Banking

  • July 24, 2017

    JPMorgan Due $11M In Auto Mogul Fraud Row, 6th Circ. Says

    The Sixth Circuit on Friday affirmed a lower court’s decision awarding JPMorgan Chase $11.2 million in fees and expenses for litigation related to the bankruptcy of an auto parts magnate’s business, finding that the issue of fees hadn’t been previously argued and decided.

  • July 24, 2017

    Wells Fargo Fights Investor's Class Cert. Bid In RMBS Suit

    Wells Fargo Bank NA has slammed a bid for class certification from an investor suing the bank over its alleged failures as trustee of two residential mortgage-backed securities trusts, telling a New York federal court on Monday that the proposed class is unworkable.

  • July 24, 2017

    Fresh Charges Eyed For Alleged NY Fed Scammers

    Six alleged fraudsters accused of stealing $50 million from investors by posing as New York Federal Reserve employees may soon face additional criminal charges stemming from what a federal prosecutor characterized Monday as a different scheme.

  • July 24, 2017

    Auto Racer's Wife Urges 9th Circ. To Nix $27M FTC Win

    The wife of professional auto racer Scott Tucker told the Ninth Circuit on Friday a court order mandating she and her company disgorge $27 million in "ill-gotten gains" as part of a $1.3 billion Federal Trade Commission unlawful payday lending suit against her husband improperly relieves the commission from having to prove the money was received illegally.

  • July 24, 2017

    Puerto Rico Bondholders Seek Seat On Creditor Committee

    A group of Puerto Rico bondholders on Friday asked a federal court to allow them on the unsecured creditor’s committee in the commonwealth's bankruptcy, saying they were unfairly excluded.

  • July 24, 2017

    Former Bank Exec Could Face 5 Years Over Tax Conspiracy

    The former vice president of a South Carolina bank faces up to five years in prison after pleading guilty on Monday to providing illegal loans to a staffing company that owed the government millions in unpaid payroll taxes, according to the U.S. Department of Justice.

  • July 24, 2017

    Consumer Urges 2nd Circ. For En Banc Review In TCPA Suit

    A consumer suing Lincoln Automotive Financial Services for violating the Telephone Consumer Protection Act has asked for the full Second Circuit to rethink his case, saying the smaller panel decision finding that consent given in contracts isn’t revocable conflicts with many other courts of appeal.

  • July 24, 2017

    House Passes Small Business Banking, Microloans Bills

    Federal rules for investing in and lending to small businesses could see major reforms through a set of bills passed by the House of Representatives Monday, increasing borrowing limits and making other changes to the Small Business Administration.

  • July 24, 2017

    JPMorgan Sues Former Employees For Poaching Customers

    JPMorgan Securities Friday filed a suit in Illinois federal court accusing two former investment advisers of poaching $36 million in client accounts and asking for an order to bar them from soliciting more customers.

  • July 24, 2017

    Petrobras Seeks To Expand 2nd Circ. Win In Investor Suit

    Brazilian oil giant Petrobras and several banks that underwrote its debt securities asked the Second Circuit on Friday to rehear a decision that decertified two investor class actions but affirmed part of a certification order, saying the circuit conflicted with U.S. Supreme Court precedent.

  • July 24, 2017

    Ex-Barclays Trader Banned From Banking For Unsafe Actions

    The Federal Reserve Board of Governors on Monday banned a former Barclays Bank PLC foreign exchange trader from the banking industry for possible coordination with other investors and the release of confidential information about Barclays and its clients.

  • July 24, 2017

    8th Circ. Won't Reconsider Sigillito Ponzi Victims' Case

    The Eighth Circuit has refused to rehear a suit against St. Louis Bank brought by victims of a $56 million Ponzi scheme orchestrated by St. Louis attorney and Anglican Bishop Martin Sigillito after finding in May that the bank didn’t know the money moving through Sigillito's accounts was being stolen.

  • July 24, 2017

    House To Vote To Overturn CFPB Arbitration Rule

    The House of Representatives is set to vote Tuesday to overturn the latest Consumer Financial Protection Bureau rules on consumer arbitration agreements, taking aim at one of the most recent controversial rule-makings from the agency.

  • July 24, 2017

    Fed Eases Volcker’s Treatment Of ‘Seed’ Investments

    The Federal Reserve on Monday made it simpler for banks to get more time to provide so-called seed funding in investment funds under the Volcker Rule, the second tweak to the Dodd-Frank Act’s ban on proprietary trading announced in less than a week.

  • July 24, 2017

    Wells Fargo Wants Philly's Lending Bias Suit Axed

    Wells Fargo & Co. urged a Pennsylvania federal judge on Friday to throw out a lawsuit from the city of Philadelphia accusing the bank of systematically targeting minority borrowers for high-interest loans in violation of the Fair Housing Act.

  • July 24, 2017

    Sen. Questions Watchdog's Challenge To Arbitration Rule

    A Democratic senator said Monday that she intends to question why a federal banking regulator is pushing hard against the Consumer Financial Protection Bureau’s rule eliminating class action bans in arbitration clauses.

  • July 24, 2017

    Jordanian Bank Faces $40M Suit Over Iraqi Helicopter Deal

    A Nevada-based defense contractor asked a Virginia federal court Friday to order a business association, a bank and a procurement agency based in Jordan to fork over $40 million in compensatory and statutory damages, claiming they conspired to stiff the contractor on a helicopter purchase deal with the Iraqi government.

  • July 24, 2017

    PNC Bank Can't Duck New ResCap Loan Claims

    A Minnesota federal judge on Friday denied PNC Bank's bid to toss the second lawsuit brought against it by ResCap Liquidating Trust over the alleged sale of bad loans by a PNC predecessor that supposedly contributed to ResCap's bankruptcy, saying the two suits are based on different facts.

  • July 24, 2017

    Ex-Simpson Thacher Clerk Fights SEC’s $2M Penalty Bid

    A former Simpson Thacher & Bartlett LLP clerk convicted of passing inside information to friends told a New Jersey federal judge Friday that the U.S. Securities and Exchange Commission’s requested $2 million penalty is too high in light of fact he faces a nearly four-year prison sentence even though he only made $667 off the scheme.

  • July 21, 2017

    The Best Law Firms For Female Partners

    Although women have made some strides toward gender parity in the lower ranks of law firms, breaking into the equity tier remains elusive. These 20 firms, however, are leaders in advancing equality at the top, earning them the designation of Law360 Ceiling Smasher.

Expert Analysis

  • A Chat With FTC’s Thomas Pahl

    Lucy Morris

    Recently, I joined a “fireside chat” with Thomas Pahl, acting director of the Federal Trade Commission’s Bureau of Consumer Protection. He discussed the FTC’s consumer protection priorities and its initiative to reform the agency’s investigative process, says Lucy Morris of Hudson Cook LLC.

  • Courts Rein In TCPA 'Revocation Of Consent' Claims

    Michael Daly

    As we all anxiously await a decision in the appeal from the Federal Communications Commission's “any reasonable method” ruling, several courts have found other ways to limit this particular species of Telephone Consumer Protection Act abuse. The most recent and notable is the Second Circuit's decision last month in Reyes v. Lincoln, say Michael Daly and Daniel Brewer of Drinker Biddle & Reath LLP.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • SEC’s Emerging Enforcement Priorities In The Bond Markets

    Michael Osnato Jr.

    Beginning with the 2013 charges against Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities, the U.S. Securities and Exchange Commission has aggressively pursued similar cases against bond traders. Michael Osnato Jr. and Meaghan Kelly of Simpson Thacher & Bartlett LLP survey the impact of the Litvak line of cases and offer insights into where the SEC will next deploy its an... (continued)

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • ALJ Appointments Issue Now Primed For High Court Review

    Justin Shur

    The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    Defendants May Come To Regret This High Court 'Victory'

    Mark Rosen

    Although the wisdom of the U.S. Supreme Court’s decision in ANZ Securities is certainly subject to debate, commentary suggesting that the ruling is the death knell for securities class actions goes too far. A recent Law360 guest article ignores the securities litigation procedures mandated by Congress as well as the trend away from early class certification in these cases, says Mark Rosen of Barrack Rodos & Bacine.

  • Get Ready For The UK's New Unexplained Wealth Order

    Gerrard, Neil.jpg

    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.