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Banking

  • September 19, 2018

    Danske Chief Resigns After Bank Reveals AML Failure

    Danske Bank’s chief executive officer announced his resignation on Wednesday after an investigation commissioned by the lender revealed that its Estonian branch may have laundered billions of euros between 2007 and 2015.

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    CFTC Says Broker To Pay $50M Over ISDAfix-Rigging Claim

    The U.S. Commodity Futures Trading Commission said Tuesday that swaps broker Intercapital Capital Markets LLC will pay $50 million to resolve allegations that, for more than five years, it helped banks manipulate the ISDAfix benchmark to benefit their derivatives positions.

  • September 18, 2018

    White Collar Atty Rejoins Alston & Bird In DC After DOJ Stint

    Alston & Bird LLP has added a former federal prosecutor as a partner in its Washington, D.C., office, where he started out after law school and worked for eight years before leaving to become a government attorney specializing in white collar crime.

  • September 18, 2018

    Creditors Can't Put Stop To Puerto Rico GDB Restructuring

    A Puerto Rico federal judge denied on Tuesday a motion by unsecured creditors in its government’s bankruptcy proceedings to enforce a stay and prevent a proposed Government Development Bank restructuring, finding that neither the automatic stay nor the court’s stay order applies to moves made by the debtor.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Bar BuzzFeed From Public Figure Defense, Russian Exec Says

    Russian technology executive Aleksej Gubarev asked a Florida federal court Monday to block BuzzFeed from using the public figure defense to fend off his defamation suit over the website’s publication of a dossier alleging ties between Russia and President Donald Trump.

  • September 18, 2018

    UBS Investors Denied Cert. In Mutual Funds Dispute

    A New York federal judge on Monday declined to certify a class of investors alleging UBS and its subsidiaries violated agreements to analyze the suitability of their investments in closed‐end mutual funds, saying the appropriateness of certain investments will vary by individual.

  • September 18, 2018

    Credit Report Schemers Won't Win $5.2M Ruling Appeal: FTC

    The Federal Trade Commission blasted a request that an Illinois federal court hold off on enforcing a permanent injunction against a business and its owner while they appeal a $5.2 million judgment over claims that they tricked consumers into enrolling in costly credit monitoring, arguing that their challenge likely won’t succeed.

  • September 18, 2018

    Six Cos. Launch IPOs Totaling $465M Led By Biotech Firms

    Six companies set price ranges this week on initial public offerings estimated to raise $465 million combined, led by four biotechnology firms plus a medical device company and a Maryland bank, adding to a growing lineup of issuers expected to price IPOs in the coming days.

  • September 18, 2018

    Banc Of Calif. Investor Suit Mired In Director Deposition Row

    Banc of California is taking fire from two sides as it seeks to rein in the possibility of seven-hour depositions for four of its directors, with both a class of investors and the bank's former CEO arguing that it has no justification for limiting access to its directors in the class action over its ties to a notorious white collar fraudster.

  • September 18, 2018

    Visa, Mastercard, Banks Ink New Deal In Swipe Fee Row

    Visa, Mastercard and several major banks will shell out up to another $900 million on top of $5.3 billion already paid to resolve a major chunk of an antitrust multidistrict litigation over card-swiping fees, in a New York federal court class action settlement with merchants announced on Tuesday.

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 18, 2018

    Former US Secretaries Back IFC Immunity In High Court Case

    Weighing in on a case brought by a group of Indian nationals over alleged environmental damage from a power plant project, a group of former U.S. secretaries of state and of the Treasury, including John Kerry, has urged the U.S. Supreme Court to continue allowing the International Finance Corp. to be immune from suits, arguing that multilateral development banks are fundamentally different from sovereign states.

  • September 18, 2018

    NatWest Markets Fined $750K Over Swap Reporting Failure

    NatWest Markets PLC will have to pay $750,000 to the Commodity Futures Trading Commission to settle charges after the derivatives regulator found that thousands of swap transitions had been misreported.

  • September 17, 2018

    Rakoff Hits Cocoa Trader With 2.5 Years For $350M Fraud

    A former executive of bankrupt Transmar Commodity Group Ltd. on Monday was sentenced to two and a half years in prison by U.S. District Judge Jed Rakoff for a “massive” $350 million asset fraud at the family-run cocoa commodity trading company.

  • September 17, 2018

    Consumers Seek Cert. In Tribe-Linked High Rate Loan Suit

    A proposed class of consumers accusing an online lender tied to a Michigan tribe of issuing loans with unreasonably high interest rates urged a Virginia federal court Friday to grant their bid for certification, saying a class action is the best way to handle their claims.

  • September 17, 2018

    Ex-Equifax Exec Should Face Insider Trading Charges: Judge

    A Georgia magistrate judge recommended keeping alive two insider trading charges against a former Equifax Inc. executive accused of selling shares of the company before news of a massive hack broke last year, saying Monday that both charges are different and detailed enough to survive a dismissal bid.

  • September 17, 2018

    New Commissioner Could Help Clayton's SEC Agenda

    The arrival of Commissioner Elad Roisman to fill the U.S. Securities and Exchange Commission’s lone vacancy likely bolsters Chairman Jay Clayton’s agenda on certain deregulatory items, experts said, and could provide a critical voice to cryptocurrency matters facing the SEC.

  • September 17, 2018

    Education Dept. Ruled Irrational In Nixing Debt Collection Deal

    The U.S. Department of Education lacked a rational basis for canceling a hotly contested solicitation for student loan debt collection services, a U.S. Court of Federal Claims judge has ruled, sustaining eight consolidated protests filed by collection agencies.

Expert Analysis

  • Understanding The Unwinding Of DOL's Fiduciary Rule

    Excerpt from Lexis Practice Advisor
    George Sepsakos

    In Chamber of Commerce v. U.S. Department of Labor, the Fifth Circuit decided the DOL's so-called fiduciary rule conflicted with Section 3(21) of the Employee Retirement Income Security Act. George Sepsakos and Michael Kreps of Groom Law Group discuss the decision's implications and various elements to consider following vacatur of the rule.

  • The Courts’ Take On Obama-Era Regs: You Are Erased

    Andrew Oringer

    It is at this point axiomatic that the Trump administration is intent on reversing significant portions of the Obama administration's regulatory activity. Interestingly, it seems that courts may pose another major risk to the survival of some Obama-era initiatives, say Andrew Oringer and Samuel Scarritt-Selman of Dechert LLP.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • There's No Such Thing As A Free Token

    Dan Nathan

    Digital tokens issued in exchange for services rather than money can still constitute a sale of securities, according to recent findings by the U.S. Securities and Exchange Commission in Tomahawk Exploration. The case represents a new application of a principle previously applied in at least three 1999 cases involving "free" securities, say Daniel Nathan and Angelo Aratan of Orrick Herrington & Sutcliffe LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Regulation Best Interest: The SEC Can't Please Everybody

    Mark Jensen

    The U.S. Securities and Exchange Commission has proposed a package of rules, including “Regulation Best Interest,” that is intended to raise the standard of care for investment professionals. Based on a sampling of the multitude of comments to the rule proposal, it is clear that the commission must weigh some bitterly opposed views about major details, say attorneys with Nutter McClennen & Fish LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • Cos. Caught Between Iran Sanctions And EU Blocking Statute

    Guy Soussan

    In response to the reimposition of U.S. sanctions against Iran, the European Union has expanded the scope of its blocking statute to prohibit EU and multinational companies from complying with these sanctions. But the blocking statute does not apply if a decision to terminate business with Iran is for reasons unrelated to sanctions, which gives companies some flexibility, say attorneys with Steptoe & Johnson LLP.

  • The Potential Reach Of High Court's AmEx Antitrust Analysis

    Barry Reingold

    As lower courts decide whether to apply the U.S. Supreme Court's AmEx decision to other types of two-sided markets, the key question will be whether allegedly anti-competitive conduct on one side of a platform may be credibly constrained by indirect network effects on the other, say Barry Reingold and David Chiappetta of Perkins Coie LLP.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.