Banking

  • August 16, 2017

    Wells Fargo Board Changes Not Enough, Dem Lawmakers Say

    Democratic lawmakers on Wednesday blasted Wells Fargo & Co., saying that the replacement of the embattled bank’s chairman with a former Federal Reserve governor and other board changes do not go far enough.

  • August 16, 2017

    Upscale Insider Trading Fugitive, 79, Nabbed In Puerto Rico

    A 79-year-old Massachusetts man who had fled shortly before he was to report to prison for an insider trading scheme carried out on country club cocktail napkins was arrested by federal authorities over the weekend in Puerto Rico.

  • August 16, 2017

    Secret Service Agent Who Stole Bitcoin Cops To New Charge

    An ex-Secret Service agent sentenced to six years in prison for stealing more than $800,000 worth of bitcoin seized during the government’s crackdown on the black market website Silk Road pled guilty to a new charge of money laundering in California federal court Tuesday.

  • August 16, 2017

    Exxon, Shell Info Bid Stays Mostly Intact In $1.8B Award Row

    A Manhattan federal judge on Tuesday rejected most of the objections lodged by Nigeria’s central bank against a request from Exxon Mobil Corp. and Royal Dutch Shell PLC subsidiaries to access information on foreign accounts in their efforts to enforce a $1.8 billion arbitration award against the country’s state-owned oil company.

  • August 16, 2017

    Barclays Asks NY Top Court To Toss Amici In $10B Saudi Suit

    Barclays PLC on Saturday said that an amicus brief written by two New York law professors backing a Saudi contractor’s appeal in a $10 billion fraud case raises “entirely academic” issues and should be rejected by the state’s top court.

  • August 16, 2017

    Trump Disbands Deteriorating CEO Advisory Councils

    President Donald Trump disbanded two of his advisory councils on Wednesday as CEOs rapidly abandoned them in response to Trump’s refusal to exclusively blame white supremacists for a fatal rally they held in Charlottesville, Virginia, over the weekend.

  • August 16, 2017

    Barclays Seeks £321M For 'Misguided' Card Insurance Payouts

    Barclays PLC has demanded repayment of £321.4 million ($413.2 million) it says it is owed by a credit card services firm that is suing the U.K. lender for £1.06 billion in damages after the bank sold it portfolios of credit card agreements in 2007 which the company says were rendered worthless.

  • August 16, 2017

    UK Banks Behind Schedule With Brexit Planning, ECB Warns

    Banks wanting to relocate some of their regulated services from the U.K. to the EU because of Brexit have been slow to submit their license applications and are falling behind schedule, a European Central Bank supervisor warned Wednesday.

  • August 15, 2017

    Twice-Convicted Jefferies Trader Seeks Bail Pending Appeal

    Former Jefferies Group residential mortgage-backed securities trader Jesse Litvak on Tuesday asked the Second Circuit to let him stay out of prison while his securities fraud appeal plays out, saying that like in his first appeal, he's again raised a substantial legal question that will likely lead to a reversal or new trial. 

  • August 15, 2017

    Ex-Fed Gov. Tapped To Chair Scandal-Plagued Wells Fargo

    Wells Fargo & Co. said Tuesday that former Federal Reserve Gov. Elizabeth Duke will take over as chair of the embattled bank’s board next year, amid calls from lawmakers for the removal of all Wells Fargo board members in place during the fake-account scandal.

  • August 15, 2017

    NJ Atty Convicted In Mortgage Scam Agrees To Disbarment

    A southern New Jersey attorney who was sentenced to probation for his role in a mortgage fraud scheme earlier this year has tendered his consent to disbarment, according to a state Supreme Court order signed Monday.

  • August 15, 2017

    Ex-Stanford Advisers Want High Court To Force Arbitration

    Former financial advisers who sold investments in what turned out to be a $7 billion Ponzi scheme run by R. Allen Stanford have asked the U.S. Supreme Court to reverse the Fifth Circuit and order to arbitration the Ponzi scheme receiver’s attempt to claw back $215 million.

  • August 15, 2017

    Mobile Shopping Tech Co. Can't Ditch Securities Fraud Claim

    A Texas federal judge rejected an attempt to throw out a securities fraud suit Monday in which a cloud-based mobile financial services company says it was duped into investing $6.5 million in a mobile wallet, coupon and rewards platform.

  • August 15, 2017

    Saudi Bank, HSBC Largely Dodge 2005 Jordan Bombing Suit

    A federal judge in Chicago on Monday dismissed a case against a Saudi bank alleging that it helped fund a 2005 terror attack in Jordan while allowing some claims to move forward against HSBC Holdings PLC’s North American and U.S. units.

  • August 15, 2017

    CFPB Says Tribal Online Lender Case Belongs In Illinois

    The Consumer Financial Protection Bureau urged an Illinois federal judge Monday not to transfer a suit claiming four Native American tribe-owned companies charged excessively high interest for online loans, saying there’s much more reason to keep the suit in Illinois than to move it to the companies’ preferred Kansas venue.

  • August 15, 2017

    Turkish Banker Denied Bail In Iranian Sanctions Case

    An executive at Istanbul-based Türkiye Halk Bankası AŞ accused of helping Turkish trader Reza Zarrab evade U.S. sanctions was denied bail Tuesday when a New York federal judge ruled there were no conditions or combination of conditions that would assure his appearance in court.

  • August 15, 2017

    Ill. Atty Can't Escape $5.3M PNC Bank Suit, Judge Says

    A name partner at Chicago-based Brown Udell Pomerantz & Delrahim Ltd. on Monday lost his bid to shut down a suit by PNC Bank NA in Illinois federal court alleging that he hid assets in shell companies to avoid paying a $5.3 million judgment over a defaulted loan.

  • August 15, 2017

    Feds Ease Capital Accounting For Some Derivatives

    U.S. banking regulators on Monday made changes to the way banks measure capital for margin payments on centrally cleared derivatives, potentially easing capital requirements for financial institutions.

  • August 15, 2017

    9th Circ. Says FCRA Claims Meet Standing Bar In Spokeo Row

    The Ninth Circuit ruled Tuesday that a man who accused Spokeo of violating the Fair Credit Reporting Act by allegedly reporting inaccurate information about him had claimed a sufficiently concrete injury to meet the Article III standing bar established by the U.S. Supreme Court in the dispute last year.

  • August 14, 2017

    Banks Look To Deep-Six Swiss Franc Libor Class Action

    A group of European banks including Royal Bank of Scotland PLC and Credit Suisse Group AG accused by investors of rigging the market for derivatives tied to the Swiss franc London Interbank Offered Rate on Monday urged a Manhattan federal judge to nix the proposed class action, saying the case doesn't belong in the U.S.

Expert Analysis

  • How Fed. Circ. Guides PTAB On CBM Review: Part 2

    Brian Mudge

    Seven recent decisions show the Patent Trial and Appeal Board has adjusted its approach in evaluating whether a patent is eligible for covered business review following the Federal Circuit’s guidance in Unwired Planet and Secure Axcess, say Brian Mudge and Andrew Kasnevich of Andrews Kurth Kenyon LLP.

  • The State Of Biometrics Technology: The Uses, The Concerns

    Haydn Evans

    Despite early implementations dating back to the 2000s, biometrics technologies are still an emerging trend. Biometric identification and validation techniques are being introduced to new and more innovative industries — for both security purposes and personal convenience, says Haydn Evans of CPA Global.

  • 5 Questions To Ask Before Entering Joint-Representation AFA

    Natalie Hanlon Leh

    One growing trend is for clients to enter into alternative fee arrangements in which one law firm represents multiple parties who “share” fees and costs in a related matter. This way parties can more efficiently manage a matter and reduce their individual legal fees. But joint representation is not without its own risks and challenges, say attorneys with WilmerHale.

  • Legal Incubators Can Help New Lawyers And Society

    Martin Pritikin

    Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.

  • How Fed. Circ. Guides PTAB On CBM Review: Part 1

    Brian Mudge

    By recently declining en banc rehearing in Secure Axcess, the Federal Circuit may have placed a stamp of finality on the scope of covered business method review, say Brian Mudge and Andrew Kasnevich of Andrews Kurth Kenyon LLP.

  • Deal Price Reliance And Other Key Points From DFC Global

    Gail Weinstein

    While it declined to adopt a presumption, the Delaware Supreme Court in DFC Global strongly endorsed the deal price as often “the best evidence of fair value” in cases involving an arm’s-length merger with a robust sale process. However, the court left unresolved a number of key appraisal issues, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • 4 Key Defenses In FBAR Liability

    Christopher Rajotte

    A U.S. person must file a Foreign Bank Account Report for offshore accounts with values exceeding $10,000 at any point during a given year. The first line of defense against an FBAR penalty is compliance with the filing obligation, but if a case is brought, several defense strategies are especially useful, says Chris Rajotte of Fuerst Ittleman David & Joseph PL.

  • Series

    15 Years Of SOX: Avoiding PCAOB Enforcement Sanctions

    Russell Duncan

    The Sarbanes-Oxley Act and the rules under which the Public Company Accounting Oversight Board's Division of Enforcement and Investigations must act create an unusual process that greatly benefits those being investigated, say Russell Duncan and Joel Schwartz, partners at Shulman Rogers Gandal Pordy & Ecker PA and former PCAOB assistant directors.

  • Expectations For Fintech Cos. Providing Services To Banks

    M. Patricia Oliver

    Regulatory guidance has caused financial institutions to take tough stances when signing agreements with fintech service providers. Any company that has never undergone a bank examination is likely to find the experience extremely daunting, say attorneys with Tucker Ellis LLP.

  • Series

    15 Years Of SOX: A Look At Compliance Costs And More

    Keith Kawashima

    While many organizations are at a mature level with regard to their overall Sarbanes-Oxley compliance programs, new accounting standards, business process outsourcing, cybersecurity and a bigger focus on precision have required an increasing investment of resources, says Keith Kawashima of Protiviti Inc.