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Banking

  • June 15, 2018

    Health Hires: Honigman, Arnold & Porter, GrayRobinson

    Honigman Miller Schwartz and Cohn LLP has named a health care fraud pro to co-chair its white collar practice, Arnold & Porter has scored an attorney fresh out of the U.S. Food and Drug Administration, and another health expert has joined GrayRobinson PA.

  • June 15, 2018

    Manafort Ordered To Jail For Witness Tampering

    Paul J. Manafort will spend the remaining months before his trial on money laundering and conspiracy charges behind bars, a D.C. federal judge ruled Friday, after finding probable cause that the political operative who helped shepherd Donald Trump's 2016 presidential campaign attempted to tamper with witnesses while under supervised release.

  • June 15, 2018

    Citi To Pay States $100M For Libor Rigging

    A Citigroup Inc. unit has agreed to pay $100 million to 41 U.S. states and the District of Columbia for manipulating its U.S. Dollar London Interbank Offered Rate submissions in order to dodge bad publicity, prosecutors said Friday.

  • June 14, 2018

    NRA Asks To Depose NY Regulator In Discrimination Suit

    The National Rifle Association said Thursday that it wants to depose New York’s top financial services regulator to help it prepare its bid for a preliminary injunction in its suit accusing her of working with Gov. Andrew Cuomo to squash the gun rights advocacy organization by cutting it off from financial services.

  • June 14, 2018

    Hacker-Trader Gang Insider Implicates Ex-Fund Manager, Self

    Prosecutors building a case against two men who allegedly traded stocks after hackers passed them draft versions of corporate financial reports told a Brooklyn federal jury on Thursday that documents don’t lie, while the defense did its best to suggest that the witness who read them had.

  • June 14, 2018

    Company Can't Nix Claim Worker Fired For Reporting Bedbugs

    A Pennsylvania federal court ruled Thursday that a financial services company can’t shake off a suit by a former employee who alleges she was fired after reporting her office's bedbug infestation that forced her to take medical leave to the Occupational Safety and Health Administration.

  • June 14, 2018

    CFTC Calls Virtual Currencies ‘Goods’ At Boston Hearing

    The U.S. Commodity Futures Trading Commission told a federal judge in Boston on Thursday that virtual currencies fall within the definition of “goods and articles” it can regulate, arguing for jurisdiction over the expanding industry where the agency says scams are flourishing.

  • June 14, 2018

    Bank Of America Can't Nix Call Center Wage Suit

    A Nevada federal judge on Thursday rejected Bank of America's bid to toss as too vague a proposed Fair Labor Standards Act collective action alleging its call center employees wait at work for as long as a half-hour without pay while their computers start up, also reviving state claims.

  • June 14, 2018

    Currency Comptroller Resists Calls For Bank Review Info

    The head of the Office of the Comptroller of the Currency told senators Thursday that it would be inappropriate for his agency to release more detailed findings from its now-completed major review of sales practices at several dozen banks in the wake of the Wells Fargo unauthorized accounts scandal.

  • June 14, 2018

    7th Circ. Won't Revive Deutsche Bank Tax Shelter Suit

    A Seventh Circuit panel on Wednesday affirmed a lower court's decision to toss a former Deutsche Bank AG client's lawsuit accusing the bank and other financial advisers of breaching their fiduciary duties by advising him to set up an illegal tax shelter, finding he waited too long to sue.

  • June 14, 2018

    SEC Official Says Bitcoin And Ether Are Not Securities

    A key Securities and Exchange Commission official said Thursday that the agency does not consider cryptocurrencies bitcoin and ether to be securities, while affirming that many digital tokens sold in fundraising schemes known as initial coin offerings are indeed securities.

  • June 14, 2018

    8th Circ. Wells Fargo ERISA Case May Be A Bellwether

    Wells Fargo and retirement plan participants recently argued an Employee Retirement Income Security Act case before the Eighth Circuit that could have big implications for the viability of so-called proprietary fund suits, which accuse financial services companies of favoring their own investment products for workers’ retirement portfolios over better options. Here, Law360 breaks down the oral arguments in this closely watched case and takes a look at two key questions.

  • June 14, 2018

    Lebanese Bank Exits Shareholder Suit Over Terror Financing

    A Jordanian businessman who invested in the now-defunct Lebanese Canadian Bank can’t hold its former top brass accountable for human rights abuses under the Alien Tort Statute, a New York federal judge said Thursday, dismissing the derivative suit he brought on behalf of the bank for an alleged money laundering scheme orchestrated by its leaders.

  • June 14, 2018

    Swaps Exchange Accuses BofA, Goldman Of Illegal Boycott

    An electronic exchange for trading interest rate swaps filed suit on Thursday in New York federal court against an array of large financial institutions, including Bank of America, Goldman Sachs, Citigroup and Morgan Stanley, accusing them of illegally boycotting the exchange to eliminate competition in the interest rate swaps market and boost their own profits.

  • June 14, 2018

    DOJ Wins 3-Month Deposition Stay In Forex Investor Suit

    A New York federal judge has ruled that several banking executives accused of rigging benchmark foreign exchange rates can't be deposed for investors' proposed class action for at least another three months, giving the U.S. Department of Justice more time to proceed with a criminal probe into the scheme before the bankers sit for interviews in the civil case. 

  • June 13, 2018

    Del. Justices Focus On Terms In $167M Loan Default Appeal

    An attorney for a global equipment financing firm that was ruled in default on a $167 million loan agreement term last year for allegedly siphoning away $4.6 million in collateral was pulled back repeatedly Wednesday to the original deal terms while arguing for a reversal by the Delaware Supreme Court.

  • June 13, 2018

    JPMorgan, ADR Holders Strike $9.5M Deal In Fee Suit

    JPMorgan Chase & Co.’s banking unit agreed to shell out $9.5 million to end a proposed class action by a group of American depositary receipt holders who’d alleged the bank improperly charged extra foreign exchange transaction fees, according to a deal pitched in New York federal court Tuesday.

  • June 13, 2018

    OCC Hasn't Changed Preemption Stance, Comptroller Says

    The Office of the Comptroller of the Currency’s recent guidance encouraging banks to offer short-term, small-dollar loans shouldn’t be read as suggesting a change in the agency’s position on national bank preemption, Comptroller Joseph Otting told House lawmakers on Wednesday.

  • June 13, 2018

    Software Co. Says $514.16 Fee Row Belongs In Fed. Court

    A software company accused of conspiring with competitors to fix prices charged to bankruptcy trustees urged an Illinois federal judge on Wednesday to retain jurisdiction over the suit, arguing that the opposing counsel is seeking hundreds of thousands of dollars in attorneys’ fees in a dispute triggered by a $514.16 deduction.

  • June 13, 2018

    CFPB Fines Security Group $5M For Debt Collection Practices

    Security Group Inc., owner of a slew of consumer loan companies, agreed on Wednesday to pay $5 million to settle the Consumer Financial Protection Bureau's claims that it violated consumer protection law when it sent debt collectors to consumers' homes and workplaces.

Expert Analysis

  • 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.

  • Introducing The Legal Industry To Millennial Business Owners

    Yaima Seigley

    ​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.

  • US Law As Trade War Weapon

    Hdeel Abdelhady

    The United States effectively forced Chinese smartphone manufacturer ZTE to cease major operations this month, after the U.S. Department of Commerce blocked its access to vital U.S.-made components. The case puts into focus the Trump administration’s use of sanctions, anti-corruption and anti-money laundering laws as trade war weapons against economic rivals, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.