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Banking

  • May 10, 2018

    Cohen Says Avenatti's Report Should Block Him From Court

    Lawyers for Michael Cohen urged a Manhattan federal judge Wednesday to reject Michael Avenatti’s bid to appear in the case that began after last month’s government raid on Cohen’s office, arguing the attorney representing adult film actress Stormy Daniels tried to bash the attorney who’s represented President Donald Trump by publishing Cohen’s bank records.

  • May 10, 2018

    11th Circ. Says Wells Fargo Didn't Waive Arbitration

    An Eleventh Circuit panel said Thursday that Wells Fargo Bank NA didn’t waive its arbitration rights against absent class members in five suits in multidistrict litigation over allegedly unlawful overdraft fee charges, overturning a Florida federal judge’s denial of the bank's effort to push those class members’ claims into arbitration.

  • May 10, 2018

    Insurer Need Not Cover $11M Lost After Hack, 11th Circ. Says

    The Eleventh Circuit on Thursday found that a Great American Insurance Co. policy against computer fraud does not cover $11.4 million in fraudulent debit card redemptions, finding that while computer fraud occurred, the policyholder's loss was too many steps removed from the fraud for coverage.

  • May 10, 2018

    Law Firm Cites Mulvaney In 9th Circ. Challenge To CFPB

    A California law firm that’s asking the Ninth Circuit to free it from a Consumer Financial Protection Bureau civil investigative demand pressed its challenge to the constitutionality of the agency’s structure on Wednesday, citing recent criticism from CFPB acting Director Mick Mulvaney that the agency he leads “is far too powerful.”

  • May 10, 2018

    PE-Backed Evo Payments Launches $210M IPO

    Private equity-backed payment processor Evo Payments Inc. launched an initial public offering Thursday that could raise $210 million, provided that shares price at the middle of their range, represented by King & Spalding LLP.

  • May 10, 2018

    Art Maven Eyed In Inheritance Tax-Dodge Cops To Fake Return

    A Manhattan art consultant has avoided trial on charges of hiring a Swiss banking whiz to help her cheat the IRS out of $1.5 million of taxes on a $4 million inheritance, admitting Thursday to a count of signing a fraudulent tax return.

  • May 10, 2018

    Ex-Trader Indicted Over Role In Forex Rigging Conspiracy

    A federal grand jury returned an indictment Thursday accusing a former currency trader at a major U.S. bank of engaging in a conspiracy to manipulate prices in the foreign currency exchange market.

  • May 10, 2018

    ADR Holders Try To Intervene In Citigroup Exchange Rate Suit

    Two holders of Citigroup-sponsored American depository receipts urged a New York federal judge on Wednesday to let them intervene in a class action against Citigroup Inc. over the bank’s alleged manipulation of the foreign exchange rate when providing dividends to ADR holders.

  • May 10, 2018

    Quicken Loans Hit With TCPA Suit Over Spam Calls

    Quicken Loans Inc. was hit Thursday with a putative class action claiming the mortgage lending company violated the Telephone Consumer Protection Act by sending unsolicited telemarketing calls to numbers that are on the Do Not Call Registry.

  • May 10, 2018

    JPMorgan Can’t Escape DOL’s Pay Bias Suit

    An administrative law judge has denied JPMorgan’s bid to escape allegations by the U.S. Department of Labor that it illegally pays women less than men, saying the requirement that workers alleging pay discrimination sue their employers within a certain time frame doesn’t apply to the DOL’s government contracts watchdog.

  • May 10, 2018

    Debevoise Leads Axa Equitable In Year's Largest IPO

    Axa Equitable Holdings Inc., the U.S. division of French insurance and asset management firm Axa SA, debuted on public markets Thursday, raising $2.75 billion in the U.S.’ largest initial public offering this year, with guidance from Debevoise & Plimpton LLP.

  • May 10, 2018

    RBS Says US Deal Opens Way To Dividends, Gov't Stock Sales

    The Royal Bank of Scotland said Thursday its $4.9 billion misconduct settlement with U.S. authorities clears the way for the U.K. government to begin selling off its RBS stock holding and raises hopes that the bank will resume paying a dividend after a 10-year hiatus.

  • May 9, 2018

    Mulvaney Targets CFPB's Student Lending Office In Reorg

    Consumer Financial Protection Bureau Acting Director Mick Mulvaney said Wednesday that an agency office that’s been involved in investigating student loan abuses is being merged into another office focused on educating consumers, a move that consumer advocates are comparing to “shuttering the fire department in the middle of a three-alarm fire.”

  • May 9, 2018

    RBS, DOJ Near $4.9B Deal Over Potential RMBS Civil Claims

    The Royal Bank of Scotland has reached a tentative deal with the U.S. Department of Justice, reportedly worth $4.9 billion, to settle potential civil claims over the bank’s structuring and sale of residential mortgage-backed securities before the financial crisis, the agency confirmed Wednesday.

  • May 9, 2018

    Treasury Watchdog To Probe Release Of Cohen Funds Info

    A lawyer for the U.S. Department of the Treasury’s internal watchdog said Wednesday that he would look into a possible leak of confidential banking records related to President Donald Trump’s longtime personal lawyer Michael Cohen.

  • May 9, 2018

    Dems Ask Trump To Pull Kirkland Partner's DOJ Nomination

    U.S. Senate Judiciary Committee Democrats on Wednesday called on President Donald Trump to withdraw his controversial nomination of Kirkland & Ellis LLP’s Brian Benczkowski to lead the Department of Justice’s criminal division over his representation of a bank with ties to Russian President Vladimir Putin.

  • May 9, 2018

    Calif. Wells Fargo Consultants Win $97M In Rest Break Suit

    A California federal judge on Wednesday awarded $97.28 million to a class of 4,481 Golden State-based Wells Fargo & Co. home mortgage consultants who weren't paid for rest breaks, rejecting the bank's arguments that it shouldn't have to pay more than $24.5 million for the labor violations.

  • May 9, 2018

    The US Has Exited The Iran Deal. What Happens Now?

    The Trump administration’s decision to pull out of a historic nuclear disarmament deal with Iran will have serious ramifications for global geopolitics and national security, but the move will in the near term have its most pointed effect on companies doing or considering business in Iran.

  • May 9, 2018

    Taking On Gun Lobby Could Backfire For NY Bank Agency

    New York’s top financial regulator has turned heads with its recent focus on the National Rifle Association’s ties to state banks and insurers, with experts saying a foray into the contentious gun control debate could backfire on the agency and the firms it regulates.

  • May 9, 2018

    PTAB Denies Review For Secure Mobile Payments Patent

    The Patent Trial and Appeal Board has denied a challenge by a dining rewards app developer over a rival's patent covering technology for secure mobile payments, saying it agreed with a district court’s patentability analysis “in every respect.”

Expert Analysis

  • Series

    Dissolving Practice: The Unfinished Business Doctrine

    Thomas Rutledge

    There has been, of late, significant dispute as to the application of the unfinished business doctrine, particularly with respect to hourly rate matters of now-dissolved large law firms. And the California Supreme Court’s recent decision in Heller Ehrman, like others as to similar points, is highly questionable, says Thomas Rutledge of Stoll Keenon Ogden PLLC.

  • Senate Regulatory Relief Bill Would Benefit Community Banks

    Joan Guilfoyle

    The Dodd-Frank rollback bill recently passed by the Senate is not as sweeping as the House’s Financial Choice Act, but for community bankers, there are a number of provisions to like, says Joan Guilfoyle of Jones Walker LLP.

  • Should We Trust The Fiduciary Rule Is Gone?

    Robert Stone

    The U.S. Department of Labor's fiduciary rule has been challenged in court by various organizations on grounds that the agency exceeded its authority in promulgating it. Those challenges culminated in a recent decision by the Fifth Circuit to vacate the rule in U.S. Chamber of Commerce v. DOL, say Robert Stone and Shannon Smith of Katten Muchin Rosenman LLP.

  • NJ Arbitration Ruling Puts Burden On Employers

    Joshua Bauchner

    It has become customary for employers to provide notice or copies of an arbitration agreement to employees via email or an online portal without documenting whether the employees actually reviewed the notice. A New Jersey federal judge's ruling in Schmell v. Morgan Stanley will have far-reaching impact on the enforceability of such agreements, say Joshua Bauchner and Michael Ansell of Ansell Grimm & Aaron PC.

  • FBARs: A Changing Landscape

    James Mastracchio

    This video from James Mastracchio and Susan Seabrook of Eversheds Sutherland LLP discusses the changes to the rules impacting FBAR filing obligations and the impact of the changes on potential penalties.

  • 50 Years After MLK's Death, Housing Segregation Persists

    Rigel Oliveri

    On the 50th anniversary of Martin Luther King Jr.'s assassination, which likely influenced passage of the Fair Housing Act, segregation levels have decreased but still remain high. As a result, fair housing lawyers have turned their attention to the structural and economic forces that limit housing opportunities, says Rigel Oliveri of the University of Missouri.

  • How Senate Bill Would Change Compliance For Midsize Banks

    Christopher Allen

    The U.S. Senate last month passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which makes modest reforms to the Dodd-Frank Act. Here, attorneys with Arnold & Porter look at the bill's notable provisions for community and midsized banks and the prospects for enactment.

  • A Notable Footnote In High Court Merit Management Decision

    Elliot Moskowitz

    The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Elliot Moskowitz and Tina Hwa Joe of Davis Polk & Wardwell LLP.

  • The SEC Cyber Unit's First 6 Months, And What’s Ahead

    Kolodner_Jonathan_HRC.jpg

    The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Mueller's Innovative Use Of Money Laundering Statute

    Solomon Wisenberg

    The U.S. special counsel, Robert Mueller, has shown a willingness to use the money laundering statute in unique ways to further the investigation into links between the Trump campaign and the Russian government, say Solomon Wisenberg and Graham Billings of Nelson Mullins Riley & Scarborough LLP.