Banking

  • November 19, 2020

    Impressed Judge Set To Approve $23.6M Forex-Rigging Deal

    A New York federal judge on Thursday gave her congratulations to plaintiffs' counsel for a $23.6 million class-action settlement with more than a dozen big banks accused of rigging the foreign exchange market and said it was "no mystery" she would sign off on the deal.

  • November 19, 2020

    Santander Consumer Sued In Del. Over Public Stock Buyback

    Minority stockholders of subprime auto lender Santander Consumer USA Holdings sued the company's directors and controlling investor in Delaware's Chancery Court late Wednesday, citing ill-timed stock buybacks that cost the company hundreds of millions solely for the controller's gain.

  • November 19, 2020

    3 Firms Forge Nasdaq's $2.75B Deal For Financial Crime Co.

    Nasdaq Inc. has agreed to buy private equity-backed financial crime management software provider Verafin for $2.75 billion, the companies said Thursday, in an agreement etched by Wachtell, Blakes and Osler Hoskin.

  • November 18, 2020

    9th Circ. Denies Class Cert. For BofA OT Wages Suit

    The Ninth Circuit on Wednesday affirmed the denial of class certification for a former Bank of America senior account manager's overtime suit, holding that the employee failed to demonstrate that a timekeeping system challenged in her complaint operated on a wide scale.

  • November 18, 2020

    SEC's Hinman Offers Parting Words On Corporate Disclosures

    Bill Hinman, head of the U.S. Securities and Exchange Commission's corporate finance unit, offered some parting words of advice as he preps to leave the agency, urging companies Wednesday to provide shareholders and investors with meaningful, principles-based disclosures that go well beyond the "line-item" requirements of securities laws. 

  • November 18, 2020

    Does The Data Back Up S&P Cos.' Diversity Pledges?

    Some 189 companies in the S&P 250 released statements on commitments to racial justice in the wake of George Floyd's death, but so far, only 16 have released specific data on the inclusion of Black employees in their workforce, according to a new study released Wednesday.

  • November 18, 2020

    SEC Enforcement Against Public Cos. Hits 6-Year Low In 2020

    The number of SEC enforcement actions filed against public companies declined to a six-year low in fiscal year 2020, with a significant slowdown in new filings during the early phases of the COVID-19 pandemic.

  • November 18, 2020

    Title Insurance Agent Denied Coverage Of Email Scam Loss

    A New Jersey federal judge has ruled that Greenwich Insurance Co. does not have to cover a title insurance agent's loss of more than $480,000 after it was tricked into sending mortgage loan funds to a fraudster who posed as the lender's employees in emails, finding that coverage is clearly barred by an exclusion for theft.

  • November 18, 2020

    M&T Asks High Court To Tackle 'Nightmare' Disclosure Ruling

    M&T Bank Corp. has asked the U.S. Supreme Court to examine the "nightmare scenario" created by a Third Circuit ruling that companies must disclose unknown facts and admit to wrongdoing that has not been charged by regulators, saying the decision creates a path for investors to extort settlements from innocent businesses.

  • November 18, 2020

    Ex-Merrill Lynch Trader Denies Guilt In Slimmed Spoof Suit

    A former Merrill Lynch trader pled not guilty Tuesday to narrower charges in a market spoofing case against him after an Illinois federal judge said federal prosecutors initially attacked his conduct too broadly.

  • November 18, 2020

    Latham Directs 3rd Searchlight Fund's $3.4B Closing

    Private equity firm Searchlight Capital Partners, working with Latham & Watkins LLP, said Wednesday it had secured $3.4 billion for its third fund, which will invest in North American and European businesses in industries including communications, media, and financial and business services.

  • November 17, 2020

    Insurer Seeks Win In Calif. Bank's $14M Grifter Loss Coverage

    Federal Insurance Co. told a California federal judge that it is not on the hook for Banc of California's "self-inflicted" $14.2 million loan loss after a woman scammed the bank by pretending to be the daughter of an heir to aerospace giant McDonnell Douglas Corp.

  • November 17, 2020

    Visa Says DOJ Is Dragging Out $5.3B Plaid Merger Challenge

    The U.S. Department of Justice is pushing a September trial date for its challenge of Visa's proposed $5.3 billion purchase of fintech company Plaid in an effort to run out the clock and force the transaction's abandonment, the companies told a California federal judge on Tuesday.

  • November 17, 2020

    SEC Chair Praised And Rebuked In Last Senate Appearance

    U.S. Securities and Exchange Commission Chairman Jay Clayton received a mix of commendation and condemnation on Tuesday during what is presumed to be his final appearance before the U.S. Senate Banking Committee.

  • November 17, 2020

    Trump Taps Acting Comptroller To Lead OCC For 5-Year Term

    President Donald Trump announced Tuesday he will nominate Brian Brooks for a formal five-year term leading the Office of the Comptroller of the Currency, the national bank regulatory agency that Brooks has helmed on an acting basis since his predecessor Joseph Otting's departure earlier this year.

  • November 17, 2020

    JPMorgan Chase, First Republic Want Out Of PPP Fees Suit

    Pointing to dismissals of similar suits, JPMorgan Chase Bank and First Republic Bank asked a California federal judge Monday to toss a putative class action that alleges it owes fees to agents that helped businesses file applications for the Paycheck Protection Program.

  • November 17, 2020

    Backpage Execs Take Judge DQ Fight To 9th Circ.

    Former Backpage.com executives and employees accused of facilitating prostitution made clear Tuesday they will continue their push to remove an Arizona federal judge from the case due to comments by her husband, who is the state's attorney general, this time by asking the Ninth Circuit to step in.

  • November 17, 2020

    Brownstein Adds Ex-TD Ameritrade Privacy Pro To Its IP Team

    Brownstein Hyatt Farber Schreck LLP has added TD Ameritrade's former chief privacy officer as a shareholder handling privacy and intellectual property matters in its Washington, D.C., office, the firm has announced.

  • November 17, 2020

    11th Circ. Says University Can't Arbitrate Student's Fraud Suit

    The Eleventh Circuit has reversed an arbitration order for a student who claims Grand Canyon University lied about how long it would take to complete a doctoral degree program, ruling that a U.S. Department of Education regulation prohibiting enforcement of predispute arbitration agreements applies in the case.

  • November 17, 2020

    Mayer Brown Snags 2 Hunton Andrews Renewables Partners

    Mayer Brown LLP has added two partners and three associates from Hunton Andrews Kurth LLP to its projects and infrastructure group, saying the team will greatly expand its renewable energy capacity.

  • November 17, 2020

    Trump's Fed Pick Falters In Push For Senate Confirmation

    President Donald Trump's controversial nomination of Judy Shelton for a seat on the Federal Reserve's governing body stumbled on a key procedural hurdle in the U.S. Senate on Tuesday, imperiling her chances for confirmation in the lame duck session.

  • November 17, 2020

    Airbnb Says US Sanctions Cop Is Probing Its Cuba Operations

    Airbnb revealed that the U.S. Department of the Treasury's Office of Foreign Assets Control is reviewing the company's business operations in Cuba, noting that "significant monetary civil penalties and litigation" could be underway.

  • November 17, 2020

    Blank-Check Trio Tap Public Markets For $640M Combined

    Three blank-check companies went public Tuesday under the guidance of five law firms, after raising $640 million combined through initial public offerings that could fund acquisitions across diverse industries spanning from fintech to defense.

  • November 17, 2020

    Real Estate Rumors: Miami Beach, Deustche, Ryan

    The City of Miami Beach is reportedly on the hunt for a partner for an office project, Deutsche Pfandbriefbank is said to have loaned $66 million for a New Jersey industrial portfolio, and Ryan Cos. is reportedly hoping to sell an Illinois corporate center and may only get $6 million for the property.

  • November 17, 2020

    Clifford Chance, S&R Guide Embassy REIT's $1.3B Purchase

    Embassy REIT has reached a deal to buy a portion of a Bengaluru, India, business park for 97.8 billion Indian rupees ($1.3 billion) and had counsel on the matter from S&R Associates and Clifford Chance, according to an announcement from the India-based real estate investment trust.

Expert Analysis

  • 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.

  • Bid Protest Spotlight: Pandemic, Burdens, Timeliness

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    In this month's bid protest roundup, Sandeep Nandivada and Michaela Thornton at MoFo look at three recent U.S. Government Accountability Office decisions and what they tell us about an agency’s failure to consider the pandemic when constructing a procurement, the high burden for challenging an agency's technical judgments, and the importance of timeliness when navigating between protest venues.

  • Divergent Paths To Open Banking In UK And US

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    As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

  • SBA Survey Signals Enhanced COVID-19 Loan Scrutiny

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    The extent of information sought in a new Paycheck Protection Program questionnaire suggests the U.S. Small Business Administration intends to closely scrutinize borrowers' original certifications and claw back significant funds, which may lead to U.S. Department of Justice referrals for False Claims Act lawsuits, say Derek Adams at Potomac Law and Ellen London at Alto Litigation.

  • NY Ruling Underscores Federal, State Arbitration Law Conflict

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    The New York Supreme Court recently denied a post-award arbitration jurisdiction challenge in Fava v. Morgan Stanley, offering a warning that the application of federal versus New York arbitration laws can result in a materially different outcome, say Boaz Morag and Katie Gonzalez at Cleary.

  • 3 Data-Driven Steps To Gauge Class Action Damages

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    As corporate America faces a barrage of coronavirus-related class actions, defense counsel can use data analytics to build damages estimation models in support of their litigation strategies in employment, consumer fraud and Paycheck Protection Program matters, say analysts at Ernst & Young.

  • Opinion

    BigLaw Must Drop The Billable Hour To Improve Diversity

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    Implementing pay structures that compensate attorneys for achieving clients' goals rather than measuring success based on hours billed is a necessary first step to keeping underrepresented attorneys in BigLaw, says Elizabeth Korchin at Therium Capital.

  • Opinion

    SBA Survey Unfairly Targets COVID-19 Relief Borrowers

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    The U.S. Small Business Administration's new Paycheck Protection Program questionnaire applies problematic metrics to scrutinize relief recipients' motives and eligibility with the benefit of hindsight, say attorneys at Arent Fox.

  • SEC's Final Accredited Investor Rule Vs. Public Suggestions

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    The U.S. Securities and Exchange Commission’s recently finalized amendments to the Securities Act’s “accredited investor" definition took a prescriptive approach compared to the range of suggestions the agency received during the public comment period, but further qualifications should be expected, say Akshay Belani and John Sottile at Stroock.

  • Securities Litigation Implications Of COVID-19 Impairments

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    Adrienna Huffman and Bin Zhou at The Brattle Group analyze potential ramifications pandemic-prompted goodwill impairments could have on securities litigation, examine likely claims and defenses, and discuss parallels with the 2008 financial crisis.

  • 8 Tips For Effective Oral Advocacy In Virtual Court Hearings

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    Jim Lofton at Lofton Legally Speaking explains why tightly constructed arguments, the right camera angle and good online behavior are crucial to a powerful virtual courtroom presentation.

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