Banking

  • July 14, 2017

    Morgan Stanley Let Bosses 'Prey' On Women, Ex-Adviser Says

    A former financial adviser associate filed sexual harassment and retaliation claims against Morgan Stanley in California state court Thursday, claiming she was wrongfully terminated after being touched and harassed by managers in two different offices.

  • July 14, 2017

    Navajo Couple Says NM Cos. Hid Tax Refund Loan Charges

    A New Mexico couple who are members of the Navajo Nation on Thursday hit a company and two subsidiaries with a proposed class action, alleging that they preyed on consumers in and around the tribe's reservation by charging secret fees and hiding the true interest rate for loans tied to consumers' tax refunds.

  • July 14, 2017

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

    The last week has seen litigation of the sharia finance vehicle for Dana Gas, a new Financial List case against Citigroup's international broker-dealer and several individuals suing independent administrator and trustee Carey Pensions. Here, Law360 looks at those and other new claims in the U.K.

  • July 14, 2017

    Bankers Push Trump For New Market Access In China

    A group of influential bankers, insurers and other financial service providers began exerting pressure on the Trump administration to pry open China’s market to foreign capital Thursday, saying that a looming bilateral summit is the perfect forum to improve their access to Beijing.

  • July 14, 2017

    Abraham Fruchter Picked To Lead Fla. Ocwen Investor Suit

    The fight for the right to lead a proposed class of investors accusing Ocwen Financial Corp. of issuing misleading statements about its regulatory compliance is over after a Florida federal judge Friday appointed Abraham Fruchter & Twersky LLP to lead the litigation.

  • July 14, 2017

    CFPB Looks To Ease Small Banks' Line-Of-Credit Reporting

    The Consumer Financial Protection Bureau issued a proposed change Friday to a mortgage rule that would allow most community banks and credit unions to escape reporting on home equity lines of credit.

  • July 13, 2017

    Ex-Lehman Workers Denied $300M In Deferred Pay Claims

    A New York bankruptcy judge on Thursday denied a request from hundreds of former Shearson Lehman Brothers Inc. workers seeking up to $300 million in deferred pay, agreeing with the defunct investment banker’s liquidating trustee that previously signed agreements subordinate their claims.

  • July 13, 2017

    Firm Wants Fee Split Nixed In Wells Fargo Case Dispute

    One of the firms that handled a $25 million class action against Wells Fargo & Co. asked an Iowa federal court for the second time on Wednesday to set aside an arbitration decision that would require it to give half its fee award in the case to one of its co-counsel, arguing the agreement between the two firms was invalid because it violated state law.

  • July 13, 2017

    Trade Groups Kept Out Of Lehman's $1B Bank Clawback Fight

    Three financial industry groups were barred from filing amicus briefs Thursday supporting several big banks from which a Lehman Brothers unit seeks to claw back $1 billion in swaps transactions, with a New York federal court saying the bankruptcy appellees are plenty able to argue the case themselves.

  • July 13, 2017

    Policy Doesn't Cover $11M Cyberattack, 11th Circ. Told

    Great American Insurance Co. told the Eleventh Circuit on Thursday that a lower court properly held that the company need not cover $11.4 million in fraud losses suffered by a prepaid debit card processor because its policy's computer fraud coverage was not triggered.

  • July 13, 2017

    Draft Bill To Repeal Fiduciary Rule Attracts Industry Support

    A draft bill that would repeal the U.S. Department of Labor’s fiduciary rule for retirement account advisers and place responsibility for a uniform fiduciary standard with the U.S. Securities and Exchange Commission attracted support from the financial industry at a Thursday hearing, but was condemned by the AARP and Democratic lawmakers.

  • July 13, 2017

    CFPB Director Says Arbitration Rule Not A Threat To Banks

    Consumer Financial Protection Bureau Director Richard Cordray has said that his bureau’s new rule eliminating class action bans from arbitration agreements posed no risk to the banking system and rejected a fellow regulator’s claim that there was not sufficient coordination with other regulators in drafting the rule.

  • July 13, 2017

    FDIC Rips Insurer's Bid To Escape Puerto Rico Bank Dispute

    The Federal Deposit Insurance Corp. and the directors of a failed Puerto Rico bank it is suing over alleged bad loans came together to blast the bank's insurer for its attempt to escape coverage for the suit, saying the insurer is trying to pass off dozens of separate loans as a single prior act.

  • July 13, 2017

    Calif.-Based Bank, Pet Health Co. Prep IPOs Totaling $154M

    RBB Bancorp, a California bank formed to serve Asian immigrants, launched on Wednesday an estimated $69 million initial public offering one day after pet health products company PetIQ set terms on an $85 million deal, expanding the near-term pipeline of small IPOs.

  • July 13, 2017

    NY Court Has Jurisdiction For Rate-Rigging Suit, Funds Say

    Two hedge funds told a New York federal judge in a letter Wednesday that a recent U.S. Supreme Court ruling confirms his court has personal jurisdiction to hear their proposed class action against a slew of foreign and domestic global banking giants over their alleged rigging of Singapore financial benchmarks.

  • July 13, 2017

    2nd Circ. Petrobras Ruling No Help To MBS Class, Banks Say

    U.S. Bank and Deutsche Bank told a New York federal court Wednesday that the Second Circuit’s recent decision in Petrobras investor litigation does not support Royal Park’s attempt at certifying proposed class actions over allegedly toxic mortgage-backed securities.

  • July 13, 2017

    Wells Fargo Gets Quick Win In Suit Over CDO Asset Auction

    A New York federal judge sided with Wells Fargo Bank NA on Tuesday in a contract dispute over who owns millions of dollars’ worth of assets from a collateralized debt obligation that were put on auction last year.

  • July 13, 2017

    6 More Banks Face Possible Class Actions Over ‘Last Look’

    The same law firms that are suing Deutsche Bank AG and wrung $50 million from Barclays PLC over a controversial foreign exchange trading policy known as “Last Look” filed suit against six banks in New York federal court Wednesday, leveling similar allegations.

  • July 13, 2017

    Yellen Says Business Model Could Be Used To Set SIFI Status

    Federal Reserve Chair Janet Yellen said Thursday that her agency was open to the idea of subjecting banks to heightened regulatory scrutiny based on their activities rather than their asset size among other changes to the post-financial crisis regulatory architecture.

  • July 13, 2017

    Yanlord JV Drops Up To $1.33B On Singapore Property Firms

    A venture led by Yanlord Land Group Ltd. and Perennial Real Estate Holdings Ltd. is buying United Engineers Ltd. and a stake in its holding company in a deal the parties pegged at SG$1.83 billion ($1.33 billion).

Expert Analysis

  • Weekly Column

    Innovating For Wise Juries: Openings Before Voir Dire

    Richard Lorren Jolly

    This week’s idea for improving civil jury trials is remarkably simple: Allow counsel to provide complete opening statements to the entire venire before voir dire begins instead of after the jury is impaneled, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.

  • 5 Questions To Ask Client Before Proposing A Litigation AFA

    Gregory Lantier

    The first step in assembling an intelligent response to a request for an alternative fee arrangement is for outside counsel to be certain they understand the primary reasons that the client is making the request, say attorneys with WilmerHale.

  • Insights On Avoiding The 'Parental Leave Trap'

    Amanda Wingfield Goldman

    While novel, a recently filed class action charge with the U.S. Equal Employment Opportunity Commission over JPMorgan’s parental leave policy takes a new turn in challenging parental leave policies by arguing that the company's policy relies upon and enforces a stereotype that women are caregivers who should stay home following the birth of a child, say attorneys with Coats Rose PC.

  • Demise Of Disgorgement? Kokesh And Honeycutt In Tandem

    Maranda Fritz

    While a number of commentators have discussed the specific holding in Kokesh regarding the statute of limitations applicable to disgorgement, the more impactful aspect of the case lies in its reasoning. Counsel should read Kokesh in conjunction with Honeycutt and should integrate these decisions into their analysis in pending disgorgement matters, say Maranda Fritz and Brian Steinwascher of Thompson Hine LLP.

  • A Regulatory Bellwether: Forecasting Cyber Breach Litigation

    Michael Bahar

    While the prospects of cybersecurity litigation loom ever larger, there are tangible ways that may very well decrease the unease and mitigate the risk. Businesses can likely gain significant insight into the future standards courts will use by looking at what matters most to the regulators, say Michael Bahar, Alexander Sand and Trevor Satnick of Eversheds Sutherland LLP.

  • How Good-Faith Defenses Can Waive Attorney-Client Privilege

    John Emmanuel

    A Florida bankruptcy court's recent decision in the case of Mongelluzzi bears comment for the considerations it may present to any party relying on a good-faith defense, whether rooted in the Bankruptcy Code or otherwise, say John Emmanuel and Frank Harrison of Buchanan Ingersoll & Rooney PC.

  • Use Caution Before Relying On New 2nd Circ. TCPA Decision

    Matthew Rosenkoff

    Naturally, one might read the Second Circuit's recent decision in Reyes v. Lincoln Automotive Financial Services to provide justification, in certain circumstances, for ignoring revocation requests under the Telephone Consumer Protection Act. However, the practical applicability of Reyes may, in fact, be minor, says Matthew Rosenkoff of Taylor English Duma LLP.

  • 3 Key Areas Legal Operations Teams Should Focus On

    Jaime Woltjen

    These days, legal operations directors can easily get stretched too thin between responsibilities like overseeing support staff and taking on office management responsibilities. Legal operations teams should focus their time and effort on outside counsel management, technology planning and analytics, says Jaime Woltjen of Stout Risius Ross LLC.

  • Clearing Up Broker-Dealer Classification Questions In NY

    David Kleinmann

    A recent decision by the New York State Department of Labor’s Unemployment Insurance Appeal Board provides broker-dealers with greater clarity surrounding job classification of Financial Industry Regulatory Authority-registered representatives working in stockbroker positions. The decision provides a narrow but clear safe harbor for NYSDOL investigations into classification, says David Kleinmann of Tarter Krinsky & Drogin LLP.

  • Recap

    What The Experts Said About High Court Rulings This Term

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    With the U.S. Supreme Court term now concluded, we take a look back at some first impressions from the experts when the most impactful decisions for corporate law were handed down.