Banking

  • January 15, 2018

    RBS, Barclays & Lloyds Deny FDIC Claim They Rigged Libor

    Three major British banks named in the U.S. Federal Deposit Insurance Corporation’s lawsuit over alleged benchmark rigging have denied they kept Libor rates artificially low between 2007 and 2009, according to defense papers.

  • January 12, 2018

    Banks Told RMBS Subpoena Order Is 'Cost Of Doing Business'

    A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.

  • January 12, 2018

    Mueller's Team Seeks May Trial Date For Manafort, Gates

    Paul Manafort, the indicted former campaign manager to President Donald Trump, may face trial as soon as May, according to a filing Friday by the special counsel spearheading an investigation into the Trump campaign that also outlined plans for future evidence exchange.

  • January 12, 2018

    Ex-Bankrate VP Gets 5 Years Despite Cooperating With Gov't

    A Miami federal judge Friday handed a five-year prison sentence to a former Bankrate Inc. vice president of finance who admitted he schemed to lie about the rate-shopping company’s finances after he asked for leniency, citing his plan to testify against his former boss at an upcoming trial.

  • January 12, 2018

    Relators Push Back On Wells Fargo's Bid To Toss FCA Suit

    Former bankers alleging Wells Fargo lied to regulators to obtain a bailout defended their revived False Claims Act suit on Thursday, telling a New York federal court that the bank’s dismissal bid is at odds with the U.S. Supreme Court’s Escobar decision.

  • January 12, 2018

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

    The last week has seen Airbus sue Axa and several other insurers, a sports betting and financial software firm lodge a suit against Barclays, and an appeal from an insurance brokerage that recently lost its U.K. license. Here, Law360 looks at those and other new claims in the U.K.

  • January 12, 2018

    DC Circ. Says Trustee Can Pursue $12M WaMu Clawback Suit

    The Chapter 7 trustee of a defunct $65 million Ponzi scheme vehicle will get another shot at clawing back $12 million sent to Washington Mutual prior to its 2008 collapse, after the D.C. Circuit found on Friday that a district court jumped the gun by dismissing the suit on procedural grounds.

  • January 12, 2018

    2nd Circ. Reverses Class Cert. In Goldman Abacus Fraud Suit

    The Second Circuit on Friday reversed a lower court decision certifying a class of shareholders accusing Goldman Sachs of lying about its ethical compliance just before they lost $1 billion in the Abacus collateralized debt obligation, saying the earlier ruling may have held Goldman to a standard of proof that was too high.

  • January 12, 2018

    DeVos-Linked Firm Wins Ed. Dept. Deal Ahead Of Ruling

    The Federal Circuit on Friday partially lifted an injunction on a disputed $2.8 billion U.S. Department of Education debt collection deal, but its ruling is effectively academic since the department issued new contract awards, including to a firm linked to Education Secretary Betsy DeVos, shortly before the decision was issued.

  • January 12, 2018

    CFPB Leadership Battle Heads To DC Circ.

    Consumer Financial Protection Bureau Deputy Director Leandra English on Friday continued her fight to lead the powerful financial regulator by asking a federal appeals court to remove President Donald Trump’s choice to serve as the bureau’s acting director.

  • January 12, 2018

    GST Pushes To Halt Unsecured Creditors' Lien Challenge

    GST AutoLeather Inc. and its top lender pushed the Delaware bankruptcy court late Thursday to shut down unsecured creditors’ bid to challenge senior liens, arguing that such a fight would only disrupt the auto upholstery supplier’s Chapter 11 case for a “leverage ploy” in recovery negotiations.

  • January 12, 2018

    Big Banks Sue Bankrupt Cocoa Firm Claiming Financial Fraud

    Amro, Société Générale, BNP Paribas and five other global banks with commodities operations have sued eight executives of bankrupt cocoa firm Transmar Commodity Group Ltd. in New Jersey federal court, claiming the struggling firm gave the banks false information about its financial condition as it sought to enter into a $360 million credit agreement.

  • January 12, 2018

    Fed Fines 5 Banks $35M To Wrap Mortgage Servicing Claims

    The Federal Reserve on Friday fined five banks, including Goldman Sachs Group Inc. and Morgan Stanley, a total of $35.1 million to close out an enforcement action over their foreclosure crisis era mortgage servicing practices.

  • January 12, 2018

    Credit Union Argues It Has Power To Challenge CFPB Role

    A New York credit union on Friday attempted to convince a federal judge that it has the power to bring a lawsuit seeking to challenge President Donald Trump’s appointment of a White House official to lead the Consumer Financial Protection Bureau on an acting basis.

  • January 12, 2018

    Supreme Court Agrees To Review SEC's In-House Judges

    The U.S. Supreme Court agreed Friday to consider whether the hiring of U.S. Securities and Exchange Commission administrative law judges violates the appointments clause of the Constitution, a case that could call into question the legitimacy of past rulings by the administrative judges.

  • January 11, 2018

    Ex-State Street Exec Can Try To Depose Clifford Chance Atty

    A Massachusetts federal judge on Wednesday granted a former State Street Global Markets LLC executive’s motion to depose a Clifford Chance attorney in the Netherlands before his trial on securities fraud charges, agreeing with the executive that the attorney’s testimony could swing his defense.

  • January 11, 2018

    Support Grows For Updating Anti-Money Laundering Rules

    While lawmakers battle over big-picture changes to the rules that govern financial institutions, the need to update an anti-money laundering regime that many see as unwieldy is one area where experts say a bipartisan consensus is forming and banks could see dramatically lower compliance costs.

  • January 11, 2018

    JPMorgan Workers Strike $8.3M Deal With Bank On OT Claims

    JPMorgan Chase & Co. will shell out $8.3 million to end a proposed class action brought by assistant bank managers who alleged they were misclassified as overtime-exempt employees, according to a deal proposed in California federal court Thursday.

  • January 11, 2018

    Fed Ends 2012 Enforcement Action Against American Express

    The Federal Reserve on Thursday released American Express Co. from a 2012 enforcement action that called on the credit card giant to refund $85 million to about 250,000 customers after banking regulators uncovered pervasive deceptive practices throughout the company and its subsidiaries.

  • January 11, 2018

    Wife Of Ex-Mexican Official Gets 10 Months For Bank Fraud

    A Texas federal judge on Wednesday sentenced the wife of the former Tabasco, Mexico, finance secretary to 10 months in prison, after a jury found her guilty of conspiracy to commit bank fraud — but not guilty of conspiring to commit money laundering — in an alleged $40 million scheme.

Expert Analysis

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • OFAC Enforcement Trends In 2017: Exporters On Notice

    Sean Kane

    One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.

  • 3 Enforcement Priorities For State AGs In 2018

    Joe Jacquot

    State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.

  • Indirect Purchaser Cases In 2017: Key Appeals Court Rulings

    Chris Micheletti

    As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.

  • 5 Pressing Issues Facing The SEC In 2018

    Britt Biles

    The U.S. Securities and Exchange Commission will grapple with a great deal of unfinished business this year. In fact, these issues will dwarf the natural changes that the SEC will undergo as it continues to transition to new leadership, says Britt Biles of Stein Mitchell Cipollone Beato & Missner LLP.

  • The Broader Implications Of Sessions’ Marijuana Move

    Markus Funk

    Beyond what it heralds for the marijuana industry, Jeff Sessions’ memo on marijuana enforcement signals a new era of increasingly decentralized federal prosecutorial power, say attorneys with Perkins Coie LLP, including former Colorado Chief Justice Michael Bender.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Litigation Finance Trends To Watch In 2018

    Jay Greenberg

    Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.

  • CMBS In 2017 And A Look Ahead

    Stuart Goldstein

    The past year did not deliver the massive amount of commercial mortgage-backed securities refinancings predicted by many at the end of 2016. Stuart Goldstein and Gregory Prindle of Cadwalader Wickersham & Taft LLP review what happened in 2017 and look ahead to what the industry might see in 2018.

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.