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Banking

  • August 8, 2018

    10th Circ. Says IRS Can Tap Into Tax Fraudster's USAA Funds

    The Internal Revenue Service may garnish a fraudster’s USAA bank account right away instead of waiting for alternative payment methods when restitution is “due immediately,” the Tenth Circuit has ruled.

  • August 8, 2018

    Virginia Data Center Project Lands $214M Loan

    Drinker Biddle & Reath LLP represented Manufacturers & Traders Trust Co. in connection with its nearly $214 million construction loan for a 238,000-square-foot data center project in Virginia, the law firm told Law360 on Wednesday.

  • August 8, 2018

    9th Circ. Affirms Emirates Bank's Trade Secrets Trial Win

    The Ninth Circuit on Tuesday upheld a jury verdict in favor of banking giant Emirates NBD Bank PJSC, finding that financial technology firm InfoSpan Inc. had not shown that the jury was prejudiced or that it was not properly instructed during the trial over claims the bank stole InfoSpan's cellphone-based payment system.

  • August 8, 2018

    Foley Hoag Adds Ex-Ropes & Gray Finance Practice Head

    Foley Hoag LLP said it has added the former head of Ropes & Gray LLP’s finance practice as a partner in its business department and co-chair of the debt finance practice in the firm’s Boston office.

  • August 8, 2018

    Wells Fargo Must Face Pa. Wiretap Suit Over Recorded Calls

    A Pennsylvania federal judge ruled there was enough support to advance a Pittsburgh-area man’s allegations that Wells Fargo Bank invaded his privacy with debt-collection calls and violated the state’s wiretap laws by recording the conversations even after he had denied his consent.

  • August 7, 2018

    JP Morgan Can't Duck FINRA Arbitration, 3rd Circ. Says

    A Third Circuit panel ruled Tuesday that J.P. Morgan Securities must arbitrate a Pennsylvania health system’s claims over several pre-2008 auction rate securities offerings, finding the system hadn’t waived its right to arbitration before the Financial Industry Regulatory Authority by signing on to agreements with clauses pegging New York’s Southern District as the forum for any disputes.

  • August 7, 2018

    Ex-ConvergEx Exec Could See No Jail Time After Plea

    A former ConvergEx Group LLC executive who questioned corporate defense attorneys’ role in the government's criminal investigation into his trading practices pled guilty to one count of conspiracy on Tuesday under an arrangement that puts a no-jail sentence on the table.

  • August 7, 2018

    AmEx Says Letter In Customer's FDCPA Suit Is The Real Deal

    American Express asked a Florida federal court Tuesday to intervene in a cardholder's putative class action that it says erroneously claims debt collector Firstsource Advantage sent her a letter offering to settle her credit card debt for less while masquerading as American Express.

  • August 7, 2018

    In Manafort Trial: 'The Secret Life Of Rick Gates’

    Paul Manafort's attorney hammered the "secret life" of his client's former business partner Tuesday by bringing up Rick Gates’ marital and financial indiscretions in an attempt to undermine Gates' credibility in front of the Virginia federal jury hearing a bank and tax fraud case against President Donald Trump's former campaign manager.

  • August 7, 2018

    US Bank Backs Sampling Ban In Royal Park RMBS Suit

    U.S. Bank NA urged a New York federal court on Monday to stand behind a magistrate judge’s order that barred Royal Park Investments SA/NV from pursuing sampling discovery in its residential mortgage-backed securities suit against the bank, calling the decision “eminently reasonable.”

  • August 7, 2018

    Sidley Nabs New Blockchain, Fintech Head From McDermott

    Sidley Austin LLP has snagged the former co-head of McDermott Will & Emery LLP’s blockchain and fintech group to lead its New York team for the growing technology sectors, representing digital asset trading platforms, blockchain technology companies, financial services firms, cryptocurrency funds and other clients.

  • August 7, 2018

    Fed Oversight Board Wins Power Fight With Puerto Rico Gov.

    A federal judge Tuesday rejected arguments that Puerto Rico’s federal financial oversight board is exceeding its authority and found that it can impose a budget over the objections of the island’s elected officials.

  • August 7, 2018

    Real Estate Broker Gets 3 Years For Short-Selling Scheme

    A real estate broker was sentenced in Boston federal court on Tuesday to three years in prison for her role in a scheme to defraud banks and mortgage companies by short-selling houses.

  • August 7, 2018

    Biz Is Debt Collector Like Popeye's A Sailor, 3rd Circ. Says

    The Third Circuit said Tuesday that a Pennsylvania federal court properly found that a business met the “principal purpose” definition of a debt collector under the Fair Debt Collection Practices Act in ruling that the business violated that statute, likening the company’s status to the cartoon character Popeye being a sailor.

  • August 7, 2018

    3rd Circ. Agrees Unpaid Tolls Aren't Debt Under FDCPA

    A Third Circuit panel said Tuesday that a lower court was right to conclude that unpaid highway tolls are not a type of debt that can support a claim under the Fair Debt Collection Practices Act, affirming the dismissal of a lawsuit against an E-ZPass toll debt collector whose recovery letters allegedly violated a driver's privacy.

  • August 7, 2018

    King & Spalding Rehires Former Kirkland Securities Partner

    A former Kirkland & Ellis LLP partner who helped negotiate a $190 million settlement for Deutsche Bank AG in litigation over allegedly rigged foreign exchange rates has rejoined King & Spalding LLP in Washington, D.C., the firm said Monday.

  • August 7, 2018

    5th Circ. Says Texas Fraudster Was Tried In Correct Venue

    A Fifth Circuit panel ruled Monday that a Texas man convicted of making false entries in a Fair Housing Agency loan application should indeed be tried in the Eastern District of Texas, deciding a seven-year venue fight in “what should have been a straightforward prosecution."

  • August 7, 2018

    FCA Collaborates With Regulators On Global Fintech Network

    The U.K.'s Financial Conduct Authority detailed plans Tuesday to work with the U.S. Consumer Financial Protection Bureau and other regulators across the globe to create a network that will help financial technology firms test new ideas across jurisdictions.

  • August 7, 2018

    Proskauer Lands Ex-Dechert Corporate Partner In DC

    Proskauer Rose LLP has augmented its Washington, D.C., office with the addition of a partner in its corporate department who was previously with Dechert LLP, the firm announced Monday.

  • August 7, 2018

    EU To Shield Finance Sector From New US Sanctions On Iran

    The European Union has pledged to help financial services companies continue trading with Iran after rules designed to allow a wider range of European firms to bypass reimposed U.S. sanctions entered into force on Tuesday.

Expert Analysis

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • New Bill Addresses Systemic Risk In Cannabis Banking

    Lance Boldrey

    The newly introduced STATES Act would alleviate most of the issues that financial institutions face in providing services to marijuana-related businesses, say attorneys with Dykema Gossett PLLC.

  • Opinion

    The Problem With SEC's Plan To Cap Whistleblower Awards

    Stephen Kohn

    The U.S. Securities and Exchange Commission's proposal to reduce payments to whistleblowers in the largest anti-fraud cases completely ignores the central purpose of the Dodd-Frank Act's whistleblower provisions, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • What To Expect From The FDIC’s New Chief

    Kristina Whittaker

    A takeaway from the few public statements available so far is that Jelena McWilliams, the Federal Deposit Insurance Corp.'s new chairwoman, has put forth an ambitious, pro-industry agenda that will require coordination among the banking regulators, say Kristina Whittaker and Neil Bloomfield of Moore & Van Allen PLLC.

  • Myths And Facts About Using TAR Across Borders

    John Tredennick

    Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.

  • 3 Key Defense Arguments For Post-Lucia SEC Proceedings

    Andrew Morris

    The U.S. Securities and Exchange Commission’s post-Lucia problems extend beyond the practical challenge of litigating cases for a second time. The U.S. Supreme Court's decision has also set up several concrete defense arguments for respondents in SEC administrative actions, say Andrew Morris and Ben Aiken of Orrick Herrrington & Sutcliffe LLP.

  • China Agritech's Positive Implications For Plaintiffs

    Serena Hallowell

    The U.S. Supreme Court’s reasoning in China Agritech v. Resh denies American Pipe tolling to successive class actions, but plaintiffs seeking to bring securities actions need not despair. Several aspects of the decision, and Justice Sonia Sotomayor’s concurrence, confirm plaintiffs’ rights in key areas, say attorneys with Labaton Sucharow LLP.

  • Roundup

    From Lawmaker To Lawyer

    From Lawmaker To Lawyer

    Earlier this year, Rep. Trey Gowdy, R-S.C., made headlines with his decision to leave Congress and return to law. ​​In this series, former members of Congress who made that move discuss how their experience on the Hill influenced their law practice.

  • Opinion

    A Trump Supreme Court Nominee Can Be Defeated

    Nan Aron

    The Senate Republican leadership and the Trump administration are racing to fill Justice Anthony Kennedy’s spot on the U.S. Supreme Court. Does opposition to their plans have any chance of success? My answer is yes, because the stakes are so high, people are so engaged, and the records of those short-listed are so deeply troubling, says Nan Aron, president of Alliance for Justice.

  • Limiting Law Firms' Professional Liability Risks: Part 3

    Stuart Pattison

    As clients increasingly look to limit their own liability exposure, they can reasonably expect that their retained counsel should do the same. In this context, a carefully crafted, thoughtfully presented engagement letter can help a law firm strike a successful balance between protecting itself and preserving a client relationship, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.