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Banking

  • October 16, 2018

    Nomura Reaches $480M Deal Ending RMBS Probe

    Nomura Holding America Inc. and its affiliates have agreed to pay $480 million to resolve the U.S. Department of Justice’s allegations that the bank misled investors about risks associated with more than $13 billion worth of loans packaged into residential mortgage-backed securities between 2006 and 2007, the DOJ said Tuesday.

  • October 15, 2018

    Calif. Judges Say JPMorgan, BofA Wage Deals Need Work

    California federal courts have refused to sign off on a pair of settlements in separate wage suits against JPMorgan and Bank of America, with one judge saying the JPMorgan deal had "egregious" problems and another saying the Bank of America agreement set up a faulty process for workers to opt in.

  • October 15, 2018

    Labaton State Street Atty Fee Accord Not Yet A Done Deal

    A proposed settlement between Labaton Sucharow LLP and the special master appointed to investigate alleged improprieties in a $75 million attorneys' fee award in the State Street Corp. swindling case was met with some resistance from the judge presiding over the case and fellow co-counsel during a hearing Monday in a Boston federal courthouse.

  • October 15, 2018

    Deutsche Traders Knew Libor-Rigging Was Illicit, Jury Told

    Prosecutors on Monday began their final pitch to jurors in the Libor-rigging trial of former Deutsche Bank traders Matthew Connolly and Gavin Black, saying trial evidence proves the pair abused the German lender’s position to cash in by gaming the benchmark interest rate.

  • October 15, 2018

    Nine West Creditors Ask To Sue Sycamore For LBO Losses

    The unsecured creditors of Nine West Holdings Inc. on Saturday asked a New York bankruptcy court for permission to file more than $1 billion in claims against company owner Sycamore Partners for allegedly stripping the company’s assets and sending it into Chapter 11.

  • October 15, 2018

    Gender Disparity At The High Court: How Top Law Firms Measure Up

    For the women at elite law firms, an enduring gender gap among advocates can create a high hurdle for their high court ambitions. Here, Law360 looks at the law firms where women score Supreme Court arguments, and where they don’t.

  • October 15, 2018

    Sears Authorized To Tap DIP Loan In 1st Day Of Ch. 11

    Sears Holdings Corp. accomplished an early set of goals Monday shortly after announcing it had filed for bankruptcy to reshape its physical footprint and reduce a debt load of more than $11 billion, receiving court permission to access $300 million in new financing from its existing lenders.

  • October 15, 2018

    Payday Lenders Seek Quick Win In 'Choke Point' Suit

    Payday lenders suing the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency over their purported roles in a program called Operation Choke Point have urged a D.C. federal judge to rule that their due process rights have been violated and put an end to the agencies’ alleged efforts to cut off their access to the banking system.

  • October 15, 2018

    Real Estate Rumors: Midtown Capital, McSam, City National

    Midtown Capital Partners has reportedly bought a Florida retail center for $78.2 million, McSam Hotel Group is said to have landed $76 million in financing for a New York project, and City National Bank of Florida has more than doubled its footprint at a Miami tower.

  • October 15, 2018

    Cohen Milstein Seeks $2.9M In Fees In $17M Opus Bank Deal

    Lead counsel for an investor that reached a $17 million settlement with Opus Bank over claims it misled investors about the quality of its loans has asked a California federal judge for a fee award of $2.89 million, more than $1 million less than the maximum amount the Cohen Milstein Sellers & Toll PLLC attorneys previously said they would seek.

  • October 15, 2018

    Investors Can't Undo $480K Costs In Archstone Buyout Row

    A Colorado federal judge declined Monday to reconsider almost $480,000 in costs awarded to defendants involved in a $22 billion leveraged buyout of the Archstone-Smith real estate investment trust, saying the investors who challenged the buyout should have raised certain arguments against the costs earlier.

  • October 15, 2018

    Nigerian Oil Co. Execs Must Talk In $1.8B Award Row

    A New York federal judge has told a Nigerian state-owned oil company that three of its employees must sit for depositions planned by Exxon Mobil and Shell subsidiaries for their suit seeking to enforce a $1.8 billion arbitration award against the company.

  • October 15, 2018

    Morgan Stanley Wins Bid To Arbitrate Ex-Exec's Bias Claims

    Morgan Stanley won its bid to force arbitration of a former executive’s claims that he was fired because of past alcohol and drug abuse in violation of state anti-discrimination law after a New Jersey federal judge concluded Monday that the individual had notice of an arbitration agreement via a company email sent to him.

  • October 12, 2018

    Supreme Court Women: A Vet & 1st-Timer Talk Gender Disparity

    In exclusive on-camera interviews with Law360, the most prolific female U.S. Supreme Court advocate of the past decade and a first-timer reflect on the status of women in a field still dominated by men.

  • October 12, 2018

    Will The Future Of The Supreme Court Bar Be Female?

    While women have made significant inroads into the elite world of U.S. Supreme Court advocacy, last term the number of women arguing at the court hit a decade low. Was it an off year? Or a sign of progress stalled?

  • October 12, 2018

    DOJ Criminal Head Inks Monitor Memo, Axes Compliance Role

    The head of the U.S. Department of Justice's Criminal Division on Friday announced a new policy on what prosecutors must consider before imposing a monitorship and said the DOJ would look to hire prosecutors with compliance experience instead of finding a new corporate ethics counsel.

  • October 12, 2018

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

    The last week has seen Deutsche Bank sue an Italian wealth management bank, several hotels lodge competition claims against Visa and MasterCard and the 200-year-old company behind British bank notes bring a pensions action against HSF. Here, Law360 looks at those and other new claims in the U.K.

  • October 12, 2018

    Citi Says The Law Backs Arbitration Of Ex-Adviser's Bias Suit

    Citigroup Inc. urged the Second Circuit not to pull from arbitration an ex-financial adviser’s suit claiming she was demoted because she’s a woman and canned for calling out insider trading, saying it’s “beyond dispute” she agreed to arbitrate employment-related claims.

  • October 12, 2018

    CFPB On Right Track With 'Sandbox,' Trade Groups Say

    The Consumer Financial Protection Bureau’s “disclosure sandbox” proposal is a step in the right direction for promoting consumer-friendly innovation in financial disclosures, a number of industry trade groups and Republican state attorneys general say, but consumer advocates and some Democratic attorneys general warn that the idea goes too far and puts consumers at risk.

  • October 12, 2018

    ‘Cheerleading’ Not Fraud, HP Atty Tells Startup Trial Jury

    A Hewlett Packard Malaysia manager was merely "cheerleading" when she described possible future work to a startup that now claims it was duped into providing tens of millions of dollars in free services and software, HP's attorney argued Friday at the close of a California federal trial.

Expert Analysis

  • The Principles Guiding FINRA Enforcement

    John Sikora

    Recent remarks by the head of enforcement at the Financial Industry Regulatory Authority offer valuable clues to regulated entities as to how FINRA decides whether to bring an enforcement action. This can be useful in guiding effective responses to FINRA actions, say attorneys with Latham & Watkins LLP.

  • US' Secondary China Sanctions Signal New Risks For Cos.

    Ama Adams

    Last week, the U.S. government imposed broad sanctions on a component of the Chinese military — the first time that the U.S. has exercised its authority to impose secondary sanctions against non-U.S. parties for transactions occurring outside of the United States. This signals an era of expanded risks for U.S. and non-U.S. companies alike, say attorneys at Ropes & Gray LLP.

  • 5 More GC Tips For Succeeding As A New Associate

    Jason Idilbi

    Jason Idilbi, former BigLaw associate and general counsel of the tech startup Passport Labs Inc., returns to Law360 to share recent thoughts on best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.

  • Manafort Plea Reminds Us Of Whitewater

    Lawrence Laurenzi

    It is clear from Paul Manafort's plea agreement that special counsel Robert Mueller's team is using the same prosecutorial strategy that Ken Starr used in Whitewater. Mueller’s team, however, also faces the same headwinds that Starr faced, say Lawrence Laurenzi and Joe Whitley of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • 2 New Cases Showcase CFTC Spoofing Theories

    Katherine Cooper

    The Victory Asset and Mizuho Bank spoofing settlements announced by the U.S. Commodity Futures Trading Commission last week show that the agency’s campaign against spoofing continues unabated. It is likely that the CFTC will now place more emphasis on the surveillance and control systems employed by futures commission merchants, say Katherine Cooper and Elizabeth Lan Davis of Murphy & McGonigle PC.

  • Many Crypto Exchanges May Now Need Colorado Licenses

    Sarah Auchterlonie

    Ever since cryptocurrencies appeared on the scene, states have scrambled to determine whether their money transmission laws and licensure requirements apply to cryptocurrency exchanges. Last week, Colorado joined the minority of jurisdictions with clear guidance on the issue, say attorneys with Brownstein Hyatt Farber Schreck LLP.

  • 3rd Circ. Deepens Uncertainty Over FINRA Arbitration

    David Cinotti

    The Third Circuit's decision last month in Reading Health System v. Bear Stearns adds to a circuit split on whether a contractual forum-selection clause supersedes or waives Financial Industry Regulatory Authority arbitration. However, U.S. Supreme Court review of the issue might be premature, says David Cinotti of Pashman Stein Walder Hayden PC.

  • Series

    Judging A Book: Block Reviews 'Tough Cases'

    Judge Frederic Block

    In a new, extraordinary book, "Tough Cases: Judges Tell the Stories of Some of the Hardest Decisions They’ve Ever Made," 13 of my judicial brethren have courageously and dramatically humanized the judicial process, says U.S. District Judge Frederic Block of the Eastern District of New York.

  • Election Interference Sanctions Expand Compliance Risks

    Nicole Erb

    President Donald Trump issued an executive order this month authorizing new sanctions against parties determined to have interfered in U.S. elections. In the event more sanctions are imposed, the number of sanctions targets could increase significantly, placing additional importance on screening of transaction parties and their ownership structures, say attorneys at White & Case LLP.

  • 8 Innovative Ways To Empower Jurors

    Christopher Campbell

    Much time and attention have been focused on improving lawyers' abilities to communicate with and persuade juries in complex trials. But it is equally important to equip and prepare jurors to become better students in the courtroom, say attorneys with DLA Piper and Litstrat Inc.