Banking

  • May 15, 2020

    US Bank Says Rehashed 'Champerty' Stance Won't Save Suit

    Entities that recently lost to U.S. Bank on contract claims tied to residential mortgage-backed securities certificates can appeal the loss but can't just rehash their meritless arguments before a federal judge who has already rejected them, the bank said Thursday.

  • May 15, 2020

    Coronavirus Q&A: DLA Piper Real Estate Leaders

    In this edition of Coronavirus Q&A, two DLA Piper real estate leaders discuss the federal response to the pandemic and the ways COVID-19 has affected permitting and deal flow.

  • May 15, 2020

    Capital One Judge Skeptical That Breach Report Is Privileged

    A Virginia federal magistrate judge tackling discovery issues in the sprawling litigation over Capital One's massive 2019 data breach appeared unconvinced during a hearing Friday morning that consumers suing the bank are barred from seeing a cybersecurity firm's report on the event.

  • May 15, 2020

    Manafort's Release Helps Spring Ex-NFL Lineman From Prison

    Citing the compassionate release of former Donald Trump campaign chairman Paul Manafort, a federal judge said Friday that a former NFL lineman should be able to serve the rest of his prison sentence for a $2.5 million real estate fraud scheme in home confinement to protect him from COVID-19.

  • May 15, 2020

    Miami Boutique AXS Law Adds Expert In Cross-Border Deals

    Miami-based boutique AXS Law Group has added a partner well versed in cross-border transactional work, a move the firm said it expects will help bolster its Brazil and greater Latin America practice.

  • May 15, 2020

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

    The past week in London has seen Venezuela's central bank drag England's into court following months of rumored disputes over gold reserves, an offshore tax consultant renew a fraud claim over consultant fees against an investment manager, and consumers sue the likes of Mercedes-Benz amid growing claims over a massive emissions scandal. Here, Law360 looks at those and other new claims in the U.K.

  • May 15, 2020

    Morningstar Analysts Helped With Marketing, SEC Says

    Morningstar Credit Ratings LLC will pay $3.5 million to end U.S. Securities and Exchange Commission claims that it failed to keep its credit rating analysis separate from its business sales and marketing efforts, the federal regulator announced Friday.

  • May 14, 2020

    Chapman And Cutler Snags Fintech Expert As Partner

    Finance-focused firm Chapman and Cutler LLP announced Thursday that it's hired a fintech expert to its banking and financial services practice who will join its D.C. offices as a partner.

  • May 14, 2020

    Lender Inks $18M Deal In CFPB Credit Report Abuse Suit

    A mortgage lender has agreed to an $18 million deal — the full payment of which will be suspended if it fulfills several requirements — to end Consumer Financial Protection Bureau allegations of a scheme involving duplicitously obtained credit reports, the CFPB said in a proposed order Thursday.

  • May 14, 2020

    GOP Batters House COVID-19 Package Over Pot Banking Bill

    Republican lawmakers have seized on language that would broaden the cannabis industry's access to banking in House Democrats' proposed coronavirus relief package as a rallying cry to oppose the bill.

  • May 14, 2020

    Chancery Rules Out Fast Trial Over Busted AmEx Global Deal

    In a decision expected to kill a $1.5 billion deal for a 20% stake in American Express Global, a Delaware vice chancellor late Thursday refused to expedite a seller's lawsuit challenging buyer claims of multiple contract breaches, including disputed pandemic impacts.

  • May 14, 2020

    Pot Banker Says Client Can't Bring $3M Suit In Federal Court

    A cannabis banking firm accused of withholding nearly $3 million from a client said it can't be sued for the funds in federal court because marijuana is illegal, adding that the client should be penalized for concealing the client's illicit business from the court.

  • May 14, 2020

    Deals Rumor Mill: Uber, CVC Capital Partners, Thyssenkrupp

    Uber is in discussions to buy Grubhub, CVC Capital Partners might pay €2.2B for a significant stake in the media rights business of an Italian soccer league, and Thyssenkrupp is considering a merger of its warship division with an Italian shipbuilder. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 14, 2020

    Liability Management Transactions Accelerate Amid Pandemic

    As coronavirus-related economic turmoil stresses corporate balance sheets, more companies are conducting what are called liability management transactions, a less glamorous but critical part of capital markets legal work that can help businesses ease financial pressures during a crisis.

  • May 14, 2020

    BNY Mellon Pushes For Toss Of Trust Fund Selection Suit

    BNY Mellon NA has moved to salvage its bid for dismissal of a proposed class action accusing it of imprudently channeling trust money into affiliate-managed mutual funds, telling a Pennsylvania federal court the case is advancing a "universally rejected theory."

  • May 14, 2020

    'Wolf Of Wall Street' Producer Pays $107M To Exit 1MDB Case

    Malaysian prosecutors have dropped money laundering charges against a Hollywood film producer implicated in the 1Malaysia Development Berhad scandal, who has agreed to turn over more than $107 million in assets.

  • May 14, 2020

    PHH Mortgage Accused Of Sending Inflated Payoff Statements

    PHH Mortgage Corp. has been slammed in New Jersey federal court with claims it did not disclose insurance proceeds that could offset homeowners' loan balances when the company provided allegedly deceptive payoff statements, causing the homeowners to delay property sales and incur additional expenses.

  • May 14, 2020

    Real Estate Rumors: Goldman, Rampante Realty, Grupo Eco

    Goldman Sachs has reportedly loaned $68 million for an Amazon warehouse in Las Vegas, Rampante Realty is said to be seeking a buyer for a vacant Chicago office building, and Grupo Eco is reportedly moving forward with a Florida office and retail project amid the coronavirus pandemic despite not having a tenant lined up.

  • May 14, 2020

    'Biased' Juror Letter To SEC Unsealed In Adviser Fraud Case

    A Connecticut federal court has unsealed a post-verdict letter from a juror to a U.S. Securities and Exchange Commission attorney, cited as evidence of bias by an investment adviser demanding a new trial for allegedly defrauding clients.

  • May 14, 2020

    Father Of CMBS Says Virus Could Destroy Sector

    The COVID-19 pandemic has the potential to fundamentally reshape the commercial mortgage-backed securities market and also make a "bloodbath" out of mezzanine loans, Mosaic Real Estate Investors executive Ethan Penner, who's widely credited as having founded the CMBS market three decades ago, told Law360 in a recent wide-ranging interview.

  • May 13, 2020

    Goldman Wants Full 2nd Circ. Review Of Split Panel's Ruling

    Goldman Sachs has asked the Second Circuit for an en banc review of last month's split-panel ruling that the bank had not rebutted the so-called Basic presumption of reliance in a long-running and closely watched stock-drop litigation.

  • May 13, 2020

    9th Circ. Judge Wary Of Chase Escrow Suit's 'Massive Impact'

    A Ninth Circuit judge appeared open Wednesday to JPMorgan Chase Bank NA's arguments that a Depression-era federal law preempts proposed class claims alleging the bank violated a California mortgage escrow interest statute, saying finding otherwise would have a "massive impact" on the mortgage marketplace.

  • May 13, 2020

    Recipients Of PPP Loans Under $2M Won't Face Review

    Companies that received less than $2 million in coronavirus relief loans through the Small Business Administration's Paycheck Protection Program will not face review of their certification that they needed the money, officials said Wednesday in an attempt to reassure smaller employers.

  • May 13, 2020

    Focus On Crypto As FinCEN Chief Warns Of Financial Crime

    The Financial Crimes Enforcement Network is keeping a close eye on financial crime involving virtual currency as the COVID-19 pandemic opens new avenues for exploitation, agency director Kenneth Blanco said Wednesday, indicating the number of virtual currency-related suspicious activity reports received since 2013 has topped 70,000.

  • May 13, 2020

    BBVA Must Face Claims It Squandered $47M In Retiree Money

    BBVA can't escape an ERISA suit accusing the bank of mismanaging its retirement plan and costing workers $47 million, an Alabama federal judge has ruled, finding that the plan didn't require participants to bring up complaints internally before filing a case in court.

Expert Analysis

  • 5 Great-Recession Lessons GCs Must Remember Today

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    The 2008 financial crisis revealed that overleveraged law firms suffer the most disruption during an economic downturn and pass that disruption on to their clients, so general counsel should utilize certain metrics to identify appropriately leveraged firms, says Adam Bass at Buchalter.

  • Relief For Ginnie Mae Servicers Comes With Strings Attached

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    While Ginnie Mae's recently announced liquidity relief for its mortgage-backed securities platform should help mortgage servicers withstand the impending tidal wave of delinquencies, several of the program's compliance requirements present significant obstacles for issuers, say attorneys at Dentons.

  • Pandemic May Prompt Legislative Action On Court Deadlines

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    The COVID-19 crisis shines light on the fact that the federal government and most states do not have the power to toll statutes of limitations, and could lead to a full-scale reconsideration of the Federal Judiciary Emergency Powers Tolling Act or other legislative efforts, say Reed Brodsky and Michael Nadler at Gibson Dunn.

  • Motions To Compel Video Deposition May Face Barriers In NY

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    Parties trying to compel videoconference depositions solely on the grounds of avoiding delay due to COVID-19 restrictions would be advancing a novel argument under New York law, and counsel can make reasoned and articulable points in opposition, says Eric Andrew at Hurwitz & Fine.

  • Applying PPP Loan Affiliation Rules To PE Portfolio Cos.

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    Portfolio companies' eligibility for Paycheck Protection Program loans is complicated by their status as affiliates of their private equity sponsors, and uncertainty over how liberal and consistent lenders will be in interpreting the Small Business Administration's affiliation rules, say attorneys at Fried Frank.

  • 10 Steps To Creating Trustworthy AI Applications

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    Promoting "trustworthy" artificial intelligence-based applications for COVID-19 and other uses remains a high priority for policymakers, but crafting procedures that enhance AI trustworthiness requires careful consideration of many factors, including associated industry and existing and proposed laws, say Lee Tiedrich and Lala Qadir at Covington.

  • Series

    Judging A Book: Richardson Reviews 'Criminal Dissent'

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    In his important new book, "Criminal Dissent," Wendell Bird endeavors to catalog every single actual, or even threatened, prosecution under the Sedition Act and removal under the Alien Friends Act — a monumental undertaking — and the results are striking, says U.S. District Judge Eli Richardson of the Middle District of Tennessee.

  • Navigating Digitized Mortgage Processes During COVID-19

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    Mortgage lenders and servicers must evaluate digital processes with respect to electronic signature laws, remote online notarizations and real estate investor requirements as they transition to web-based operations amid the COVID-19 pandemic, say Valerie Hletko and Edward Somers at Buckley.

  • Managing FCA Risk Stemming From Virus Relief Funds

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    For Coronavirus Aid, Relief and Economic Security Act beneficiaries, the most likely sources of False Claims Act liability arise from material misstatements in loan applications or the failure to satisfy qualifications tied to longer-term deadlines, say attorneys at White & Case.

  • Tips For Minimizing Law Firm Liability During COVID-19

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    Lawyers may be advising clients on COVID-19 matters without the benefit of considered analysis or interpretive guidance, which could lead to legal malpractice suits down the road, but law firm management can mitigate the risks through certain protocols, says Nicole Hyland at Frankfurt Kurnit.

  • Opinion

    Cannabis Businesses Should Get Federal COVID-19 Relief

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    Given the myriad benefits that the marijuana industry provides to the U.S. economy, it is clearly wrong to exclude marijuana-related businesses from the Coronavirus Aid, Relief and Economic Security Act and other federal stimulus legislation, say Adam Berger and Shuki Greer of Berger Greer.

  • Series

    State Of Class Certification: Offense In Wage And Hour Cases

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    The stark disparity in how appellate courts weighed class certification requirements in several recent wage and hour class actions highlights four practical points concerning commonality and predominance for plaintiffs counsel seeking to obtain certification, says Harold Lichten at Lichten & Liss-Riordan.

  • 3 Recommendations For Cos. Considering Litigation Finance

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    Litigation finance could be a valuable tool for businesses as they weather the COVID-19 crisis, but it is important to select the right funder and ensure the economics of the funding agreement make sense, says Erika Levin at Lewis Baach.

  • Sanctions Compliance Tips For A Dynamic Global Landscape

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    Adopting an integrated data analytics approach, combined with traditional investigative methodologies, can help companies mitigate risk in a rapidly changing international sanctions and trade regulation environment, made all the more challenging by the COVID-19 pandemic, say Kenneth Feinstein, Robert Brunner and Daniel Castleman at Charles River Associates.

  • A Proposed Technology-Assisted Review Framework

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    Cases involving technology-assisted review often suffer from expensive arguments between parties over protocols and accuracy, but a new report card system that would allow litigants and courts to objectively assess a given document review methodology could mitigate those problems, say attorneys at Redgrave and Kirkland.

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