Banking

  • November 14, 2017

    Manafort’s Challenge To ‘No-Knock’ Raid Faces Long Odds

    The first battle in the government's case against Paul Manafort will center on the unusual "no-knock" raid of the former Trump campaign chairman’s home in July, but his attorneys will have a hard time arguing the special counsel’s team acted in bad faith, despite a few recent rulings striking down aggressive searches.

  • November 14, 2017

    SEC Enforcement Activity Plunged With Dawn Of Trump Era

    The U.S. Securities and Exchange Commission under the Trump administration has brought fewer enforcement actions against public companies and demanded less in fines, according to a pair of new studies, indicating that Wall Street's top cop is taking a less punitive approach to policing some segments of the markets than it previously did.

  • November 14, 2017

    Chilean Asks 2nd Circ. To Rethink Revival Of $64M RICO Suit

    A Chilean national urged a Second Circuit panel Monday to revisit its decision to revive a civil racketeering case in which he is accused of stealing $64 million from his cousin’s inheritance, saying the court incorrectly found that part of the alleged theft occurred in New York rather than Panama.

  • November 14, 2017

    UBS Can't Exit Price-Fixing Suit, Gold Sellers Say

    Gold sellers accusing several major global banks of taking part in a conspiracy to manipulate a benchmark price for the precious metal urged a New York federal judge on Monday not to toss their claims against UBS AG, arguing that the Swiss banking giant has “presented no proper basis for dismissal.”

  • November 14, 2017

    Real Estate Rumors: Trepp, Invesco, Magic Johnson

    Trepp has reportedly leased 25,000 square feet in New York, Invesco is said to have sold an Illinois apartment complex for $110.5 million, and a fund co-founded by former NBA star Magic Johnson has reportedly picked up a Florida building from SunTrust Bank for roughly $18 million.

  • November 14, 2017

    Fidelity Whistleblower Loses Suit Years After High Court Win

    A former finance director at Fidelity Investments failed to prove in Massachusetts federal court that her concerns of possible accounting fraud at the mutual funds business were credible, a jury decided Tuesday.

  • November 14, 2017

    Wells Fargo Adds $5.4M To Military Car Repo Settlement

    The Justice Department on Tuesday announced that it had secured an additional $5.4 million from Wells Fargo & Co. related to an Obama-era settlement with the bank over allegedly improper repossessions of service members’ cars.

  • November 14, 2017

    FDIC Chair Warns Bank Rules' Rollback Poses Fiscal Risks

    Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Tuesday warned that easing the rules that govern banks too much during a benign economic environment would make it much harder to respond to a sudden financial shock.

  • November 14, 2017

    Investment Firm Says Records Sought By IRS Irrelevant

    An investment firm organized in the British Virgin Islands has asked multiple federal courts to block the IRS’ bid to obtain its records from several banks, saying the records are irrelevant and the requests circumvent procedural safeguards.

  • November 14, 2017

    CFPB Seeks Information On Free Credit Report Access

    The Consumer Financial Protection Bureau on Monday said that it is looking for information about companies that offer access to free credit reports, including how consumers use that information and how companies and nonprofit organizations go about providing the data.

  • November 14, 2017

    HSBC To Pay €300M To End French Tax Probe Into Swiss Arm

    HSBC Holdings PLC has agreed to pay €300 million ($353 million) to settle a longstanding investigation launched by French authorities into allegations it helped clients evade taxes via its Swiss private-banking unit, the lender said on Tuesday.

  • November 13, 2017

    GST Autoleather Cleared For Ch. 11 Bidding, Borrowing

    Last minute talks produced an interim breakthrough Monday on post-petition borrowing and Chapter 11 bidding for bankrupt upholstery maker GST Autoleather Inc., although tensions remain high between unsecured creditors and lenders.

  • November 13, 2017

    Fed. Circ. Seals MasterCard Transaction Patent Win At PTAB

    The Federal Circuit on Monday affirmed a Patent Trial and Appeal Board ruling from 2016 that invalidated a handful of claims in a secure-transaction patent that were asserted against MasterCard International Inc. after the credit card company had showed them to be unpatentable.

  • November 13, 2017

    Swaps Overhaul Should Boost Market Vibrancy: CFTC Chair

    An overhaul of the swaps market proposed in the 2010 Dodd-Frank Act should be reviewed to ensure that the policies enhance rather than restrict market “vibrancy,” U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said Monday.

  • November 13, 2017

    3 Cos. Price IPOs Raising $410M Led By Chinese Lender

    Three companies, led by a Chinese peer-to-peer lender, a French biotechnology firm and a U.S. telephone-over-internet provider, debuted in public markets Friday after pricing initial public offerings that raised a combined $410 million, adding to the flurry of recent listings.

  • November 13, 2017

    NY Hits Credit Suisse With $135M Fine Over Forex Business

    New York’s state banking regulator said Monday that Credit Suisse AG has agreed to pay a $135 million fine to settle allegations of improper conduct in its foreign exchange trading business, including that some of its traders used chat rooms to swap confidential information with other banks’ traders in an effort to juice their own profits at customers’ expense.

  • November 13, 2017

    SEC Claims Philly Lender Raised $4.5M In Illegal Offering

    The U.S. Securities and Exchange Commission has filed a suit in Pennsylvania federal court accusing Philadelphia commercial real estate lender Singer Financial Corp. and its sole officer of raising roughly $4.5 million through an illegal unregistered offering of unsecured promissory notes.

  • November 13, 2017

    Fidelity Whistleblower Asks Jury For $4.9M For Retaliation

    A federal jury in Boston on Monday began deliberating a whistleblower’s claim that her colleagues at Fidelity Investments methodically bullied and pushed her toward the door after she voiced concerns that expense miscalculations appeared to bilk shareholders.

  • November 13, 2017

    FDIC Can Press WaMu Mortgage Fraud Coverage Suit: Judge

    A Washington federal judge refused Monday to dismiss the Federal Deposit Insurance Corp.'s bid for more than $20 million in excess coverage to defray losses defunct Washington Mutual Bank suffered in a fraud scheme, rejecting insurers' position that the policies don't cover fraudulent mortgages originated before the policy period.

  • November 13, 2017

    JPMorgan, FCA Whistleblower Get Testy Welcome At DC Circ.

    A D.C. Circuit panel on Monday greeted a would-be whistleblower with a flurry of questions on the underlying nature of his False Claims Act suit against JPMorgan Chase as he tries to revive accusations that the company failed to live up to responsible mortgage lending obligations agreed to under a post-financial crisis settlement.

Expert Analysis

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • Populist Pitchforks Come Out: Insider Trading And Equifax

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    Following the theft of data relating to about half the adult population of the United States, Kevin Coen, former securities and treasury counsel with Johnson Controls International, explores whether there is a basis to charge any of the Equifax executives with insider trading and highlights some lessons for practitioners.

  • Financial Crisis Anniversary

    Putting Our Nation’s Economy At Risk Again

    Phil Angelides

    Just a decade after financial disaster struck, the Trump administration, congressional Republicans and Wall Street are wantonly ignoring the lessons of history. The unknown is not if but when financial disaster will strike again, says Phil Angelides, who was chairman of the Financial Crisis Inquiry Commission.

  • How IT And Procurement Pros Can Inform Law Firm Budgeting

    Steve Falkin

    As law firms begin preparing for their annual budget review, Steve Falkin and Lee Garbowitz of HBR Consulting discuss why firm leaders should give their internal information technology and procurement teams a seat at the table.

  • What 2nd Circ. Did And Didn't Tell Us About RICO's Reach

    Robert Reznick

    The Second Circuit recently became the first court of appeals to address the "domestic injury" requirement for a private claim under the Racketeer Influenced and Corrupt Organizations Act. The Bascuñán v. Elsaca analysis appears to depart from RJR Nabisco in ways that other courts may ultimately confront, says Robert Reznick of Orrick Herrington & Sutcliffe LLP.

  • NY Regulator's Untenable Authority Over Confidential Info

    Pinchus Raice

    You may be surprised to learn that the New York State Department of Financial Services asserts that financial institutions are prohibited from disclosing confidential supervisory information, such as examination reports, to their outside counsel absent prior authorization. You may be even more surprised to learn that the source of DFS’ proclaimed authority does not appear to support the agency's contention, say Pinchus Raice and Du... (continued)

  • Getting Real About Artificial Intelligence At Law Firms

    Mark Williamson

    Artificial intelligence needs to be legally defensible in order to be useful to law firms. There are requirements for making this happen, says Mark Williamson, co-founder and chief technology officer of Hanzo Archives Ltd.

  • Countering Statutes Of Limitations With Equitable Estoppel

    David Newman

    There are only a few situations in which a New York plaintiff can avail itself of the discovery rule to delay the accrual of a cause of action. However, New York does offer parties a way to avail themselves of discovery-rule-like protections — the doctrine of equitable estoppel, say David Newman and Matthew Lippert of Sills Cummis & Gross PC.

  • Opinion

    Arbitration Rule Repeal Will Adversely Affect Consumers

    Gregory Asciolla

    President Donald Trump's decision Wednesday to sign a congressional resolution repealing the Consumer Financial Protection Bureau’s arbitration rule represents a decisive blow to the American public’s access to the justice system, say Gregory Asciolla and Brian Morrison of Labaton Sucharow LLP.

  • Proportionality, Not Perfection, Is What Matters

    John Rosenthal

    A few jurists and commentators have recently caused a stir in the e-discovery community by arguing that litigants should avoid using keyword searches to filter or cull a document population before using predictive coding. This “no-cull” rationale undermines the principle of proportionality at the heart of the recent changes to Federal Rule 26, say John Rosenthal and Jason Moore of Winston & Strawn LLP.