We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Banking

  • 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.

  • June 13, 2018

    Lehman Settles $1.2B Credit Suisse Trade Closeout Fight

    Lehman Brothers Holdings Inc. said Tuesday it had reached a settlement with Credit Suisse AG to end a long-running bankruptcy court scuffle over closeout calculations for derivatives trades following the firm’s 2008 collapse, freeing Lehman from a $1.2 billion claim and its last big bank action of that kind.

  • June 13, 2018

    Higher One Shareholders Seek Final OK On $7.5M Settlement

    A class of Higher One Holdings Inc. investors on Tuesday asked a Connecticut federal judge to approve a $7.5 million deal with the company and its former board members, settling allegations the higher education financial services provider misled the investors following a run-in with federal regulators.

  • June 13, 2018

    Time Limit Under NY Securities Law May Frustrate Big Cases

    A ruling Tuesday by New York’s highest court limiting to three years the time in which the state attorney general’s office can bring securities fraud claims under the Martin Act could hamper complicated cases involving large financial services firms, especially if prosecutors are seeking to charge individuals, legal experts said Wednesday.

  • June 13, 2018

    Sens. Question If SEC Official Abused Role In Remarks To Citi

    Six Democratic senators have asked the U.S. Securities and Exchange Commission’s inspector general to look into reports that outgoing Commissioner Michael Piwowar lit into Citigroup Inc. executives during a private meeting at the agency after the bank rolled out firearm sales restrictions for retail clients in the wake of the Parkland, Florida, school shooting.

  • June 13, 2018

    2nd Circ. Hands ING Bank A Win In Marine-Fuel Lien Dispute

    A Manhattan federal judge erred in quashing ING Bank's lien on a ship's fuel bill and also in entering an "ill-advised" grant of summary judgment in favor of the vessel, the Second Circuit held Wednesday, issuing a reversal in a money fight flowing from the bankruptcy of shipping fuel provider O.W. Bunker.

  • June 13, 2018

    Madoff Trustee Recovers $280M In Ezra Merkin Settlement

    The trustee for Bernie Madoff's defunct investment firm Wednesday asked a New York bankruptcy court to approve a $280 million settlement of his claims that disgraced financier J. Ezra Merkin received fraudulent transfers from Madoff’s fund.

  • 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.

Expert Analysis

  • Relief From CFPB’s Auto Guidance May Be Short-Lived

    Dowse Rustin IV

    In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • Industry-Friendly OCC Regulations May Be On The Horizon

    David Freeman

    The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • FCPA Settlement Shows Gov't Going After All Sides

    Amelia Hairston-Porter

    A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.

  • Financial Institutions Seem Unprepared For Libor Demise

    Kevin Trabaris

    We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.