Banking

  • October 30, 2020

    Skadden, Kirkland Steer Chinese Fintech's $2.4B IPO

    Shares for Lufax, a technology-powered Chinese personal finance platform, debuted on the stock market Friday as it raised nearly $2.4 billion through an initial public offering steered by Skadden and Kirkland to fund general corporate activity.

  • October 30, 2020

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

    This week in London has seen Nigeria take aim at the U.K.'s National Crime Agency and a former dictator, British broadcasting giant Sky target scores of insurers and a mortgage portfolio company sue Simmons & Simmons LLP. Here, Law360 looks at those and other new claims in the U.K.

  • October 30, 2020

    2nd Circ. Sends CFPB's RD Legal Case Back To NY

    The Second Circuit on Friday opened a door for the Consumer Financial Protection Bureau to salvage a previously dismissed lawsuit against litigation funder RD Legal, kicking the case back to New York federal court for consideration of whether the agency's current director can reauthorize the case following the U.S. Supreme Court's ruling on the agency's constitutionality.

  • October 29, 2020

    Deutsche Bank Appoints Americas GC To CEO Of Trust Co.

    Deutsche Bank AG on Thursday said it has received a regulatory green light to make its Americas general counsel head of the region's strategy and governance initiatives and CEO of its trust company.

  • October 29, 2020

    Credit Suisse Looks Within For New Investment GC

    Credit Suisse promoted one of its leading lawyers to general counsel for investment banking after her predecessor left the company to start a legal consulting business, the company confirmed Thursday.

  • October 29, 2020

    Advocates Sue To Undo CFPB's Rollback Of Payday Rule

    Community advocates filed a lawsuit in D.C. federal court Thursday challenging the Consumer Financial Protection Bureau's recent repeal of ability-to-repay underwriting requirements for payday lenders, arguing the agency used shoddy analysis and slanted reasoning to reach a preordained conclusion that shouldn't be allowed to stand.

  • October 29, 2020

    CFTC Spells Out Staff Procedure For Fine Reductions

    The U.S. Commodity Futures Trading Commission issued a memo to its enforcement division staff Thursday detailing the scenarios used to recommend reduced fines when firms cooperate, the latest effort the commission says will provide more transparency in its examinations and enforcement actions. 

  • October 29, 2020

    Real Estate Rumors: Bent Philipson, CIBC, Brookfield

    Investor Bent Philipson has reportedly bought a South Florida medical center for $23.95 million, CIBC is said to have loaned $55.8 million for a portfolio of Illinois industrial properties and a Brookfield venture has reportedly landed $475 million in refinancing for an Illinois mall.

  • October 29, 2020

    Legal Chiefs See Compliance Warning In Goldman FCPA Case

    Goldman Sachs' record FCPA settlement for its role in a $1.6 billion bribery scheme should serve as an example of what happens when red flags by a company's compliance department are ignored, while also underscoring the need for better training and more resources for the compliance team.

  • October 29, 2020

    Digital Bank To Settle With Customers Over Service Outage

    Digital banking company Chime Financial and its customers on Wednesday got initial approval of a proposed settlement agreement from a California federal judge, which would end claims stemming from disruption of the company's services in October 2019.

  • October 29, 2020

    Coronavirus Litigation: The Week In Review

    A group of Texas landlords lodged a bid to block a nationwide eviction moratorium, another BigLaw firm is battling with its landlord over rent during the pandemic, and several major retailers such as Kohl's and J. Crew face claims they unlawfully charged or collected tax on the sales of face masks.

  • October 29, 2020

    NY Banks, Financial Firms Urged To Prep For Climate Risks

    New York's Department of Financial Services issued guidance on Thursday saying that banks, cryptocurrency companies and other financial institutions under its oversight need to begin preparing for the financial impacts of climate change, becoming the first banking regulator in the U.S. to lay out such risk management expectations.

  • October 29, 2020

    Zillow Investors Win Class Cert. In Suit Over CFPB Probe

    A Washington federal judge has certified a class of investors suing online real estate data company Zillow for allegedly hiding it was being investigated for its co-marketing practices, causing its stock price to drop when the truth came to light.

  • October 28, 2020

    SEC Cyber Chief And Ex-SEC Atty Spar Over Crypto Guidance

    The chief of the U.S. Securities and Exchange Commission's cyber unit and an ex-SEC enforcement attorney offered starkly different assessments regarding the agency's effectiveness in regulating cryptocurrency on Wednesday, highlighting the tension between the agency and the crypto industry.

  • October 28, 2020

    Judge Rejects $3.3M Deal To End M&T Mortgage Fee Suit

    A California federal judge turned down a proposed $3.3 million settlement between M&T Bank Corp. and a proposed class of homeowners Wednesday, finding that a lack of information made it difficult to assess the deal's fairness.

  • October 28, 2020

    'Hug Your Whistleblower,' Former SEC Attorneys Advise

    Attorneys speaking at a panel on the success of the U.S. Securities and Exchange Commission's whistleblower program, which just closed a record year before landing its largest bounty ever, had plenty of advice on Wednesday with an overarching message: "Hug your whistleblower."

  • October 28, 2020

    SoFi Clears Initial OCC Hurdle In Quest To Launch Bank

    The Office of the Comptroller of the Currency said Wednesday that it has granted conditional approval to Social Finance Inc.'s application for a full-service national bank charter, moving the online lender one step closer to launching SoFi Bank NA.

  • October 28, 2020

    Ocwen, Wells Fargo Fight Bringing Fla. Deal Into ERISA Suit

    Ocwen Financial Corp. and Wells Fargo are arguing that a union pension fund's trustees shouldn't be allowed to use Ocwen's recent $11 million settlement in a mortgage misconduct suit in Florida as a pawn in their ERISA lawsuit in New York federal court.

  • October 28, 2020

    HSBC Taps Ex-Barclays GC As Chief Legal Officer

    HSBC Holdings PLC is bringing on the former general counsel at rival bank Barclays PLC as its top lawyer, the firm announced Wednesday.

  • October 28, 2020

    Georgetown Law Prof Skeptical Fidelity Sold Shares Carefully

    Fidelity Investments' charitable arm's rapid liquidation of stock placed in a donor-advised fund by California philanthropists is akin to selling donated art on the street because Christie's auction house is closed, a Georgetown Law professor testified Wednesday in a Zoom bench trial over allegations that Fidelity negligently managed their donation.

  • October 28, 2020

    1st Circ. Downs Union Challenge To Puerto Rico Benefits Cuts

    The First Circuit said Wednesday that several laws Puerto Rico passed cutting back benefits for public sector workers were reasonable ways to weather a fiscal crisis, shooting down two unions' legal challenge to them.

  • October 28, 2020

    Ex-Fed GC Says Lessons Of 2008 Helped With COVID-19

    The lessons learned in the global financial crisis of 2008 allowed Congress and financial regulators to move faster and with more precise measures to boost a wavering economy brought on by the coronavirus pandemic, a panel of legal experts said Tuesday.

  • October 28, 2020

    Split SEC Will Allow Funds To Expand Derivatives Use

    A divided U.S. Securities and Exchange Commission on Wednesday approved a rule that would regulate how mutual funds and other investment companies use risky derivatives to boost returns, seeking to replace a patchwork system with concrete standards.

  • October 28, 2020

    PennyMac Fires Back At Black Knight's 'Needless Litigation'

    PennyMac Loan Services LLC urged a Florida federal judge Tuesday not to give mortgage servicing software provider Black Knight Inc. an early win in a trade secrets suit, which PennyMac called "the epitome of needless litigation."

  • October 28, 2020

    US Says Drywall Biz Operators Shirked Employment Taxes

    The operators of a Rhode Island drywall subcontracting business skirted their federal employment tax responsibilities by paying workers under the table and making cash deposits that wouldn't trigger bank reporting requirements, the U.S. government told a federal district court.

Expert Analysis

  • What Shifting FCPA Enforcement Means For Financial Cos.

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    In this brief video, Tom Firestone and Daniela Fonseca Puggina at Baker McKenzie analyze how Foreign Corrupt Practices Act enforcement is placing greater emphasis on bribe recipients, and what this trend means for financial institutions and their know-your-customer policies and practices.

  • Law Firm Hiring Considerations In A COVID-19 Economy

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    Financially robust law firms are entering the recruiting market aggressively knowing that dislocations like the COVID-19 crisis present rare competitive opportunities, and firms that remain on the sidelines when it comes to strategic hiring will be especially vulnerable to having their best talent poached, says Brian Burlant at Major Lindsey.

  • Opinion

    Lawyers Must Act To Preserve Democracy This Election

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    COVID-19 concerns and glaring gaps in registration threaten to dampen voter turnout in the 2020 election, so attorneys should take on the problem by leveraging their knowledge and resources in seven ways, says Laura Brill at Kendall Brill.

  • How To Effectively Defend Witnesses In Remote Depositions

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    When a witness is isolated from the defending lawyer during a remote deposition, carefully planning the logistics and building witness confidence are critical to avoiding damaging admissions, say Jessica Staiger at Archer Daniels and Alec Solotorovsky at Eimer Stahl.

  • Whether And How To Compel Remote Arbitration

    Excerpt from Practical Guidance
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    As the pandemic delays in-person arbitration hearings, mediator and arbitrator Theodore Cheng provides arbitrators with a checklist to examine the rationale and authority for compelling parties to participate in remote hearings.

  • Tuning In To Covered Business Method Review's Series Finale

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    As the U.S. Patent and Trademark Office's covered business method review process comes to the end of its eight-season run on Wednesday, Eric Krause and Pan Lee at Axinn assess the contributions these proceedings have made to intellectual property law, from the perspectives of petitioners, patent owners and real parties in interest.

  • Series

    AGs In A Pandemic: James Talks NY Response

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    New York Attorney General Letitia James highlights her office's efforts to ease financial burdens for New York residents and businesses struggling during the pandemic by fighting fraud, policing employers, assisting with debt relief and more.

  • Negotiating PE Sponsor Guarantees Amid Economic Unrest

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    As lenders look to deep-pocketed private equity sponsors amid the ongoing economic crisis, sponsors should understand how guarantees can enable struggling portfolio companies to access additional liquidity, and lenders will want to prepare for common touchpoints in negotiations, say Anastasia Kaup and Robert Horwath at Duane Morris.

  • The Unique Challenges Of Protecting A Law Firm Brand

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    Recent law firm trademark disputes highlight how the tension between legal ethics rules and trademark law can make it difficult for firms to select brands that are distinctive and entitled to protection, say Kimberly Maynard and Tyler Maulsby at Frankfurt Kurnit.

  • Watching The Sun Set On Covered Business Method Review

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    Although the ending of the U.S. Patent and Trademark Office's transitional program for covered business method patents on Wednesday will not likely have a significant impact due to its already diminished reach, it may open the door to further Section 101 challenges in inter partes reviews, say John Phillips and Michael Zoppo at Fish & Richardson.

  • Lehman Ruling Continues Bankruptcy Safe Harbor Expansion

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    The Second Circuit's recent rejection of Lehman Brothers' post-bankruptcy attempt to recover nearly $1 billion in noteholder payments continues the recent amplification and expansion of the Bankruptcy Code safe harbor provisions, providing clarity on the right to liquidate for parties to protected agreements, say attorneys at Cadwalader.

  • Employment Concerns For Financial Cos. During COVID-19

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    Susan Eandi and Paul Evans at Baker McKenzie discuss how financial services companies can mitigate risk for certain types of COVID-19 employment lawsuits, and recent pandemic-related guidance from the U.S. Securities and Exchange Commission concerning broker-dealer and investment adviser compliance.

  • 2 Real Estate Financing Concepts To Review During COVID-19

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    COVID-19 will likely continue to bring a significant increase in distressed real estate financings, so parties should carefully draft late charge and default rate interest provisions to ensure that they are enforceable as intended, say Steven Herman and Eunji Jo at Cadwalader.

  • Parsing The DOJ's Flawed Spoofing Theory

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    In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.

  • FCRA Time Bar Ruling Instructs On Technical Claim Defense

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    A California federal court’s recent decision in Moran v. The Screening Pros, that the Fair Credit Reporting Act’s time bar on disclosing adverse items begins when the charge originated, demonstrates how negligent or willful technical violation allegations can be defeated, say attorneys at Troutman Pepper.

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