Banking

  • September 18, 2017

    EU OKs RBS Move To Drop Williams & Glyn Sale

    The European Commission gave final approval Monday to Royal Bank of Scotland PLC's bid to avoid selling off a subsidiary under the terms of its financial crisis bailout, finding a new roughly £800 million ($1.1 billion) plan to support challenger banks would do enough to improve competition.

  • September 18, 2017

    Investment Banks Keep Fighting FDIC After 2nd Circ. Defeat

    Investment banks that sold or underwrote toxic mortgage-backed securities have again asked a New York federal court to reject the Federal Deposit Insurance Corp.’s suit to win damages on behalf of two failed banks, saying the case for dismissal remains strong even after the Second Circuit brought the lawsuit back earlier this year.

  • September 18, 2017

    $50M NY Fed Fakery Suspect Won't Get Bail, 2nd Circ. Says

    The Second Circuit affirmed Monday that a woman charged with helping steal $50 million through a supposedly Federal Reserve-linked investment scheme can be detained while awaiting criminal proceedings, saying a district court wasn’t clearly wrong that she was a flight risk.

  • September 18, 2017

    Ocwen Cuts $17.5M Deal To Settle TCPA Action

    Ocwen Loan Servicing LLC has reached a $17.5 million deal to resolve putative class action claims on behalf of more than 1.6 million consumers who allege the mortgage loan servicer autodialed their cellphones without their consent, in violation of the Telephone Consumer Protection Act, according to court documents filed in Illinois federal court on Friday.

  • September 18, 2017

    ISDA Outlines Framework To Wrap Up Failed Clearinghouses

    The International Swaps and Derivatives Association, a global trade association for the derivatives markets, published recommendations Monday to wrap up clearinghouses when they hit the rocks.

  • September 15, 2017

    Damages Math Set In MBS Suits Against Goldman, Deutsche

    A Texas federal judge has approved a method and rate for calculating damages in suits brought by the Federal Deposit Insurance Corp., which alleges RBS Securities Inc., Goldman Sachs & Co. and Deutsche Bank Securities Inc. sold the now-defunct Guaranty Bank shoddy mortgage-backed securities.

  • September 15, 2017

    Payday Lender Can't Arbitrate Claims, Texas Justices Told

    When payday lender Cash Biz LP filed criminal charges against borrowers for allegedly writing bad checks it substantively invoked the judicial process, and it can't now try to force into arbitration a would-be class action malicious prosecution lawsuit from those borrowers, the Texas Supreme Court was told in oral arguments Friday.

  • September 15, 2017

    Equifax Picks King & Spalding Privacy Head For Breach Spats

    Equifax Inc. has tapped the head of King & Spalding’s data security and privacy practice to defend it against the litigation that's been piling up since the credit reporting agency revealed that a data breach potentially impacted the personal information of 143 million consumers, court documents indicated.

  • September 15, 2017

    DOJ Director Turned Sessions Aide Tapped For Civil Division

    The White House said Friday that it plans to nominate a longtime overseer of the U.S. Department of Justice’s representation of government agencies who has recently been serving as U.S. Attorney General Jeff Sessions’ chief of staff to lead the DOJ's Civil Division.

  • September 15, 2017

    CEO’s Unreported Bank Account Was No Accident, IRS Says

    The IRS urged a Pennsylvania federal court Thursday to find that a pharmaceutical CEO acted willfully when he failed to disclose the existence of a decades-old Swiss bank account with $2 million in it, saying the facts presented at a recent bench trial leave nothing to the imagination.

  • September 15, 2017

    CFPB Has Charted Credit-Scoring Road Map, Atty Says

    The Consumer Financial Protection Bureau’s move to issue its first no-action letter Thursday set up a basis for firms looking to develop alternative credit-scoring mechanisms to know how to function under existing regulations, the attorney who guided the letter applicant through the process said.

  • September 15, 2017

    Bank Urges High Court To Toss Underwriters' Overtime Suit

    Provident Savings Bank has asked the U.S. Supreme Court to review a Ninth Circuit ruling that revived claims that its mortgage underwriters were entitled to overtime, saying those employees unambiguously qualify as exempt under the U.S. Department of Labor’s regulations.

  • September 15, 2017

    Spitzer Defamation Suit Still Alive After 4 Years: A Timeline

    After four years of litigation, former AIG chief Maurice “Hank” Greenberg’s defamation lawsuit against former New York governor Eliot Spitzer has been partly cleared to move forward by a New York State appeals court.

  • September 15, 2017

    TitleMax, Competitors Trade Corporate Espionage Allegations

    TitleMax, accused of recording its competitors’ customers’ license plates in a bid to steal business, has itself claimed that its competitors photographed trade secrets while masquerading as customers searching for a bathroom, according to a lawsuit removed to Texas federal court on Thursday.

  • September 15, 2017

    Man Gets 3 Years For $2.7M Home Equity-Loan Scheme

    A Virginia federal judge on Friday sentenced an Atlanta man to a below-guidelines three years in prison for running a home equity-loan scheme that prosecutors believe caused 51 foreclosures and $2.7 million in losses.

  • September 15, 2017

    Nev. Man Pleads Not Guilty In $3.5M Identity Theft Scheme

    A Reno resident pled not guilty Thursday to a slew of charges stemming from allegations that he used stolen identities to open more than 8,000 fraudulent online financial accounts, including PayPal accounts, raking in roughly $3.5 million.

  • September 15, 2017

    NJ Atty Gets Prison For Part In $873K Fake Mortgage Scheme

    A New Jersey attorney was sentenced to eight years in state prison Friday for her role in the filing of fraudulent mortgages worth $873,520 on two properties in order to pocket the proceeds from the loans, Attorney General Christopher S. Porrino announced.

  • September 15, 2017

    Wells Fargo Accused Of Racial Discrimination In Class Action

    Wells Fargo Bank NA was hit with a putative class action suit in Pennsylvania federal court Thursday, with an African American former employee accusing the banking giant of perpetuating a companywide discriminatory culture in retail branches across the country.

  • September 15, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Italian wheat trader team up with AIG and other insurers to sue a shipping firm, MasterCard bring an intellectual property claim against a payroll services provider, and a conveyancing law firm take on Metro Bank. Here, Law360 looks at those and other new claims in the U.K.

  • September 15, 2017

    Deals Rumor Mill: Lyft, JD.com, CK Infrastructure

    Google's parent company may invest about $1 billion in Lyft, a subsidiary of Chinese internet commerce company JD.com is in talks to buy a roughly $1.5 billion stake in Chinese brokerage First Capital Securities, and CK Infrastructure is mulling a bid for U.K. energy firm Cory Riverside.

Expert Analysis

  • Clarifying The Limits Of Title Insurance Claims

    Alfred Clark III

    In Hovannisian v. First American, a California appeals court recently affirmed the grant of a title company’s summary judgment motion after it refused to indemnify or defend its insured based on a title defect discovered by the buyer. Had the buyers discovered the senior lien prior to the sale, they might have been able to successfully sue for intentional misrepresentation, says Alfred Clark III of Locke Lord LLP.

  • OCC Takes The Lead In Establishing Deregulatory Agenda

    V. Gerard Comizio

    Under acting Comptroller Keith A. Noreika, the Office of the Comptroller of the Currency has staked out a position as the first of the federal banking agencies to take substantial steps to implement a new financial deregulatory agenda. However, agency turf battles could begin to slow the pace, say V. Gerard Comizio and Nathan Brownback of Fried Frank Harris Shriver & Jacobson LLP.

  • Opinion

    Dealing With Difficult Lawyers

    Alan Hoffman

    Some lawyers tend to be overly aggressive, regarding law practice as a zero-sum game in which there are only winners and losers. The best response is to act professionally — separating the matter at hand from the personalities. But it is also important to show resolve and not be vulnerable to intimidation, says Alan Hoffman of Husch Blackwell LLP.

  • 2 Litigation Trends Offer Guidance On TCPA Compliance

    Fredrick Levin

    Recently, several courts have begun to take a hard look at Telephone Consumer Protection Act compliance issues, and their decisions offer useful guidance. In particular, the rulings have shed light on issues concerning automatic telephone dialing systems and consumers' ability to revoke consent, say Fredrick Levin and Andrew Grant of Buckley Sandler LLP.

  • A Pro-Consumer, Pro-Arbitration Approach At The CFPB

    Eric Mogilnicki

    The U.S. Senate’s upcoming vote on the Consumer Financial Protection Bureau’s arbitration rule need not involve a choice between preserving or ending the status quo on arbitration. Instead, a vote to preserve arbitration by defeating the bureau’s arbitration rule could open the door to a solution that strengthens consumers’ ability to resolve disputes with financial institutions, say Eric Mogilnicki and Eitan Levisohn of Covington & Burling LLP.

  • Opinion

    The Misconception That Bank Directors Have Unique Risks

    Jonathan Hightower

    Respected attorney and industry commentator Thomas Vartanian recently asked in an opinion piece in The Wall Street Journal, “Why would anyone sane be a bank director?” Well, sane people are serving as bank directors every day, and in doing so they are benefiting the economy without exposing themselves to undue risk, says Jonathan Hightower of Bryan Cave LLP.

  • If The CFPB Is Remiss, The Court Must Dismiss

    Joann Needleman

    Last month, a Georgia federal court took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau against various payment processors due to the bureau's conduct during depositions despite orders from the court to the contrary, say attorneys with Clark Hill PLC.

  • Shkreli Trial And Other Magic Tricks: A Chat With Ben Brafman

    Randy Maniloff

    Ben Brafman’s clients don’t need a lawyer — they need a magician. And for 40-plus years, the man has been pulling rabbits out of hats, most recently finding jurors able to sit fairly in judgment of Martin Shkreli, called “the most hated man in America.” Last month I visited Brafman to discuss his remarkable career, says Randy Maniloff of White and Williams.

  • Revisiting Bishop In Light Of Escobar

    Andrew Schilling

    Last year, the Second Circuit in Bishop v. Wells Fargo handed the banking industry some much-needed ammunition to fight back against False Claims Act suits premised on broad certifications of compliance. It seems unlikely that the court’s upcoming reconsideration of the case in light of the U.S. Supreme Court's Escobar decision will change the outcome, say Andrew Schilling and Megan Whitehill of Buckley Sandler LLP.

  • Making Sense Of 9th Circ. Spokeo Decision On Remand

    Christina Vitale

    The Ninth Circuit recently issued its long-awaited opinion on remand in Robins v. Spokeo Inc., holding that Thomas Robins had standing to pursue his claims in federal court. While the result was largely expected, the analysis the court used to reach that result is significant in at least three ways, say attorneys with Morgan Lewis & Bockius LLP.