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Banking

  • June 13, 2018

    VC-Backed Dutch Fintech Sizzles After Pricing $1B IPO

    Dutch financial technology startup Adyen BV saw shares boom in debut trading Wednesday after the venture-backed payments processor completed a $1 billion initial public offering, marking the third-largest IPO in Europe this year, advised by Clifford Chance LLP.

  • June 13, 2018

    Hidden-Fee Scheme Cost UK Pension Plan $3M, Jury Hears

    A hidden-fee scheme federal prosecutors say was orchestrated by a former State Street Corp. executive cost the United Kingdom’s Royal Mail Pension plan 10 times more than it had expected to pay for a massive transaction, a Massachusetts jury heard Wednesday morning.

  • June 13, 2018

    TruPoint Gets Ex-Teller's Age Discrimination Suit Tossed

    A Virginia federal judge on Tuesday axed a former teller's age discrimination suit against TruPoint Bank, ruling that the woman didn't provide enough evidence that her age was a factor when the bank changed her duties and position.

  • June 13, 2018

    Mulvaney Ends PHH Saga But Legal Questions Linger

    The Consumer Financial Protection Bureau’s move last week to end its administrative proceedings against mortgage services provider PHH Corp. turns the page on one of the more controversial episodes in the agency’s history but still leaves some loose threads to wrap up, legal experts say.

  • June 13, 2018

    At SFO Trial Defense Claims Euribor Rig Was Honest Mistake

    A former Barclays PLC trader accused of illegally manipulating a key interest rate benchmark made an honest mistake when he asked colleagues to submit rates that would benefit the bank, his lawyer told a jury at a London crown court during closing arguments Wednesday.

  • June 12, 2018

    Judge Denies Bid By CFPB, Groups To Stay Payday Rule

    A Texas federal judge ruled Tuesday that he won’t stay the compliance date of the Consumer Financial Protection Bureau’s so-called payday lending rule, but will stay a lawsuit brought against the agency by two payday lender trade groups challenging the rule.

  • June 12, 2018

    DOJ Charges 8 With Flouting Syria Fuel Sale Sanctions

    The U.S. Department of Justice announced Tuesday that it has charged eight foreign businessmen with conspiring to launder money and flout U.S. economic sanctions against Syria and Crimea by sending jet fuel to Syria via a Russian shipping company and freight forwarder.

  • June 12, 2018

    Puerto Rico Investors Cry Foul Over Sales Tax Revenue Deal

    Investors holding general obligation debt issued by Puerto Rico's government are pushing for tweaks to a pending settlement proposed to resolve a bitter fight between creditors over billions worth of sales tax collections, saying the currently proposed split is unacceptable.

  • June 12, 2018

    JPMorgan Sued For $1.2B Over Mexican Properties Trust

    J.P. Morgan Chase Bank N.A. tricked a Mexican real estate developer into transferring properties worth “hundreds of millions of dollars” into its control by fraudulently promising to sell them, according to a $1.2 billion lawsuit filed in New York federal court Monday.

  • June 12, 2018

    Online Lender Accused Of Using Tribe To Shield Illegal Loans

    An internet lending company and others have engaged in a plot to charge illegally high interest rates on loans while attempting to use a Michigan tribe's sovereign immunity as a shield from suit, a group of borrowers said in a proposed class action filed in California federal court Monday.

  • June 12, 2018

    Attys Defend $16M LendingClub Fee Bid That 'Shocked' Judge

    Attorneys seeking $16 million for representing LendingClub Corp. investors in securities class actions against the peer-to-peer lending company defended their fee bid Monday to a California federal judge who previously said the amount “shocked” him, saying their work produced an “outstanding result under any measure.”

  • June 12, 2018

    USAA Sues Wells Fargo Over Mobile Check Deposit Patents

    The United Services Automobile Association has sued Wells Fargo over the banking giant's use of technology allowing customers to deposit checks into their accounts with a photograph, telling a Texas federal court that four patents covering the technology are being infringed.

  • June 12, 2018

    Payday Loan Scammer Gets 10 Years For $220M Scheme

    A Manhattan federal judge sentenced a convicted loan shark to 10 years in prison Tuesday for a decadelong payday lending scam, rejecting the 73-year-old defendant’s effort to blame the brother of a fellow convict for convincing him to set up the businesses.

  • June 12, 2018

    Milbank Steers Deutsche Bank's $460M Wall St. Property Loan

    Milbank Tweed Hadley & McCloy LLP represented Deutsche Bank Trust Co. Americas in connection with the bank's $460 million loan to Macklowe Properties for the refinance of an office tower on Wall Street in Manhattan, according to records made public in New York on Tuesday.

  • June 12, 2018

    Swiss Banking Adviser Seeks Probation In Tax Scam

    A Swiss banking adviser caught in a U.S. crackdown on international tax evasion should get probation or time served, since officials with greater culpability avoided incarceration, her attorney said in a sentencing memorandum filed Monday in a New York federal court.

  • June 12, 2018

    Locke Lord Adds FINRA Arbitrator, Greenberg Traurig Alum

    Locke Lord LLP has added a former Greenberg Traurig LLP shareholder and Financial Industry Regulatory Authority arbitrator and mediator with nearly 30 years of securities industry experience as a partner in its West Palm Beach, Florida, office.

  • June 12, 2018

    Merrill Lynch To Pay $16M To Settle RMBS Scam Claims

    The U.S. Securities and Exchange Commission on Tuesday said brokerage firm Merrill Lynch Pierce Fenner & Smith Inc. will pay nearly $16 million to settle allegations its employees knowingly overcharged customers who purchased residential mortgage-backed securities.

  • June 12, 2018

    CPI Says Investor Is Unfit To Lead $173M IPO Suit

    In opposition to a class certification bid, CPI Card Group Inc. told a New York federal court on Monday that a man seeking to represent a class of investors accusing the chip-enabled card maker of misleading them in a $172.5 million initial public stock offering has a lack of familiarity with the case that makes him unfit for the task.

  • June 12, 2018

    Credit Suisse Wins 3-Year Limit On Martin Act Suits

    New York's highest court ruled Tuesday that the state attorney general could only sue under the Martin Act, a powerful tool for financial crimes enforcement, for three years after alleged violations, rejecting prosecutors' argument for a six-year limit and handing a victory to Credit Suisse.

  • June 12, 2018

    Ex-Barclays Trader Key Player In Euribor Fix, Jury Told

    It is “blindingly obvious” that two former senior traders at Barclays PLC and Deutsche Bank AG were the main players in a "conspiracy" to game the financial system by rigging Euribor to benefit their trading positions, a prosecutor for the Serious Fraud Office told a London jury Tuesday.

Expert Analysis

  • Best Practices For Interacting With SEC Examination Staff

    Bradley Bondi

    The U.S. Securities and Exchange Commission’s increased emphasis on protecting retail investors could signal a greater scrutiny of registered entities by the Office of Compliance Inspections and Examinations. When preparing for an examination, it is important to understand current OCIE priorities, say Bradley Bondi and Michael Wheatley of Cahill Gordon & Reindel LLP.

  • Analyzing The Economics Of Litigation Funding

    J.B. Heaton

    The growth of litigation funding has only increased the controversy surrounding it. Looking to move beyond the rhetoric for and against the practice, attorney and investment analytics expert J.B. Heaton, of J.B. Heaton PC and Conjecture LLC, attempts an objective analysis of the underlying economics of the litigation funding arrangement.

  • How Courts Are Interpreting DC Circ. Autodial Ruling

    Cory Eichhorn

    Two competing interpretations of the D.C. Circuit's March ruling in ACA International v. Federal Communications Commission are only the beginning of what is sure to be a continuing debate on the definition of an automatic telephone dialing system, say Cory Eichhorn and Annelise Del Rivero of Holland & Knight LLP.

  • Arbitrating Cryptocurrency Disputes

    Theodore Snyder

    Arbitration in the cryptocurrency world promises to be very different from traditional securities arbitrations against broker-dealers. The specific language of a digital currency exchange's arbitration provision will determine if a particular dispute is arbitrable, as demonstrated by a recent Eleventh Circuit ruling, says Theodore Snyder of Murphy & McGonigle PC.

  • Rule 23 Changes: How Electronic Notice Can Save Money

    Brandon Schwartz

    Courts are acknowledging a shifting consumer preference toward electronic mediums. Proposed changes to Rule 23, scheduled to take effect at the end of this year, will officially provide for the use of electronic notice in class actions — a change that could save parties a significant amount of money, say Brandon Schwartz and Maggie Ivey of Garden City Group LLC.

  • How We Got Here: A Look Back At Trailblazing Women In Law

    Jill Norgren

    Today's female lawyers stand on the shoulders of several generations of pioneers. Here, historian Jill Norgren explains how the status of women in the legal profession has changed since the 1870s.

  • How Dodd-Frank Rollback Changes The Volcker Rule

    Jerry Comizio

    The recently signed Economic Growth, Regulatory Relief and Consumer Protection Act represents the first significant deregulatory piece of legislation amending the Dodd-Frank Act. The new law makes several changes to the Volcker Rule, but its impact is likely to be modest, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Crypto Market Surveillance Has Arrived

    Sharon Brown-Hruska

    The recent wave of spoofing and manipulation enforcement actions washing over cryptocurrency markets, aided by increasing market surveillance, may cause concern in some quarters. However, precedents in established futures and spot markets suggest that, in the long run, the market will likely see benefits from increased surveillance, say members of NERA Economic Consulting.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • Adding Pakistan To 'Gray List' Has Important Consequences

    Michael Casey

    Next month, Pakistan will be added back to the Financial Action Task Force’s “gray list” due to the country’s failure to adequately address terrorist financing activities within its borders. This action could result in western financial institutions and companies re-evaluating their business dealings in Pakistan and with Pakistani banks and counterparties, say attorneys with Kirkland & Ellis LLP.