We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Banking

  • August 16, 2018

    Trump Taps Sidley Austin Partner For San Francisco US Atty

     A partner at Sidley Austin LLP will be nominated as U.S. attorney in San Francisco, the White House announced Thursday, as it also revealed nominees for spots in Florida, Illinois and North Dakota.

  • August 16, 2018

    Wells Fargo Gets Immigrant Lending Bias Suit Trimmed

    A California federal judge has pared down a proposed class action alleging Wells Fargo unfairly withholds certain lines of credit from customers because of their immigration status, finding that two of the people bringing the case failed to show they were prevented from taking out home and auto loans because of discriminatory policies.

  • August 16, 2018

    USDA Must Face Tribe Member's Contract Suit: Fed. Circ.

    A Federal Circuit panel on Thursday revived a Sioux tribe member’s suit alleging the U.S. Department of Agriculture breached a settlement agreement it reached with Native American farmers over its farm loan program, saying the terms of the settlement don't prevent additional suits from being filed in court.

  • August 16, 2018

    Citigroup To Pay SEC $10M Over Faulty Loans, Trader Woes

    The U.S. Securities and Exchange Commission filed two orders on Thursday saying Citigroup Inc. had agreed to pay $10.5 million to settle a pair of enforcement actions over substantial losses incurred by misconduct involving three of the bank’s traders and loans fraudulently procured by a Mexican marine services provider.

  • August 16, 2018

    BofA Customers Win Final OK For $1.8M FCRA Settlement

    A class of Bank of America NA customers won final approval Thursday for their $1.8 million Fair Credit Reporting Act settlement over allegedly unauthorized soft credit report inquiries, with a California federal judge saying that though it offered a small $4 payout per class member, the deal was fair.

  • August 16, 2018

    German Fintech Firm Deposit Solutions Scores $100M

    German financial technology firm Deposit Solutions said Thursday its most recent funding round brought in $100 million from investors as the company looks to build upon successes in the savings deposit market and its business-to-consumer products.

  • August 16, 2018

    Senate Dems Blast CFPB Plan To Halt Military Lending Exams

    All 49 Democratic senators urged the acting director of the Consumer Finance Protection Bureau not to undermine the Military Lending Act, which protects service members from predatory loans and financial fraud, following media reports saying the Trump administration is planning to stop examining lenders for violations of the act.

  • August 16, 2018

    JPMorgan Lends $138M For Miami Condo Tower Project

    JPMorgan Chase Bank NA has loaned $138.1 million to Two Roads Development for a Miami luxury condo tower project, according to an announcement on Thursday from Walker & Dunlop Inc., which arranged the financing.

  • August 16, 2018

    A Chat With Ogletree Knowledge Chief Patrick DiDomenico

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Patrick DiDomenico, chief knowledge officer at Ogletree Deakins Nash Smoak & Stewart PC.

  • August 15, 2018

    In Closing, Manafort Defense Says Gov't Is 'Desperate'

    Attorneys for former Trump campaign chairman Paul Manafort threw their final punches Wednesday in an effort to knock down the government’s tax and bank fraud case against him in Virginia federal court, painting cooperating witness Rick Gates as a serial liar and slamming the prosecution as “desperate” during closing arguments.

  • August 15, 2018

    Appeals Court Stops Contempt Proceedings Against 2 Attys

    A Florida appeals court on Wednesday barred a trial court from continuing indirect criminal contempt proceedings for two attorneys for lender Ditech Financial LLC for violating a discovery order in a foreclosure suit, finding there was no evidence the lawyers had advised the company to violate the order.

  • August 15, 2018

    FTC’s $1.3B Loan Row Win Used ‘Red Herring,’ 9th Circ. Told

    Professional auto racer Scott Tucker asked the Ninth Circuit on Wednesday to reverse a $1.3 billion judgment against his payday loan companies for deceiving and overcharging customers, saying borrowers’ loan contracts included all necessary information and calling the Federal Trade Commission’s claim they hid unfavorable terms “a red herring.”

  • August 15, 2018

    Bear Stearns Bankruptcy Suit Win Upheld By District Court

    A bankruptcy court finding that Bear Stearns & Co. Inc. acted in good faith when it repurchased securities from former debtor HomeBanc Mortgage Corp. in 2007 was upheld Tuesday when a Delaware federal judge said the lower court did not misapply the law or make errors of fact.

  • August 15, 2018

    BofA Seeks High Court Review Of 9th Circ. Preemption Ruling

    Bank of America on Tuesday asked the U.S. Supreme Court to review the Ninth Circuit's ruling that the National Bank Act doesn't preempt a California state mortgage escrow interest law, arguing that the ruling is incorrect and creates “significant uncertainty” about whether other state banking laws apply to national banks.

  • August 15, 2018

    Dominican Man Gets 5 Years For Impersonating SEC Brass

    A Dominican national charged with impersonating U.S. Securities and Exchange Commission employees to defraud people out of hundreds of thousands of dollars was sentenced on Wednesday in Boston federal court to five years and three months in prison, the U.S. Department of Justice announced.

  • August 15, 2018

    Hausfeld, Susman Awarded $58.4M In Libor MDL Fees, Costs

    Hausfeld LLP and Susman Godfrey LLP will decide how to dole out a nearly $60 million award for attorneys' fees and expenses approved by a New York federal judge Tuesday from $250 million in multidistrict litigation settlements between Citigroup, Barclays and investors suing over rigging of the London Interbank Offered Rate.

  • August 15, 2018

    3rd Circ. Affirms Convictions In NOVA Bank TARP Fraud Case

    The Third Circuit on Tuesday affirmed the April 2016 convictions of two top officials from the now-defunct NOVA Bank for defrauding the Troubled Asset Relief Program in a ruling that also upheld an 11-month prison term for the bank's former chairman.

  • August 15, 2018

    Deutsche Bank To Pay $22M To Settle Workers' ERISA Suit

    Thousands of workers who accused Deutsche Bank of steering their retirement savings into expensive and poorly performing proprietary funds told a New York federal court they had struck a $21.9 million deal to resolve their Employee Retirement Income Security Act class action.    

  • August 15, 2018

    AT&T Faces $224M Privacy Suit Over Cryptocurrency Theft

    A well-known cryptocurrency investor slapped AT&T with a nearly $224 million lawsuit in California federal court Wednesday, alleging that the carrier’s failure to provide adequate data security, despite previously suffering high-profile privacy incidents, allowed for the theft of millions in digital currency from his accounts.

  • August 14, 2018

    How One Firm Moved The Needle On Disability Inclusion

    This global law firm has recently focused on creating opportunities for people with disabilities across its ranks, and its efforts are already showing results.

Expert Analysis

  • NY Cyber Rules: Preparing For The September Deadline

    Richard Naylor

    If you began complying with the New York Department of Financial Services requirements last year, your cybersecurity program is already in place, which should streamline compliance for the next deadline. The controls required to be in place by Sept. 1, 2018, cover five areas, says Richard Naylor of Murphy & McGonigle PC.

  • What Cos. Must Know About The Return Of Iran Sanctions

    F. Amanda DeBusk

    President Donald Trump signed an executive order on Aug. 6 formally re-imposing certain sanctions with respect to Iran. Given the administration’s rapidly shifting approach to international trade and national security issues, businesses should plan for the worst — while continuing to advocate for a more pragmatic approach, say attorneys with Dechert LLP.

  • How Taxpayers Are Taking To Tax Reform So Far

    Nickolas Gianou

    The effects of last year’s tax overhaul, the most significant since 1986, have not been as drastic as some expected. Still, taxpayers have begun to adjust and a number of significant trends are emerging, say Nickolas Gianou and Sally Thurston of Skadden Arps Slate Meagher & Flom LLP.

  • ERISA Class Actions After Epic Systems

    James Baker

    U.S. Supreme Court Justice Neil Gorsuch's opinion in Epic Systems v. Lewis employed the same analytics used by Justice Antonin Scalia in three previous decisions. They strongly suggest the court would allow a mandatory arbitration clause with a class action waiver in the Employee Retirement Income Security Act context, says James Baker of Baker McKenzie.

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • AI In Lending: Key Challenges And Practical Considerations

    David Stein

    A recent report from the U.S. Treasury Department discussed the use of artificial intelligence in financial services and identified related legal challenges. There is little risk of financial regulators taking proactive steps to restrict the use of AI, but existing laws and regulations adopted long before its advent remain in effect, says David Stein of Covington & Burling LLP.

  • 2 Strikes And You’re Out: The Litvak Saga Comes To An End

    Joon Kim

    The U.S. Attorney’s Office for the District of Connecticut, following reversals of two prior convictions, has moved to dismiss its remaining securities fraud claim against bond trader Jesse Litvak. While it can be difficult to prove misstatements are material as a matter of law, the government's move is certainly not a death knell for similarly grounded fraud charges, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Blockchains: A Better Tool For Supply Chain Management

    James Ton-that

    Although commonly associated with cryptocurrencies, blockchain technology can also be implemented to modernize international supply chains, which currently suffer from voluminous documentary requirements, layers of middlemen and immense regulation, say James Ton-that and Ravi Soopramanien of Hughes Hubbard & Reed LLP.

  • Fixing The 'Funk' Of Delinquent Loan Holders In Md.

    Laurence Platt

    Relying in part on the definition of “doing business" in the 100-year-old Funk & Wagnalls dictionary, the Maryland Court of Appeals recently ruled on the licensing of Delaware statutory trusts and foreclosure proceedings on delinquent residential mortgage loans. The decision should end the confusion surrounding the ability of a state trust to foreclose in Maryland, say attorneys with Mayer Brown LLP.

  • Series

    Clerking For Ginsburg: 4 RBG Lessons On Having It All

    Rachel Wainer Apter

    Justice Ruth Bader Ginsburg is everything she is cracked up to be​ — f​eminist icon​, brilliant jurist​, fierce dissenter. She is also an incredible boss, mentor and friend.​ ​Her advice has shaped how I have tried to balance building a career and ​raising children, says Rachel Wainer Apter, counsel to the New Jersey attorney general.