Banking

  • June 20, 2017

    Manatt Adds Former Clinton White House Counsel In DC

    Manatt Phelps & Phillips LLP said Tuesday it is bolstering its regulatory and government practice with the addition of a former White House counsel for President Bill Clinton and Arnold & Porter Kaye Scholer LLP veteran who’s worked with technology, financial services, insurance, telecommunications and health care companies.

  • June 20, 2017

    Wells Fargo Says Account Scandal Not Securities Fraud

    Wells Fargo & Co. urged a California federal court Monday to toss a proposed class action brought by investors in the wake of the bank’s unauthorized-account scandal, arguing that the managerial lapses alleged in the suit are serious but do not add up to securities fraud.

  • June 20, 2017

    US Bancorp Branch Managers Denied Cert. In OT Suit

    A federal judge has declined to certify a class of U.S. Bancorp branch managers in California who claim they were wrongfully exempted from overtime pay, saying a determination of whether they were misclassified would require individualized inquiries into how each worker spent their time.

  • June 20, 2017

    Shawbrook Warns Investors That PE Group Could Delist Bank

    Shawbrook said Tuesday that although it still believes a private equity group's £868 million ($1.1 billion) tender offer undervalues the U.K. savings and lending bank, investors may want to opt into the deal given the large stake already amassed by the likely acquirers.

  • June 20, 2017

    Del. Justices OK Toss Of BNY Mellon Forex Scheme Suit

    A Bank of New York Mellon Corp. putative shareholder class lost a Delaware Supreme Court bid late Monday to resurrect claims of director breaches of duty in the bank's routine defrauding of foreign-exchange customers that eventually cost the bank nearly $1 billion.

  • June 20, 2017

    Nigerian Cops To Targeting Businesses With Fake Emails

    A 29-year-old Nigerian national copped to two conspiracy counts Tuesday after prosecutors charged him with sending thousands of emails to businesses, which appeared to be legitimate demands for payment, in an alleged large-scale scam.

  • June 20, 2017

    Fed Releases JPMorgan From Muni-Bond Enforcement Action

    The Federal Reserve on Tuesday ended a 2011 enforcement action it imposed on JPMorgan Chase & Co. as part of a broader, $211 million settlement over alleged bid-rigging in municipal bond reinvestment contracts.

  • June 20, 2017

    Regulatory Reform May Level The Bank-Nonbank Playing Field

    A bill recently introduced in the U.S. House of Representatives would provide clarity for the banking sector in an area lawyers say is murky, and with a better understanding of the regulations they face, banks would likely ramp up their offering of bridge loans, which are currently largely being provided by nonbanks.

  • June 20, 2017

    SFO Charges Barclays, Former Bosses With Fraud

    Barclays Bank PLC and four individuals including former chief executive John Varley have been charged with conspiracy to commit fraud and the provision of unlawful financial assistance, the Serious Fraud Office said Tuesday.

  • June 19, 2017

    Trump Floats Names To Fill Posts At NSA, DOD, USTR, More

    President Donald Trump said late Friday he would fill roles at the National Security Agency, U.S. Department of Defense and U.S. Trade Representative with a former federal prosecutor and whistleblower expert, a rocket engine maker’s ex-CEO and an agriculture expert steeped in policymaking.

  • June 19, 2017

    Justice Sotomayor On Working A Room And The Post-Scalia Void

    Justice Sonia Sotomayor discusses the one thing she hates seeing at oral arguments, why diversity matters on the federal bench, and her habit of embracing audience members at live talks, in the first of two articles based on an exclusive interview with the 111th justice.

  • June 19, 2017

    6th Circ. Says Ponzi Schemer Missed Shot At Expert Funds

    The Sixth Circuit on Monday affirmed a 10-year sentence for a Michigan man convicted of running a foreign exchange Ponzi scheme and rejected his claim that the deck was stacked against him because he wasn't given the funds he claimed to need to hire a digital forensics expert.

  • June 19, 2017

    Chinese P2P Lender Yirendai Beats Investor Suit, For Now

    A California federal judge on Monday dismissed a securities fraud suit brought against Chinese peer-to-peer lending company Yirendai Ltd., giving leave to amend while warning the investors to tell him if “you’ve taken your best shot.”

  • June 19, 2017

    Puerto Rico Creditors Rip Board's Plan To Solve Bond Conflict

    The federally appointed board overseeing Puerto Rico's restructuring is facing heat over its proposal to appoint independent agents to resolve competing claims over the territory’s sales tax revenues, as bondholders and insurers complained Friday that the agent selection process is flawed.

  • June 19, 2017

    Meal Kit Startup Blue Apron Leads Seven IPO Launches

    Meal kit delivery startup and so-called unicorn Blue Apron Inc. served up plans for a $480 million initial public offering on Monday, leading a hearty plate of seven deals across the biotech, banking and technology sectors that have launched since Friday. 

  • June 19, 2017

    HSBC Customer Denied Revival Of Penalty Disclosure Suit

    A New York federal judge refused Monday to vacate her dismissal of a proposed class action accusing HSBC Bank of failing to warn customers about late-payment penalty charges, calling the customers' reconsideration arguments “flat-out wrong.”

  • June 19, 2017

    Trump's FDIC Pick May Not Test Agency's Unwinding Power

    President Donald Trump’s choice of a top Republican staffer on the House Financial Services Committee to lead the Federal Deposit Insurance Corp. should not necessarily be seen as an indication the administration wants to eliminate the agency’s power to unwind a failing global financial firm, experts say.

  • June 19, 2017

    Iran Forfeiture Trial Judge To Watch Closings Like A Hawk

    The Manhattan federal judge overseeing the billion-dollar real estate seizure effort targeting an Iran-linked charity warned Monday against cherry-picking quotes from the often-irresolute testimony of a noted Islamic economist who was the treasurer of the charity when it allegedly violated U.S. sanctions.

  • June 19, 2017

    CFTC Watchdog Blasts Agency's Swaps Margin Analysis

    The U.S. Commodity Futures Trading Commission’s Office of Inspector General released a report Friday criticizing the cost-benefit analysis the agency conducted when developing margin rules for uncleared swaps, saying the CFTC as a whole is uncommitted to robust cost-benefit consideration.

  • June 19, 2017

    Wells Fargo To Pay $14.8M To Settle TCPA Spat

    Wells Fargo has agreed to pay roughly $14.8 million to resolve Telephone Consumer Protection Act claims over allegedly autodialed calls, the attorneys representing the class said Monday, announcing an almost $1 million reduction to the preliminarily anticipated settlement fund after discovery revealed that the class was smaller than originally estimated.

Expert Analysis

  • Defining OFAC Property Interests Beyond The 50% Rule

    Sean Kane

    The fact that a company is not a "specially designated national" according to the Office of Foreign Assets Control — nor 50 percent or more owned by an SDN — does not remove the possibility of blockable property interests. As with all things in the complex world of sanctions, risks abound, say Sean Kane and Joseph Schoorl of Hughes Hubbard & Reed LLP.

  • Questions Abound Concerning SEC’s Administrative Process

    Bridget Moore

    While the question — considered again in May by the D.C. Circuit — of whether the U.S. Securities and Exchange Commission’s in-house administrative law judges must be constitutionally appointed has split the federal circuits, another issue looms large: Will the administrative process ever be fair? Bridget Moore and Jonathan Shapiro of Baker Botts LLP look at the big picture.

  • Weekly Column

    Innovating For Wise Juries: Setting Trial Time Limits

    Stephen Susman

    This is the second in a series of articles discussing ideas proposed by the NYU School of Law Civil Jury Project to resuscitate the American jury trial. In this article, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman argue for setting early and strict time limits in civil jury trials.

  • Opinion

    Big Business Lobby Tries To Hobble Litigation Finance, Again

    Allison Chock

    In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.

  • A Review Of Recent Cases Against Execs: Part 2

    Lauren Briggerman

    In the second half of their summary of major government investigations affecting corporate executives this spring, attorneys with Miller & Chevalier Chtd. highlight key developments that affect executives beyond the investigation phase, including noteworthy sentencings, judicial rulings, and government policies and guidance.

  • A Slice Of MFN With That Incremental Loan

    Daniel Winick

    With ever expanding bargaining leverage, borrowers are negotiating creative ways to minimize "most-favored nation" provisions and related incremental loan protections. Clifford Chance LLP attorneys Daniel Winick and Andrew Young discuss some of the key MFN exceptions borrowers have been pursuing of late.

  • Monthly Column

    Congressional Forecast: June

    Richard Hertling

    Members of Congress return to Washington, D.C., this week for a four-week work period before the Fourth of July recess. Many of the same issues that absorbed their attention during the first five months of the year will continue to dominate the June agenda on Capitol Hill, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • New Wave Of Lehman Litigation Appears To Be Imminent

    Philip Stein

    Thousands of mortgage lenders across the country either recently received, or will soon be receiving, from Lehman Brothers Holdings Inc. a document that may seem innocuous but likely presages a future lawsuit by LBHI against the recipient, says Philip Stein of Bilzin Sumberg Baena Price & Axelrod LLP.

  • When Is A Working Capital Agreement A Loan? It Depends

    Benjamin Jackson

    Drafters of working capital agreements should be aware that there is now at least one court ruling holding that if the terms of a working capital agreement resemble those of a loan agreement, then it will likely be treated as such regardless of what the agreement calls itself, say Benjamin Jackson and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.

  • A Case For Shareholder-Approved Limits On Director Pay

    James Earle

    The Delaware Chancery Court's decision in Investors Bancorp strongly validates the use of specific shareholder-approved limits on nonemployee director pay as an effective defense against shareholder claims challenging director compensation decisions, say attorneys with K&L Gates LLP.