Banking

  • November 13, 2017

    Pressure On HSBC Grows Over S. Africa Corruption Scandal

    Anti-corruption campaigners called on Monday for enforcement agencies in the U.S and U.K. to open a full probe into a growing banking scandal that has led HSBC to pull down the shutters on accounts linked to a South African bribery case.

  • November 13, 2017

    Barclays Faces Landmark Interest Swaps Misselling Claim

    Barclays Bank PLC is set to face an unprecedented legal claim in the High Court on Tuesday when a British couple become the first private individuals to sue a high street bank for allegedly misselling them complex interest rate hedging products.

  • November 13, 2017

    EU Securities Watchdog Warns Investors On ICO Legal Risks

    Europe’s securities watchdog warned investors on Monday over the risks of initial coin offerings, and said firms using the new trend for cryptocurrency to raise capital may be breaching EU financial laws.

  • November 10, 2017

    Ex-SEC Chair Warns Of Adviser Exam Shortfall 'Disaster'

    Former U.S. Securities and Exchange Commission Chair Mary Jo White on Friday sounded an alarm about the agency’s inability to conduct regular inspections of most registered investment advisers, calling it “a disaster waiting to happen” if the pace can’t be picked up.

  • November 10, 2017

    Ex-Barclays Trader 2nd To Get Libor Conviction Reviewed

    The Criminal Cases Review Commission confirmed on Friday that it will review a former Barclays PLC banker’s petition for a final appeal against his June 2016 conviction for rigging the London Interbank Offered Rate.

  • November 10, 2017

    EU Court Rebukes Watchdog Over €15M ICAP Libor Rig Fine

    A top European Union court gave a U.K. broker-dealer a partial win on Friday by annulling parts of the European Commission’s decision to fine it nearly €15 million ($19 million) in 2015 for alleged involvement in cartels linked to the rigging of Japanese Yen interest rate derivatives.

  • November 10, 2017

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

    The last week has seen the Premier League bring a copyright claim against Barclays, Bank of Scotland sue an NHS trust and another suit from liquidators at Bilta who have been accusing banks of participating in a vast carbon trading tax fraud. Here, Law360 looks at those and other new claims in the U.K.

  • November 10, 2017

    Capita Must Repay £66M Over Collapsed Connaught Fund

    Capita Financial Managers has been forced to repay investors "up to" £66 million ($86.6 million) by Britain’s Financial Conduct Authority over its role in the collapsed Connaught Income Fund, it was announced Friday.

  • November 9, 2017

    Eddie Bauer Can't Shake Credit Union's Data Breach Suit

    A Washington state federal judge on Thursday refused to toss a credit union's putative class action over a data breach at Eddie Bauer LLC, finding that allegations that the retailer failed to take reasonable security measures and to guard against unauthorized access to account holders' information were enough to prop up negligence and state law claims. 

  • November 9, 2017

    Madoff Victims Get $773M In Largest Payout For DOJ Program

    The U.S. Department of Justice on Thursday announced the eight-year wait is over for 24,631 victims of Bernie Madoff’s infamous Ponzi scheme, who should expect checks in the mail as the government distributes $772.5 million from a $4.05 billion compensation fund, the largest distribution ever under the DOJ's victim compensation program.

  • November 9, 2017

    CFPB Urges Justices To Reject Tribal Lenders' Petition

    The Consumer Financial Protection Bureau has urged the U.S. Supreme Court to reject a challenge to a Ninth Circuit decision forcing two Native American online lenders to comply with a CFPB investigation of their business practices, saying the agency’s authority clearly encompasses tribe-owned companies.

  • November 9, 2017

    SEC Likely To Revisit Cybersecurity Guidance, Official Says

    The U.S. Securities and Exchange Commission likely will issue new guidance to public companies on disclosing cybersecurity incidents, a top official said Thursday, in a sign that the agency is looking to improve industry practices that have been criticized in the wake of massive breaches at companies like Equifax Inc. and Yahoo Inc.

  • November 9, 2017

    Appleby Data Breach Highlights Law Firms' Unique Risks

    The recent leak of a trove of high-profile clients’ investment data from offshore law firm Appleby drives home the legal and ethical pitfalls that arise from lawyers’ failure to protect the records of individuals and businesses expecting the strictest confidentiality, attorneys say.

  • November 9, 2017

    Watchdog Sues DOJ For Russian Lawyer’s Immigration Docs

    The conservative watchdog group Judicial Watch filed a Freedom of Information Act suit in federal court Thursday against the U.S. Department of Justice, seeking immigration records about a Russian lawyer whose June 2016 meeting with Donald Trump Jr. sparked controversy.

  • November 9, 2017

    ECB Vice President Casts Cold Water On Cryptocurrencies

    The vice president of the European Central Bank took a bearish view of cryptocurrencies’ potential to transform the financial system in a speech in Rome on Thursday, saying that private digital currencies will never fully replace money, predicting that central bank-sponsored versions would not to come pass without limits.

  • November 9, 2017

    9 Firms To Steer IPOs Exceeding $1.7B Amid Preholiday Rush

    Nine firms will steer 10 companies scheduled to price initial public offerings surpassing $1.75 billion during the final full week before Thanksgiving, representing a bevy of companies spanning from China to Latin America to private equity and venture-backed issuers at home.

  • November 9, 2017

    Witness In Banker's Insider-Trading Trial Gets Probation

    A New York federal judge has ordered a Long Island man to serve one year of probation and forfeit $900,000 for his role in an insider trading scheme he helped the government investigate and prosecute as a cooperating witness, recording meetings and phone calls and testifying at the trial of a former investment banker.

  • November 9, 2017

    Merrill Lynch Wants $107M In Investor Suits In Court

    Merrill Lynch asked a California federal court on Wednesday to kick three FINRA proceedings worth $107 million from arbitration into court, arguing that the stockholders, who have alleged that the firm failed to disclose the risks of the subprime mortgage market before 2008, have brought untimely claims against a non-FINRA member.

  • November 9, 2017

    Exxon, Shell Want Nigerian Oil Co. Docs In $1.8B Award Row

    Subsidiaries of Exxon Mobil Corp. and Royal Dutch Shell PLC asked a New York federal judge on Wednesday to compel a Nigerian state-owned oil company to produce documents they say will show that the oil company is an alter ego of the government, arguing that the information is important to confirming a $1.8 billion arbitral award over a production sharing contract.

  • November 9, 2017

    2nd Circ. Won't Revisit Use Of Forced Testimony

    The full Second Circuit said Thursday it will not reconsider a decision dismissing a Libor-rigging case tainted by compelled statements made in the U.K. — leaving the government to live with the limit on cross-border enforcement or appeal to the U.S. Supreme Court.

Expert Analysis

  • The Non-Arbitration Alternative To New York ADR

    Edmund O'Toole

    Corporate transactional attorneys drafting dispute resolution provisions in New York commercial agreements should consider using a provision that would require any dispute arising under the agreement to be determined in accordance with the NY Supreme Court’s Commercial Division and its rules applicable to accelerated adjudication actions, says Ed O’Toole of Venable LLP.

  • Congressional Forecast: November

    Richard Hertling

    After months of talk, speculation and behind-the-scenes negotiations, the Republican tax reform proposal is expected to be released to the public this week. The stakes surrounding it are high; failure to pass the bill could put at risk Republican control of Congress in the 2018 elections, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • A 1st Impression Of The Manafort And Gates Indictment

    Harry Dixon

    Following the indictment of Paul Manafort and Richard Gates on Monday, attorney Harry Dixon of Taylor English Duma LLP discusses some immediate takeaways — including the possibility of a presidential pardon. While pardons are generally granted after a conviction, there is a historic outlier.

  • Financial Crisis Anniversary

    A Crisis Caused By Housing Policies, Not Lack Of Regulation

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    Supporters of the Dodd-Frank Act regularly claim that any change or reform of that law will open the U.S. economy to another financial crisis. This view is based on the fallacious idea that the crisis 10 years ago was the result of insufficient regulation of banks, says Peter Wallison, a senior fellow at the American Enterprise Institute and a dissenting member of the Financial Crisis Inquiry Commission.

  • Roundup

    Making Pro Bono Work

    Pro Bono Thumbnail

    In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.

  • Being There: Preparing Witnesses For Depositions

    Alan Hoffman

    Preparing witnesses to be deposed is a critical element of discovery. It is important to remember that each witness is an individual with unique personal qualities, strengths and weaknesses. Getting to know the witness helps establish rapport and trust, says Alan Hoffman of Husch Blackwell LLP.

  • Series

    Making Pro Bono Work: The Sidley-Exelon Partnership

    Kelly Huggins

    Exelon Corp. and Sidley Austin LLP have been working together on both short- and long-term pro bono matters for the past 10 years. We offer a glimpse of how we got started and what we have done in the hope that other corporate legal departments and law firms might find ways to work together to meet the legal needs of the poor, say Kelly Huggins, pro bono counsel at Sidley Austin, and Margaret Balsley-Cross, assistant general counsel at Exelon.

  • Leveraged Loan Decision Could Have Broad Consequences

    Michael Krimminger

    The U.S. Government Accountability Office’s recent finding that the federal banking agencies’ 2013 interagency guidance on leveraged lending is a “rule” subject to the Congressional Review Act may greatly expand the scope of supervisory guidance that could be challenged, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Recipe For Legal Project Management: Look To BBQ Champs

    Anthony Rospert

    As a master certified barbecue judge with the Kansas City Barbeque Society, I have noticed that the top pitmasters follow a consistent process in approaching each and every competition. Their "secret sauce" — employing project management principles — can also help lawyers achieve success, says Anthony Rospert of Thompson Hine LLP.

  • Series

    Making Pro Bono Work: Can You Practice In Your State?

    Eve Runyon

    The justice gap is a well-documented problem and over the past two decades, law firms have mobilized attorneys to provide millions of hours of pro bono every year. But for many in-house counsel, there remains a big hurdle — restrictive multijurisdictional practice rules, says Eve Runyon, president and CEO of Pro Bono Institute.