Banking

  • November 16, 2017

    Chinese Fintech Jianpu Raises $180M After IPO Prices Low

    Online financial planning platform Jianpu Technologies Inc. said Thursday it raised $180 million after pricing 22.5 million shares at $8 each — below its projected range of $8.50 to $10.50 — representing the latest Chinese financial technology firm to complete a U.S. IPO.

  • November 16, 2017

    Kasowitz Bows Out Of $28M Ampal Adversary Case

    Kasowitz Benson Torres LLP received permission Thursday to bow out of adversary litigation in the bankruptcy of energy investment holding company Ampal-American over a $28 million judgment linked to a project to make ethanol from sugarcane in Colombia.

  • November 16, 2017

    Payday Lender Convicted Of Running $220M 'Offshore' Racket

    The operator of an online payday lending firm was convicted by a Manhattan federal jury on all charges against him Wednesday over his alleged $220 million, yearslong campaign to deceive borrowers, regulators and even his own lawyers into believing that his companies were based offshore and not bound by U.S. law.

  • November 16, 2017

    Contractor In $77M Forfeiture Wants Sanctions For Ex-Attys

    A defense subcontractor accused of fraudulently securing jobs in Afghanistan urged a D.C. federal court on Wednesday to sanction its former attorneys at Neel Hooper & Banes PC for allegedly refusing to quit when fired from the $77 million civil forfeiture litigation and pushing for an improper lien.

  • November 16, 2017

    Senate Confirms Otting As Comptroller Of The Currency

    The Senate approved Joseph Otting to lead the Office of the Comptroller of the Currency on Thursday, filling a key financial industry regulatory office in President Donald Trump’s administration.

  • November 15, 2017

    SEC’s Clayton Tightens Leash On Further Audit Trail Delays

    The chairman of the U.S. Securities and Exchange Commission this week showed he’s not afraid of crossing powerful interests on Wall Street when he denied a last-minute plea by the nation’s stock exchange operators to yet again delay the launch of the consolidated audit trail.

  • November 15, 2017

    BofA, Debt Collector Hit With TCPA Suit Over Robocalls

    Bank of America and a debt collector it uses have been hit with a putative class action in Illinois federal court claiming they violated the Telephone Consumer Protection Act by continuing to place autodialed, prerecorded calls to consumers' cellphones after the customers had asked them to stop.

  • November 15, 2017

    Puerto Rico Creditors Denied Bid For Separate Debt Probe

    There will be only one investigation into the origins of Puerto Rico's crippling debt crisis, a federal judge ruled Wednesday, shutting down a creditor committee's effort to conduct its own probe into some of the island's biggest banks but saying their input should be part of a federal board's ongoing inquiry.

  • November 15, 2017

    Barclays Beats Employee's Sex, Race Bias Suit

    Barclays does not have to face claims it paid a Latina employee less than similarly situated men and laid her off because of her sex and race, a New York federal judge ruled Wednesday, finding that the bank presented legitimate explanations for each of the employment actions it took against her.

  • November 15, 2017

    Jurisdiction Question Punted In Exelco Bankruptcy Fracas

    Bankrupt diamond cutter Exelco NV will have to wait a few weeks to learn the fate of competing insolvency proceedings in the United States and Belgium after a Delaware judge on Wednesday declined to decide issues relating to which jurisdiction has the authority to administer the case.

  • November 15, 2017

    CFPB Latest To Sue Supporter Of Tribal Payday Lender

    Think Finance LLC, a financial technology firm that has been accused in a number of lawsuits of propping up sham tribal payday lenders, was sued by the Consumer Financial Protection Bureau in Montana federal court Wednesday for allegedly deceiving borrowers and collecting money it wasn't owed.

  • November 15, 2017

    HSBC Notches Quick Wins On Ponzi Scheme Victims' Claims

    HSBC Bank USA NA on Wednesday scored quick wins in California federal court on all claims in a proposed class action accusing the bank of aiding and abetting a Ponzi scheme by serving as an intermediary bank for wire transfers from the scheme’s victims to bank accounts in Hong Kong.

  • November 15, 2017

    Cordray’s Departure Brings Back CFPB Leadership Questions

    The surprise announcement that Consumer Financial Protection Bureau Director Richard Cordray will leave his post by the end of the month has clouded the future of the federal consumer finance watchdog and its leadership.

  • November 15, 2017

    Real Estate Rumors: Dwight Capital, Capital One, Levi's

    Dwight Capital is said to have leased 20,000 square feet in New York, Capital One reportedly plans to open a hybrid bank branch and coffee shop in Chicago, and Levi's is said to be taking 17,000 square feet in New York at a building owned by REIT Vornado.

  • November 15, 2017

    Dubai Bank Fights 9/11 Victims' Bid For Account Records

    Dubai Islamic Bank has urged a New York federal judge not to make it hand over information from certain accounts with alleged connections to terrorism to victims of the 9/11 terrorist attacks, saying that the requests are either irrelevant to claims against it or had already been waived.

  • November 15, 2017

    Fannie, Freddie Ask 7th Circ. To Rethink Chicago Tax Ruling

    Fannie Mae and Freddie Mac have pushed the Seventh Circuit to reconsider its decision to dissolve an injunction barring the collection of local taxes from Chicagoans who purchased property from them, arguing the court’s finding misconstrues the plain text of government federal tax-exemption statutes.

  • November 15, 2017

    Cordray Leaves Mixed Legacy As He Departs CFPB

    Richard Cordray’s coming departure from the Consumer Financial Protection Bureau by the end of the month closes a chapter that saw the outgoing director build a powerful regulator from scratch even as he courted controversy and enmity from Republican lawmakers and the industries he oversaw.

  • November 15, 2017

    Senate Moves Comptroller Nominee Closer To Confirmation

    Joseph Otting, President Donald Trump’s choice to serve as comptroller of the currency, cleared a key hurdle Wednesday when the U.S. Senate voted to end debate on his nomination.

  • November 15, 2017

    CFPB Director Cordray To Resign After Turbulent Tenure

    Consumer Financial Protection Bureau Director Richard Cordray on Wednesday told the bureau’s staff that he intends to step down by the end of the month, ending speculation about whether President Donald Trump would fire the controversial official.

  • November 14, 2017

    Nomura, RBS Say 2nd Circ. Decision Deprived Right To Jury

    Several Nomura units and executives, along with RBS Securities, told the Second Circuit on Monday that one of its panels got it wrong when it concluded a New York federal court didn’t violate their constitutional right to a jury trial by conducting a bench trial on claims brought by the Federal Housing Finance Agency.

Expert Analysis

  • Prepare For Big Changes To FARA Enforcement

    Brian Fleming

    All signs point to the U.S. Department of Justice enforcing the Foreign Agents Registration Act more aggressively. In addition, multiple pending legislative proposals would strengthen FARA and expand the DOJ’s enforcement powers, says Brian Fleming, a member of Miller & Chevalier Chtd. and former counsel to the assistant attorney general for national security at the DOJ.

  • Opinion

    Calif. Law Should Lead The Way For Consumer Protection

    Brian Kabateck

    Following the recent repeal of the Consumer Financial Protection Bureau’s arbitration rule, the scales of justice are now tipped in favor of bankers and big business. However, state lawmakers, lawyers and consumer advocates in California are leading the nation in cracking down on financial fraud, say Brian Kabateck and Shant Karnikian of Kabateck Brown Kellner LLP.

  • A New, Relaxed Standard For Class Cert. In Securities Cases

    Brian Headshot.jpg

    After the Second Circuit’s decision last week in Waggoner v. Barclays, it should be easier for securities fraud plaintiffs to win class certification when their cases involve securities that are not listed on national exchanges, says Brian Lehman of The Lehman Law Group.

  • Intermediate Transfers May Be Safe From 546(e) Safe Harbor

    Meaghan Gragg

    In Merit Management v. FTI Consulting, the U.S. Supreme Court is reviewing the Seventh Circuit’s decision that the Section 546(e) safe harbor does not protect from avoidance a transfer that is conducted through a financial institution where the institution acts merely as a conduit. Based on the justices’ questions at oral argument last week, the odds are good that the Supreme Court will agree with the Seventh Circuit, says Meaghan ... (continued)

  • Financial Crisis Anniversary

    Dodd-Frank And Deregulation: Some Lessons From History

    Dennis Kelleher.jpg

    The Dodd-Frank Act, while imperfect, addressed what actually did cause the financial crisis: unreasonable risk-taking, low capital and high leverage, shadow banking, and much more. The evidence is overwhelming that financial reform is working, that the risk of a crash in the U.S. is greatly reduced, and that banks are highly profitable, says Dennis Kelleher, president of Better Markets Inc.

  • Being There: Defending Depositions

    Alan Hoffman

    Defending depositions is challenging. The lawyer is the only shield and protector for the witness and the client. The rules of engagement are less than clear, and fraught with ethical perils. Difficult judgment calls often must be made in the heat of battle. This is where lawyers really earn their keep, says Alan Hoffman of Husch Blackwell LLP.

  • CFPB Financial Data Principles: Whose Data Is It Anyway?

    David Beam

    The Consumer Financial Protection Bureau recently released guidance addressing consumer protection principles for consumer-authorized financial data sharing and aggregation. Attorneys with Mayer Brown LLP discuss what the new guidance entails and what it may mean for consumers, fintech companies and the financial services industry.

  • New Cuba Sanctions Signal Increased Commercial Challenges

    Emerson Siegle

    The new amendments to the Cuban Assets Control Regulations and the Export Administration Regulations mark a significant change in U.S. policy toward Cuba. Companies will have to reassess the potential benefits of doing business in Cuba against the potentially high costs of complying with the sanctions, say Emerson Siegle and Brendan Hanifin of Ropes & Gray LLP.

  • Opinion

    The Legal Fallout For Harvey Weinstein’s Hired Hands

    Nicole Kardell

    There is a difference between a lawyer or investigator seeking evidence to defend against allegations and correct misrepresentations, and, on the other hand, using duplicitous means to gather information and intimidate alleged victims and journalists. Client advocacy does not mean winning at all costs, says Nicole Kardell of Ifrah Law PLLC.

  • Jury Persuasion In An 'Alt-Fact' World

    Shelley Spiecker

    Today's climate of “alternative facts” has jurors making decisions based on beliefs, emotions and social affiliations that often go unacknowledged or underappreciated. To present their case in the most persuasive manner possible, litigators should consider adapting to their audience when it comes to four psychological factors, say consultants with Persuasion Strategies, a service of Holland & Hart LLP.