• March 15, 2018

    Big Banks Win Dismissal In Indirect Forex Manipulation Suit

    A New York federal judge on Thursday tossed an antitrust suit from small-time forex investors against more than a dozen big banks accused of rigging wholesale foreign exchange markets, ruling that the allegations are too vague.

  • March 15, 2018

    House Votes To Create Independent Review Board For Banks

    The House of Representatives passed a pair of measures altering financial institution rules Thursday, creating an independent board to review agency actions and altering Regulation A+ securities offerings.

  • March 15, 2018

    White & Case Adds Ex-Paul Hastings Latin America IPO Pro

    White & Case LLP has picked up a former Paul Hastings partner who represents financial institutions and securities issuers in cross-border offerings, including advising Morgan Stanley and JPMorgan in Jose Cuervo’s initial public offering in Mexico.

  • March 15, 2018

    Experian Expands UK Market Reach With $385M Fintech Buy

    Credit information company Experian has agreed to buy a U.K.-based consumer credit data organization for £275m ($385 million) as a means to extend its reach into the U.K. market, the company said Thursday.

  • March 15, 2018

    Blank Rome Nabs Finance, RE Attys From Herrick Feinstein

    Blank Rome LLP has brought on board two New York-based partners from Herrick Feinstein LLP with significant experience handling corporate, finance and real estate matters, the firm announced Thursday.

  • March 15, 2018

    Equifax Insider Trading Charges Show Need For Action Plan

    Insider trading charges for a former Equifax executive involved in responding to a data breach affecting some 148 million customers illustrates the need for companies to have solid plans for dealing with cyberattacks that include adequate bulwarks against illegal trading, experts say.

  • March 15, 2018

    Ex-Deutsche Bank Trader Pleads Guilty To Rigging Euribor

    Ex-Deutsche Bank AG trader Christian Bittar has pled guilty to rigging a key European interest rate benchmark ahead of a trial scheduled for April, Britain’s Serious Fraud Office said Thursday.

  • March 14, 2018

    SEC Urged To Amend Rules Governing ICO Market

    A cryptocurrency lawyer told a House of Representatives committee on Wednesday that Congress should urge the Securities and Exchange Commission to amend its rules to improve clarity in the market for initial coin offerings, a nascent but booming field of capital raising.

  • March 14, 2018

    Bankruptcy Court's Block Of $1B Lehman Clawback Upheld

    A New York federal judge on Wednesday affirmed a bankruptcy court’s dismissal of a Lehman Brothers unit's bid to claw back $1 billion in swaps transactions, saying it correctly determined the safe harbor provision for swap agreements protects the distributions of the collateral.

  • March 14, 2018

    White House Names Kudlow New Top Economic Adviser

    The White House said Wednesday that Lawrence Kudlow, a conservative economic commentator, will replace Gary Cohn as President Donald Trump’s chief economic adviser following Cohn’s decision last week to resign as director of the National Economic Council.

  • March 14, 2018

    3rd Circ. Junks Bank Fraudster's 10-Year Prison Sentence

    The Third Circuit threw out the 10½-year prison sentence Wednesday of a convicted bank fraudster after rejecting a trial judge’s conclusion that the man had been on parole for an unrelated crime at the time he joined the conspiracy.

  • March 14, 2018

    Senate Bill Takes Scalpel, Not Ax, To Dodd-Frank, Attys Say

    The bipartisan banking bill that cleared the U.S. Senate on Wednesday may be the banking industry's best hope yet for rolling back some of the Dodd-Frank Act's rules, but some attorneys say the legislation that's emerged doesn't exactly dismantle the landmark 2010 financial reform law.

  • March 14, 2018

    Fed Orders ICBC To Tighten Anti-Money Laundering Checks

    The Federal Reserve has ordered the Industrial and Commercial Bank of China Ltd. to reform its anti-money laundering protections after finding “significant deficiencies” during its most recent examination of the bank’s New York branch, the regulator announced Tuesday.

  • March 14, 2018

    Square Inc.’s Bankruptcy Atty Ban Is Illegal, 9th Circ. Told

    Square Inc. illegally discriminates against bankruptcy attorneys by blocking them from its online payment platform, a member of the bankruptcy bar told the Ninth Circuit at a hearing Wednesday, saying a trial court erred in finding he couldn’t sue because he never signed up for the service.

  • March 14, 2018

    Senate Passes Partial Dodd-Frank Rollbacks

    The Senate passed a rollback Wednesday of bank and other financial institution rules from the Dodd-Frank Act, with backers of the measure claiming it will remove the worst of the regulatory costs for smaller banks.

  • March 14, 2018

    Deals Rumor Mill: Siemens, Deutsche Bank, Ardian

    Siemens is expected to price the shares of its Healthineers unit at $34.64 a piece, investors have expressed interest in all of DWS’ offered shares, and French private equity firm Ardian is planning to sell off German pharmaceutical company Riemser Pharma GmbH.

  • March 14, 2018

    House Advances Bill To Tailor Regulations To Banks

    The House of Representatives passed a measure Wednesday that would put new restrictions on banking regulators’ ability to impose new rules by requiring agencies to tailor any new regulations to the particular institution.

  • March 14, 2018

    Lack Of Citibank Stamp Tanks $695M RMBS Suit, Judge Told

    The Federal Deposit Insurance Corp.’s failure to nab Citibank’s signature on its claims in a $695 million mortgage-backed securites suit should stop the suit in its tracks, the defendant banks told a New York federal judge in a brief on Tuesday, saying the amended complaint should be tossed.

  • March 14, 2018

    Theranos CEO Holmes Settles Over $700M Fraud, SEC Says

    The founder and CEO of once high-flying Silicon Valley blood testing company Theranos has settled allegations she lied about nearly every aspect of the company’s business model and finances in a massive, yearslong fraud that raised more than $700 million from duped investors, the U.S. Securities and Exchange Commission announced Wednesday.

  • March 14, 2018

    Former Equifax Exec Indicted For Insider Trading

    Civil and criminal charges have been filed against a former Equifax executive accused of selling off shares before the public was informed of the company’s massive data breach, the U.S. Securities and Exchange Commission and U.S. Department of Justice announced Wednesday.

Expert Analysis

  • Opinion

    Grassley, Feinstein Debate Judicial Vetting, Obstruction

    Sen. Chuck Grassley

    It is undisputed that in his first year in office President Trump was able to confirm a significant number of judges to the federal bench. How it happened — and whether it's a good thing — are debated here by Sen. Chuck Grassley, R-Iowa, and Sen. Dianne Feinstein, D-Calif.

  • Rebuttal

    Reasoning About The Rule Of Reason

    Randy Gordon

    In his response to my Law360 article, William Kolasky notes “the relative dearth of rule of reason cases that have made it to summary judgment or beyond.” My only point is a consequentialist one: Since the 1970s, more and more cases have migrated from the per se category to the rule of reason category. As a result, plaintiffs (almost) always lose, says Randy Gordon of Crowe & Dunlevy.

  • A Potential Shift On Education Debt Discharge Standards

    Amir Shachmurove

    To its detractors, the so-called Brunner test, which is used to establish the dischargeability of student loan debts, stands out like a sore thumb. However, in an unexpected move, the U.S. Department of Education recently published a memo calling for comments that hinted it might be considering eliminating or modifying this standard, say attorneys with Troutman Sanders LLP.

  • Securitized Student Loans: The Next Crisis?

    Kevin O’Brien

    In light of the stress on the student loan market and the amount of money invested in securities backed by student loans, the likelihood of litigation regarding the marketing and securitizing of these assets is substantial. In addition, billions in defaulted student loans may be uncollectible, adding a further level of peril for investors, says Kevin O’Brien of Butler Rubin Saltarelli & Boyd LLP.

  • Rebuttal

    In Defense Of The Antitrust Rule Of Reason

    William Kolasky

    A Law360 guest article this week overlooked the great strides made by the appellate courts over the last four decades in developing a sound analytical framework for applying the rule of reason, says William Kolasky, co-chairman of Hughes Hubbard & Reed LLP's antitrust practice.

  • No-Action Action: Steps Toward A Better CFPB Policy

    Eric Mogilnicki

    Consumer Financial Protection Bureau Director Mick Mulvaney has signaled that enforcement will be a last resort, and that the bureau will instead seek to improve compliance with the law by making its requirements clear. Clearing pathways to new products and services by recalibrating the bureau’s "no-action letter" policy is one way the bureau can make good on that promise, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • And The Award Goes To ... FINRA’s 2017 Restitution Program

    Brian Rubin

    We dissected the Financial Industry Regulatory Authority's 2017 disciplinary actions to see how it performed in different categories and found that rather than going for box-office gold, FINRA focused on a variety of “nuts and bolts” issues. However, FINRA did return a substantial amount of money to investors, say Brian Rubin and Adam Pollet of Eversheds Sutherland.

  • Is The Antitrust Rule Of Reason Reasonable?

    Randy Gordon

    Most of the commentary surrounding the U.S. Supreme Court American Express case has focused on the standards and analysis to be applied in so-called “two-sided market” cases. But those questions are merely symptoms of a greater malady — the “rule of reason” analysis that has come to govern most antitrust cases, says Randy Gordon of Crowe & Dunlevy.

  • Where White Collar Enforcement Is Heading

    Gregory Morvillo

    Expect regulators and prosecutors to make cases in industries that are beginning to generate enormous amounts of new revenue, while using the same investigative tools they’ve used for decades, say Gregory Morvillo and Amy Walsh of Orrick Herrington & Sutcliffe LLP.

  • Digital Realty’s Victory Is A Loss For Corporate Compliance

    Stephen Kohn

    In Digital Realty Trust v. Somers, the U.S. Supreme Court undermined Wall Street’s advocacy of internal corporate compliance programs as an alternative to whistleblower reward laws. But the adverse impact of Digital’s Supreme Court victory can and should be mitigated, says Stephen Kohn of Kohn Kohn & Colapinto LLP.