Banking

  • November 17, 2020

    Law Firm Says Chase Can't Duck Suit Over PPP Agent Fees

    An Arizona law firm shot back at JPMorgan Chase Bank NA's bid to escape a lawsuit claiming it improperly withheld agent fees to the firm for its work on Paycheck Protection Program loans, saying Monday federal guidelines clearly specify that lenders, not borrowers, are on the hook for such fees.

  • November 16, 2020

    FCRA Suit Over Virus Forbearances Kicked To Fed. Court

    A mortgage servicer on Monday removed to federal court a lawsuit that accuses it of violating the Fair Credit Reporting Act by reporting loans in forbearance as delinquent despite a federal pandemic relief law letting certain borrowers postpone payments.

  • November 16, 2020

    Big Banks Beat Suit Over Unpaid PPP Loan Fees For Now

    A California federal judge tossed a putative class action Monday alleging Wells Fargo, JPMorgan Chase, Bank of America and other big banks owe agents filing fees for helping businesses secure loans under the federal Paycheck Protection Program, but the judge gave the agents another shot at pleading.

  • November 16, 2020

    SEC Whistleblower Tips Eclipse Records Amid COVID-19

    The U.S. Securities and Exchange Commission's record-breaking fiscal year for whistleblower awards was driven by more than 6,900 tips, an all-time high that was nearly one-third greater than last year's count, according to the office's annual report published Monday.

  • November 16, 2020

    Ex-Julius Baer Banker Ducks Prison For FIFA Misdeeds

    A former banker for Swiss bank Julius Baer and Credit Suisse Group on Monday avoided prison time for facilitating bribes to corrupt soccer officials, as a New York federal judge lauded his extensive volunteer work and his "extraordinary" acceptance of responsibility.

  • November 16, 2020

    News Orgs Rip Feds' Bid To Pause COVID-19 Relief Disclosure

    Several news outlets fired back Monday at the Trump administration's bid to pause a recent D.C. federal court order to disclose records that would ​identify and provide information on all businesses that have received COVID-19 relief funds, arguing that the data is vital to the public's evaluation of the government's response to the pandemic.

  • November 16, 2020

    Guatemala Says Teco Can't Target NY Funds For $35M Award

    Guatemala has filed an emergency motion to nix a freezing order on nearly $16 million being held by Bank of New York Mellon as a Teco Energy subsidiary tries to enforce a $35 million arbitral award against the country, saying the order is putting it in danger of defaulting on its sovereign debt.

  • November 16, 2020

    BitMEX Hit With 2nd Racketeering And Manipulation Suit

    The founder of a cryptocurrency news aggregator slapped cryptocurrency derivatives exchange platform BitMEX with a lawsuit in California federal court Friday, claiming the company's founders are "notorious fraudsters" running a racketeering enterprise, manipulating the cryptocurrency market and laundering money.

  • November 16, 2020

    Qudian, Investors Strike $8.5M IPO Suit Settlement Deal

    Investors in Chinese online microlender Qudian on Friday asked a Manhattan federal judge to sign off on an $8.5 million settlement deal which, if approved, would end claims that the company left out mention of an expansive auto loan project from documents related to its 2017 initial public offering.

  • November 16, 2020

    Ex-Deutsche Traders Say Gov't Didn't Prove Spoofing Fraud

    Two former Deutsche Bank traders who were convicted of wire fraud have asked an Illinois federal judge for a new trial over charges that they spoofed the precious metals market, arguing prosecutors didn't present enough evidence to prove their case.

  • November 16, 2020

    Feds Sharpen Spoofing Claim Against Ex-Merrill Lynch Trader

    Illinois federal prosecutors have narrowed a criminal spoofing case against one of two former Merrill Lynch traders accused of manipulating the precious metals market, filing a new indictment that focuses on a single transaction after a judge dismissed a broader charge last month.

  • November 16, 2020

    SEC Chairman Jay Clayton To Step Down At End Of Year

    Following in the footsteps of his predecessors during presidential transitions, Jay Clayton said Monday that he will be stepping down as chairman of the U.S. Securities and Exchange Commission at the end of the year.

  • November 16, 2020

    Wachtell Guides PNC's $11.6B Acquisition Of BBVA's US Unit

    Spanish bank BBVA announced on Monday that it has agreed to sell its U.S. subsidiary to PNC Financial Services Group Inc. for $11.6 billion in cash, a move it said would create the fifth largest bank in America by assets.

  • November 13, 2020

    Investors Say Wells Fargo Loaned Billions To Risky Clients

    Wells Fargo has issued billions of dollars in commercial loans to clients with poor credit and a high risk of default, the result of systematically failing to follow appropriate underwriting standards and due diligence, investors told a California federal court Friday.

  • November 13, 2020

    Capital One Can't Drop Data Breach Suit, Court Told

    Capital One shouldn't be allowed to score a quick win on some of the allegations in a proposed class action over a massive data security breach that allegedly affected more than 100 million of its customers in the U.S., members of the putative class said Friday.

  • November 13, 2020

    Attys Ask To Drop Ex-NFL Team Investor Over Fee Dispute

    Hogan Lovells and Rosenblum Schwartz & Fry PC attorneys who represent an ex-NFL team investor accused of operating an illegal cryptocurrency exchange asked a New York federal judge Friday to let them drop their client over a fee dispute, despite the government's claim that withdrawing now will again delay the twice-postponed trial.

  • November 13, 2020

    2nd Circ. Affirms Nix Of BofA, Citizens Bank $102M Ponzi Suit

    A Second Circuit panel on Friday affirmed a New York federal judge's decision to toss a suit against Bank of America and Citizens Bank that sought to hold them liable for a $102 million Ponzi scheme, agreeing that the investors didn't show the banks had actual knowledge of the alleged scheme.

  • November 13, 2020

    Receiver Gets 22 Hotels Over $240M Wilmington Loan Default

    A Philadelphia-based receiver has taken over a group of 22 hotels in multiple states at the request of a Delaware-based lender, after the hotels defaulted on a $240 million loan and were unable to pay bills or maintain their properties, according to a complaint cross-filed Friday in a Florida federal court.

  • November 13, 2020

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

    This week in London has seen Daimler and other truck makers facing more competition clams, half a dozen U.S film studios hit Britain's telecom providers with a copyright suit, and dozens of institutional investors sue Deutsche Bank, Goldman Sachs and other major investment banks. Here, Law360 looks at those and other new claims in the U.K.

  • November 13, 2020

    Wells Fargo Ex-CEO To Pay SEC $2.5M Over Sales Scandal

    The U.S. Securities and Exchange Commission filed and settled civil charges Friday against former Wells Fargo chairman and CEO John Stumpf stemming from his role in the banking giant's sales practices scandal.

  • November 12, 2020

    Former NY Gov. Beats Ex-AIG Exec's Defamation Suit

    A New York state judge on Thursday threw out former AIG CEO Maurice "Hank" Greenberg's defamation case against former New York Gov. Eliot Spitzer, ruling that Greenberg hasn't produced sufficient evidence to prove the statements at the heart of the dispute were made with actual malice.

  • November 12, 2020

    Coronavirus Litigation: The Week In Review

    Airbnb allegedly hasn't kept its promise to reimburse customers for canceled bookings, Walmart can't escape all claims over its temporary return policy amid the COVID-19 pandemic, and the University of San Diego is the latest to be sued by students demanding refunded tuition because of campus closures.

  • November 12, 2020

    Trump Bars Investments In Cos. That Aid Chinese Military

    President Donald Trump signed an executive order Thursday that would bar transactions in publicly traded securities that end up supporting the Chinese military, stating that the Chinese government has "exploit[ed] United States investors to finance the development and modernization of its military."

  • November 12, 2020

    Twitter Contributes $100M For Launch Of Social Justice Fund

    Twitter is contributing $100 million and partnering with a national association of community development financial institutions to help launch a social justice-oriented investment fund aimed at providing $1 billion for communities of color and those affected by poverty, according to a statement Thursday.

  • November 12, 2020

    Don't Be 'Coy' When Reporting Offshore Info, IRS Official Says

    Individuals who willfully failed to report their offshore bank accounts shouldn't be "coy" about the facts when they decide to participate in the Internal Revenue Service's voluntary disclosure practice, an agency official said Thursday, noting that there are no do-overs.

Expert Analysis

  • Opinion

    Stakeholder Capitalism Needs Gov't Oversight To Work

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    Stakeholder capitalism could help restore confidence in our institutions amid turbulent times if the government looks to pandemic and financial crisis relief legislation as a guide to implementing existing statutes and regulations to hold corporations accountable, say Christopher Dodd and Teresa Johnson at Arnold & Porter.

  • A GC's Blueprint For Improving Legal Industry Diversity

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    General counsel are in a unique position to ensure that their partner law firms are giving significant case assignments to underrepresented attorneys, and to help future generations of lawyers access meaningful opportunities early in their education or careers, says Laura Schumacher, chief legal officer at AbbVie.

  • Perspectives

    Book Review: Did The High Court Cause Mass Incarceration?

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    William Pizzi's argument in "The Supreme Court's Role in Mass Incarceration" that the U.S. Supreme Court is responsible for the high rate of incarceration is compelling, but his criticism overlooks the positive dimensions of the criminal procedure decisions under Chief Justice Earl Warren, says U.S. District Judge Lynn Adelman of the Eastern District of Wisconsin.

  • OCC's Final 'True Lender' Rule Should Boost Bank Lending

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    A new Office of the Comptroller of the Currency rule that provides much-needed clarity on who is the "true lender" in financing transactions should encourage banks to lend, but those doing so under a partnership model should continue to exercise diligence, say attorneys at Morgan Lewis.

  • Cross-Border Discovery Trends 1 Year After 2nd Circ. Ruling

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    While cross-border discovery applications have markedly increased in the year since the Second Circuit’s ruling in del Valle Ruiz, post-decision concerns that U.S. companies would become conduits for extraterritorial document discovery have not been realized, say attorneys at Murphy & McGonigle.

  • Volcker Rule's VC Changes Will Support Underserved Regions

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    Expected changes to the Volcker Rule will permit banks to invest in small and emerging venture capital funds, which could close the gap in financing for startups and small businesses outside the major investment hubs, says Lindsay Karas Stencel at Thompson Hine.

  • Persuasion Skills Attys Can Learn From Political Speeches

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    The tools of powerful political speeches — those with soaring rhetoric that convinces and moves listeners — can be equally applicable to oral advocacy, case strategy and brief writing, say Lauren Papenhausen and Julian Canzoneri at White & Case and former presidential speech writer Dave Cavell.

  • BofI Ruling May Erode Cos.' Securities Class Action Defenses

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    The Ninth Circuit's recent decision in BofI Holding — revived due to a whistleblower action — may erode Private Securities Litigation Reform Act protections for publicly traded companies facing shareholder class actions, and may give plaintiffs a road map for pleading loss causation and scienter, say Glenn Vanzura and Kevin Kelly at Mayer Brown.

  • Opinion

    Reflections On My 1st Judicial Election Amid Racial Tensions

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    Former Georgia Supreme Court Chief Justice Robert Benham looks back at the racial barriers facing his first judicial campaign in 1984, and explains how those experiences shaped his decades on the bench, why judges should refrain from taking political stances, and why he was an early supporter of therapeutic courts that deal with systemic problems.

  • Weighing Litigation Vs. Arbitration Amid Court Disruptions

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    Parties must determine whether arbitration is better than litigation for their disputes amid pandemic-induced court delays by answering five key questions and understanding the importance of a clearly tailored arbitration clause, say attorneys at Goodwin.

  • How Attys Can Guard Against Rising Settle-And-Sue Claims

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    Certain precautions can help lawyers avoid post-settlement malpractice claims and create a solid evidentiary defense, as settle-and-sue lawsuits rise amid pandemic-induced dispute settlements, say Bethany Kristovich and Jeremy Beecher at Munger Tolles.

  • Opinion

    Loan Docs Should Standardize Libor Replacement Language

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    Lenders should consider a universal descriptive amendment to replace Libor in loan agreements in order to simplify the process, lower costs compared to bespoke diligence, and foster operational consistency, proposes Roger Chari at Duane Morris.

  • How Fla. Homebuilders Can Protect Pre-Closing Deposits

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    In light of Florida developers' recent success in negotiating for homebuilders to release deposits while some closing conditions remain unfulfilled, there are some ways homebuilders can safeguard their payments, but none of them are easy, says Gary Kaleita at Lowndes Drosdick.

  • Key Issues In Potential High Court Fraudulent Transfer Case

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    If the U.S. Supreme Court decides to hear Deutsche Bank Trust v. Robert R. McCormick Foundation, concerning a Bankruptcy Code safe harbor provision, it would have to reconcile creditors' rights to challenge fraudulent transfers with the need for finality in securities transactions, say Justin Ellis and Lauren Dayton at MoloLamken.

  • Law Firm Tips For Attracting, Retaining Attys During Pandemic

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    Steps law firms can take to attract and keep the best lawyers amid the pandemic include diversifying expertise to meet anticipated legal demands, prioritizing firm culture, and preparing for prospective partners' pointed questions, says Brian Burlant at Major Lindsey.

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