Banking

  • October 17, 2017

    Advisers Rip Wells Fargo's Bid To Turn Tables In MBS Suit

    The investment advisory affiliates of BlackRock and other financial services firms have blasted a push by Wells Fargo to make them help pay any judgments that the bank may be found to owe the firms’ funds in a suit over its handling of 12 residential mortgage-backed securities trusts, saying the bank is bogging down an already-complicated case.

  • October 17, 2017

    Madoff Relative Must Hand Over Some Docs In Clawback Case

    A Bernie Madoff relative at the center of a Chapter 11 clawback suit waived attorney-client privilege over an email he received from his lawyer by forwarding it to the incarcerated Ponzi schemer, a New York bankruptcy judge said Tuesday in an opinion that shielded other case files sent to Madoff.

  • October 17, 2017

    ServiceMesh Buyer Seeks Indicted Ex-CEO's Legal Fees

    The company that bought cloud computing business ServiceMesh Inc. in 2013 asked Delaware’s chancellor Tuesday for clearance to pursue millions in escrowed funds for legal fees paid for ServiceMesh’s recently indicted ex-CEO.

  • October 17, 2017

    Feds Say Recorded Calls Prove Ex-HSBC Forex Exec's Guilt

    The U.S. Department of Justice gave closing arguments Tuesday in the trial of former HSBC foreign currency exchange executive Mark Johnson, asking a jury in Brooklyn why, if Johnson is not guilty of defrauding Cairn Energy through a $3.5 billion forex deal, is he talking on the phone like a guilty man.

  • October 17, 2017

    BNY Fights Trust Class’s Bid For Quick Win In Tax Fee Dispute

    The Bank of New York Mellon Corp. asked a Massachusetts federal judge on Monday to snub a proposed class of trust beneficiaries who accuse it of charging excessive tax-preparation fees, saying the facts don’t support the beneficiaries’ allegations that it illegally marked up charges from accountant PricewaterhouseCoopers.

  • October 17, 2017

    Turkish Banker Can’t Duck Iran Sanctions Case, Feds Say

    Federal prosecutors urged a New York federal judge Monday not to dismiss charges against a Turkish banker accused of helping gold trader Reza Zarrab lie to banks to dodge U.S. sanctions on Iran, arguing his bid to duck the allegations or get a separate trial are rehashing already-rejected contentions.

  • October 17, 2017

    New NY Rules Crack Down On Title Insurance Abuses

    New York’s financial regulator on Tuesday issued final rules that it says will stop kickbacks and other abuses in the title insurance market.

  • October 17, 2017

    Equifax Protest Of IRS Contract Loss ‘Unreasonable’: GAO

    The Government Accountability Office on Monday denied Equifax’s “unreasonable” protest of a yearlong blanket purchase agreement the Internal Revenue Service awarded to competitor Experian for the administration of taxpayer identity and verification services.

  • October 17, 2017

    Treasury Backs GM Trust's $1.5B Loan Clawback Appeal

    The U.S. government on Monday backed efforts to appeal a bankruptcy court's valuations of General Motors' assets in a clawback case over a $1.5 billion GM term loan, noting its interest in maximizing recoveries for the federally supported estate.

  • October 17, 2017

    Deals Rumor Mill: SpringerNature, Pure Group, Deutsche Bank

    SpringerNature is readying an initial public offering that could value the educational publishing business at up to €4 billion, private-equity-backed yoga and fitness center operator Pure Group is for sale, and the IPO of Deutsche Bank’s asset management division could raise €2 billion.

  • October 17, 2017

    Lions Gate Can't Undo 'Dirty Dancing' Trademark Loss

    A federal judge on Monday refused to alter his ruling that film studio Lions Gate Entertainment couldn’t sue TD Ameritrade for trademark infringement over an ad riffing on the famous quote from the film “Dirty Dancing” that “nobody puts Baby in a corner.”

  • October 17, 2017

    Experian Beats Suit Over Abandoned Payday Loan In Report

    A California federal judge has quashed a proposed class action claiming Experian failed to stop reporting debts on disputed payday loans, saying there was no evidence the consumer credit reporting giant willfully distorted results or that the reports were inaccurate.

  • October 17, 2017

    Senators Back More Oversight Of Credit Bureau Cybersecurity

    Republican and Democratic members of a key Senate panel Tuesday appeared to support increased supervision of consumer credit bureaus’ cybersecurity efforts in the wake of the Equifax Inc. data breach.

  • October 16, 2017

    What’s At Stake In The AmEx Merchant Rules Case

    The U.S. Supreme Court’s decision Monday to take up a case over American Express Co.’s policy of prohibiting merchants from steering customers to other credit cards gives the high court a rare opportunity to provide clarity on the rule-of-reason. Experts tell Law360 that while most antitrust cases taken up by the justices deal with what kind of analysis needs to be made, in this case they could touch on how that analysis should be performed.

  • October 16, 2017

    SEC Asks Supreme Court To Weigh In On In-House Judges

    The U.S. Securities and Exchange Commission has joined those already urging the U.S. Supreme Court to resolve whether the agency's administrative law judges function as "inferior officers" who need to be appointed in accordance with the Constitution's appointments clause, rather than hired like other federal employees.

  • October 16, 2017

    Ex-HSBC Exec Denies Involvement In Forex Fraud Conspiracy

    Former HSBC foreign currency exchange executive Mark Johnson on Monday denied being part of a conspiracy to defraud HSBC client Cairn Energy PLC by ramping up the price for British pounds sterling ahead of a $3.5 billion forex deal.

  • October 16, 2017

    BP Midstream, Four Others Launch IPOs Exceeding $1.3B

    BP Midstream Partners LP, a master limited partnership formed by BP to operate the energy giant's U.S. pipelines, set terms Monday for an estimated $850 million initial public offering, one of five companies to launch IPOs that could raise more than $1.3 billion.

  • October 16, 2017

    Linklaters Nabs Mayer Brown Derivatives Pro For NY Office

    Linklaters LLP has recruited for its global capital markets practice a former Mayer Brown LLP structured finance and derivatives partner deeply versed in Dodd-Frank compliance, saying he began work in New York on Friday.

  • October 16, 2017

    Mortgage Underwriters OT-Exempt, Trade Groups Tell Justices

    The U.S. Chamber of Commerce, the American Bankers Association and other amici on Friday urged the U.S. Supreme Court to reject a Ninth Circuit decision finding mortgage underwriters were entitled to overtime, saying the conclusion departs from the long-standing application of U.S. Department of Labor rules.

  • October 16, 2017

    9th Circ. Says Housing Loan Is Business Debt In Man's Ch. 7

    The Ninth Circuit on Monday found a $500,000 mortgage provided by an employer to induce a man to relocate to a new job is not consumer debt for Chapter 7 purposes.

Expert Analysis

  • Technology Assisted Review Can Work For Small Cases

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    For as long as e-discovery lawyers have been using technology assisted review, a belief has persisted that it cannot be used economically or effectively in small cases. But TAR can be highly effective in small cases, typically reducing the time and cost of a review project by 60 to 80 percent, say John Tredennick, Thomas Gricks III and Andrew Bye of Catalyst Repository Systems LLC.

  • Financial Crisis Anniversary

    The Lasting And Evolving Role Of FSOC

    Amias Gerety

    The Financial Stability Oversight Council, created in the wake of the global financial crisis that caused so much human and economic damage over the last decade, has been a central point of controversy about the Dodd-Frank Act. But time will prove that the core purposes and duties of the council are important, say Amias Gerety and David Portilla, both formerly of the FSOC.

  • How Financial Services Companies Should Face E-Discovery

    Alison Grounds

    Financial service companies face unique e-discovery challenges caused by the complex systems used to run their businesses, the privacy concerns surrounding their data and the asymmetrical litigation in which they are frequently a party. Proactive planning, leveraging of applicable procedural rules and appropriate technology, and cooperation can help to reduce the costs and burdens incurred in the discovery process, says Alison Grou... (continued)

  • Ignore Borrower Choice In Loss Mitigation? CFPB Says Yes

    Jeffrey Naimon

    Mortgage servicers should not listen to borrowers when it comes to loss mitigation. At least, that’s what the Consumer Financial Protection Bureau says in its final servicing rule. But despite feedback of borrower confusion and servicer frustration, the bureau reiterated its stance in recent amendments to those rules that take effect next month, say attorneys with Buckley Sandler LLP.

  • New Sedona Principles Stress Information Governance

    Saffa Sleet

    The Sedona Conference Working Group's updated Sedona Principles provides a timely reminder that the legal industry needs to be thinking more seriously about the interconnectedness between e-discovery and information governance, says Saffa Sleet of FTI Consulting Inc.

  • Why Hybrid Credit Facilities Are Trending

    Todd Bundrant

    While both subscription credit facilities and net asset value facilities continue to grow in number and use, it is clear that the future is trending in the direction of hybrid facilities, which combine the positive attributes of both products and can be tailored to service a particular fund’s needs while maximizing the efficiency of lender and fund resources, say attorneys with Mayer Brown LLP.

  • Assessing Loan Applications With Fraud Alerts After Equifax

    Jonathan Joshua

    In the wake of the Equifax data breach, consumer lenders can reasonably expect to see a significant increase in the number of loan applications where a credit report contains a fraud alert or where the report is unavailable due to a security freeze. It's important to understand the laws that apply when evaluating such applications, says consumer financial services attorney Jonathan Joshua.

  • Opinion

    For More Value And Diversity In Outside Counsel, Go Small

    Sara Kropf

    Albert Einstein famously said, “The definition of insanity is doing the same thing over and over again, but expecting different results.” That maxim applies to large companies that seek more value and diversity from their outside counsel by expecting big firms to change. There’s a simple solution to this problem, according to attorneys Margaret Cassidy, Sara Kropf and Ellen D. Marcus.

  • Congress Faces 'CHOICE' On Future Of SEC Enforcement

    Thomas Zaccaro

    While most of the Financial CHOICE Act focuses on financial regulations imposed by Dodd-Frank and other federal legislation, portions of the act would have a significant impact on U.S. Securities and Exchange Commission enforcement actions, say attorneys with Paul Hastings LLP.

  • Wey: When Search Warrants Go Wrong

    Daniel Wenner

    The Wey prosecution in the Southern District of New York is a useful example of how government searches that appear to be proper based on the trappings of propriety — a warrant, an affidavit, good faith — can actually be far from it, says Daniel Wenner of Day Pitney LLP.