Banking

  • November 05, 2020

    Banking Group Taps Deputy GC To Replace Retiring Top Atty

    The American Bankers Association, the trade association and lobbying group for the U.S. banking industry, announced Thursday that it has promoted its deputy general counsel to its top legal post.

  • November 05, 2020

    Fintech Cos. Envestnet, Yodlee Look To Ax Privacy Suit

    Financial data aggregator Yodlee Inc. and parent company Envestnet Inc. on Wednesday filed dual motions to dismiss a putative class action, asking a California federal judge to toss the complaint that alleges Yodlee secretly collects and sells highly sensitive banking data from tens of millions of users.

  • November 05, 2020

    FDIC Slams UBS Over Libor-Rigging Claim

    The Federal Deposit Insurance Corporation has told a London court that failed U.S. financial institutions weren't able to mitigate their exposure to interest rate-rigging during the last financial scheme because they didn't know about the secret scheme allegedly plotted by UBS and other major banks. 

  • November 04, 2020

    Disgraced NFLers' Atty, Litigation Funder Settle Fraud Suit

    A litigation funder told an Illinois federal court Wednesday that it had reached a settlement in its fraud case against embattled Tallahassee, Florida, lawyer Tim Howard, who allegedly directed 31 NFL player clients to invest millions in loans from the funder.

  • November 04, 2020

    Ex-Wells Fargo Worker Says Cos. Can't Limit ERISA Venues

    A former Wells Fargo employee who had her proposed class action accusing the bank of mismanaging its $40 billion retirement plan booted from California to Minnesota asked the Ninth Circuit to rule that employers can't dictate where workers file ERISA suits.

  • November 04, 2020

    Mitchell Silberberg Nabs Fox Entertainment's Top Labor Atty

    Mitchell Silberberg & Knupp LLP has hired Fox Entertainment Group's chief labor negotiator and a Sheppard Mullin Richter & Hampton LLP securities partner to join the firm's employment and corporate practices in Los Angeles and New York, respectively.

  • November 04, 2020

    JPMorgan To Pay $9.8M To End DOL's Sex Bias Probe

    JPMorgan agreed this week to pay $800,000 in back pay and set aside $9 million for annual pay adjustments to resolve a U.S. Department of Labor lawsuit accusing the investment bank of paying female employees less than their male counterparts when carrying out its government contracts.

  • November 04, 2020

    Trump Unleashes Barrage Of Lawsuits In Battleground States

    With a path to electoral victory narrowing, President Donald Trump unleashed an onslaught of lawsuits and challenges Wednesday, suing to stop vote counting in Pennsylvania, Michigan and Georgia, promising to demand a recount in Wisconsin, and joining a U.S. Supreme Court suit over mail-in ballots.

  • November 04, 2020

    SEC Slams Atty's Sanctions Bid In $48M Fraud Suit

    The U.S. Securities and Exchange Commission on Wednesday pushed back against the "heated rhetoric" of an attorney asking a Maine federal judge to sanction the regulator for alleged misdeeds in a more than $48 million securities fraud suit.

  • November 04, 2020

    Acquitted Ex-Forex Traders Press DOJ Ahead Of Civil Trials

    A Manhattan federal judge on Wednesday told the U.S. Department of Justice to meet with counsel for two ex-currency traders cleared of criminal rate-rigging charges who wish to access DOJ evidence in a follow-on effort by the Office of the Comptroller of the Currency to hold them civilly liable.

  • November 04, 2020

    PayPal CEO Says Gov't-Backed Digital Dollars Are Inevitable

    The establishment of government-backed digital currencies is "a matter of when and how they're done, not if," according to the president and CEO of PayPal, which recently received clearance to let users buy and sell cryptocurrencies.

  • November 04, 2020

    Goldman Hires Time's Up Atty To Defend It In Retaliation Suit

    A co-founder of the Time's Up Legal Defense Fund has agreed to represent Goldman Sachs as it defends against allegations that it hired Weil Gotshal & Manges LLP to perform a "bogus investigation" meant to cover up sexual harassment claims against the bank's global head of litigation.

  • November 04, 2020

    Nebraska Voters Back 36% Rate Cap For Payday Lenders

    Voters in Nebraska on Tuesday overwhelmingly approved a ballot measure to establish a 36% rate cap for payday lenders, positioning the state as the latest to clamp down on higher-cost lending to consumers.

  • November 04, 2020

    PJT Partners Boosts Deputy GC To Top Counsel Spot

    Global investment bank PJT Partners Inc. will elevate its deputy general counsel — who has provided legal advice in the banking industry since 2006 — to general counsel starting in January.

  • November 04, 2020

    Senate Majority Still In Doubt As Races Tighten

    Several races that had not yet been called Wednesday will ultimately determine whether Republicans retain control of the U.S. Senate in 2021, leaving questions about everything from negotiations on a pandemic stimulus bill to pending judicial confirmations hanging in the balance.

  • November 04, 2020

    Puerto Rican Bank Wins $86M Loan Suit Against PDVSA

    A London judge ruled Wednesday that Petroleos De Venezuela SA cannot rely on U.S. sanctions to avoid paying $86 million to a Puerto Rican bank, handing the lender an early win in its loan dispute with the oil company.

  • November 04, 2020

    Biden Campaign Plays Down Trump High Court Threat

    A campaign adviser for former Vice President Joe Biden said the candidate is "not worried" about threats by President Donald Trump to go to the U.S. Supreme Court to block the counting of mail-in ballots in the contest, as Biden pulled ahead in another key swing state Wednesday morning.  

  • November 03, 2020

    Trump Vows To Contest Uncounted Ballots At High Court

    President Donald Trump vowed early Wednesday to challenge the results of the presidential election at the U.S. Supreme Court, slamming the election as a "fraud" and an "embarrassment to our country" even as ballots in key battleground states remained uncounted.

  • November 03, 2020

    The BigLaw Attorneys Battling Over An Undecided Election

    The most heavily litigated election in U.S. history remained undecided Wednesday morning, in a tight race that could turn on a legal battle in Pennsylvania over uncounted mail-in ballots, positioning a handful of high-profile attorneys at the center of lawsuits that could determine the next president.

  • November 03, 2020

    Don't Look To Bush v. Gore For 2020 Blueprint

    As the nation waits with bated breath for the results of the 2020 presidential contest, the prospect of litigation over mail-in ballots in battleground states has led to fear that it could once again come down to the Supreme Court to declare a winner. Here's why that's still a long shot.

  • November 03, 2020

    Senate — And Pandemic Relief — Still Hanging In The Balance

    Control of the U.S. Senate remained uncertain early Wednesday as the coronavirus outbreak slowed vote tallying, leaving in limbo a pressing agenda that includes pandemic relief, government funding and federal judge confirmations.

  • November 03, 2020

    9th Circ. Says FOIA Info Can Count As Corrective Disclosure

    The Ninth Circuit on Tuesday revived a proposed investor class action accusing the since-rebranded BofI Holding Inc. of securities fraud, ruling that the publication of information obtained through a Freedom of Information Act request can count as a corrective disclosure for loss causation pleading purposes.

  • November 03, 2020

    JPMorgan Expects Fine For 'Deficiencies' In Internal Controls

    JPMorgan Chase & Co.'s consumer and commercial banking subsidiary is facing a potential civil fine from an unnamed U.S. regulator tied to "historical deficiencies" in internal controls, according to a quarterly filing with the U.S. Securities and Exchange Commission.

  • November 03, 2020

    China Freezes Fintech Giant Ant's Record-Smashing IPO

    Chinese stock market regulators on Tuesday halted Ant Group's estimated $34 billion initial public offering, putting the fintech giant's potentially record-smashing debut in jeopardy just days before the Alibaba-affiliated company was scheduled to go public.

  • November 03, 2020

    8 White And Williams Insurance Attys Join Robinson & Cole

    Robinson & Cole LLP has snatched away eight insurance attorneys, including two partners and two counsel, from White and Williams LLP to expand the firm's New York office and insurance practice group.

Expert Analysis

  • What Hiring Law Firms Should Consider Instead Of Grades

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    With law schools forgoing traditional grading due to the pandemic, hiring firms that have heavily weighted first-year grades during the on-campus interview process should turn to metrics that allow a more holistic view of a candidate, says Kate Reder Sheikh at Major Lindsey.

  • Nev. Lenders Must Brace For The Next Wave Of Foreclosures

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    As the pandemic's economic effects on Nevada will likely lead to a new wave of homeowners association foreclosure activity, lenders should set up identification and response systems to protect against potential losses of secured interests, say attorneys at Snell & Wilmer.

  • Series

    Judging A Book: Schroeder Reviews 'Collegiality'

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    Mark Barringer's new book, "Collegiality and the Constitution," is an engaging, vibrant work of judicial history in Texas' Eastern District, and reveals an atmosphere of civility and respect among all those involved in the business of the court, says U.S. District Judge Robert W. Schroeder III.

  • How Cos. Can Respond To Growing Crypto Tax Enforcement

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    As the U.S. Department of Justice and the Internal Revenue Service remain laser-focused on abusive cryptocurrency schemes, companies operating in this high-risk industry should review their compliance measures in areas such as data analysis, employee oversight and industry benchmarking, say attorneys at Norton Rose.

  • Now Is The Time To Go Digital With Compliance Training

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    To properly meet the U.S. Department of Justice's latest corporate compliance expectations and adapt to the current remote working environment, consider collaborating with a client on an e-learning solution tailored to its employees, says Alexander Holtan at Eversheds Sutherland.

  • Opinion

    Cos. Should Have To Notify Workers Of Whistleblower Rights

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    The U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, U.S. Department of Justice and Internal Revenue Service should require employment confidentiality and separation agreements to make clear workers may talk to the agencies and retain any whistleblower award without retaliation or approval, says Ezra Bronstein at Mehri & Skalet.

  • Overcoming The Pandemic's Hurdles To Pro Bono Work

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    Sarah McLean at Shearman & Sterling looks at how attorneys and law firms can partner with nonprofits to leverage their collective resources, sharpen their legal skills and beat the unique pandemic-induced challenges to providing free legal services to low-income individuals.

  • Opinion

    Trump's Tax Tactics May Be Criminal

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    Apologists who defend President Donald Trump as having shrewdly exploited legal loopholes by deducting dubious consulting fees from his taxes are ignoring major badges of fraud that would have led the Internal Revenue Service to investigate any other taxpayer, says Daren Firestone at Levy Firestone.

  • Barrett's Rulings Show Fairness In Employment Cases

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    While court watchers may assume U.S. Supreme Court nominee Judge Amy Coney Barrett leans toward deciding employment cases in favor of management, her Seventh Circuit opinions demonstrate a balanced approach that respects jury verdicts, adheres to the law and is not results-oriented, says David Garland at Epstein Becker.

  • Best Practices For Presenting Exhibits In A Remote Deposition

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    In this era of fully remote depositions, attorneys must carefully consider whether they want to deliver exhibits to opposing counsel in advance or on the day of the deposition, and think creatively about the technological resources available to them, say Helene Wasserman and Nathaniel Jenkins at Littler.

  • What We Know About How Judicial Bias Can Influence Rulings

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    The struggle to replace Justice Ruth Bader Ginsburg raises the question whether U.S. Supreme Court justices and federal judges are able to separate their political beliefs and world views from their judicial opinions, with studies in political science and social psychology providing clear answers, says Drury Sherrod at Mattson and Sherrod.

  • Opinion

    We Must Hold Banks Accountable To Stop Money Laundering

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    On the heels of a recent Financial Crimes Enforcement Network leak exposing trillions of dollars in suspicious transactions, banks and regulators must work together to hold individual bankers, boards of directors and senior management accountable when they facilitate transactions of criminally derived cash, says Linda Lacewell at the New York State Department of Financial Services.

  • Law Firm Social Responsibility Strategies In The New Normal

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    Law firm leaders and marketers should consider several fundamental questions as they develop their corporate social responsibility programs amid the pandemic with reduced available time, money and personnel, including identifying a realistic charitable spending budget and seeking input from firm lawyers, clients and nonprofit partners, says Tina van der Ven at NewStar Media.

  • What To Expect On Key Civil Procedure Issues From Barrett

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    Judge Amy Coney Barrett's prolific opinion writing on the Seventh Circuit reveals a clear picture of what we can expect from this jurist on issues such as state court personal jurisdiction over out-of-state defendants, Article III standing and the application of federal law in diversity actions, says James Wagstaffe at Wagstaffe von Loewenfeldt Busch.

  • Preparing For Enhanced Enforcement Under Calif. 'Mini-CFPB'

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    Brett Watson and Michael Kraft at Cozen O'Connor analyze the pros and cons of a new California law to establish a Consumer Financial Protection Bureau-like agency in the state, and explore how financial services providers should prepare for more aggressive enforcement.

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