompt Increased Litigation

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    The COVID-19 pandemic has increased volatility around forward-looking cash flows and discount rates, which may lead to more business valuation disputes, particularly in the M&A and bankruptcy litigation contexts, say analysts at Cornerstone Research.

  • State FCA Considerations For Cos. Seeking COVID-19 Relief

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    Any business seeking funding from a state or local pandemic relief program should be cognizant of the significant legal exposure it could face under a state false claims act, say attorneys at Patterson Belknap.

  • What The Biden-Harris Win Means For Securities Regulation

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    In this brief video, Amy Greer and Valerie Mirko at Baker McKenzie examine what a government led by Joe Biden and Kamala Harris could mean for the securities industry, regulatory leadership and financial policy.

  • The Pandemic's Long-Term Impact On Law Firm Operations

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    Brian Burlant at Major Lindsey looks at how pandemic-era remote work has changed the way law firms operate — from shifts in secretarial functions to associate professional development — and explains why some alterations may be here to stay.

  • Treasury Stance On Ransomware Payment Could Hurt Targets

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    Recent statements from two U.S. Department of the Treasury offices indicate that paying off ransomware with cryptocurrency may trigger certain registration requirements and U.S. sanctions scrutiny, placing a significant regulatory burden on cybervictims and their incident response consultants, say attorneys at McDermott.

  • 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.

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