Banking

  • May 25, 2017

    3 Nigerians Sentenced In International Cyber Fraud

    A Mississippi federal judge on Wednesday dished out hefty prison sentences ranging from 25 to 115 years to three Nigerian nationals for their roles in a large-scale internet fraud network, where they duped U.S. citizens via romance scams to send money or help carry out the frauds, the U.S. Department of Justice announced.

  • May 25, 2017

    State AGs Want Sprint's $15M Redistributed In CFPB Row

    A group of state attorneys general has urged a New York federal judge to redirect $15 million in undistributed funds from a Sprint Corp. settlement to a nonprofit and an attorneys general training program, saying objections from the Consumer Financial Protection Bureau do not hold water.

  • May 25, 2017

    Third Coinbase User Opposes IRS Bid As ‘Fishing Expedition’

    A third anonymous Coinbase customer sought Wednesday to jump into the fray opposing the IRS’ California federal court summons enforcement bid seeking customer names and other information from the virtual currency exchange company, warning of an unconstitutionally intrusive “fishing expedition.”

  • May 25, 2017

    UK Senior Manager Conduct Rules Poised To Go Global

    The feared individual accountability scheme that makes Britain’s financial services managers responsible for misconduct happening on their watch has caught the eye of global regulators, and lawyers say it is only a matter of time before a similar program is rolled out internationally.

  • May 25, 2017

    GOP Drops Swipe-Fee Repeal From Dodd-Frank Replacement

    The head of a key House committee on Wednesday said that he would cut language to repeal a cap on debit card swipe fees included in the Dodd-Frank Act from a keystone Republican financial regulation bill, saying that he wouldn’t let the bill be derailed by a matter that has divided retailers and financial firms.

  • May 25, 2017

    Top Pence Aide Wants Bank Creditors To Play Regulatory Role

    A top adviser to Vice President Mike Pence on Thursday said that the Trump administration’s main priority in changing financial regulation will be to help creditors and other market participants take a more active role in policing markets.

  • May 25, 2017

    Global Regulators Set FX Market Conduct Code After Scandals

    Central bankers and foreign exchange players on Thursday unveiled a voluntary global code of conduct establishing good practices for wholesale foreign exchange markets, hoping to restore faith in a $5 trillion daily market beset by several enforcement probes and antitrust litigation alleging manipulation.

  • May 24, 2017

    8th Circ. Lets St. Louis Bank Out Of Sigillito Ponzi Claims

    The Eighth Circuit on Wednesday let St. Louis Bank off the hook in a suit by investors in a $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican bishop Martin Sigillito, finding the bank didn’t know the money moving through his accounts was being stolen.

  • May 24, 2017

    Wells Fargo Fails To Escape Penalty In $1.25B Tax 'Sham'

    Wells Fargo couldn’t escape a 20 percent penalty for a $1.25 billion securities transaction, part of which has been deemed a tax-avoidance sham, but it won a partial victory to deduct interest paid on a foreign loan, under a Minnesota federal court’s ruling Wednesday.

  • May 24, 2017

    Morgan Stanley Dodges Ex-Broker's ADA, Title VII Suit

    A Pennsylvania federal judge on Wednesday freed Morgan Stanley Smith Barney LLC from a former broker’s suit alleging a hostile work environment and retaliation, saying she only alleged sporadic acts of discrimination.

  • May 24, 2017

    NY Attys Must Face Client's Suit Over Dropped Case In DC

    Two New York attorneys will have to face a suit accusing them of neglecting a client’s wrongful termination claims against Fannie Mae, a Washington, D.C., federal judge ruled Tuesday, saying the court did have jurisdiction over the case because the attorneys had agreed to represent the client in D.C.

  • May 24, 2017

    Fried Frank Grows NY Office With Finance, Litigation Hires

    Fried Frank Harris Shriver & Jacobson LLP has expanded its New York office with additions to its finance and real estate litigation practices from Cadwalader Wickersham & Taft LLP and Katten Muchin Rosenman LLP.

  • May 24, 2017

    BNP Paribas Pays $350M To Settle NY Currency Probe

    French bank BNP Paribas was fined $350 million by the New York State Department of Financial Services for lax oversight in its foreign-exchange business that allowed “nearly unfettered misconduct” by more than a dozen employees involved in exchange rate manipulation, officials announced Wednesday.

  • May 24, 2017

    DC Circ. Digs Deep On CFPB Constitutionality

    The D.C. Circuit plunged headlong into questions swirling around the Consumer Financial Protection Bureau’s leadership structure in high-stakes litigation brought by a mortgage servicer seeking to overturn a $109 million judgment from the bureau.

  • May 24, 2017

    DC Circuit Focuses On SEC’s Powers Over ALJs

    Judges on the D.C. Circuit on Wednesday zeroed in on the key question of whether the U.S. Securities and Exchange Commission could overrule its administrative law judges in a case that could change the way in-house judges throughout the government are put in place.

  • May 24, 2017

    CFPB, Law Firms To Mediate Deceptive Debt-Relief Claims

    A California federal judge on Tuesday ordered the Consumer Financial Protection Bureau, Howard Law PC and two other firms to mediate a dispute over the firms’ alleged running of a debt-relief scheme that extracted millions in “exorbitant” and illegal advance fees from consumers with large debts.

  • May 24, 2017

    Goldman Says 2 Ex-VPs Started Rival Firm, Poached Clients

    Goldman Sachs & Co. has asked a New York state court to bar two of the firm’s former vice presidents from trying to persuade any more of its customers to jump ship to a new investment advisory business that the pair allegedly set up in secret.

  • May 23, 2017

    DC Circ. Says Andorran Bank Investors Can't Sue FinCEN

    The D.C. Circuit has declined to revive a suit brought by the majority shareholders in an Andorran bank that was targeted by the financial crimes unit of the U.S. Department of the Treasury, ruling on Tuesday that there was little the court could do to help them now that the bank was defunct.

  • May 23, 2017

    Fiduciary Rule’s ‘Soft Open’ Makes Full Repeal Less Likely

    Although firms will only have to comply with portions of the U.S. Department of Labor’s fiduciary rule for retirement account advisers by early June, experts say Labor Secretary Alexander Acosta’s announcement that the agency won’t delay the rule any further means a wholesale repeal is increasingly unlikely.

  • May 23, 2017

    US Corporate Legal Spending Far Outpaces Rest Of World

    Companies in the U.S. spend nearly triple the amount on legal services for every dollar of revenue than counterparts around the globe, but overall spending varies greatly depending on the size and industry of the business, according to a new analysis released Tuesday.

Expert Analysis

  • When The Money Is Gone: The Legal Aftermath Of Wire Fraud

    Mariana Bravo

    As wire fraud schemes become more prevalent, everyone involved in a real estate transaction is at risk. Liability will likely depend on, in part, whether the agent, broker or title company employed commercially reasonable security procedures, say Mariana Bravo and Katherine Ondeck of Carr Maloney PC.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • The Stakes Are High In FTI Consulting V. Merit Management

    Brian Koosed

    Litigation over the Section 546(e) safe harbor has been on the rise in the last several years and the defenses against these suits have been furious. This makes the U.S. Supreme Court’s decision to review FTI Consulting v. Merit Management even more important, say Brian Koosed and Robert Honeywell of K&L Gates LLP.

  • Pushing Back Against Operation Choke Point

    Ed Marshall

    Operation Choke Point continues to cast an ominous cloud over the payments industry, but two recent litigation wins for HES Merchant Services and Intercept Corp. are causes for cautious optimism, say Edward Marshall and Megan Mitchell of Arnall Golden Gregory LLP.

  • CHOICE Act’s Potential Outsized Influence On The SEC

    Dan Chirlin

    In addition to several big-ticket items, the newest version of the CHOICE Act also contains certain under-the-radar provisions that, collectively, could have a significant impact on U.S. Securities and Exchange Commission enforcement, says Daniel Chirlin of Walden Macht & Haran LLP.

  • Solving The Legal Industry's Data Protection Breakdown

    Jeff Ton

    Most law firms today aren't using common security and data protection measures that other industries employ to protect sensitive data. Options like continuous data replication and backups have various pros and cons, but most importantly, law practices must understand the need for a two-tiered approach to data protection, says Jeff Ton of Bluelock LLC.

  • What Fintech Investors Need To Know About ‘Fintech Banks’

    Elizabeth Khalil

    As the battle over the Office of the Comptroller of the Currency’s proposed financial technology charter continues, investors in fintech companies should consider what it would mean for their business strategies if fintech companies actually did become banks, says Elizabeth Khalil of Dykema Gossett PLLC.

  • Discovery Sanctions Get Sanctioned

    Alan Hoffman

    Last month the U.S. Supreme Court reversed a sanctions order issued in Goodyear v. Haeger for bad faith discovery misconduct. And the Eighth Circuit recently reversed a district court sanctions order issued for “obstructive deposition practices.” While these sanctions were judged excessive, litigators must remember that aggressive discovery tactics are always a bad idea, says Alan Hoffman of Husch Blackwell LLP.

  • The Meaning Of Spokeo, 365 Days And 430 Decisions Later

    Ezra Church

    In the year since the U.S. Supreme Court's Spokeo decision, nearly 60 percent of courts analyzing constitutional standing have determined that the plaintiff had Article III standing. Notably, the outcomes vary markedly by statute and forum, and have intensified in some ways over the last six months, say attorneys with Morgan Lewis.

  • 5 Things To Know About Justice Gorsuch’s First 30 Days

    Charles Webber

    Justice Neil Gorsuch joined the U.S. Supreme Court a little more than 30 days ago, on April 7, 2017. And while it is too early for him to have written any opinions, Gorsuch participated in the final 13 oral arguments of the 2016 term. Charles Webber of Faegre Baker Daniels LLP offers five takeaways from his first month on the job.