Banking

  • May 18, 2017

    SunEdison Says It's Poised To Solicit Votes On Ch. 11 Plan

    SunEdison Inc. told a New York bankruptcy court on Wednesday that after resolving several objections to its Chapter 11 plan disclosures and reaching a critical accord with its key creditors, it is in position to move forward with soliciting votes for its exit from bankruptcy.

  • May 18, 2017

    Turkey-Owned Bank Foots Legal Bill For Zarrab Co-Defendant

    A Turkish bank executive charged in a politically sensitive Iran sanctions case is having his legal bills paid by his state-controlled employer, his lawyer told a New York federal judge on Thursday.

  • May 18, 2017

    NY Judge Dismisses $2.4B Tax-Dodging Suit Against Citigroup

    A New York state judge on Wednesday tossed out a $2.4 billion suit accusing Citigroup of dodging $800 million in state taxes by illegally deducting losses it incurred during the financial crisis, according to a source familiar with the matter.

  • May 18, 2017

    Bank Mgr., Realty Exec Charged In Multimillion-Dollar Fraud

    A branch manager at a major retail bank in New York and an executive and a bookkeeper of a real estate company were charged Thursday with bank fraud, bank fraud conspiracy and money laundering conspiracy in what federal prosecutors say was a multimillion-dollar scheme to plunder the company’s bank accounts.

  • May 18, 2017

    Wells Fargo Class’ $142M Deal Proceeds Over Objections

    A California federal judge on Thursday said he would likely approve a $142 million settlement between Wells Fargo and the owners of 3.5 million unauthorized bank accounts that were surreptitiously opened in their names, but he heard arguments from intervenors who said their related cases were worth more and broader in scope.

  • May 18, 2017

    Insurer Needn't Pay $5M For Loan Fraud Loss, 6th Circ. Says

    The Sixth Circuit on Thursday ruled that Cumis Insurance Society Inc. doesn't have to pay $5 million under a fidelity bond to cover losses that a credit union suffered from an officer's fraudulent loan scheme, upholding the insurer's trial win before an Ohio federal court.

  • May 18, 2017

    Bermuda Insurer Fights MF Global's $1.8M Attys' Fee Bid

    Former MF Global excess insurer Allied World Assurance Co. Ltd. said in New York bankruptcy court Wednesday that it never violated court rules, despite the defunct company’s bid for $1.8 million in attorneys' fees over insurers' alleged failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.

  • May 18, 2017

    CFTC Swaps Capital Proposal Needs Work, Groups Say

    Several groups representing swap dealers and other financial firms have told the U.S. Commodity Futures Trading Commission to rethink parts of its proposal to establish minimum capital requirements for swap dealers, saying as written the proposal could push dealers out of the market.

  • May 18, 2017

    Deals Rumor Mill: UAE Exchange, Naspers, Julius Baer

    UAE Exchange Group plans to spend up to $300 million on acquisitions through 2020, Naspers is considering a sale of pay-TV business Multichoice and Julius Baer is nearing the acquisition of a minority stake in Argentine financial services company TPCG Group.

  • May 18, 2017

    CFPB Must Improve Enforcement Data Security, Report Says

    The Consumer Financial Protection Bureau failed to restrict access to sensitive enforcement data by former employees who left the bureau or were reassigned, putting that information at risk, a watchdog report said Thursday.

  • May 18, 2017

    Convicted Embezzler Loses Bid For Resentencing At 7th Circ.

    The Seventh Circuit on Wednesday upheld a 10-year sentence for a scheme to embezzle nearly $14 million from a credit union, saying a district judge was right to reject a mitigating factor that the defendant considered important.

  • May 18, 2017

    SEC Denies FINRA Order Freeze For Appealing Brokerage

    The U.S. Securities and Exchange Commission has denied a bid by a broker-dealer to freeze a Financial Industry Regulatory Authority order requiring it to get annual financial statements reviewed by certain firms, saying it hadn’t shown how an appeal of the order would succeed.

  • May 18, 2017

    Treasury Secretary Dashes Hopes For Glass-Steagall Revival

    Treasury Secretary Steven Mnuchin on Thursday said that the Trump administration has no intention of breaking up the biggest banks despite administration statements that it supported an updated version of the Glass-Steagall Act.

  • May 18, 2017

    Quicken Loans Charged Illegal Interest, Borrowers Say

    A proposed class of mortgage borrowers has accused Quicken Loans of exploiting a Federal Housing Administration loophole to charge illegal interest payments without providing mandatory disclosures, according to a complaint filed in Georgia federal court.

  • May 17, 2017

    LA Looks To Revive BofA, Wells Fargo Lending Bias Suits

    Los Angeles urged the Ninth Circuit on Wednesday to revive separate suits accusing Bank of America Corp. and Wells Fargo & Co. of steering minority borrowers to more expensive and riskier home loans, saying both were wrongly tossed as time-barred and with a premature focus on the merits.

  • May 17, 2017

    NJ Lawyer Cops To False Entries In Bank Fraud Conspiracy

    A lawyer pled guilty in New Jersey federal court on Wednesday to two charges related to her role in a conspiracy to cook the books of now-defunct First State Bank in order to fool the Federal Deposit Insurance Corp. and other auditors into giving the troubled bank a clean bill of health.

  • May 17, 2017

    Coinbase Users Move To Stay Unnamed, Quash IRS Summons

    A pair of anonymous Coinbase customers have asked a California federal court to allow them to remain unidentified and to intervene in an IRS effort to enforce a summons for customer names, data and correspondence from the virtual currency exchange company.

  • May 17, 2017

    Regulatory Reform Package Clears Senate Committee

    The Senate Homeland Security Committee on Wednesday sent five regulatory reform bills to the full body for a vote, all of which are designed to make it harder for executive agencies to promulgate rules.

  • May 17, 2017

    Class Seeks Supplement OK In FXCM Chancery Breach Suit

    Attorneys for directors of foreign exchange broker FXCM Inc. disputed proposed additions Wednesday to an investor class complaint accusing the board of fiduciary breaches, waste and other failings, telling a Delaware Chancery Court that rules governing the fully briefed and pending dismissal motion bar the changes.

  • May 17, 2017

    FINRA Fines Merrill Lynch Over Customer Trade Prices

    The Financial Industry Regulatory Authority said it has fined Merrill Lynch for allegedly failing to obtain the best price for customers on thousands of manually executed trades and failing to keep accurate records of the trades, among other violations.

Expert Analysis

  • What Lawyers Should Know To Avoid Online Scams

    J. S. Christie Jr.

    Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.

  • How Recent Executive Orders May Affect SEC And CFTC

    Tittsworth_David (2).jpg

    The first 100 days of the Trump administration have brought numerous directives designed to reshape the regulatory landscape for financial institutions that ultimately may result in dramatic changes to government departments and agencies, says David Tittsworth of Ropes & Gray LLP.

  • Web Servers: An Overlooked Cybersecurity Risk At Law Firms

    Jeff Schilling

    Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.

  • 2nd Circ. May Clarify 5th Amendment Issue In Libor Case

    Mark Racanelli

    A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .

  • The Mediator’s Proposal As A Tool For Litigants

    Dennis Klein

    Mediators’ proposals, which call for an unconditional and confidential acceptance or rejection, are resolving high-value disputes on a regular basis. Dennis Klein of Critical Matter Mediation examines why this is happening and the tactical implications for litigants in anticipating that a mediator’s proposal could resolve litigation.

  • Another Aggressive CFPB Position Leads To DC Circ. Rebuke

    Ori Lev

    The D.C. Circuit’s recent refusal to enforce a civil investigative demand issued by the Consumer Financial Protection Bureau to a for-profit school accrediting agency is likely to have broad implications for CFPB enforcement investigations. It is possible that the agency’s aggressive posture colored the court’s analysis of the legal question before it, say Ori Lev and James Williams of Mayer Brown LLP.

  • Expectations After The Trump Administration's First 100 Days

    Jim Flood

    In its first 100 days, the Trump administration has had mixed results and may be behind where it wants to be. The biggest threat to President Donald Trump’s domestic policy agenda beyond the first 100 days is the difficulty of reconciling the Freedom Caucus Republicans, moderate Republicans and Democrats, say Jim Flood and Cari Stinebower of Crowell & Moring LLP.

  • A Do-Over: Takeaways From Florida Court's Ober Revisit

    Paul Rush

    A Florida state court's recent reversal of its own 2016 decision in Ober v. Town of Lauderdale-By-The-Sea affirms the long-standing interpretation of Florida’s lis pendens statute. However, lenders should be on alert, for this ruling may not be the end of the road for Ober, says Paul Rush of Trenam Law.

  • Thinking Fast And Slow About Class Action Reform

    Michael Donovan

    Corporate interests lobbying for H.R. 985, the anti-class action bill recently passed by the U.S. House of Representatives, are the same ones that pushed the Class Action Fairness Act in 2005. That law caused most significant class actions to migrate to federal courts. Ironically, the new bill could return many class actions to state courts, says Michael Donovan of Donovan Litigation Group LLC.

  • In New York Lending Agreements, The Contract Rules

    Richard H. Epstein

    In some states, borrowers may invoke the “implied covenant of good faith and fair dealing” to circumvent certain express loan terms. The recent decision in Transit Funding Associates v. Capital One Equipment Finance made clear that such arguments will be rejected by New York’s First Department, says Richard Epstein of Sills Cummis & Gross PC.