Banking

  • May 21, 2020

    Competing Venezuelan Gold Claims Slow €930M BoE Dispute

    A London judge ruled Thursday that it was too soon to grant Venezuela's central bank a fast trial over the release of €930 million ($1 billion) worth of gold from the Bank of England because of competing claims to the country's presidency and money.

  • May 21, 2020

    OCC's Otting To Depart As Ex-Coinbase Lawyer Steps Up

    The head of the Office of the Comptroller of the Currency announced Thursday that he's stepping down, an expected departure that comes one day after he released a major rewrite of community lending regulations and paves the way for a former top lawyer for Coinbase to take the reins of the agency.

  • May 20, 2020

    1st Circ. Affirms Ex-State Street Exec's Fraud Convictions

    The First Circuit found Wednesday that a former State Street Corp. executive used domestic, rather than international, wires when he stole millions from clients by sneaking in undisclosed fees on massive transactions and rejected his bid to overturn a wire fraud conviction based on extraterritoriality issues.

  • May 20, 2020

    Banking Regulators Issue Small-Dollar Lending Guidelines

    Federal banking regulators issued guidance on Wednesday for responsibly offering small-dollar loans to meet consumers' short-term credit needs as the nation grapples with the economic fallout from the coronavirus pandemic.

  • May 20, 2020

    Ex-Kazakh Mayor Sanctioned In Money Laundering Suit

    A New York federal judge has sanctioned the former mayor of Almaty, Kazakhstan, and his son after the two men were accused of subverting the discovery process in a $40 million money laundering lawsuit with the city of Almaty and BTA Bank.

  • May 20, 2020

    New CFTC Policy Offers 'Road Map' On Enforcement Penalties

    The Commodity Futures Trading Commission's enforcement division issued its first public guidance on civil monetary penalties in more than 25 years on Wednesday, promoting what it called transparency in penalty determinations and outlining a three-pronged approach that staff will be bound to in their assessments.

  • May 20, 2020

    Advocacy Groups Decry New Trump Deregulatory Move

    Environmental and other advocacy groups say more harm than good will come from President Donald Trump's executive order that instructs agencies to work faster to reduce regulations and cut more red tape to help the economy rebound.

  • May 20, 2020

    Ohio House OKs Tax Amnesty To Boost Pandemic Recovery

    Ohio would offer a broad tax amnesty program to businesses and individuals for the first quarter of next year while the state economy recovers from the novel coronavirus pandemic under a bill the state House of Representatives passed Wednesday.

  • May 20, 2020

    B. Riley's Second Blank Check Co. Raises $175M In IPO

    A blank check company sponsored by investment bank B. Riley Financial started trading Wednesday after pricing a downsized $175 million initial public offering steered by Winston & Strawn LLP.

  • May 20, 2020

    Cboe Investors To Take VIX Manipulation Loss To 7th Circ.

    Investors suing over alleged manipulation of the Chicago Board Options Exchange's volatility index signaled Tuesday that they're following through with plans to challenge the exchange's escape from claims that it knew about the allegedly anti-competitive scheme.

  • May 20, 2020

    NY Courts To Allow New Lawsuits Next Week

    New York will allow new lawsuits to be electronically filed statewide starting Monday, reopening the high-traffic courts of New York City and surrounding counties to new "nonessential" matters for the first time since the COVID-19 pandemic shut them down.

  • May 20, 2020

    House Set To Approve Flexibility For PPP Small-Biz Loans

    The House is expected to vote next week on a narrow bipartisan bill that would give more flexibility to small businesses that receive forgivable loans from the Paycheck Protection Program, removing certain requirements and extending several deadlines.

  • May 20, 2020

    OCC Finalizes Overhaul Of Community Lending Rules

    The Office of the Comptroller of the Currency said Wednesday that it's formally adopting a package of revisions to regulations that require banks to lend to lower-income and underserved communities, capping off a controversial overhaul that Democrats and community advocates wanted tabled during the novel coronavirus pandemic.

  • May 19, 2020

    Navient Pushes For End To CFPB's Servicing Suit

    Navient Corp. urged a Pennsylvania federal judge on Tuesday to shut down the Consumer Financial Protection Bureau's lawsuit against the student loan servicing giant, saying that the agency still hasn't mustered evidence to prove its claims of borrower mistreatment despite years of probing.

  • May 19, 2020

    Ex-Manafort Associate Gets Out Of Probation 2 Years Early

    A D.C. federal judge ruled on Tuesday that a consultant who pled guilty to concealing his work as a foreign agent for a pro-Russian political group and had ties to convicted former Trump campaign chair Paul Manafort will be released from probation two years early.

  • May 19, 2020

    Ex-Goldman Sachs Banker To Be Sentenced Via Video

    A New York federal judge on Tuesday ordered a former Goldman Sachs banker's sentencing for insider trading to proceed via videoconference, noting that "delaying every sentencing would multiply the existing backlog of cases in the federal court system and generate a deluge of hearings once in-person proceedings can safely resume."

  • May 19, 2020

    34 AGs Press For Pot Banking Reforms In Virus Relief Bills

    A group of 34 attorneys general on Tuesday urged Congress to include protections for banks that serve marijuana clients in upcoming coronavirus relief legislation, with seven Republicans joining the call in a break with GOP leadership.

  • May 19, 2020

    Danish Tax Body Ignored Warnings Of Dividend Refund Scam

    Denmark's tax authority failed to react to an internal warning of a dividend tax refund scheme that led to what the Danish government has called fraud exceeding 12 billion kroner ($1.8 billion), a newly disclosed internal audit shows.

  • May 19, 2020

    Powell, Mnuchin Open To Eligibility Tweaks For Fed Programs

    The heads of the U.S. Treasury Department and Federal Reserve told senators on Tuesday they're keeping an open mind about expanding eligibility for some of the central bank's emergency lending facilities to cover a wider range of companies and collateral.

  • May 19, 2020

    Davis Wright Nabs Fintech Partner In DC From Ballard Spahr

    Davis Wright Tremaine LLP has hired a partner whose fintech background and decades of experience in transactions for major banks and Fortune 100 companies will boost its growing financial services and technology groups, the firm said Tuesday.

  • May 19, 2020

    Ohio Tax Amnesty Bill For Virus Recovery Clears House Panel

    An Ohio bill seeking to offer a three-month tax amnesty program for a bevy of taxes as the state economy recovers from the novel coronavirus pandemic won approval Tuesday from a key House tax-writing committee.

  • May 19, 2020

    Quicken Loans Can't Ditch Telemarketing Suit

    A Michigan federal judge has denied Quicken Loans Inc.'s bid to dismiss a proposed class action accusing the mortgage lender of conducting "wide scale illegal telemarketing" through unsolicited phone calls and text messages, in violation of the Telephone Consumer Protection Act.

  • May 19, 2020

    Raydon Workers Win Bid For Docs From Bank In ERISA Row

    A bank that oversaw a $60.5 million stock purchase by a Raydon Corp. employee retirement plan will have to turn over a trove of documents in a class challenge to the transaction, after a Florida federal magistrate judge on Tuesday shot down the bank's argument that many of the documents were irrelevant.

  • May 19, 2020

    SoFi Accused Of Discriminating Against DACA Recipients

    Financial technology lender SoFi discriminates against Deferred Action for Childhood Arrivals recipients, denying them loans solely because of their immigration status, according to a suit filed Tuesday in California federal court.

  • May 19, 2020

    Santander Inks $550M Subprime Loan Settlement In 34 States

    A Santander Group consumer finance unit reached a $550 million settlement with 34 states over allegations that it pushed risky subprime auto loans without adequate oversight, creating higher chances that consumers would default and have their vehicles repossessed, a coalition of state attorneys general announced Tuesday.

Expert Analysis

  • Distressed Debt Tax Opportunities For Foreign Investors

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    Foreign investors can earn tax-free interest income on distressed debt issued by U.S. companies, as long as they steer clear of income classification pitfalls, says Seth Entin at Holland & Knight.

  • 'Buy Now, Pay Later' Services Face Increased Calif. Regulation

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    As the world continues to adjust to the COVID-19 pandemic, consumers may be attracted to payment plan providers, and retailers should be aware of emerging risks in partnering with these third-party services, say attorneys at Steptoe & Johnson.

  • Pandemic Presents Teamwork Test For Law Firms

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    To ensure smooth operations during these uncertain times, all members of the law firm team — leaders and partners, diversity and talent professionals, associates and other staff members — need to commit to their unique roles and intensify support for colleagues, says Manar Morales, president and CEO at the Diversity & Flexibility Alliance.

  • 2 Key NY Law Considerations For COVID-19 Contract Disputes

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    When contract performance matters are litigated in the wake of the pandemic, New York courts might need to consult wartime and other disaster-related cases to resolve two crucial questions parties will disagree on, say Seth Kruglak and Victoria Corder at Norton Rose.

  • 8 Tips For Retaining An Expert During COVID-19 And Beyond

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    Caroline Crump at Exponent and Natalie Baker Reis at Medical Research Consultants outline some strategies for creating a successful attorney-expert team, including unique considerations for pandemic-related closures and economic uncertainties.

  • Public Injunctive Relief Vs. Arbitration: An Ongoing Debate

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    As the U.S. Supreme Court considers two petitions arguing for the enforceability of arbitration agreements that waive public injunctive relief rights, Stefan Love and Ashley Simonsen at Covington examine a long-time conflict between the two doctrines stemming from the California Supreme Court’s 1999 Broughton ruling and 2017 McGill ruling.

  • What It's Like To Move From Army JAG To BigLaw

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    Lawyers who have served in the U.S. Army's Judge Advocate General's Corps can provide tremendous value to law firms, but the transition to firm life has its challenges, says former JAG attorney Vinnie Lichvar, now at Snell & Wilmer.

  • Navigating Loan Doc E-Signatures Under The CARES Act

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    Attorneys at Troutman Sanders analyze the Small Business Administration's electronic signature requirements for loans received through the Coronavirus Aid, Relief and Economic Security Act, focusing on the E-Sign Act, the agency's operating procedure for the relevant programs, and recent COVID-19 guidance.

  • How Law Firms Can Maximize COVID-19 Insurance Coverage

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    Law firms struggling due to the pandemic should identify relevant insurance policies and provisions, be mindful of notice requirements that could interfere with coverage, and push back against policy exclusions, say Robin Cohen and James Smith at McKool Smith.

  • Protecting Privilege When Communicating With Contractors

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    Courts continue to define where information shared with independent contractors and specialists fits for purposes of the attorney-client privilege, and recent decisions show that jurisdictions vary in their application of the third-party waiver exception, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

  • E-Trade Case Clarifies Calif. Trade Secret Royalty Framework

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    A California appellate court's decision last month in Ajaxo v. E-Trade solidifies the shape of a reasonable royalty analysis under the California Uniform Trade Secrets Act while injecting significant uncertainty as to that analysis's outcome, say attorneys at Kirkland.

  • Virtual Caucuses Can Improve The Mediation Process

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    Both during the current crisis and in the future, integrating virtual, private caucuses between the mediator and each party into the mediation timetable would create an overall superior process, says mediator Marc Isserles at JAMS.

  • How To Assess Accounting Materiality Amid Economic Crisis

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    Companies weathering the economic fallout of COVID-19 should consider three data-driven quantitative methods to help evaluate accounting materiality claims, particularly in cases where traditional factors fail to establish whether an error was material, and where data exists on comparable revision versus restatement decisions, say consultants at The Brattle Group.

  • Financial Cos. Face CARES Act Litigation, Enforcement Risks

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    The Coronavirus Aid, Relief and Economic Security Act introduces several sources of regulatory enforcement and litigation risk for financial institutions, including liability related to the False Claims Act, preferential treatment or disparate impact allegations, and unfair or deceptive acts or practices, say attorneys at Hogan Lovells.

  • Opinion

    CFTC's 'Actual Delivery' Test For Digital Assets Misses Mark

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    The Commodity Futures Trading Commission should abandon possession as a prerequisite to determining whether a digital asset transaction has resulted in “actual delivery,” because virtual currencies cannot be possessed, only controlled, say Matthew Kluchenek at Mayer Brown and Sam Kramer at Baker McKenzie.

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