Banking

  • November 09, 2020

    DOJ Abandons Bain Doc Petition In Favor Of Visa Discovery

    The U.S. Department of Justice on Monday summarily dropped its Massachusetts federal court petition demanding documents Bain & Co. allegedly improperly withheld, preferring instead to seek that material as part of the new challenge to Visa's proposed $5.3 billion purchase of fintech company Plaid.

  • November 09, 2020

    Goldman Sachs Wants Ex-Atty's Retaliation Suit Arbitrated

    The Goldman Sachs Group Inc. has asked a New York federal judge to pause a suit by a former in-house attorney and make her arbitrate claims that she faced retaliation for complaining about the handling of alleged misconduct by the bank's global head of litigation.

  • November 09, 2020

    Ex-Nicaraguan President Blocked From Entering US

    The U.S. Department of State on Monday blocked former Nicaraguan President Arnoldo Alemán from entering the U.S. over his involvement in "significant corruption" during his time in office.

  • November 09, 2020

    Julius Baer Takes $80M Hit In FIFA Corruption Scandal

    Swiss bank Julius Baer said on Monday that it has set aside $79.7 million to settle allegations by the U.S. Department of Justice that it was involved in corruption linked to the FIFA world soccer federation.

  • November 08, 2020

    5 Predictions For Banking Regulation In A Biden Presidency

    The regulatory landscape facing banks and other lenders has shifted with Joe Biden's apparent victory in the U.S. presidential election, bringing with it what financial services attorneys predict will be a greater focus on economic inequality and consumer protection, even as the pandemic's economic fallout is likely to continue dominating the agenda.

  • November 08, 2020

    What Biden's Win Means For SEC Enforcement, Leadership

    Joe Biden's victory Saturday over President Donald Trump is expected to herald significant changes at the U.S. Securities and Exchange Commission, a divided agency whose chairman and accommodating approach to big business will likely soon be sent packing.

  • November 07, 2020

    Biden Win May Lead To First Black Female Justice

    President-elect Joe Biden's victory makes his promise of appointing the nation's first African American woman to the U.S. Supreme Court that much closer to reality, although whether he succeeds will likely come down to who has control of the Senate. Here, Law360 looks at some of the potential candidates.

  • November 07, 2020

    High Court Expansion Unlikely After Tight Election

    Democratic calls for President-elect Joe Biden to "pack" the U.S. Supreme Court appear to be dead on arrival with Democrats still struggling to gain even 50 votes in the chamber in this year's election, likely protecting the court's 6-3 conservative supermajority for the foreseeable future.

  • November 07, 2020

    Biden's Win Means Big Business For BigLaw

    BigLaw is likely to see a boom in business under Joe Biden's presidency, with attorneys and law firm leaders anticipating a bevy of new federal regulation and enforcement actions that will have clients calling for advice.

  • November 07, 2020

    Biden Beats Trump At The Polls As Court Battles Continue

    Former Vice President Joe Biden collected enough electoral votes to secure the presidency Saturday, but looming recounts and President Donald Trump's multiple legal challenges threaten to extend the fight for the White House.

  • November 06, 2020

    Fraudster Sentenced For Bilking Firms In $7.8M Scheme

    A fraudster convicted of conspiring with a former partner at Willkie Farr & Gallagher LLP and Hunton & Williams LLP to defraud the firms and MasterCard Inc. in a $7.8 million scheme was sentenced Friday to 14 years in prison, federal prosecutors in New Jersey said.

  • November 06, 2020

    CFPB Suit Claims Florida Loan Co. Misleading Consumers

    A Florida fintech company and its CEO offering a bank-like deposit program to fund short-term rideshare driver loans are misleading consumers and charging annual percentage rates of almost 1,000%, according to a complaint filed by the U.S. Consumer Financial Protection Bureau.

  • November 06, 2020

    Kazakhstan Seeks Assets To Cover Fees In Mining Dispute

    Kazakhstan on Friday looked to subpoena a group of Manhattan banks as it tries to track down assets belonging to the Canadian entity Gold Pool JV Ltd., which was ordered to pay the country's legal costs after losing a nearly $1 billion arbitral claim against it this year.

  • November 06, 2020

    SEC Commish Says Climate Change A 'Grave' Systemic Risk

    In a keynote speech that could impact general counsel's advice to their companies, SEC Commissioner Allison Herren Lee said Thursday that climate change looms as a systemic risk to the U.S. economy, "even larger than the pandemic" with "more grave human and economic costs."

  • November 06, 2020

    Feds Won't Pressure Banks To Use Leading Libor Alternative

    Federal regulators said Friday that they aren't backing a particular Libor substitute for banks to use in loans as they prepare for the key reference rate's sunset and won't frown on banks that use something other than the Secured Overnight Financing Rate, the leading alternative.

  • November 06, 2020

    Goldman Accusers Lose Fight For Execs' 'Boys Club' Emails

    Women behind a long-running sex bias class action against Goldman Sachs failed to win a court order forcing the bank to cough up senior executives' emails that could support their allegations that the bank operated as a "boys club," but the plan is not permanently off the table.

  • November 06, 2020

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

    This week in London has seen General Electric hit with a breach of contract claim, Deloitte hit with a negligence suit and two crypto companies battle over intellectual property. Here, Law360 looks at those and other new claims in the U.K.

  • November 05, 2020

    9th Circ. Axes Wells Fargo's Quiet Title Suit Against Nev. HOA

    The Ninth Circuit affirmed a lower court's dismissal of Wells Fargo's quiet title suit against a Nevada homeowners association Thursday, finding that the HOA had the right to foreclose on a home, which Wells Fargo also had a lien on, and that the bank received adequate notice of the property's sale.

  • November 05, 2020

    BofA Gets CFPB No-Action Relief For Small-Dollar Product

    The Consumer Financial Protection Bureau said Thursday it has granted no-action relief for Bank of America's recently announced "Balance Assist" small-dollar loan product, issuing the first such waiver based on an application template the agency approved for banks earlier this year.

  • November 05, 2020

    Fed Tells Consumers Capital One Breach Report Is Off-Limits

    The Federal Reserve System's board of governors has fired back at the proposed class suing Capital One over last year's data breach, telling the consumers that the Fed has already cooperated with earlier requests and that anything further would violate the regulator's privileged relationship with Capital One.

  • November 05, 2020

    Nine West Trustees See More Claims Cut In Ch. 11 Fraud Suit

    A New York federal judge trimmed more claims this week in a Chapter 11 suit filed by trustees of women's clothing retailer Nine West over $1.1 billion in allegedly fraudulent transfers made in connection with a 2014 leveraged buyout transaction.

  • November 05, 2020

    DOJ Challenges Visa's $5B 'Insurance Policy' Buy Of Plaid

    The U.S. Department of Justice challenged Visa's proposed $5.3 billion purchase of fintech company Plaid in California federal court Thursday, accusing the debit card giant of scooping up "a nascent competitive threat" to hold onto its monopoly.

  • November 05, 2020

    Coronavirus Litigation: The Week In Review

    American Airlines must face claims it refused to refund customers for flights canceled due to the pandemic, Geico has been accused of overcharging for auto insurance premiums while vehicle use declined during COVID-19 shutdowns, and the Trump administration has been hit with a lawsuit alleging it failed to provide critical information about testing and contact tracing.

  • November 05, 2020

    Wilson Sonsini-Led AI Fintech Files $100M IPO

    Venture-backed fintech company Upstart Holdings Inc. filed plans on Thursday for a $100 million initial public offering, hoping to shake up the lending industry through its artificial intelligence-enabled platform under guidance from Wilson Sonsini Goodrich & Rosati PC.

  • November 05, 2020

    FINRA Fines Wells Fargo $300K On Tip From Senior Citizen

    The Financial Industry Regulatory Authority fined a Wells Fargo unit $300,000 on Thursday based on a tip from a senior citizen who reported inconsistent values on her account statements for a real estate investment trust investment.

Expert Analysis

  • UK Pandemic Recovery Offers Opportunities For Green Cos.

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    The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.

  • Case Law Likely Undercuts DOL's Microsoft Diversity Probe

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    The U.S. Department of Labor is unlikely to uncover liability in its recent investigation into Microsoft’s attempt to hire more Black managers and executives, because Title VII case law supports private employers' consideration of race among other factors to enhance diversity, says Conor Ahern at Sanford Heisler.

  • DOJ Guidance, Indictment Suggest Expanding Crypto Focus

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    Read together, the U.S. Department of Justice's recently released cryptocurrency guidance and unsealed BitMEX indictment send a strong message that the government is expanding efforts to combat use of digital assets and blockchain technology for criminal purposes, say Benjamin Klein and Deborah Meshulam at DLA Piper.

  • Opinion

    Lawyers Must Fight Voter Suppression This Election Season

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    Lawyers should use their unique skill sets, knowledge and spheres of influence to fight burdensome ID requirements and other voter suppression tactics that may influence the 2020 elections, and to participate in potential post-election litigation, say CK Hoffler and Allyce Bailey at the National Bar Association.

  • Why Sustainable Finance Is On The Rise

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    With green bonds, green loans and sustainability-linked debt instruments appearing with increasing prevalence in the bond and loan markets, opportunities within sustainable finance look set to continue their upward trajectory as environmental, social and governance factors increase in importance for both companies and investors, say attorneys at Vinson & Elkins.

  • Why Online Mediation May Be Here To Stay

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    Videoconferenced mediation offers several advantages and helps cases settle faster and more cordially, making it hard to imagine going back to logistically difficult in-person dispute resolution after COVID-19 restrictions are gone, says Sidney Kanazawa at ARC.

  • States' Evolving Patchwork Of Insurance Data Security Laws

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    With key differences in state approaches to insurance data security regulation beginning to emerge, even small and bank-affiliated insurance entities that are granted partial exemptions in some jurisdictions will likely have to develop information security programs eventually, say attorneys at McIntyre & Lemon.

  • CFTC Climate Change Report Highlights Costs Of Inaction

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    The Commodity Futures Trading Commission's recent report on climate change and financial markets makes it clear that while government regulation of carbon dioxide pollution may have negative consequences, letting greenhouse gas emissions go unaddressed could harm investors, asset managers and financial institutions, says Nicholas Fox at Goldberg Segalla.

  • Clients Have The Power To Promote Wellness At Law Firms

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    Law firm clients can play a role in lowering mental distress in the legal profession by seeking lawyer wellness data from firms and factoring those responses into outside counsel hiring decisions, says Jonathan Prokup at Cigna.

  • Opinion

    Appellate Courts Should Welcome Well-Crafted Amicus Briefs

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    A Seventh Circuit judge's recent order granting leave for three organizations to file amicus curiae briefs in Prairie Rivers Network v. Dynegy Midwest Generation is a reminder that relevant, nonduplicative amicus briefs can provide courts with helpful perspective, important facts and legal arguments, says Lawrence Ebner at Capital Appellate Advocacy.

  • 4 Compliance Tips Amid Increased Ransomware Scrutiny

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    In light of two new U.S. Treasury Department advisories signaling increased oversight of ransomware payments, victim companies and their third-party response teams considering making payments should follow certain due diligence and compliance best practices, say attorneys at Squire Patton.

  • CFPB U-Turn On Mortgage Marketing May Repair Industry Ties

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    The Consumer Financial Protection Bureau this week rescinded previous guidance that increased scrutiny on marketing services agreements in the mortgage space, representing a step toward reconciling the often tense relationship between regulators and the industry, says Nate Viebrock at Viebrock & De Nittis.

  • Floating-Rate Debt Considerations As Libor Cessation Nears

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    Ahead of Libor's discontinuance in 2021, issuers of floating-rate debt should contemplate several liability management measures to eliminate benchmark rate exposure for both new and legacy securities, says Dawn Pruitt at Faegre Drinker.

  • Alternative Financing Options For Retail And Hotel Properties

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    With the pandemic making it more difficult for retail shopping centers and hotels to secure traditional mortgage loans, borrowers should understand some of the customary features and requirements of mezzanine loans and preferred equity investments, say Mark Levenson and Jeffrey Gaskill at Sills Cummis.

  • SEC's Accredited Investor Rule Will Benefit Sovereign Wealth

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    The U.S. Securities and Exchange Commission’s newly finalized rule amending the "accredited investor" definition should lay to rest sovereign wealth funds’ ongoing headache of determining whether they qualify to participate in certain investment activities on a case-by-case basis, say attorneys at Baker McKenzie.

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