Banking

  • April 24, 2018

    Ex-Bank CEO Sues Money Manager Over Alleged $100M Fraud

    The multimillionaire former CEO of an Illinois bank holding company sued the chief financial officer of his family office and JPMorgan Chase Bank NA in Illinois state court on Monday, claiming the CFO embezzled and lost more than $100 million of his family's money under the bank's nose.

  • April 24, 2018

    Justices Curb Civil Suits Against Foreign Companies

    A divided U.S. Supreme Court on Tuesday ruled that litigants can't use the Alien Tort Statute to sue foreign corporations for overseas human rights abuses and violence, ending a case attempting to hold a Jordanian bank liable for its alleged financing of Palestinian militant attacks.

  • April 24, 2018

    EU Seeks To Restore €15M Libor Fine Against UK Broker

    The European Commission has launched an appeal at the European Court of Justice as it seeks to reinstate a fine of nearly €15 million ($18.3 million) it imposed on broker ICAP PLC for alleged breach of antitrust rules after a lower court annulled the penalty.

  • April 23, 2018

    Proskauer Loses Bid To Delay $1.5B Clawback Trial

    A Texas federal judge said Monday that Proskauer Rose LLP was "frivolous” to appeal a $1.5 billion clawback suit by the receiver for the $7 billion Stanford Ponzi scheme, confirming trial for next week as scheduled but nevertheless carving out a separate trial for any claims by an investor group.

  • April 23, 2018

    Wilmington Trust Fraud Trial Not Complex, DOJ Tells Jury

    A U.S. Justice Department attorney urged federal jurors Monday to avoid over-complicating the felony trial of four Wilmington Trust executives charged in Delaware with concealing hundreds of millions of dollars in past due commercial loans.

  • April 23, 2018

    Longford Capital Adds Former Jenner & Block Atty To Team

    Chicago-based private litigation funder Longford Capital Management LP added former Jenner & Block LLP partner Justin Maleson to its roster last week as a director focused on investment sourcing, due diligence and monitoring of portfolio investments.

  • April 23, 2018

    Crypto Giant Can't Arbitrate Laundering Claims: 11th Circ.

    A customer of the defunct cryptocurrency exchange Cryptsy does not have to arbitrate his proposed class action against digital currency giant Coinbase Inc. alleging it helped Cryptsy’s CEO launder roughly $8 million in stolen customer funds, the Eleventh Circuit said Monday.

  • April 23, 2018

    Review BofA Preemption Ruling, OCC Tells 9th Circ.

    The Office of the Comptroller of the Currency on Monday threw its weight behind Bank of America in urging the Ninth Circuit to review a panel decision that found the National Bank Act does not preempt a California state escrow interest law, arguing that it’s the “rare case that justifies rehearing.”

  • April 23, 2018

    Bulgarian Telecom Fights Injunction Bid Over $6.7M Claim

    A Bulgarian telecommunications provider urged a New York federal court Monday not to freeze certain funds related to a complex satellite financing deal while an arbitral tribunal considers a California company's $6.7 million claim against it, saying the motion is a bullying tactic.

  • April 23, 2018

    Bowles Rice, Title Insurer Spar Over $41M Settlement Payment

    Bowles Rice LLP told a federal court on Friday that First American Title Insurance Co. can't prove the timeline at the heart of its argument that the law firm, which helped it during underwriting, owes money for the $41 million settlement of a title policy claim linked to a coal plant project. 

  • April 23, 2018

    Deals Rumor Mill: Tencent, Techcombank, Kazakhtelecom

    Tencent Music is eyeing an initial public offering, Techcombank and its investors are set to reap $922 million in an IPO of its own, and JP Morgan and VTB Capital have been tapped to lead the international offering of Kazakhstan’s largest telecommunications company.

  • April 23, 2018

    Cadwalader, DLA Piper Steer $110M Deutsche NYC Loan

    Cadwalader Wickersham & Taft LLP represented Deutsche Bank AG in connection with its $110 million loan to DLA Piper-counseled Oxford Properties Group for the purchase of various commercial condo units at a luxury condo tower on East 57th Street in Manhattan, according to records made public in New York on Monday.

  • April 23, 2018

    Borrowers Defend Claims In Wells Fargo Auto Insurance MDL

    Borrowers accusing Wells Fargo and National General Insurance of adding unneeded auto insurance to car loan bills have told a California federal court that dismissal bids from the pair in the multidistrict litigation “border on frivolous” in the wake of last week’s $1 billion fine for the bank.

  • April 23, 2018

    Covington Hires Ex-Wilson Sonsini Tech Deals Pro

    Covington & Burling LLP said it has bolstered its technology transactions practice in Silicon Valley with the hire of a former longtime Wilson Sonsini Goodrich & Rosati partner who has advised on intellectual property matters in multiple billion-dollar transactions.

  • April 23, 2018

    High Court Split On Accountability Issue In Lucia Arguments

    The U.S. Supreme Court on Monday appeared divided on whether U.S. Securities and Exchange Commission administrative law judges are "inferior officers" subject to the appointments clause of the Constitution, and whether a ruling that they are would render them more accountable for their decisions or less politically independent.

  • April 23, 2018

    High Court Won't Review Sentinel's Clawback Attempt

    The U.S. Supreme Court declined Monday to review the Sentinel Management Group Inc. trustee’s bid to claw back nearly $300 million from the bankrupt investment firm’s creditors, driving the final nail in the dispute’s coffin despite the trustee’s warning that future financial fraud bankruptcies will “become free-for-alls” unless the case was taken up.

  • April 23, 2018

    Ex-Wells Fargo Employee Without Contract Can't Sue Bank

    A New Jersey federal judge on Friday tossed a lawsuit against Wells Fargo by a former employee alleging she was wrongfully discharged for refusing to take part in opening phony accounts without customers' consent, saying she could not pursue a contract action without the existence of an employment agreement.

  • April 23, 2018

    BuzzFeed Seeks Hague's Help In Tech Exec's Libel Suit

    BuzzFeed is trying to get more information from overseas banks about whether its publication of a dossier alleging ties between Russia and President Donald Trump had any effects on the business of a Russian tech executive named in the dossier, according to requests for international judicial assistance sent to The Hague by a Florida federal judge.

  • April 20, 2018

    Undoing CFPB Guidance May Yield Unintended Effects

    The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

  • April 20, 2018

    Orphaned By Feds, SEC Judges Find Ally In O'Melveny Advocate

    Administrative law judges at the U.S. Securities and Exchange Commission can no longer count on Solicitor General Noel Francisco to defend them in their upcoming fight before the U.S. Supreme Court, but they may not need him if an attorney invited by the court can convince the justices there was no constitutional foul in the way they were hired.

Expert Analysis

  • Regulators' Jurisdictional Overreach In Crypto Enforcement

    Jason Gottlieb

    The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission both claim jurisdictional authority over cryptocurrency, yet no new legislation has been passed and very few court decisions have addressed the issue of who, if anyone, has regulatory authority, say attorneys with Morrison Cohen LLP.

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.

  • Opinion

    Attorney-Client Privilege Is Alive And Well

    Genie Harrison

    The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.

  • Money Laundering-Themed Securities Suits Are On The Rise

    Harry Dixon

    A recently settled shareholder suit against BancorpSouth was one in a series of securities class actions filed in the wake of money laundering-related enforcement actions. And this trend does not appear to be limited to the United States, says Harry Dixon of Taylor English Duma LLP.

  • Roundup

    Dissolving Practice

    Dissolving Practice

    In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • What To Expect From The 2nd Criminal Spoofing Trial

    Jeffrey Brown

    Andre Flotron's upcoming criminal trial and the corresponding civil complaint demonstrate that regulators have the appetite to bring spoofing cases based largely on patterns observed in trade data. This data may be supplemented by the allegedly incriminating testimony of witnesses, say attorneys with Dechert LLP.

  • New Russian Oligarch Sanctions Will Require Prompt Action

    Grant Leach

    Last week, the U.S. Treasury Department's Office of Foreign Assets Control added several Russian oligarchs, political officials and businesses under their control to its Specially Designated Nationals and Blocked Persons List. These sanctions will likely impose serious compliance challenges for both U.S. and non-U.S. persons doing business with Russia, say attorneys with Husch Blackwell LLP.

  • Federal Vs. State: The Fight To Regulate Student Loans

    Joseph Cioffi

    In the absence of federal action, states have generally enjoyed the home-field advantage when it comes to enforcement of student loans, but that could change, say Joseph Cioffi and James Serritella of Davis & Gilbert LLP.

  • FinCEN's Customer Due Diligence Expectations: Some Clarity

    Michael Mancusi

    The Financial Crimes Enforcement Network's publication last week of a wide-ranging set of FAQs indicates that uncertainty as to FinCEN's new customer due diligence requirements is indeed widespread. Financial institutions should review and incorporate this guidance into their onboarding and due diligence procedures, say attorneys with Arnold & Porter.