Banking

  • January 16, 2018

    11th Circ. Won't Revive $428M Bond Suit Against Fifth Third

    A Swiss trust failed Tuesday in its bid to revive allegations that Fifth Third Bank improperly transferred $428 million in bonds it owned to a third party, as the Eleventh Circuit found a one-year contractual limitation to bring claims was valid and had been missed.

  • January 16, 2018

    Deals Rumor Mill: Aramco, JD.com, WME

    Aramco reportedly snubbed UBS and Bank of America Merrill Lynch, JD.com’s logistics unit wants to raise at least $2 billion in a funding round, and Saudi Arabia’s sovereign wealth fund is in talks to invest more than $500 million in the parent company of Hollywood talent agency WME.

  • January 16, 2018

    Apply McDonnell To Guinean Law, Ex-Minister Tells 2nd Circ.

    A former Guinea mining minister convicted last year of money laundering told the Second Circuit on Monday that U.S. prosecutors trampled his constitutional rights by not applying the limited definition of bribery in the Supreme Court's McDonnell decision.

  • January 16, 2018

    Justices Deny Cert In Korean Co.'s $73M Suit Against Citi

    A South Korean circuit board producer that had challenged a Second Circuit decision backing the dismissal of the company’s $73 million currency exchange fraud suit against Citibank NA had its appeal rejected by the U.S. Supreme Court on Tuesday.

  • January 16, 2018

    MF Global Argues For Coverage Of $141M Rogue Trader Loss

    A unit of defunct brokerage MF Global on Tuesday asked a New York state court to find that insurers including an American International Group Inc. subsidiary must cover a $141 million trading loss that landed a futures trader in prison, saying the loss at issue is clearly covered.

  • January 16, 2018

    HSBC, BofA, Others Hit With Suit Over Canadian Rate-Rigging

    Nine major banks, including Bank of America, HSBC and the Royal Bank of Canada, have been accused in a new lawsuit of conspiring to rig a benchmark interest rate linked to the cost of borrowing Canadian dollars so that they could boost their profits from certain related financial instruments.

  • January 16, 2018

    Manafort, Gates Trial Delayed Until Fall At Earliest

    A D.C. federal judge declined Tuesday to set a spring trial date for former Trump campaign chairman Paul Manafort and his business partner Richard W. Gates III after lawyers for the pair said they were overwhelmed by the number of documents produced by prosecutors in the case.

  • January 16, 2018

    Calif. Man Cops To Conspiracy For $10.5M Homeowners Scam

    A California man who ran a "keep your home" operation called Capital Access LLC admitted to a count of wire fraud conspiracy in Sacramento federal court Friday after prosecutors accused him and two others of stripping borrowers of home equity and then depriving lenders of $10.5 million.

  • January 16, 2018

    Banking Group Of The Year: Davis Polk

    Davis Polk & Wardwell LLP has again proven its dedication to guiding financial institutions through an ever-changing regulatory environment, including advising on over two dozen "living wills" and penning a letter to guide the U.S. Treasury Department on potential new rules under the Trump administration, earning it a spot among Law360’s Banking Groups of the Year for the fifth year straight.

  • January 16, 2018

    Wells Fargo Can't Shake Philly Discriminatory Lending Suit

    A Pennsylvania federal judge agreed on Tuesday to allow the city of Philadelphia to move forward with claims that Wells Fargo had targeted minority borrowers for high-interest loans despite concerns that the city would be unable to prove it had suffered any economic harm as a result.

  • January 16, 2018

    CFPB To Reconsider Controversial Payday Lending Rule

    The Consumer Financial Protection Bureau on Tuesday said it plans to reopen a controversial rule that would bring federal regulations to the payday lending and auto-title lending industries, likely indicating that the rule will be significantly weakened.

  • January 12, 2018

    Law360 Names Practice Groups Of The Year

    Law360 congratulates the winners of its 2017 Practice Group of the Year awards, which honor the law firms behind the litigation wins and major deals that resonated throughout the legal industry in the past year.

  • January 12, 2018

    The Firms That Dominated In 2017

    Law360’s Firms of the Year rose above the competition with a combined 24 Practice Group of the Year awards after helping their clients win game-changing judgments and close record-breaking deals in 2017. Here’s a closer look at how they landed at the top.

  • January 15, 2018

    Lawmakers Mull Offshore Finance Beneficial Ownership Rule

    The House of Lords started a two-day debate Monday on whether the U.K. should adopt amendments to anti-money laundering legislation that would require it to help British offshore territories that want information on beneficial owners who operate behind investment firms and trusts registered in those countries.

  • January 15, 2018

    RBS, Barclays & Lloyds Deny FDIC Claim They Rigged Libor

    Three major British banks named in the U.S. Federal Deposit Insurance Corporation’s lawsuit over alleged benchmark rigging have denied they kept Libor rates artificially low between 2007 and 2009, according to defense papers.

  • January 12, 2018

    Banks Told RMBS Subpoena Order Is 'Cost Of Doing Business'

    A New York federal judge on Friday refused pleas from banks and mortgage companies to scale back his order allowing costly subpoenas for loan documents to go forward in a U.S. Department of Justice civil action against Barclays PLC over $31 billion worth of toxic residential mortgage-backed securities, saying it’s the cost of doing business.

  • January 12, 2018

    Mueller's Team Seeks May Trial Date For Manafort, Gates

    Paul Manafort, the indicted former campaign manager to President Donald Trump, may face trial as soon as May, according to a filing Friday by the special counsel spearheading an investigation into the Trump campaign that also outlined plans for future evidence exchange.

  • January 12, 2018

    Ex-Bankrate VP Gets 5 Years Despite Cooperating With Gov't

    A Miami federal judge Friday handed a five-year prison sentence to a former Bankrate Inc. vice president of finance who admitted he schemed to lie about the rate-shopping company’s finances after he asked for leniency, citing his plan to testify against his former boss at an upcoming trial.

  • January 12, 2018

    Relators Push Back On Wells Fargo's Bid To Toss FCA Suit

    Former bankers alleging Wells Fargo lied to regulators to obtain a bailout defended their revived False Claims Act suit on Thursday, telling a New York federal court that the bank’s dismissal bid is at odds with the U.S. Supreme Court’s Escobar decision.

  • January 12, 2018

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

    The last week has seen Airbus sue Axa and several other insurers, a sports betting and financial software firm lodge a suit against Barclays, and an appeal from an insurance brokerage that recently lost its U.K. license. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.

  • 5 Things To Watch For In FCPA Enforcement This Year

    David Simon

    After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.

  • What To Expect From Blockchain In 2018

    Austin Mills

    Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.

  • Roundup

    My Strangest Day In Court

    Logo

    Every seasoned litigator has his or her fair share of courtroom stories. Check out the strange experiences that captured reader interest in this popular 2017 series.

  • Bitcoin Futures: A Closer Look At CME's Contract Design

    Nicole Moran

    The CME Group created a bitcoin futures contract even though the U.S. regulatory infrastructure has not developed a uniform treatment of bitcoin, putting in place a structure that may provide some stability to a volatile market, say members of Cornerstone Research.

  • Are The Stars Aligning For Fannie And Freddie Reform?

    David Reiss

    Jeb Hensarling, the Texas Republican who chairs the House Financial Services Committee, recently made it clear that he will negotiate and compromise when it comes to a reform plan for Fannie Mae and Freddie Mac. This represents a true opening for a bipartisan housing finance bill, says David Reiss of Brooklyn Law School.

  • The Landscape Of Financial Exploitation Rules: Part 2

    Clifford Kirsch

    In the concluding part of this series, attorneys with Eversheds Sutherland dive deeper into recently adopted rules addressing financial exploitation and how they may impact other requirements applying to financial institutions.