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Banking

  • December 20, 2018

    Ex-Judge Convicted Of Mortgage Fraud Gets 1 Year In Prison

    A former Illinois state court judge who was convicted in February of running a mortgage fraud scheme involving two Chicago investment properties was sentenced Thursday to one year and one day in prison.

  • December 20, 2018

    Merrill Lynch To Pay $6M Over Improper IPO Share Sales

    The Financial Industry Regulatory Authority has fined Merrill Lynch Pierce Fenner & Smith Inc. $6 million for selling shares in initial public offerings — including IPOs of Facebook, Twitter, LinkedIn and General Motors — to industry insiders for eight years in violation of the regulator's rules, FINRA said Thursday.

  • December 20, 2018

    EU Watchdog Accuses 4 Banks Of Sovereign Bond Cartel

    The European Commission has tentatively accused major lenders including Deutsche Bank and Credit Suisse of breaching its antitrust laws by rigging prices for sovereign bonds and related debt, echoing civil claims brought in U.S. against a number of banking giants.

  • December 19, 2018

    Broker-Dealer Admits It Ignored Signs Of Scott Tucker's Fraud

    A broker-dealer in Kansas has admitted to overlooking red flags in millions of dollars in transactions for Scott Tucker, the pro race car driver turned payday loan fraudster, and entered a deferred prosecution agreement with Manhattan federal prosecutors.

  • December 19, 2018

    After 109 Arbitration Hearings, Broker Beats $40M FINRA Suit

    Following 109 hearing sessions before a Financial Industry Regulatory Authority arbitration panel, clearing broker C.L. King & Associates Inc. has defeated breaches of fiduciary duty and contract claims asserted by an investor seeking $40 million in damages over his account’s collapse.

  • December 19, 2018

    Ch. 7 Trustee Seeks To Recover Ex-Transmar Exec's Wages

    The Chapter 7 trustee for defunct cocoa company Transmar Commodity Group Ltd. filed suit in New York bankruptcy court Wednesday to claw back $1.5 million from a convicted former executive and roughly $860,000 from entities that may have played a role in the $350 million fraud scheme that destroyed Transmar.

  • December 19, 2018

    Judge OKs Probe Into Republic Metals Inventory Overhaul

    A New York bankruptcy judge Wednesday gave Republic Metals Refining Corp.’s unsecured creditors permission to probe into how the company wound up with $70 million in nonexistent inventory on its books before it hit Chapter 11.

  • December 19, 2018

    Workers Get $500K In Mortgage Firms' IP, Hiring Row

    A Texas federal judge has awarded former Primary Residential Mortgage Inc. workers $500,000 after a two-week trial in which rival Supreme Lending unsuccessfully argued PRMI wrongly raided its workers and took trade secrets, but didn't enter judgment on the jury's award of $4.5 million in punitive damages.    

  • December 19, 2018

    Bitcoin Felon Looks To Ditch Winklevoss Bros.' Fraud Suit

    A bitcoin entrepreneur and convicted felon asked a New York federal judge Wednesday to throw out claims brought by Cameron and Tyler Winklevoss saying they were bilked out of cryptocurrency worth $19 million today, citing a lack of jurisdiction.

  • December 19, 2018

    Ex-Goldman Sachs Banker Cops To Insider Trading

    A former Goldman Sachs banker pled guilty to insider trading in New York federal court Wednesday, admitting he had used his position with the Wall Street behemoth to access non-public information that helped him make more than $130,000 from illegal securities trades.

  • December 19, 2018

    2 More Ex-Wilmington Trust Execs Get Years Behind Bars

    Two former Wilmington Trust executives said to have played critical on-the-ground roles in hiding a massive pile of bad loans from regulators and investors — eventually breaking the regional bank — were sentenced in Delaware federal court Wednesday to prison terms of 4½ and three years.

  • December 19, 2018

    $480M Wells Fargo Investor Deal OK'd, Attys Get $96M

    A California federal judge granted final approval to a $480 million settlement resolving investor claims that Wells Fargo & Co. artificially inflated its stock value by opening millions of unauthorized customer accounts and awarded the investors' attorneys nearly $96 million for their efforts.

  • December 19, 2018

    Vullo To Depart As NY's Top Banking Regulator

    New York’s top banking and insurance regulator, Maria T. Vullo, announced Wednesday that she has decided to leave the New York Department of Financial Services on Feb. 1, ending a nearly three-year tenure that was marked by various consumer protection efforts.

  • December 19, 2018

    'Synthetic Identity Theft' Cooperator Gets Sentencing Date

    A New York man who duped Synchrony and Capital One Bank into issuing credit cards tied to kids' Social Security numbers and went on a $300,000 spending spree was ordered Wednesday to return to Manhattan federal court next year for sentencing after cooperating with prosecutors.

  • December 19, 2018

    Claims That UBS Misused Bloomberg's Data To Proceed In NY

    A New York federal judge said Wednesday that Bloomberg Finance LP's lawsuit, which accuses UBS AG of unlawfully redistributing its proprietary data, would not fare better in the United Kingdom just because evidence and witnesses reside there, finding that her court was just as convenient for the company and the bank.

  • December 19, 2018

    BuzzFeed Beats Back Defamation Suit Over Trump Dossier

    A Florida federal judge on Wednesday ended Russian tech executive Aleksej Gubarev's defamation suit against BuzzFeed, ruling the website's publication of a dossier alleging ties between Russia and President Donald Trump is protected by the fair reporting privilege.

  • December 19, 2018

    Just 1 Claim Spared In TCF Auto Loan-Backed Securities Suit

    A California federal judge has let only a single fraud claim survive in the otherwise sweeping dismissal of an investor suit against TCF Bank and its affiliates over alleged misrepresentations of a key metric governing the value of securities collateralized by a pool of auto loans, though the investors will have a chance to amend.

  • December 19, 2018

    Thornton, Lieff Dig In Against Ex-Judge In $75M Fee Fight

    A fight over a $75 million attorneys' fee appears ready to stretch into 2019 — eight years after a class action filing against State Street Corp. over its foreign exchange practices — as Thornton Law Firm and Lieff Cabraser Heimann & Bernstein LLP on Tuesday tore into the findings of a former judge who said they should disgorge millions.

  • December 19, 2018

    Kraninger Puts Brakes On Mulvaney's CFPB Name Change

    The Consumer Financial Protection Bureau’s new director, Kathleen Kraninger, told staff Wednesday that she’s halted her predecessor’s move to rebrand the agency as the Bureau of Consumer Financial Protection, an effort that an internal agency report once estimated could come with a $300 million price tag for financial services companies.

  • December 19, 2018

    Top EU Court Can Force Bank Sale By Italy's Ex-Prime Minister

    Former Italian Prime Minister and media tycoon Silvio Berlusconi may be forced to sell bank shares after the European Union’s highest court Wednesday claimed the sole right to determine whether a tax fraud conviction made him unfit to own them.

Expert Analysis

  • Emerging Cybersecurity Threats In The Legal Industry

    Michael Hall

    Predicting how the cybersecurity landscape will develop is critical for any organization wanting to mitigate the risk of the inevitable future attack. Michael Hall of HighQ Solutions Ltd. discusses five threats to look out for in the next 12 months.

  • The Legacy Of Madoff, A Decade Later

    Mark Kornfeld

    Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP.

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • Spoofing Charges Don't Readily Translate To Private Actions

    Laura Brookover

    Private plaintiffs have filed putative class actions in Chicago and New York on the heels of government enforcement efforts against spoofing. But actions like these are largely untested, and two threshold hurdles for these new cases are apparent, says Laura Brookover of Covington & Burling LLP.

  • Prospects For Tax Policy In The 116th Congress

    Evan Migdail

    Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.

  • Opinion

    Concerns About CFPB Trial Disclosure Policy Are Misplaced

    Eric Mogilnicki

    Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • AI's Role In Financial Services: Some Early Lessons

    Eamonn Moran

    The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.