Banking

  • May 07, 2020

    PayPal Looks For Win In Challenge To CFPB's Prepaid Rule

    PayPal Inc. moved Wednesday to bring its D.C. federal court challenge to the Consumer Financial Protection Bureau's prepaid rule to a swift conclusion, stressing that the agency made a "fundamental category error" in subjecting digital wallets to the same standards as plastic payment cards carried in stores.

  • May 07, 2020

    CFPB Denies Claim Of A 'Secret Rule' For Student Loans

    The Consumer Financial Protection Bureau asked a California federal judge Wednesday to toss a lawsuit that alleges the federal agency has adopted what is effectively a rule against supervising large federal student loan servicers, arguing the agency has no such policy.

  • May 07, 2020

    Indian Banks Say Essar Settlement Doesn't Have Their OK

    A pair of Indian banks have objected to a proposed settlement among parties to the Chapter 11 case of the former Essar Steel Minnesota, saying they didn't consent to the deal, which seeks to resolve a $1 billion suit over an unfinished iron ore processing plant.

  • May 07, 2020

    Main Street Lending Program Offers Liquidity With Limits

    The Federal Reserve's Main Street Lending Program promises relief for cash-starved businesses struggling amid the coronavirus pandemic, including larger companies that missed out on prior government aid, though experts warn the central bank's loan effort is not a cure-all.

  • May 07, 2020

    Texas Bank Seeks Redo In $62M Winstead Malpractice Suit

    A Dallas bank has asked an appellate court panel to rehear arguments on its claims that Winstead PC bungled the structuring of a $62 million loan workout and foreclosure, arguing the panel didn't address all issues raised on appeal.

  • May 07, 2020

    Experian Accused Of Stealing Analytics Co.'s Trade Secrets

    Experian stole a real estate analytics firm's trade secrets after the two companies entered into data-sharing agreements and froze the firm out of any revenue generated by products based on the ill-gotten information, according to a lawsuit filed Wednesday in California federal court.

  • May 07, 2020

    Wells Fargo's $83M Film Fraud Arbitration Award Confirmed

    A federal judge in Florida on Thursday confirmed an arbitration award of about $82.8 million for Wells Fargo, which was acting on behalf of investment company Adana Investing Inc. in litigation over a fraudulent film financing scheme.

  • May 07, 2020

    Greenberg Traurig Grows Philly Real Estate Practice

    Greenberg Traurig has expanded its real estate practice in Philadelphia with the hiring of a lawyer from Klehr Harrison, a move that also expands the firm's CMBS and private equity bench, Greenberg Traurig announced earlier this week.

  • May 07, 2020

    SEC Spars With Blockvest Over Sanctions Recommendation

    Cryptocurrency company Blockvest LLC and its founder faced off against the U.S. Securities and Exchange Commission over a California federal magistrate judge's recommendation to terminate sanctions over falsified documents that Blockvest filed during the litigation.

  • May 07, 2020

    Bradley Arant Adds Veteran Finance Partner In Dallas

    A seasoned transactional partner has left the Dallas boutique he co-founded to join Bradley Arant Boult Cummings LLP as a partner in its real estate, banking and financial services practice.

  • May 07, 2020

    Utility Debt Collector Accused Of False Credit Reporting

    Penn Credit Corp. was hit with a proposed class action Thursday alleging that it reports debts purportedly owed to a utility company without disclosing to credit reporting agencies that the bills are disputed, in violation of federal debt collection law.

  • May 07, 2020

    Calif. Biz Accuses Nonbank Lender Of PPP Foul Play

    A small business in California launched a suit Wednesday accusing a nonbank lender of disadvantaging small-dollar applicants for federal Paycheck Protection Program loans by fast-tracking its most lucrative loan requests.

  • May 07, 2020

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

    The past week in London has seen a company linked to a Russian businessman hit HSBC with fraud claims, a Chinese shipbuilder sue a Finnish lender in the wake of a major crane collapse, and an Italian lender drag Sicily into court over a derivatives contract. Here, Law360 looks at those and other new claims in the U.K.

  • May 07, 2020

    Far Point Board Rescinds Support For €2.3B Global Blue Deal

    The board of directors for blank check company Far Point reversed course Thursday and recommended against a €2.3 billion ($2.56 billion) merger with tax-free shopping and payments company Global Blue, citing the private equity-backed group's financial difficulties partly due to the COVID-19 outbreak and questioning its ability to continue after a deal.

  • May 07, 2020

    DOJ Nabs 'Largest Ever' $49M Forfeiture In 1MDB Clawback

    The U.S. Department of Justice has secured a $49 million settlement in two of several forfeiture cases it has filed to recover billions of dollars siphoned out of Malaysia's sovereign wealth fund, 1Malaysia Development Bhd.

  • May 06, 2020

    Hedge Fund Exec, Trader Tell 2nd Circ. Trial Was Flawed

    Premium Point Investments' former CEO and a former senior trader are urging the Second Circuit to wipe out their fraud and conspiracy convictions on charges they vastly overstated investments' valuations, saying a "ban" on recross-examination and other surprises deprived them of a fair trial.

  • May 06, 2020

    Hotel Operators End CMBS Trustee Suits Over Relief Loans

    Several hotel operators seeking assurances that they can participate in the Paycheck Protection Program without triggering defaults on their mortgages have reached deals to avert impending New York and Florida federal court battles. 

  • May 06, 2020

    Ex-NFLer Won't Get Prison Release Due To Virus Just Yet

    A former NFL lineman in prison for a $2.5 million fraud scheme will have to ask the warden at the Massachusetts facility where he's being held to take a second look at his request to be released due to the COVID-19 pandemic, a judge said during a hearing Wednesday.

  • May 06, 2020

    Firm Wants FINRA Award Nixed After 'Inattentive' Zoom Panel

    Wunderlich Securities Inc. is asking a New York federal judge to vacate an $11.4 million award allegedly handed down with threadbare justification by a FINRA panel that didn't appear to be paying attention during the arbitration's final hearing held on Zoom.

  • May 06, 2020

    SEC Fines Bloomberg Tradebook $5M Over Order Routing

    The U.S. Securities and Exchange Commission struck a $5 million settlement with Bloomberg Tradebook over allegations that the trading platform failed to tell customers it was allowing unaffiliated broker-dealers to route millions of their trades, the agency announced Wednesday. 

  • May 06, 2020

    Libra Names HSBC Legal Chief, Ex-Sanctions Czar As 1st CEO

    HSBC's current legal chief will soon head up the fintech consortium guiding the Libra cryptocurrency project, the digital currency organization announced Wednesday.

  • May 06, 2020

    Merchant Cash Advance Co. Can't Fully Slip NY Fraud Suit

    Financial services firm Cardinal Equity LLC and one of its executives shed fraud claims in a $10 million investor suit accusing it of bilking investors, but can't shake breach of contract and fraudulent inducement allegations, a New York state judge ruled.

  • May 06, 2020

    FINRA Bars Ex-SEC Atty Accused Of Cheating On Exam

    A former U.S. Securities and Exchange Commission attorney and broker-dealer compliance chief can't blame his suspicious behavior during a securities exam on a faulty pen, a Financial Industry Regulatory Authority panel ruled, saying it was clear the test taker cheated.

  • May 06, 2020

    Fed Liquidity Rule Aims To Free Up Cash For Virus Relief

    Federal bank regulators have implemented a new rule that will allow lenders issuing COVID-19-related relief to small businesses to access two government liquidity programs without adverse impacts on their liquidity coverage ratios.

  • May 06, 2020

    Ex-Deutsche Traders Ask 2nd Circ. To Nix Libor Convictions

    Two former Deutsche Bank traders asked the Second Circuit on Tuesday to reverse their convictions, saying prosecutors failed to prove they committed fraud with their involvement in tweaking the bank's benchmark submissions to profit its derivatives trades.

Expert Analysis

  • What To Know About NJ's Remote Notarization Law

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    Following the passage of a New Jersey law that temporarily authorizes remote online notarizations, Bob Jaworski at Holland & Knight answers some questions about how the law works, what its requirements are and how safe the process is compared to traditional notarization.

  • 3 Tips For Deposing Difficult Witnesses Remotely

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    Taking a deposition of an uncooperative witness is one task made immeasurably more difficult during the current pandemic, and certain deposition styles that may be extremely forceful in person may have limited effectiveness over videoconference, says Qian Julie Wang at Robins Kaplan.

  • Contract Performance During Pandemic: Lessons From 1918

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    It makes sense to look for answers to today's contract questions in the legal aftermath of the 1918 flu pandemic — and there is plenty of case law finding that the crisis did not excuse a duty to perform, say April Farris and Heaven Chee at Yetter Coleman.

  • Liu V. SEC Offers Opportunity For Clarity In Disgorgement Law

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    Although the U.S. Supreme Court’s upcoming decision in Liu v. U.S. Securities and Exchange Commission likely won't prohibit the regulator from obtaining disgorgement in federal cases, the court's route to a decision could determine whether the law surrounding SEC disgorgement is substantially clarified or further muddled, says Russell Ryan at King & Spalding.

  • Debt Buyback And Liability Management During The Pandemic

    Excerpt from Lexis Practice Advisor
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    Attorneys at Shearman & Sterling highlight key debt buyback and liability management considerations for companies as the trading prices of many corporate loans and bonds fall in response to the COVID-19 crisis.

  • Illinois Courts May Increasingly Embrace Equity Receiverships

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    While equity receivers are historically rare in Illinois, courts might be persuaded to see them as an integral part of the solution in loan enforcement lawsuits stemming from the COVID-19 crisis, say attorneys at Dykema.

  • Restructuring Commercial Real Estate Leases During COVID

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    Following state orders shutting nonessential businesses due to the coronavirus pandemic, commercial landlords and tenants motivated to engage in a good faith lease-restructuring dialogue have multiple tools — such as rent abatements and deferrals — at their disposal, say attorneys at Nelson Mullins.

  • Emerging Trends In COVID-Related Commercial Litigation

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    As the coronavirus pandemic shapes up to be one of the most disruptive events in recent history, a look at early litigation — concentrated in real estate, employment, securities, false advertising, canceled events and insurance — provides some sense of what is likely to come, say attorneys at Fried Frank.

  • Opinion

    New Jersey's Plan For 2020 Law Grads Is Brilliant

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    The New Jersey Supreme Court's much-needed order allowing this year's law school graduates to practice prior to being admitted should be adopted in New York — and developed further even after the pandemic ceases, says attorney Dmitriy Shakhnevich.

  • Managing E-Discovery Providers In Times Of Crisis

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    Retention of e-discovery providers usually involves considerable time and several layers of approval, but practicalities during the current emergency have proven that law firms must have the acuity to make smart but quick game-time decisions, says Shannon Capone Kirk at Ropes & Gray.

  • Witness Preparation Tips For Your Next Video Deposition

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    Just like in a normal deposition, remind your witness that testimony provided via videoconference may be used in a courtroom, so they must be mindful of everything they say or don’t say, the space they are in, and their attire, say Adam Bloomberg and Merrie Jo Pitera at Litigation Insights.

  • Rebuttal

    In Defense Of Virtual Mediation

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    A recent Law360 guest article highlighted reluctance among some in the legal community to embrace video mediation, but when assessing the concerns, it quickly becomes clear that the disinclination is not rooted in any firm rationale, says Michael Willemin at Wigdor.

  • What SBA Virus Relief Guidance Means For Lenders, Small Biz

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    The Small Business Administration’s guidance on the Coronavirus Aid, Relief, and Economic Security Act's Paycheck Protection Program makes the plan more worthwhile for lenders, and aids businesses in understanding the loan forgiveness component, say Franco Furmanski and Carlos Loumiet at Nelson Mullins.

  • Industry Implications Of SEC's Accredited Investor Proposal

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    In this brief video, Michael Voynich and Nicholas Rinaldi at Eversheds Sutherland discuss how the U.S. Securities and Exchange Commission's proposed rule expanding its definition of "accredited investor" impacts the private fund space, including its effect on capital raising, industry harmonization, and the role of wealth analysis.

  • A Call To Action For The Coming Insurance Litigation Siege

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    Anticipating an onslaught of insurance litigation over coronavirus business interruption claims, G. Andrew Lundberg at Burford Capital paints a picture of what cooperation could look like among lawyers, courts, legislatures, regulators, insurers and policyholders dealing with this once-in-a-generation stress on the nation's judicial resources.

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