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Banking

  • October 19, 2018

    Singapore Banks Seek Redo On SIBOR Rigging Escape Bid

    A group of Singapore-based banks, along with one based in Hong Kong, urged a New York federal judge on Thursday to reconsider a ruling that kept them in a suit over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, arguing that they don’t trade in the instruments at issue.

  • October 19, 2018

    Ex-Fed. Prosecutor Joins Reed Smith's Compliance Practice

    Reed Smith LLP has added a former federal white collar crime prosecutor to its global regulatory enforcement practice in Chicago, the firm has announced.

  • October 19, 2018

    High Court Urged Not To Review 9th Circ. Preemption Ruling

    The California homeowner behind a proposed class action over Bank of America's alleged violation of a California state mortgage escrow interest law has urged the U.S. Supreme Court not to review a Ninth Circuit decision that held the state law isn’t preempted by the National Bank Act.

  • October 19, 2018

    HP Unit Owes Startup $2.3M For Software Work

    A California federal jury found Friday that a Hewlett Packard unit must pay a software startup more than $2.3 million for work on a Malaysian banking project, while clearing HP on many of the allegations in a contract suit that sought tens of millions in damages.

  • October 19, 2018

    Customer Seeks Class Approval In Raymond James Fee Suit

    A Florida woman seeking to form a class to pursue claims that Raymond James charged unauthorized and unreasonable commissions via a “processing fee” rebutted the financial services company's arguments that the allegations require intensive individual analysis during a hearing Friday.

  • October 19, 2018

    Toys R Us Lenders Become Stalking Horse For IT Biz

    Toys R Us has received permission from a Virginia bankruptcy court to put the computer support operation for its overseas stores on the block next month, backed by a $57.5 million stalking horse credit bid from a term lenders group.

  • October 19, 2018

    SEC Launches 'FinHub' Office To Guide Startups On Fintech

    The U.S. Securities and Exchange Commission said Thursday it launched a new office intended to improve communication with entrepreneurs and their advisers about regulations relating to the booming field of financial technology, including blockchain and initial coin offerings.

  • October 19, 2018

    Ocwen, Others Want Fund's ERISA Suit Over RMBS Nixed

    Ocwen Financial Corp., Wells Fargo and others urged a New York federal judge to toss a proposed Employee Retirement Income Security Act class action alleging that Ocwen profited by pushing homeowners into foreclosure during the financial crisis, arguing that a pension fund couldn’t bring claims on behalf of other plans.

  • October 19, 2018

    Ex-Google Exec's Co. Can't Arbitrate Tribal Payday Loan Suit

    A Washington federal judge has denied a bid by a former Google executive's financial technology company and a tribal corporation through which his fintech firm ran a payday lending business to force into arbitration a suit over exorbitant interest rates, ruling that arbitration clauses in agreements borrowers signed are invalid.

  • October 19, 2018

    Labaton Says 1/3 Of Its Open Cases Include Referral Fees

    Nearly one-third of Labaton Sucharow LLP’s open cases came to the firm through referral arrangements, according to a filing Thursday in Massachusetts federal court, offering a peek behind the curtain as the firm faces scrutiny for a payment to a Texas attorney uncovered in the ongoing State Street settlement fee fight.

  • October 18, 2018

    Bitcoin Trader, CEO Ordered To Pay $2.5M For Ponzi Scheme

    Bitcoin trading outfit Gelfman Blueprint Inc. and its CEO Nicholas Gelfman have been ordered to pay nearly $2.5 million in restitution after stealing more than $600,000 from roughly 80 customers, in the first anti-fraud case involving bitcoin brought by the Commodity Futures Trading Commission.

  • October 18, 2018

    Proposed Volcker Rule Definition Change A No-Go, Banks Say

    Federal financial regulators are getting an earful about their proposal to revamp the trading account definition under the so-called Volcker rule, with industry players saying the change could actually make things worse for banks.  

  • October 18, 2018

    Last Tippee In $5M BofA Insider Trading Ring Takes Plea Deal

    A former Morgan Stanley vice president accused of trading on tips that came from a Bank of America technology consultant pled guilty to securities fraud conspiracy in Manhattan federal court on Thursday, making him the last of seven defendants in a $5 million insider trading ring to do so.

  • October 18, 2018

    Chicago Bank Accused Of Role In Va. Ponzi Scheme

    Two investors hit a Chicago bank Tuesday with a proposed class action in Illinois state court, claiming it played a role in a Ponzi scheme that caused them and other investors to lose more than $7 million.

  • October 18, 2018

    Nine West Files Amended Ch. 11 Plan With $105M Settlement

    Nine West Holdings Inc. has filed a revised Chapter 11 plan with a New York bankruptcy court that includes a $105 million settlement with company owner Sycamore Partners, releasing the latter of claims that it stripped Nine West’s assets and sent the company into bankruptcy.

  • October 18, 2018

    Bankers' Trade Group A Hotbed For Bias, Ex-Exec Claims

    A longtime executive at the American Bankers Association sued the trade association in Washington, D.C., court Thursday, alleging that women and minorities who work amid its “old boys’ club culture” are subjected to pervasive harassment and discrimination and that she was fired for speaking up about it.

  • October 18, 2018

    Va., Ind. Residents Say Tribal Lender Skirted State Usury Laws

    Virginia and Indiana residents have hit MobiLoans LLC with a proposed class action to stop it from allegedly circumventing state usury laws to make loans to needy consumers at triple-digit interest rates.

  • October 18, 2018

    Noble Group Seeks US Protection During $3.5B Restructuring

    Global commodity trader Noble Group Ltd. is asking a New York bankruptcy court to shield its U.S. assets while its plan to restructure $3.5 billion in debt works its way through English courts.

  • October 18, 2018

    Fidelity's Foray Into Bitcoin Likely To Boost Crypto Appeal

    Fidelity Investments’ plans to form a stand-alone company that will enable hedge funds and other professional investors to store and trade cryptocurrencies like bitcoin could potentially pave the way for more institutional investment into the fledgling asset class.

  • October 18, 2018

    Fintech Cops Urged To Play Nice, But Sandbox Is A Hard Sell

    A recent Treasury Department report proposed a host of ideas for boosting development in America's financial technology sector and keeping it globally competitive, including a "sandbox" for experimenting with new products and services, but experts say a morass of regulatory agencies makes building such a playground difficult in the U.S.

Expert Analysis

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Do VPNs Spell Market Manipulation For Crypto Exchanges?

    Richard Malish

    Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.

  • Is CFPB Curtailing Its Own Supervisory Authority?

    Keith Bradley

    The Consumer Financial Protection Bureau recently announced plans to stop conducting supervisory examinations for violations of the Military Lending Act. The broader implications of this decision could lead to company push back on a wide range of supervisory activity by the CPFB, says Keith Bradley of Squire Patton Boggs LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • What New Bank Charters Mean For Fintech

    Mark Nuccio

    The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.

  • Kavanaugh Cannot Be Compelled To Recuse Himself

    Donald Scarinci

    Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Can Defrauded Crypto Investors Hope To Recover Anything?

    Brett Theisen

    While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.