Banking

  • November 03, 2020

    Class Attys Seek $18.5M In Fees For Libor Deals With 7 Banks

    Counsel for a class of bondholders asked a New York federal judge on Monday for an $18.5 million fee award for having negotiated settlements with seven financial giants accused of rigging the London Interbank Offered Rate.

  • November 03, 2020

    Wells Fargo Will Pause Proactive COVID-19 Forbearances

    Wells Fargo will no longer place mortgages into a COVID-19-related forbearance plan without permission from homeowners as part of an ongoing proposed class action lawsuit alleging the bank pushed customers into such plans without notice, according to an order in Virginia federal court.

  • November 03, 2020

    Unión Fenosa Sues Egypt, BNY Mellon Over Funds Transfer

    Unión Fenosa Gas has sued to block a fund transfer into a BNY Mellon trust as it seeks payment of a $2 billion arbitral award against Egypt, telling a New York federal court that the country and bank inked a fraudulent agreement to shield the funds from attachment.

  • November 03, 2020

    SEC On Fast Track For Record Whistleblower Awards In FY 21

    Just over a month into its fiscal year, the U.S. Securities and Exchange Commission has already paid out more than $152 million to whistleblowers, nearly 87% of the record-setting $175 million the agency shelled out in all of fiscal year 2020.

  • November 03, 2020

    Ex-UBS Trader To Get Early Release On Libor Conviction

    Former UBS Group AG and Citigroup Inc. banker Tom Hayes, the first trader convicted of rigging Libor, will be released from prison in January after serving less than half of his 11-year sentence, his lawyer confirmed Tuesday.

  • November 03, 2020

    From The Front Lines: The Attorneys Protecting This Election

    Tuesday marked the final day of voting in 2020, and across the country, attorneys worked to safeguard what was already one of the most contentious and litigated elections in U.S. history. Here are the stories of attorneys on the front lines of election protection.

  • November 02, 2020

    SEC's Record 2020 Enforcement Haul Soars On Disgorgement

    The U.S. Securities and Exchange Commission collected more money through enforcement actions in fiscal year 2020 than ever before — thanks to record levels of disgorgement and a slew of mega-sized settlements that came despite a dip in the number of enforcement actions.

  • November 02, 2020

    Art World Is Attractive To Sanctions-Evaders, Treasury Warns

    The U.S. Department of the Treasury's Office of Foreign Assets Control has advised the art world that high-value transactions with people blocked by the agency could lead to penalties, as the market is particularly attractive to those trying to evade sanctions.

  • November 02, 2020

    Fifth Third Eyes Exit From Investor Suit

    Fifth Third Bancorp has asked an Illinois federal judge to toss a complaint alleging its employees opened accounts without customer permission, saying the shareholders conflate it with Wells Fargo & Co., which has faced litigation over similar allegations.

  • November 02, 2020

    Wealth Manager AMP Eyes $4.5B Buyout Amid Turmoil

    Australian wealth management business AMP, advised by King & Wood Mallesons, revealed Monday that U.S. alternative investment firm Ares Management's bid to buy the company valued it at nearly AU$6.4 billion (about $4.5 billion).

  • November 02, 2020

    2 Firms Guide Brazilian Fintech's $150M Financing

    Latin American banking software company Conductor has raised $150 million with help from Simpson Thacher & Bartlett LLP and Mattos Filho Advogados, the fintech company said Monday, with the funds intended for product development and international growth.

  • November 02, 2020

    Bitcoin Exchange Customers Seek Class Cert. In Fraud Suit

    Customers of defunct Japanese bitcoin exchange Mt. Gox asked an Illinois federal judge to certify a class that lost $400 million from the former CEO's alleged fraud.

  • November 02, 2020

    Justices Decline To Review HSBC Banker's Fraud Conviction

    The U.S. Supreme Court on Monday declined former HSBC executive Mark Johnson's bid for a review of his fraud conviction over a $3.5 billion trade, potentially marking the end for his yearslong appeal.

  • November 02, 2020

    Big Banks Can't Shake Philly, Baltimore Rate-Rigging Suits

    A New York federal judge said Monday that Philadelphia and Baltimore can proceed with consolidated class action litigation accusing major banks of artificially inflating interest rates on securities known as variable rate demand obligation bonds, trimming many of the cities' state-law claims but ruling that an antitrust conspiracy had been plausibly alleged.

  • October 30, 2020

    CFPB Adopts Long-Awaited Rules On Debt Collection Industry

    The Consumer Financial Protection Bureau on Friday issued a massive package of finalized regulations for the debt collection industry, clarifying standards for the use of text messages and other digital channels to contact consumers and pivoting from an earlier plan for "bright-line" limits on phone calls.

  • October 30, 2020

    Cohen Milstein, Scott & Scott Both Want To Lead FICO Fight

    Both of the firms vying for interim lead counsel spots in antitrust litigation against Fair Isaac Corp. agree that the matter ought to be split in two, but that didn't stop aspersions from being cast as they sought to make their case before an Illinois federal court.

  • October 30, 2020

    Full 5th Circ. To Hear Challenge To SEC's Judges

    The Fifth Circuit on Friday granted a full-panel review of an accountant's challenge to the constitutionality of the U.S. Securities and Exchange Commission's administrative law judges.

  • October 30, 2020

    Ex-BigLaw Atty Disbarred After Conviction Over Crypto Scam

    A New York state appellate court has disbarred former Locke Lord LLP corporate partner Mark S. Scott after his conviction last year on charges related to a $393 million cryptocurrency scam.

  • October 30, 2020

    CFPB Tells 9th Circ. Mortgage Services Firm Owes $8M

    The Consumer Financial Protection Bureau on Thursday told the Ninth Circuit not to reverse a nearly $8 million judgment entered against an Ohio mortgage services company accused of misleadingly marketing a mortgage payment program.

  • October 30, 2020

    Oil Futures Suit Can't Go To Arbitration, TD Clients Say

    Clients who used TD Ameritrade's trading platform thinkorswim on Thursday told a federal judge in Chicago that their proposed class action over the company's management of oil futures' unprecedented dip below zero in April should not be sent to arbitration because "serious questions" exist about the purported arbitration terms.

  • October 30, 2020

    Intervention Blocked In $12M Ocwen Mortgage Fees Deal

    Nonclass members can't intervene in Ocwen Loan Servicing LLC's $12.6 million settlement with consumers over claims the mortgage servicer unlawfully charged fees for payments made via phone or online, a Florida federal judge has ruled, saying the individuals have no interest in the proposed deal.

  • October 30, 2020

    3 Reasons Medical Offices Remain Attractive Amid Pandemic

    The coronavirus pandemic has been a boon for industrial real estate as increased online shopping drives up demand for logistics space, but the medical office sector has also fared well in 2020, and experts expect continued strength in that area during and after the pandemic. Here, Law360 looks at three reasons medical office properties remain attractive.

  • October 30, 2020

    NY Landlord Wants Feds Sanctioned Over Forfeiture Action

    A Rochester landlord accused of running a $500 million real estate fraud urged a New York federal court on Thursday to sanction the government for allegedly violating court-ordered forfeiture agreements just weeks after the judge tossed a 114-count indictment due to prosecutors' discovery "missteps."

  • October 30, 2020

    Dechert, Sullivan Guide $500M Penn Plaza Refinance

    Dechert represented Citibank on its $500 million loan to Sullivan & Cromwell-counseled Vornado Realty Trust for a property at Penn Plaza in Manhattan, according to records made public late in the day Thursday.

  • October 30, 2020

    Air Charter Co. Execs Can't Get Out Of Prison Over Virus

    Two co-founders of a defunct public air charter operator who were convicted of stealing millions in passenger payments can't get out of prison over fears of contracting COVID-19 after a New Jersey federal judge found their "risk of serious illness or death is not substantially higher" simply because they're behind bars at certain facilities.

Expert Analysis

  • A Likely Tipping Point For Nonlawyer Ownership Of Law Firms

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    The Arizona Supreme Court's recent decision to eliminate prohibitions on nonlawyer ownership of law firms may show that the organized bar's long-standing rhetoric that such rules are essential to protecting the legal profession's core values is overblown, say Anthony Sebok at Cardozo School of Law and Bradley Wendel at Cornell Law School.

  • Practical Lessons From 2nd Circ. Lehman Bankruptcy Ruling

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    The Second Circuit's recent decision in the Lehman Brothers bankruptcy litigation provides guidance for market participants who structure or invest in complex finance transactions involving derivatives, as well as a useful perspective for creditors seeking to protect their rights in a bankruptcy proceeding, say Thomas Mitchell at Orrick and attorney Steven Fink.

  • Bank Lessons From OCC's Stablecoin Custody Go-Ahead

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    With the Office of the Comptroller of the Currency recently authorizing banks to hold stablecoin reserves, financial institutions should keep several compliance considerations in mind with respect to deposit insurance, anti-money laundering, risk management, liquidity, issuer identification and audit requirements, say attorneys at Morgan Lewis.

  • Beware DOJ's Statutory Tool For Fighting COVID-19 Fraud

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    Companies engaged in commerce related to COVID-19 or that have received Paycheck Protection Program funding should familiarize themselves with a fraud statute, under which the U.S. Department of Justice has been successful in obtaining injunctions even before defendants are charged with a crime, say attorneys at V&E.

  • Foreign Securities Class Actions 10 Years After Morrison

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    The U.S. Supreme Court’s landmark 2010 decision in Morrison v. National Australia Bank has had a sweeping impact on the application of the federal securities laws to transnational securities fraud, but it has not brought the predictability and consistency it promised and has exposed foreign issuers to greater U.S. class action liability, say attorneys at Cleary.

  • A Road Map For Drafting Persuasive Discovery Motions

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    Best practices that can help litigators write convincing discovery motions include thinking about the audience, addressing a few key questions, and leaving out boilerplate from supporting briefs, says Tom Connally at Hogan Lovells.

  • How Congress Can Depoliticize The Supreme Court

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    Congress has multiple means to take the politics out of federal judicial nominations and restore the independence of the U.S. Supreme Court — three of which can be implemented without a constitutional amendment, says Franklin Amanat at DiCello Levitt.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Opinion

    The Case For A Nonpolitical Federal Judiciary

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    For the last 20 years, at the insistence of both parties, U.S. Supreme Court nominations have been fierce ideological battles — which is bad for the country and bad for the public's perception of the legitimacy of the court, say Judge Eric Moyé, Judge Craig Smith and Winston & Strawn partner Tom Melsheimer.

  • Negotiating M&A Bank Engagements During A Downturn

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    Amid the pandemic slowdown, companies considering mergers and acquisitions should prioritize negotiating engagement letters to minimize risk, align their interests with their investment bank's, and maximize price and the likelihood of a closed deal, say Matthew Misichko and David Kaufman at Thompson Coburn.

  • The Keys To A Better Privilege Logging Paradigm

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    Current privilege logging practices to identify what information is being withheld from discovery often lead to costly disputes, so practitioners should adopt a system based on trust and good faith, similar to the presumptions embedded in the business judgment rule for corporate directors and officers, say Kevin Brady at Volkswagen and Charles Ragan and Ted Hiser at Redgrave.

  • Opinion

    Pending Changes Pose Threat To SEC Whistleblower Program

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    If the U.S. Securities and Exchange Commission approves changes to the Dodd-Frank Act whistleblower rules on Wednesday, it will weaken protections for tipsters and radically undermine a regime that has returned $750 million to investors and collected over $2.5 billion in sanctions, says Stephen Kohn of Kohn Kohn & Colapinto.

  • NY Lenders May Face Barriers In Real Estate Dispositions

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    Three recent New York County Supreme Court decisions demonstrate that although the governor's executive orders suspending commercial evictions and foreclosures do not expressly bar collateral dispositions, lenders attempting to sell defaulted real estate should expect judicial limitations during the pandemic, say attorneys at Patterson Belknap.

  • Equator Principles Update: What Energy Cos. Should Know

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    An Oct. 1 update to the Equator Principles will bring significant changes to the environmental, social and governance framework, and energy projects receiving loans of as little as $50 million must now prepare for compliance, says Jillian Kirn at Greenberg Traurig.

  • White House Due Process Memo Could Reform Enforcement

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    A little-noticed memo recently issued by the Trump administration in response to the pandemic, directing federal agencies to provide greater due process to individuals and companies under regulatory investigation, represents a long-overdue sea change in the way justice is carried out in enforcement proceedings, say Joan Meyer and Norman Bloch at Thompson Hine.

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