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Banking

  • January 11, 2019

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

    The last week has seen Axa sue a private health-care provider, AIG take on shipper MSC and an appeal by a printer cartridge maker that has been fighting a multimillion-pound award to its pension trustees.

  • January 11, 2019

    Uncertain Deals Climate Persists After JPMorgan Conference

    Excitement for stock sales and acquisitions was somewhat restrained at this year’s JPMorgan’s health care conference, according to several attorneys who attended the event in San Francisco that concluded Thursday, given uncertainties caused by market volatility and the government shutdown.

  • January 11, 2019

    Washington Bank's $9.6M Tax Refund Suit Tossed

    A Washington bank is not entitled to a $9.6 million refund to a failed subsidiary because it missed filing deadlines and agreed to pay the subsidiary any refund, a federal court said Thursday, awarding summary judgment to federal banking regulators.

  • January 11, 2019

    Feds Lose Bid To Move BofA's $163M Refund Row

    A North Carolina federal court denied the U.S. government’s bid to transfer Bank of America’s $163 million tax interest refund lawsuit to the U.S. Court of Federal Claims, saying Thursday that it has jurisdiction over the case.

  • January 11, 2019

    Troutman Sanders Aids Bank Of China, ICBC On $61M Loan

    Troutman Sanders LLP represented Bank of China and Industrial and Commercial Bank of China Ltd. in connection with the banks' combined $60.8 million in financing to Pi Capital Partners for several properties in Manhattan and one Queens property, according to records made public in New York on Friday.

  • January 11, 2019

    Prison Guard Who Brought Zarrab Contraband Gets 3 Years

    Manhattan U.S. District Judge Richard J. Sullivan hit a former prison guard with three years behind bars Friday for smuggling alcohol and mobile phones to jailed Turkish-Iranian gold trader Reza Zarrab in exchange for cash, saying a “tough sentence” sends a message not to corrupt the judicial system.

  • January 11, 2019

    Banking Giants Hit With UK Suit Over Forex Rigging

    Hundreds of institutional investors have accused Barclays, HSBC and four other banking giants in London's High Court of conspiring to rig the foreign exchange market, seeking billions of dollars in damages for antitrust violations.

  • January 11, 2019

    Danske Bank Braces For Formal AML Probe In France

    French judges are preparing to launch a formal investigation into scandal-hit Danske Bank over approximately €28 million ($32 million) of transactions that potentially violated France’s anti-money laundering legislation, the lender said on Friday.

  • January 10, 2019

    Entwistle & Cappucci Malpractice Suit Moved To Federal Level

    A legal malpractice case in which Rochdale Securities LLC is suing Entwistle & Cappucci LLP for allegedly taking civil action against Morgan Stanley after the statute of limitations in a multimillion-dollar fraud case was removed to Connecticut federal court Thursday.

  • January 10, 2019

    7th Circ. Kills Extension In Financing Firms' Contract War

    An Illinois-based commercial insurance premium financer locked in a bitter contract fight with a competitor shouldn’t have been ordered to continue working with the rival beyond a drop-dead date in their contract, the Seventh Circuit decided Wednesday, tossing an Illinois federal court’s preliminary injunction.

  • January 10, 2019

    What All Attorneys Need To Know About The Shutdown

    As the government shutdown drags on, Law360 is compiling answers to some of the most pressing questions on attorneys' minds.

  • January 10, 2019

    Law Firm Can't Get Cut Of Rothstein Litigation Fees

    Segall Gordich PA lost its bid Wednesday to get a cut of legal fees in an investor suit against Bank of America NA over its role in jailed former attorney Scott Rothstein’s $1.2 billion Ponzi scheme when a Florida judge ruled that a retainer agreement with Conrad & Scherer LLP did not cover that litigation.

  • January 10, 2019

    $65M Lending Co. Sale Tainted By Conflict, Chancery Told

    Public stockholders of student and specialty lender First Marblehead Corp. challenged the company’s roughly $65 million go-private sale in Delaware’s Chancery Court on Wednesday, alleging the 2016 deal was steered by a conflicted controlling group to a company owned by First Marblehead’s second-largest stockholder.

  • January 10, 2019

    Stanford Bank Investor Can't Keep $79M In Ponzi Transfers

    A Fifth Circuit panel reversed a lower court's judgment Wednesday and ruled that one of Stanford International Bank's largest investors cannot retain the $79 million in fraudulent transfers he received after he learned of a regulatory investigation that ultimately revealed the bank was running a Ponzi scheme.

  • January 10, 2019

    Investors’ Attys In Cobalt Bribery Case Seek $43.5M In Fees

    Attorneys asked a Texas federal court on Wednesday to award them $43.45 million in fees for securing $173.8 million total for investors who brought allegations involving a potential foreign bribery scheme by now-bankrupt Cobalt International Energy Inc.

  • January 10, 2019

    Last 3 Banks In $120M Enron Debt Investor Suit Settle

    Credit Suisse, Deutsche Bank and Merrill Lynch have settled out of a more than 15-year-old lawsuit brought by a group of investment funds seeking to hold them and others responsible for losses on $120 million of Enron Corp. debt purchased shortly before the energy giant’s 2001 collapse.

  • January 10, 2019

    Nine West Wins Approval For Revised $22M DIP Plan

    A New York bankruptcy judge on Thursday approved $22 million in new debtor-in-possession financing for fashion company Nine West Holdings Inc. after two creditor groups dropped their objections to the proposal.

  • January 10, 2019

    Forex Investors Want $300M Fee Objector To Post Bond

    An investor class that has secured $2.3 billion in settlements over claims that 15 banks plotted to rig benchmarking rates in the foreign exchange markets told a New York federal court that the lone objector to the $300 million attorneys' fees award should have to post bond.

  • January 10, 2019

    Mobile Banking Co. Scores $300M Round Ahead Of US Push

    Mobile banking platform N26 on Thursday said its latest funding round had brought in $300 million from investors as the Germany-headquartered company looks to continue its expansion into new markets, especially the U.S.

  • January 10, 2019

    HSBC Offers $30M, 'Chat' Evidence To Settle Bond-Fix Suit

    HSBC Bank PLC has cut a $30 million deal to settle investors’ allegations surrounding a scheme to rig the SSA bond market, and will hand over electronic “chats” to aid the class’ prosecution of remaining banks in the case, according to settlement documents filed in New York federal court on Wednesday.

Expert Analysis

  • What To Expect From Technology-Assisted Review In 2019

    Thomas Gricks

    2018 will be remembered as a transition year for technology-assisted review, and 2019 will likely see a continued focus on how we use TAR, with refinement and expansion across the board, says Thomas Gricks of Catalyst Repository Systems LLC.

  • 2019 Will Bring More Good News For Litigation Finance

    Alan Guy

    Last year saw another round of year-over-year growth in litigation finance, as debates shifted from whether it should be permitted to how it can best be managed. The exciting news, says Alan Guy of Vannin Capital PCC, is that 2019 seems likely to bring more of the same.

  • How The CLOUD Act Can Reach Stored Data Across Borders

    William Ridgway

    As global businesses move more of their data to the cloud, they may be placing it within the U.S. government’s reach. The reason lies with a single phrase from the Clarifying Lawful Overseas Use of Data, or CLOUD, Act, say William Ridgway and Jordan Blain of Skadden Arps Slate Meagher & Flom LLP.

  • Opinion

    Banks Should Not Be Compelled To Produce Privileged Info

    Rodgin Cohen

    Regulatory agencies have taken the position that banks, unlike all other companies and individuals, do not enjoy the attorney-client privilege. This position is contrary to law and sound public policy, say H. Rodgin Cohen of Sullivan & Cromwell LLP and Stephen Cutler of Simpson Thacher & Bartlett LLP.

  • Why More Law Firms Will Embrace Remote Work In 2019

    Tomas Suros

    Leveraging technology in a fiercely competitive market is a key factor driving law firms toward technology adoption in 2019, as they face growing demand from legal talent and clients for the ability to connect, access and control information whenever and wherever needed, says Tomas Suros of tech provider AbacusNext.

  • Opinion

    Securities Cases Plaintiffs Attorneys Must Watch In 2019

    S. Douglas Bunch

    Three key securities cases this year could make it more difficult for investors to rely on the accuracy of corporate representations and hold defendants accountable for deliberately misleading the public, say Douglas Bunch and Alice Buttrick​​​​​​​ of Cohen Milstein Sellers & Toll PLLC.

  • 5 Most-Read Legal Industry Guests Of 2018

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    Law360 guest authors weighed in on a host of key legal industry issues this year, ranging from in-house tips for success and open secrets about BigLaw diversity to criticisms of the equity partnership and associate salary models. Here are five articles that captured the most attention.

  • Roundup

    Winner's Playbook

    Winner's Playbook

    Take a peek behind the scenes of four U.S. Supreme Court cases from 2018, as the attorneys who won them reflect on the challenges they faced and the decisions they made that led to victory.

  • Receiverships May Be Particularly Useful For New Industries

    Ira Bodenstein

    Now more than ever, receiverships can help troubled enterprises when bankruptcy is not an option. In addition to Ponzi schemes and securities and real estate fraud, receiverships are increasingly used in cryptocurrency matters and cases of EB-5 immigrant investor program fraud, say Ira Bodenstein of Fox Rothschild LLP and Brian Soper of BMS.

  • How FIRRMA Changed National Security Reviews In 2018

    Farhad Jalinous

    The passage of the Foreign Investment Risk Review Modernization Act in August expanded the range of transactions that the Committee on Foreign Investment in the United States is able to review for national security concerns — especially transactions related to China, say attorneys at White & Case LLP.