Banking

  • February 01, 2021

    CFTC Sues Trader For Alleged Swap Price Manipulation

    The Commodity Futures Trading Commission filed a lawsuit Monday against a trader who allegedly manipulated swap prices to benefit the global investment bank he worked for at the expense of a bond issuer — then attempted to cover it up.

  • February 01, 2021

    OCC Can't Ditch Suit Over Community Lending Overhaul

    A California federal magistrate judge ruled that two community investment groups suing the Office of the Comptroller of the Currency can proceed with their lawsuit challenging its Trump-era overhaul of regulations requiring banks to lend in lower-income and underserved areas.

  • February 01, 2021

    Pulling Up Stakes: Proskauer, Latham, Milbank

    In our latest roundup of deal-makers on the move, Proskauer Rose LLP added a capital markets attorney in New York, Latham & Watkins LLP welcomed a pair of Latin America-focused corporate partners and Milbank LLP added four deals lawyers in Hong Kong.

  • January 29, 2021

    Coinbase's Public Listing Plans Shine Spotlight On Crypto

    Coinbase's plans to go public through a direct listing could increase acceptance of cryptocurrencies and position the startup for growth, potentially encouraging competitors to follow suit, assuming the company can withstand scrutiny from regulators and investors, experts said.

  • January 29, 2021

    Fla. Philanthropist Escapes $9.8M Foreclosure Judgment

    A Florida state appeals court on Friday relieved a Tampa Bay-area philanthropist of a $9.8 million mortgage foreclosure judgment in connection with a failed commercial development, saying the complaint did not specifically assert a claim against him on his guaranty of the loan.

  • January 29, 2021

    Hedge Fund Says Banks' Spoofing, Naked Shorting Cost It Big

    A Bermuda-based hedge fund has accused several major financial institutions' U.S. and Canadian securities arms of engaging in spoofing and naked short-selling, alleging in a new Manhattan federal court lawsuit that their tactics caused it to suffer losses in the tens of millions of dollars back in 2016.

  • January 29, 2021

    FDIC Fines Apple Bank $12.5M Over AML Compliance

    New York's Apple Bank for Savings has agreed to pay the Federal Deposit Insurance Corp. a $12.5 million civil penalty for allegedly violating the federal Bank Secrecy Act and failing to fully institute a promised anti-money laundering compliance program.

  • January 29, 2021

    Morgan Lewis Must Supply NY AG More Trump Org. Docs

    Morgan Lewis & Bockius must turn over more documents to the New York attorney general's office related to a probe into whether former President Donald Trump's businesses inflated asset values of a New York estate, a state judge ordered Friday.

  • January 29, 2021

    Big Banks 'Sow Confusion' In Small Bond Suit, Investors Say

    Retail investors suing Bank of America, JPMorgan Chase and several other big banks for allegedly hitting them with inflated prices and lower returns for corporate bonds on Thursday said a New York federal judge should reject the bid to toss the case that "deliberately attempts to sow confusion."

  • January 29, 2021

    Denmark Settles Dispute With Pension Plan In Tax Row

    A New York federal judge approved the dismissal Friday of a dispute between Denmark's tax authority and a pension plan over what the country claimed were fraudulent tax refund claims.

  • January 29, 2021

    K&L Gates Adds New Banking, Finance Partner In Chicago

    K&L Gates LLP has hired a former Locke Lord LLP partner with extensive experience structuring a wide range of complex financing transactions, the firm announced.

  • January 29, 2021

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

    This past week in London has seen a former general counsel at Barclays sue her ex-employer, Kazakh miner ENRC lodge a fresh claim in its battle with the Serious Fraud Office, and an intellectual property battle over soccer data.   

  • January 28, 2021

    Ex-Goldman Exec's 1MDB Trial Delayed Amid Dismissal Push

    A New York federal judge on Thursday said the trial of former Goldman Sachs managing director Roger Ng will be delayed until at least mid-summer due to the COVID-19 pandemic, a ruling that comes amid Ng's calls for the dismissal of the case over a purported $2.7 billion fraud on Malaysia's sovereign wealth fund, 1Malaysia Development Bhd.

  • January 28, 2021

    CFPB Acting Chief Vows 'Aggressive Action' During Pandemic

    The Consumer Financial Protection Bureau's acting director has pledged to take "aggressive action" to make sure financial services companies are doing right by consumers during the coronavirus pandemic, telling agency staff that he's looking to step up investigations and send a message to the industry.

  • January 28, 2021

    Biden's Regulatory Freeze Unsettles Crowdfunding Advocates

    President Joe Biden's ongoing "regulatory freeze" could enable agencies like the U.S. Securities and Exchange Commission to postpone or reconsider recently approved rule changes relaxing limits on private capital raising, a prospect that makes equity crowdfunding advocates uneasy.

  • January 28, 2021

    How Compliance Departments Can Prepare For Biden

    Compliance departments will need to "step it up" amid a more aggressive financial regulatory agenda under Joe Biden, requiring a wholesale review of policies and procedures that considers the new president's socially geared priorities and a renewed emphasis on protections for everyday investors, industry experts say.

  • January 28, 2021

    Real Estate Rumors: Vision Properties, Deutsche Bank, Stiles

    Vision Properties has reportedly paid $44.24 million for a Florida office building, two Deutsche Bank entities are said to have loaned $184.7 million for a San Francisco mixed-use property and Stiles has reportedly landed $26.9 million in financing for a Florida retail project.

  • January 28, 2021

    Ex-Investment Adviser Cops To $100M Loan Fraud Scheme

    The former managing partner of New York investment firm International Investment Group pled guilty to fraud and conspiracy charges Thursday, admitting to running a $100 million scheme to inflate loan asset values and create fake loans to make his balance sheet look better.

  • January 28, 2021

    OCC Hits Brakes On 'Fair Access' Rule

    The Office of the Comptroller of the Currency said Thursday that it is holding off on publishing its "fair access" rule limiting larger banks' ability to cut ties with gun makers, fossil fuel producers and other politically charged businesses, a move that may seal the controversial regulation's fate.

  • January 27, 2021

    Calif. Unveils Oversight Deals With Earned Wage Access Cos.

    California's Department of Financial Protection and Innovation said Wednesday it has entered into oversight agreements with several earned wage access companies, unveiling what the agency is calling "first of their kind" memorandums of understanding between a state regulator and payroll advance fintechs.

  • January 27, 2021

    Lieff Wants To Appeal $1M State St. Fee Cut Before Paying It

    Lieff Cabraser Heimann & Bernstein LLP asked a federal judge Wednesday to hold off on ordering the firm to pay out a $1.1 million chunk of its fee for work on a years-old $300 million settlement with State Street Corp. so it can ask the First Circuit whether the repayment is justified. 

  • January 27, 2021

    Renovate America's Ch. 11 Loan Gets Nod After Lender Deal

    A lender providing $50 million in post-petition financing to home improvement lender Renovate America Inc. made concessions Wednesday that resolved an objection to the loan package made by the official committee of unsecured creditors.

  • January 27, 2021

    Amid Digital Legal Changes, LawAdvisor Launches Tech Tools

    As the growing intersection between law and technology continues to take hold in the legal industry, legal technology company LawAdvisor has launched two new products geared toward corporate legal departments and law firms after working in tandem with Barclays PLC and 10 international law firms.

  • January 27, 2021

    Kirkland Steers Mortgage Biz LoanDepot's $300M IPO Plans

    Online mortgage lender loanDepot said Wednesday it aims to raise $300 million in a public market debut guided by Kirkland & Ellis LLP amid a hot market for initial public offerings.

  • January 27, 2021

    Goldman Sachs Loses Fight Against €37M EU Cartel Fine

    Europe's top court has upheld a €37 million ($45 million) antitrust fine against Goldman Sachs over its former Italian subsidiary's involvement in a power cable cartel, ruling on Wednesday that the U.S. investment bank was liable for the actions of its affiliate.

Expert Analysis

  • A Review Of 2020's Key US Sanctions Developments

    Author Photo

    Throughout 2020, the U.S. continued to pursue its foreign policy objectives with aggressive and sometimes unconventional use of economic sanctions targeting China, Iran and Venezuela, and the Office of Foreign Assets Control published enforcement actions identifying key compliance risk areas for nonfinancial institutions, say attorneys at Ropes & Gray.

  • AML Whistleblower Rewards Law Could Be A Game Changer

    Author Photo

    Whistleblower protections included in Congress' recently passed Anti-Money Laundering Act have the potential to overhaul enforcement in this area, but only if the U.S. Department of the Treasury implements the rewards program in a manner that encourages tipsters to come forward, say Jason Zuckerman and Matt Stock at Zuckerman Law.

  • What To Expect From Biden's Financial Regulation Transition

    Excerpt from Practical Guidance
    Author Photo

    Amy Greer and Valerie Mirko at Baker McKenzie discuss the financial regulation transition and timeline under President-elect Joe Biden, and the incoming administration's priorities for the U.S. Securities and Exchange Commission, including retail investors, COVID-19, and environmental, social and governance matters.

  • Time To Prepare For California's New Consumer Finance Law

    Author Photo

    As details on California’s Jan. 1 implementation of the Consumer Financial Protection Law become clearer, businesses in the state should understand the broad authority of the newly created Department of Financial Protection and Innovation, say Eric Grover at Keller Grover and Scot Bernstein at the Law Offices of Scot Bernstein.

  • How Climate, Finance And Trade Will Intersect In 2021

    Author Photo

    In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.

  • COVID-19 Has Broad Impact On Lost-Profit Determinations

    Author Photo

    The COVID-19 pandemic is already adding new complexities to damages calculations used in lost-profit claims litigation, even in cases in which the coronavirus is not the direct cause of the breach, say Neil Ashton and Michael Yachnik at StoneTurn.

  • Tips For Identifying A Culturally Competent Mediator

    Author Photo

    Attorneys can pick open-minded neutrals by taking a client's race, gender, sexual orientation and nationality into account, and by ensuring the mediator is able to communicate effectively across cultures, says Anelise Codrington at Swift Currie.

  • A Look At Spoliation Risk In The 11th Circ., By The Numbers

    Author Photo

    Attorneys at Eversheds Sutherland look at Eleventh Circuit opinions from the past five years to determine the odds of a spoliation finding, and how risks in the federal appeals court compare to those in the federal district and state courts of Alabama, Florida and Georgia.

  • Justices Seem Concerned Over FHFA Case Ramifications

    Author Photo

    In the U.S. Supreme Court's oral arguments in Collins v. Mnuchin, the justices' questions showed attention to potential consequences their decision over the Federal Housing Finance Agency's constitutionality could have for other administrative agencies, and skepticism that burning down the FHFA would be an appropriate remedy, says Matthew Clark at Faegre Drinker.

  • CFPB Credit Stance Has Broad Specialty Finance Implications

    Author Photo

    In light of recent Consumer Financial Protection Bureau advice clarifying when earned wage access plans fall outside regulatory definitions of "credit," specialty finance companies need to manage new fair lending risk, say Jeffrey Naimon and Joshua Kotin at Buckley.

  • COVID-19 Spurs Associates To Think Bigger — Like Partners

    Author Photo

    What is the firm's data on profit per partner? How do the rainmakers seal deals without pre-COVID-19 pricey dinners? Is the firm financially stable? These are the kinds of partner-level questions associates are now asking before choosing a new firm, which points to a major shift in the lateral landscape, say Kate Reder Sheikh and Rebecca Glatzer at Major Lindsey & Africa.

  • Agencies' Joint Antitrust Focus May Spur Whistleblower Tips

    Author Photo

    Recent collaboration between the U.S. Securities and Exchange Commission and the U.S. Department of Justice's Antitrust Division highlights market manipulation as an enforcement priority, which could lead to an uptick in whistleblower tips revealing securities industry anti-competitive misconduct, says Zac Arbitman at Youman & Caputo.

  • This Year's Top 8th Circ. Bankruptcy Decisions

    Author Photo

    Ryan Hardy at Spencer Fane examines this year's key Eighth Circuit bankruptcy holdings with an eye toward business bankruptcies and decisions where the court has split with other circuits.

  • 9th Circ. 'Willful' Ruling Could Extend Beyond FMLA Context

    Author Photo

    The Ninth Circuit’s recent application of the Fair Labor Standards Act's willfulness standard to a Family and Medical Leave Act claim in Olson v. U.S. could lead federal appellate courts to embrace this welcome form of judicial consistency in cases involving other statutes where “willful” is not defined, say Joshua Zuckerberg and LaKeisha Caton at Pryor Cashman.

  • Opinion

    9th Circ. Courts Should Ditch Obsolete Class Notice Standard

    Author Photo

    Two recent California federal court decisions showcase how Ninth Circuit courts sometimes impede class settlements by mandating notice inquiries for putative class members based on outdated case law that should be phased out due to changes in class action rules, says Thomas Waskom at Hunton.

Want to publish in Law360?


Submit an idea
Can't find the article you're looking for? Click here to search the Banking archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!