Banking

  • May 11, 2020

    Bank Regulators Tweak Approach To Loan Risk Reviews

    Federal regulatory agencies issued updated guidance for banks' internal risk reviews, stressing a flexible approach focused on "high-risk" loans while specifying that groups of retail loans can be analyzed together in "segments."

  • May 11, 2020

    Coronavirus Q&A: Bilzin Sumberg's Bankruptcy Leader

    In this edition of Coronavirus Q&A, Bilzin Sumberg's leader of business finance and restructuring, as well as its corporate practice, chatted with Law360 about the transition to remote bankruptcy court and how the accelerated timeline of COVID-19 has affected legal work.

  • May 11, 2020

    Debt Collector Wins 2nd Bid To Arbitrate Credit Card Suit

    A New Jersey federal judge on Monday granted a debt collector's request to force a woman behind a proposed class action over its collection letters to arbitrate her Fair Debt Collection Practices Act claim on an individual basis, finding that she was bound by an arbitration provision in an underlying credit card agreement.

  • May 11, 2020

    Feds Oppose Video Sentencing For Ex-Goldman Sachs Banker

    Former Goldman Sachs banker Bryan Cohen should not be sentenced for insider trading until the coronavirus outbreak subsides enough to allow for an appearance in court, Manhattan federal prosecutors said Friday, after Cohen asked to go forward via video citing the "uncertainty and stress" of continuing to wait.

  • May 11, 2020

    EU Signs Off On French Export Aid During Pandemic

    A French government plan to provide financial guarantees to help small- to mid-size companies continue exporting amid the coronavirus outbreak was cleared by the European Commission on Monday.

  • May 11, 2020

    China's UP Fintech Seeks to Shed IPO Class Action

    A Chinese fintech company wants to end a proposed securities class action it faces in New York federal court, arguing it properly fulfilled all of its financial reporting responsibilities in the lead-up to its 2019 initial public offering.

  • May 11, 2020

    Indian Tycoon's Extradition Case Over $2B Fraud Begins In UK

    Diamond magnate Nirav Modi fraudulently acquired "eye-watering amounts of money" from Punjab National Bank, prosecutors said during the first day of a London hearing Monday on India's bid to extradite him to face fraud and money laundering charges.

  • May 11, 2020

    Lender Can't Get 'Veto' Over Travelex Restructuring

    A London judge refused Monday to grant a Congolese lender a veto over Travelex's plans to restructure its struggling business but ruled that the British foreign exchange service, which owes the bank $60 million, had to come clean on its financial difficulties.

  • May 11, 2020

    OCC's New Bank Exam Chief On Prepping For Next Downturn

    In part two of an interview with Blake Paulson, the new chief national bank examiner with the Office of the Comptroller of the Currency looks beyond the coronavirus, detailing the steps the agency and banks can take to prepare for the next financial downturn, whenever that may come.

  • May 08, 2020

    Judge Won't Police Attys' Arb. Talk In Goldman Sex Bias Suit

    While the class counsel in a sex bias suit against Goldman Sachs did undermine the arbitration process by telling some workers they can remain in the suit by opting out of their arbitration agreements, they did not violate any orders, a New York federal magistrate judge said Friday.

  • May 08, 2020

    AmEx, Retailers Set Anti-Steering Suit Up For New Appeal

    A group of retailers appears set to ask that the Second Circuit revive its antitrust claims targeting ​​​​American Express' anti-steering rules, after both sides agreed in court filings on Friday that the federal court case is essentially finished.

  • May 08, 2020

    Wells Fargo Wants COVID-19 Lending Policy Suit Tossed

    Wells Fargo urged a Texas federal judge Friday to dismiss a proposed class action seeking changes in the bank's Paycheck Protection Program lending practices, saying the two plaintiff business owners have not successfully pled any violation of the coronavirus relief legislation that authorized the program.

  • May 08, 2020

    House Panel Pushes Public Cos. To Return Small-Biz Loans

    The new House panel overseeing coronavirus relief on Friday urged five publicly traded companies to return millions of dollars in forgivable loans they received from the Small Business Administration's Paycheck Protection Program, though the panel's Republicans decried the move.

  • May 08, 2020

    Fed Shelves 'Non-Critical' Bank Exams Amid COVID-19 Focus

    The Federal Reserve released its annual report on regulatory developments on Friday, highlighting that it has deferred or canceled "non-critical" examinations even for the nation's largest financial institutions, and that any exam activity through the end of the year will focus on the impacts of COVID-19 or issues that predate the pandemic. 

  • May 08, 2020

    Wash. Tax Illegally Targets Out-Of-State Banks, Judge Rules

    A Washington state tax on large financial institutions unconstitutionally burdens interstate commerce by targeting large out-of-state banks with a higher business and occupation tax rate, a state judge ruled Friday.

  • May 08, 2020

    Marijuana Groups Want Banking Help In Virus Aid Legislation

    Citing the risk of coronavirus exposure to an industry forced to do all transactions in cash, several marijuana industry groups sent a letter Friday urging U.S. House leadership to include banking access for cannabis businesses in any upcoming pandemic relief legislation.

  • May 08, 2020

    Trump Subpoena Suits Not Mere Political Spats, Justices Told

    House committees' suits to enforce subpoenas for President Donald Trump's financial records are not fundamentally political and can be decided in the courts, Trump, the committees and the U.S. Solicitor General told the U.S. Supreme Court on Friday.

  • May 08, 2020

    Consumer Lender Earmarks $21.7M To Resolve FCPA Probe

    Consumer lender World Acceptance Corp. has set aside $21.7 million to potentially resolve a U.S. Securities and Exchange Commission investigation into its compliance with the Foreign Corrupt Practices Act in relation to its Mexico operations.

  • May 08, 2020

    Psychedelic Meds Are Opening A New Frontier For Legal Work

    A new wave of experiments with psychedelic drugs is revealing their potential to treat afflictions including depression, addiction and post-traumatic stress disorder, a development that's gradually removing the drugs' stigma and encouraging lawyers to help usher a possible new competitor into the $1 trillion-plus global pharmaceutical market.

  • May 08, 2020

    FINRA Wants To Serve Docs By Email Amid Crisis Challenges

    The Financial Industry Regulatory Authority says the shift to remote work caused by the coronavirus pandemic has made it difficult for its employees to serve documents in hard copy as required by law, but a quick rule change could ease the pressure.

  • May 08, 2020

    No Release For Elderly Architect Of $220M Loan Scam

    A 75-year-old businessman doing 10 years for building a $220 million loan-sharking empire won't be freed on compassionate grounds, but the Illinois prison where he's housed would be justified to furlough him while coronavirus remains a threat, a Manhattan federal judge said Friday.

  • May 08, 2020

    OCC's New Bank Exam Chief Talks COVID-19 And Beyond

    Blake Paulson has worked through plenty of economic peaks and troughs during his more than three decades at the Office of the Comptroller of the Currency, but he asserts that the effects of COVID-19 have been unique, requiring unprecedented steps to keep banks running smoothly.

  • May 07, 2020

    Southland Ch. 11 Creditors Can Retain Financial Advisers

    A Delaware bankruptcy judge approved the retention of two financial advisers Thursday for the official committee of unsecured creditors in the Chapter 11 case of oil driller Southland Royalty Co. LLC, saying their services wouldn't be duplicative and would incur a reasonable amount of fees.

  • May 07, 2020

    Chancery Wants Student Loan Trust Fee Feud Resolved Fast

    Pointing to looming risks of legal bill defaults, a Delaware vice chancellor ordered groups battling over control of a formerly $15 billion student loan investment empire to find a way to choose common counsel for the fee disputes, as a pivotal contract argument approaches.

  • May 07, 2020

    Wrong Address Wipes Out $4M Judgment Against MMG Bank

    A Texas appellate court on Thursday said a $4 million default judgment against MMG Bank Corp. couldn't stand because the family that sued it to recoup losses after purchasing fraudulent investments from an alleged MMG customer sent the suit to the wrong address.

Expert Analysis

  • When Your Essential Employees Are Afraid To Come To Work

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    As the COVID-19 pandemic stretches on, essential businesses with increasingly nervous workforces must ask pertinent questions to determine if fearful employees have a legal basis for staying home, say Barbara Hoey and Nidhi Srivastava at Kelley Drye.

  • Virtual Mediation A Viable Option For Class Action Litigants

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    While stay-at-home orders remain in place, virtual class mediation can provide timely answers to important questions, such as whether a case can be settled and how the pandemic has changed the litigation landscape for the parties, says Niki Mendoza at Phillips ADR.

  • Are Litigation Funding Documents Protected From Discovery?

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    With law firms and their clients increasingly interested in exploring litigation funding during the current economic crisis, attorneys must be aware of the trends emerging in courts across the country regarding the discoverability of litigation funding materials, say attorneys at Jenner & Block and Longford Capital.

  • Don't Get Blindsided By Correspondent Banking Enforcement

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    Attorneys at Mayer Brown share guidance on mitigating correspondent banking risks for financial institutions as COVID-19 market disruptions are likely to prompt an increase in financial crime and misconduct.

  • What To Expect In The Emerging Age Of Quantum Computing

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    Though the full effects of quantum computing likely won’t be felt for a number of years, the technology recently moved to the commercial market, and attorneys must begin to consider its vast potential and its cybersecurity risks, say Nicholas Smith and Ryan McKenney at Milbank.

  • How COVID-19 Might Uproot Centuries Of Litigation Traditions

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    Litigation has historically been an in-person activity, but the COVID-19 crisis might bring a long-lasting shift toward adoption of technologies that allow discovery and other litigation activities to proceed in a manner that preserves social distancing, say Elisabeth Ross and Christopher Hennessy at Cozen O’Connor.

  • Series

    State Of Class Certification: Offense In Workplace Bias Cases

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    New state-level equal pay statutes, recent case law concerning unfair workplace policies, and an increase in lawsuits and federal agency filings targeting sexual harassment collectively support the viability of class certification bids in workplace discrimination cases, say Alexandra Harwin and Saba Bireda at Sanford Heisler.

  • Amid COVID Market Volatility, Are CLOs The Next RMBS?

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    As the economy weathers the coronavirus pandemic, Stephen Brown and Abraham Salander at Jenner & Block compare financial crisis-era residential mortgage-backed securities to current collateralized loan obligations, and evaluate post-recession RMBS litigation versus potential CLO claims.

  • Tips For Commercial Mortgage Borrowers Affected By COVID

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    Commercial mortgage borrowers evaluating their COVID-19 impact should conduct research, do their best to fulfill loan obligations, and check for potential contract provision triggers before contacting their lenders, say attorneys at Manatt.

  • Consider Legal Ramifications Before Recording Video Calls

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    Given the ease with which videoconference participants can unwittingly risk civil and criminal liability by unlawfully recording calls, attorneys should be mindful of — and clients may appreciate prospective advice on — state consent laws and the various meeting platforms' consent features, say Daniel Rozansky and Crystal Jonelis at Stubbs Alderton.

  • Call-Recording Privacy Class Actions At Crossroads In Calif.

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    The California Supreme Court’s upcoming decision in Smith v. LoanMe has the potential either to put an end to abusive California Invasion of Privacy Act class actions or to make them even more lucrative for the plaintiffs bar, says Edward Totino at Baker McKenzie.

  • Unintended Potential For Disaster In Gov't Economic Lifelines

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    During the last downturn, many unwary borrowers learned costly lessons about prohibitions on subordinate financing and the effect it had on creating personal liability when the assets became distressed. Today, the well-intended act of borrowing through government stimulus loans until the dreaded curve flattens may create another perfect storm, says Joseph Jones at Berger Singerman.

  • Rethinking The Open Office In Light Of COVID-19

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    Many companies, and even some law firms, adopted open-office designs over the last 20 years without any consideration of disease transmission between employees, and now one questions whether such designs may act as a significant impediment to post-pandemic reopenings, says Steven Moore at Withers.

  • Key Tax Implications Of Debt Restructuring During COVID-19

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    Even modest adjustments to the terms of a debt instrument due to the COVID-19 pandemic can introduce significant federal income tax complexity — such as cancellation of indebtedness income for the debtor and original issue discount for the lender, say attorneys at Mayer Brown.

  • Addressing Temp Worker Cyber Breach Risk At Financial Cos.

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    As new research highlights the risk of data breaches from within financial institutions, the nature of the work performed by the companies' contingent workers warrants greater scrutiny before it leads to significant consequences, say Kostas Katsiris and Elise Gabriel at Venable.

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