Banking

  • November 12, 2020

    Discover Looks To Ax Patent Suit Over Mobile Banking Tech

    Two Discover subsidiaries urged an Illinois federal judge to toss a patent infringement suit from a Georgia-based company against their mobile app and other digital banking services, arguing the five patents aren't practiced.

  • November 12, 2020

    DC Circ. Unlikely To Revive Cato's SEC Gag Rule Challenge

    The D.C. Circuit offered little hope Thursday for the Cato Institute's bid to revive its constitutional challenge to the U.S. Securities and Exchange Commission's so-called gag order barring entities that reach settlements with it from publicly denying charges against them after judges expressed doubts the libertarian think tank has standing to sue.

  • November 12, 2020

    No Bail For Ex-JPMorgan Trader's Forex-Rigging Appeal

    A former JPMorgan Chase & Co. foreign currency trader convicted of conspiring to fix currency prices can't stay out of jail while he appeals the conviction, a New York federal judge ruled Wednesday.

  • November 12, 2020

    Beam Financial Users Sue After Months Of Withdrawal Delays

    Fintech company Beam Financial is facing a proposed class action alleging that the company offered to pay prospective customers unusually high interest rates and then inexplicably locked their funds away.

  • November 12, 2020

    CFPB Won't Drop Credit Reporting Dispute Deadline Relief

    The Consumer Financial Protection Bureau is standing by regulatory relief it granted to the credit reporting industry at the outset of the coronavirus pandemic, declining consumer advocates' calls to stop giving industry members leeway on legally mandated deadlines for conducting error dispute investigations.

  • November 12, 2020

    CBD Co., Attys Look To Ax British Investor's $1M Loan Suit

    A CBD supplier and a California law firm have asked to escape British investor Henley Finance Ltd.'s lawsuit over a nearly $1 million soured loan deal, arguing that the allegations are doomed by a bare-bones loan contract and Henley's status as an unregistered foreign corporation.

  • November 12, 2020

    Fired Goldman Atty Calls Mandatory Arbitration 'Anti-Woman'

    A fired Goldman Sachs lawyer suing the bank over an alleged sex harassment cover-up condemned the company and one of its defense attorneys, Time's Up Legal Defense Fund co-founder Roberta Kaplan, for trying to knock her case out of court, saying required arbitration silences women.  

  • November 12, 2020

    3 Ways COVID-19 Is Reshaping The US Residential Market

    Residential property owners are increasingly seeking more space in less dense markets as the COVID-19 pandemic continues, and that could spell oversupply trouble for condo properties in certain dense downtown cores and opportunities in other markets, lawyers say. Here, Law360 looks at three ways the pandemic is reshaping the U.S. residential market.

  • November 12, 2020

    JPMorgan Must ID Who OK'd $875M Payments In Oil Deal Suit

    JPMorgan agreed at a hearing Thursday to identify any bank officials who were involved in approving the transfer of $875 million in Nigerian government funds to the country's corrupt former energy minister.

  • November 10, 2020

    Biden Taps Obama-Era CFTC Head For Financial Reg Review

    President-elect Joe Biden announced Tuesday that Gary Gensler, the former U.S. Commodity Futures Trading Commission chairman known for his hard-line approach to regulation under the Obama administration, will spearhead his transition team's review of the government's financial regulators.

  • November 10, 2020

    Ex-Mulvaney Rival Will Lead Biden's CFPB Review Team

    The Biden-Harris transition team on Tuesday named its agency review team that will be responsible for the Consumer Financial Protection Bureau, unveiling a roster led by a former official at the agency who contested Mick Mulvaney's 2017 appointment as its acting director.

  • November 10, 2020

    GOP Senator Urges End To Fed's COVID-19 Lending Facilities

    A top Republican on the Senate Banking Committee said at a Tuesday hearing that the Federal Reserve's coronavirus emergency lending facilities have done their job and should be wound down sooner rather than later, even as Democrats on the committee urged further support for the economy.

  • November 10, 2020

    CBD Retailer's Suit Over Visa Blacklist Moves Forward

    An online CBD retailer alleging Visa erroneously withheld $66,000 in payments and placed it on a transaction blacklist can pursue unjust enrichment and defamation claims against the credit card giant, a Missouri federal court has ruled.

  • November 10, 2020

    Women Suing Goldman Keep Pressing For Top Brass' Emails

    Women behind a sex bias class action against Goldman Sachs have continued but narrowed their push for access to emails from the company's senior executives, saying communications from three top bosses should be obtainable after an October ruling opened the door for the trio to be deposed.

  • November 10, 2020

    Alliant Says Customer's Amended Overdraft Suit Still Fails

    Alliant Credit Union urged an Illinois federal judge to permanently toss a member's second shot at accusing the credit union of charging improper insufficient funds fees, arguing her amended complaint merely presents the same failed theories "in a slightly different wrapper."

  • November 10, 2020

    Citi Fined $475K By FINRA But Scores Cooperation Points

    The Financial Industry Regulatory Authority hit Citigroup Global Markets Inc. with a $475,000 fine Tuesday for failing to disclose potential conflicts of interest in tens of thousands of equity research reports issued over a five-year period, although the self-regulatory agency considered the firm's "extraordinary cooperation" in assessing the damage.

  • November 10, 2020

    SEC Unit Finds Compliance Flaws At Advisers' Branch Offices

    The U.S. Securities and Exchange Commission's examinations unit has issued a report urging investment advisers to implement a more uniform compliance framework across their branch locations, citing findings from a yearslong exam initiative that found a "vast majority" of the advisers it scoped to have at least one deficiency related to the so-called compliance rule.

  • November 10, 2020

    BofA Wants Discrimination Suit Over $100M In PPP Funds Cut

    Bank of America on Monday asked a New Jersey federal judge to toss a lawsuit that claims the bank discriminated against minorities and women when it closed accounts holding $100 million in federal Paycheck Protection Program funds, saying it did so because of unauthorized lending out of a deposit account.

  • November 09, 2020

    Markets Emerge From Tumultuous Election On Solid Ground

    After days of uncertainty, corporate financing was on solid ground Monday following the U.S. presidential election, though the outcome remains to be seen regarding control of Congress and a new administration's regulatory priorities.

  • November 09, 2020

    US Blacklists Scores Of Syrian Officials In Sanctions Dragnet

    The Trump administration said Monday that Syrian military officials, members of the Syrian parliament and Syrian and Lebanese individuals in the petroleum business are among the latest individuals and entities being sanctioned for aiding the Assad-led Syrian government.

  • November 09, 2020

    Worldpay Accused Of Seizing Funds In $2.7M Contract Suit

    A California-based credit card processor claims Worldpay LLC seized and is "unreasonably withholding" $2.7 million after hastily terminating a merchant agreement between the companies without proper explanation.

  • November 09, 2020

    OCC Says Banks Holding Up Amid Crisis But Face Key Risks

    The head of the Office of the Comptroller of the Currency said Monday federally chartered banks remain in solid financial health after weathering the initial economic shock of the novel coronavirus pandemic, but they're still facing a risk environment of exceptional complexity.

  • November 09, 2020

    Pillsbury Hires Former Skadden Partner Amid M&A Expansion

    Pillsbury said Monday it has added a former leader of Skadden's financial institution M&A group to its New York office as the firm continues an expansion of its mergers and acquisitions and private equity work.

  • November 09, 2020

    SEC Whistleblower Is Broke, Unrepresented With $2.75M Tab

    A Deutsche Bank whistleblower who once turned down an $8 million award told a New York state court Monday he has declared bankruptcy after losing his attorney, allegedly for failure to pay, as the financial crisis-era informant faces a multimillion-dollar judgment.

  • November 09, 2020

    Atty Invokes Rosa Parks In Bid To Keep Wells Fargo Suit Alive

    A Black attorney is fighting Wells Fargo's bid to toss his suit over a former bank worker calling him the N-word, suggesting its argument that he could still open an account is like saying civil rights activist Rosa Parks could have ridden the bus if she had just given up her seat to a white rider.

Expert Analysis

  • Perspectives

    Finding A Path Forward To Regulate The Legal Industry

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    Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.

  • 6 Structural Issues Complicating Libor Transition

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    Examining specific challenges financial institutions face in reconfiguring risk models, compliance processes and operational technologies ahead of Libor's 2021 phaseout may keep the market from grinding to a halt as it transitions to a new interest rate benchmark, says Don Mumma at AxiomSL.

  • Foreign Cos. Should Consider Risks Of OFAC Iran Sanctions

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    The Office of Foreign Assets Control’s recent sanction of 18 Iranian banks creates a dilemma for foreign entities, particularly those reliant on U.S. dollars, who must evaluate whether to wind down their existing business with Iran to minimize risk of becoming a secondary sanctions target, say attorneys at Kirkland.

  • Series

    Lawyering While Parenting: A Day In A Dad's Pandemic Life

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    Christopher Jennison shares a view of his life working from home as a Federal Aviation Administration attorney preparing to first-chair a trial while splitting child care responsibilities with his lawyer wife.

  • Series

    Lawyering While Parenting: A Day In A Mom's Pandemic Life

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    Josephine Bahn shares a view of her life working from home as an attorney at the Federal Deposit Insurance Corporation while splitting child care responsibilities with her lawyer husband.

  • Opinion

    SBA Change-In-Ownership Guidance Highlights PPP Flaws

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    The lack of clarity in the U.S. Small Business Administration's recent guidance on Paycheck Protection Program requirements for borrowers undergoing ownership changes is an example of how changing the pandemic relief program's rules on the fly could leave borrowers confused and potentially economically vulnerable, says Christine Price at Moritt Hock.

  • Brazilian Data Protection Law's Impact On US Financial Firms

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    In this brief video, Flavia Rebello at Trench Rossi and Daniela Fonseca Puggina at Baker McKenzie explain why U.S. financial institutions that do not have a presence in Brazil should still be up to speed with its newly effective General Data Protection Law to avoid potential issues with Brazilian regulators and courts.

  • 5 Cost-Cutting Strategies For Corporate Legal Departments

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    To achieve long-term reduction in their legal expenses, companies must look beyond law firm hourly rates and better distribute their legal work among high-cost premier firms, low-cost practitioners and alternative legal service providers, and their own in-house teams, says Nathan Wenzel at SimpleLegal.

  • Guest Feature

    Preparing The Next Generation Of Female Trial Lawyers

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    To build the ranks of female trial attorneys, law firms must integrate them into every aspect of a case — from witness preparation to courtroom arguments — instead of relegating them to small roles, says Kalpana Srinivasan, co-managing partner at Susman Godfrey.

  • Guest Feature

    Mentorship Is Key To Fixing Drop-Off Of Women In Law

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    It falls to senior male attorneys to recognize the crisis female attorneys face as the pandemic amplifies an already unequal system and to offer their knowledge, experience and counsel to build a better future for women in law, says James Meadows at Culhane Meadows.

  • Calculating FCA Damages From PPP Fraud May Be Tricky

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    The Paycheck Protection Program will undoubtedly give rise to False Claims Act enforcement, but the intangible nature of some contract benefits and differences in contract valuation between the circuits raise uncertainty about damages calculations, say Ellen London at Alto Litigation and Derek Adams at Potomac Law.

  • Guest Feature

    5 Ways Firms Can Avoid Female Atty Exodus During Pandemic

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    The pandemic's disproportionate impact on women presents law firms with a unique opportunity to devise innovative policies that will address the increasing home life demands female lawyers face and help retain them long after COVID-19 is over, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • Highlights From 'SEC Speaks' 2020

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    At its recent virtual SEC Speaks conference, the U.S. Securities and Exchange Commission emphasized efforts to adapt enforcement to emerging risks amid the pandemic, and warned companies not to use COVID-19 to cover up past mistakes or newly discovered ones, say attorneys at Perkins Coie.

  • How The State And Local Regulatory Landscape Is Expanding

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    States and localities are employing creative methods to emerge as key players in regulatory enforcement traditionally dominated by the federal government, including False Claims Act investigations, unfair and deceptive acts and practices claims, and pharmaceutical sector regulation, say attorneys at Troutman Pepper.

  • What To Know About The First Wave Of CARES Act Litigation

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    James Murphy and Daniel Payne at Murphy & McGonigle analyze the first six months of CARES Act litigation and provide insight into how early cases are progressing and who seems to be winning.

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