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Banking

  • November 13, 2018

    Court Of Appeal Will Hear £14B Mastercard Class Action Bid

    An English appeals court ruled Tuesday that it could weigh whether a £14 billion ($18.1 billion) consumer antitrust suit against MasterCard Inc. can proceed as a class action, rejecting an attempt to limit the challenge to a procedural review. 

  • November 12, 2018

    FX Firm Can't Use HSBC's UK Docs For US Manipulation Suit

    A judge in London has rejected an attempt by a debt management company to use documents that HSBC PLC disclosed in U.K. proceedings as it considers whether to sue two of the bank’s units in the U.S. over allegations of "serious wrongdoing" in the foreign exchange markets.

  • November 12, 2018

    Ex-AIG Staff Could Win $100M After High Court Bonus Ruling

    A London court has ruled that 23 former executives at AIG are entitled to deferred bonuses pre-dating the financial crisis that could be worth more than $100 million despite the units' involvement in the risky trading that nearly brought down the insurance giant.

  • November 12, 2018

    Financial Services Get Shared Lexicon To Fight Cyberattacks

    A forum of central bankers announced on Monday that it has published a common vocabulary of cyber terms to help the global financial services sector boost cross-border cooperation on security by cracking down on the growing threat of online crime.

  • November 9, 2018

    Wells Fargo To Pay $43M To Settle RMBS Trustee Litigation

    Wells Fargo Bank NA announced Friday it will pay $43 million to end allegations it failed to protect investors from billions of dollars in losses as the trustee for hundreds of residential mortgage-backed securities, a deal reached with certain institutional buyers, including funds affiliated with BlackRock Inc. and PIMCO.

  • November 9, 2018

    Equifax, Oracle Accused Of Flouting GDPR Data Use Rules

    A British advocacy group is urging European privacy regulators to investigate Equifax, Oracle, Acxiom and several other data brokers and ad-tech companies for allegedly exploiting millions of people's personal data in violation of the bloc's stringent General Data Protection Regulation. 

  • November 9, 2018

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

    The last week has seen a pair of disputes involving asset manager CGrowth, another suit from private equity-linked firms taking on parties linked to Thailand's KPN Group and Kodak bring a competition case against Goldman, Glencore and others the film giant has accused of manipulating aluminum prices in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • November 9, 2018

    Aegean Marine Gets Interim Access To $532M DIP Package

    After two days of a contentious battle over bankruptcy financing provisions, Greek marine refueling company Aegean Marine Petroleum Network Inc. was given the go-ahead Friday to begin withdrawing from a $532 million debtor-in-possession loan package provided by its potential buyer.

  • November 9, 2018

    Schwab Wants ERISA Claims Over 401(k) Plan Nixed Again

    Charles Schwab & Co. Inc. told a California federal judge that the participant leading a proposed Employee Retirement Income Security Act class action against the company failed to remedy deficiencies in his breach of fiduciary and monitoring duty allegations, urging the judge to again toss the claims.

  • November 9, 2018

    Puerto Rico Lawmakers Help Debt Restructuring Go Forward

    Puerto Rico’s Senate and House of Representatives have passed legislation to support a plan to restructure nearly $18 billion in debt issued by the Puerto Rico Sales Tax Financing Corp., or COFINA, by amending the corporation’s charter.

  • November 9, 2018

    Fed Will Cool Its Jets On Stress Capital Buffer Proposal

    The Federal Reserve’s vice chairman for supervision said Friday that the central bank is rethinking parts of its stress capital buffer proposal in response to concerns raised by the banking industry and won’t be looking to implement it before 2020.

  • November 9, 2018

    Pillsbury Snags Dorsey & Whitney Partner With China Focus

    Pillsbury Winthrop Shaw Pittman LLP has nabbed a Dorsey & Whitney LLP partner to bolster its litigation offerings, furthering the firm’s global disputes prowess and expanding its presence in Asia with his background in representing Chinese and U.S. clients.

  • November 9, 2018

    Feds Seek Year In Prison For Ex-State Street Fraudster

    A former State Street Corp. executive who admitted to conspiring with his colleagues to secretly charge bank clients millions of dollars in excess fees should serve a below-guidelines sentence of a year and a day in prison, prosecutors said in a Massachusetts federal court filing.

  • November 9, 2018

    15 Minutes With American Express' Chief Legal Officer

    An All-American in track and field, Laureen Seeger says the competitiveness from the sport has been beneficial to her career. Here, the top lawyer at American Express Co. explains what she’s doing to level the playing field in the legal industry, and at what point she thinks it will be clear the profession has reached the finish line on improving diversity and inclusion.

  • November 9, 2018

    Taxation With Representation: Kirkland, Vinson, Wachtell

    In this week’s Taxation With Representation, Thoma Bravo inks a $950 million deal with Broadcom Inc. for Veracode, Newell Brands sells off its fishing business and memorabilia manufacturer for $2.5 billion, Western Gas Partners nabs Anadarko Petroleum Corp. midstream energy assets for $4 billion, and Edenred SA buys Corporate Spending Innovations for $600 million.

  • November 9, 2018

    3rd Circ. OKs 60-Month FCPA Sentence In $3.5M Bribery Case

    The Third Circuit has rejected arguments that the ultimate economic benefit of two Russian energy projects advanced through bribes from Philadelphia-area businessman Dmitrij Harder should have been considered a mitigating factor as Harder was sentenced to a 60-month prison term for violations of the Foreign Corrupt Practices Act.

  • November 9, 2018

    Ex-BHP Chief Compliance Officer Rejoins Mayer Brown

    Mayer Brown LLP has welcomed back an alumna of the firm, adding her to its anti-corruption and compliance practice, fresh from her three-year stint as chief compliance officer for Australian-based mining, metals and petroleum company BHP.

  • November 8, 2018

    ResCap Trust Nabs $28.7M Verdict In Mortgage Lender Suit

    A Minnesota federal jury on Thursday handed a nearly $29 million verdict to the successor for the now-defunct Residential Funding Co. LLC in its case accusing a former LendingTree unit of having sold it bad mortgage loans before the financial crisis that eventually led to hefty bankruptcy settlements for RFC.

  • November 8, 2018

    MoneyGram To Pay $125M For Breach Of Anti-Fraud Pacts

    MoneyGram International Inc. will pay $125 million after breaching its agreements with government agencies in Pennsylvania and Illinois federal courts following claims that its agents ran international mass marketing and consumer fraud schemes, the U.S. Department of Justice said Thursday.

  • November 8, 2018

    Ex-UBS Analyst Seeks $3.2M In Atty Fees After $1M Jury Win

    An ex-UBS AG analyst who won a nearly $1 million verdict in his whistleblower suit against his former employer asked a New York federal judge this week to award him $3.2 million in attorneys’ fees, saying that federal securities law requires the bank to fork over the funds.

Expert Analysis

  • What FINRA Stats Tell Us About Elder Abuse Claims

    Joel Everest

    As baby boomers continue to age and the senior population grows in dramatic fashion, statistics from the Financial Industry Regulatory Authority support the logical conclusion that an industry trend toward more FINRA arbitrations concerning senior investors is already underway, says Joel Everest of Bressler Amery & Ross PC.

  • Protecting Law Firm Talent At Both Ends

    Susan Blakely

    By 2030, it is possible that 75 percent of lawyers practicing in the U.S. will be millennials. A broadened focus on retention and advancement of all young lawyers is therefore a logical step forward but it fails to address another major retention issue that law firms should explore, says Susan Smith Blakely of LegalPerspectives LLC.

  • CFPB Enforcement Actions: Less Volume, Same Substance

    Ori Lev

    The Consumer Financial Protection Bureau recently announced an enforcement action against Cash Express and demonstrated yet again that, notwithstanding Acting Director Mick Mulvaney’s rhetoric, it intends to continue to pursue claims of unfair, deceptive and abusive acts and practices, says Ori Lev of Mayer Brown LLP.

  • Q&A

    Wendy Olson Talks Twin Falls, Tribes, Private Practice

    Wendy Olson

    Former U.S. Attorney for the District of Idaho Wendy Olson discusses her decades of experience prosecuting white collar crimes and civil rights violations, her work and challenges as U.S. attorney, and her move to private practice.

  • Prospects For Tax Policy In A Divided Post-Election Congress

    Evan Migdail

    The outcome of next week's election remains uncertain, but it is possible to predict some of the policy changes and legislative initiatives likely to arise during lame duck and 116th congressional sessions if Democrats regain a majority in the House of Representatives, say Evan Migdail and Melissa Gierach at DLA Piper LLP.

  • Series

    Judging A Book: Brown Reviews 'Dangerous Leaders'

    Judge Nannette Jolivette Brown

    Anthony Thompson’s "Dangerous Leaders: How and Why Lawyers Must Be Taught to Lead" explores the conflict many lawyers face when charged with the responsibility of leadership. The book is an excellent read for all lawyers, says U.S. District Chief Judge Nannette Jolivette Brown of the Eastern District of Louisiana.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Justin Shur

    Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • What Canada's Pot Legalization Means For US Financial Cos.

    Whitt Steineker

    Canada's legalization of cannabis this month is a significant development in the growing trend of loosening cannabis laws, but it also presents a risk to both American investors and financial institutions transacting with these businesses, say attorneys with Bradley Arant Boult Cummings LLP.

  • Unpacking New Guidance On Tax-Free Monetized Spinoffs

    Laurence Stein

    The Internal Revenue Service recently clarified the representations a company is expected to make when it requests a private letter ruling on a tax-free spinoff with a debt exchange component. Attorneys at Latham & Watkins LLP examine this significant revenue procedure.

  • Italy Moves Toward Crypto Tax Certainty

    Stefano Giuliano

    Although Italy still lacks specific legislation governing initial coin offerings, recent Bank of Italy and Italian Revenue Agency developments related to cryptocurrency taxation should be welcomed by the business community as significant steps toward clarity in this area, say Stefano Giuliano and Saverio Brocchi of CMS Adonnino Ascoli & Cavasola Scamoni.