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

  • January 8, 2019

    Fintech Charter Ruling Is Important But 'Must Wait': OCC

    While acknowledging that a ruling on the matter would benefit the entire banking industry, the Office of the Comptroller of Currency told a D.C. federal judge Monday that a state regulator group’s latest challenge to a proposed special purpose charter for financial technology firms once again “must wait.”

  • January 8, 2019

    Mortgage Fraud Mastermind Gets 13 Years In Prison

    A New Jersey man who copped to stealing nearly $1.5 million from financially distressed homeowners, investors and institutions was sentenced to over 13 years in prison Tuesday in Rhode Island federal court, the U.S. Department of Justice announced.

  • January 8, 2019

    Fed Board, Immune To Shutdown, Scolds Texas Bank On AML

    One of the financial watchdogs that has been uninhibited by a weeks-long partial government shutdown, the Federal Reserve Board, on Tuesday ordered a rural bank in western Texas to improve its anti-money laundering program.

  • January 8, 2019

    Winklevoss Bros. Bitcoin Fraud Suit Survives Dismissal Bid

    A bitcoin entrepreneur and convicted felon must face fraud claims brought by Cameron and Tyler Winklevoss that he swindled the twin brothers out of millions of dollars worth of cryptocurrency, a New York federal judge ruled.

  • January 8, 2019

    Venezuela Targets US Sanctions With New WTO Case

    Venezuela has taken the rare step of challenging a slew of U.S. sanctions moves at the World Trade Organization, asserting that the White House’s blockage of its goods, services, debt and government-backed cryptocurrency are in violation of global trade rules, according to a WTO document published Tuesday.

  • January 8, 2019

    Central Banks Wary Of Virtual Currency, BIS Study Warns

    Most of the world’s central banks are experimenting with ways to replace cash with digital currencies, but only a few have made “firm plans” to issue their own crypto-assets within the next decade, according to a report released on Tuesday.

  • January 7, 2019

    Justices Eye Debt Collection Law's Reach In Foreclosure Case

    The U.S. Supreme Court mulled the applicability of a key federal law regulating debt collection to nonjudicial foreclosures during oral arguments on Monday, with some conservative justices raising doubts about how different the widely used tool is from collecting a debt.

  • January 7, 2019

    Convicted Wilmington Trust Execs Seek Bail During Appeal

    Four Wilmington Trust Corp. executives sentenced to three- to six-year prison terms in December for false reporting practices that crippled their bank sought bail pending appeal late Friday, with all raising multiple challenges to government claims they falsified past-due commercial loan status disclosures.

  • January 7, 2019

    GrayRobinson Adds Two Attorneys To Southwest Fla. Offices

    Florida law firm GrayRobinson PA announced Monday that it has bolstered its real estate, litigation and banking transaction practices in southwest Florida with the addition of two attorneys in its Naples and Fort Myers offices.

  • January 7, 2019

    Attys Get $2.3M Fee For $6.9M Citigroup ERISA Class Deal

    A New York federal judge has awarded $2.3 million to the attorneys for a class of over 300,000 Citigroup Inc. 401(k) plan participants who negotiated a $6.9 million settlement in a long-running Employee Retirement Income Security Act suit in August.

  • January 7, 2019

    Madoff Aide's Initial Bid To Finish Sentence At Home Denied

    A New York federal judge on Monday denied a request from former Bernie Madoff aide Annette Bongiorno to conclude her six-year sentence for involvement in Madoff’s Ponzi scheme at home, saying she needs to ask the Bureau of Prisons first.

  • January 7, 2019

    9 Financial Firms Plan To Start New Exchange To Rival Giants

    Nine Wall Street firms on Monday said they are teaming up to launch a stock exchange billed as a low-cost alternative to dominant players such as the New York Stock Exchange and Nasdaq.

  • January 7, 2019

    Investors Slam Sidley Austin’s 'Strategic' Ponzi Case Claims

    Investors in a defunct management firm accused of operating in a Ponzi-like fashion told an Oregon federal judge Friday that third-party contribution claims filed by Sidley Austin LLP are calculated and could snarl their proposed class action alleging the law firm and others aided the scheme.

  • January 7, 2019

    English Translation Key In 1st Circ. Puerto Rico Bond Dispute

    The fate of billions of dollars in collateral from employer contributions to Puerto Rico's largest public pension fund could hinge on the fact that an official Spanish-to-English translation altered the English name of the fund, an action whose impact on bondholders staking a claim to the collateral was debated Monday before a First Circuit panel.

  • January 7, 2019

    2nd Circ. Upholds Gupta Insider Trading Conviction

    The Second Circuit upheld former Goldman Sachs director Rajat Gupta's insider trading conviction on Monday, rejecting Gupta's claim that the jury instructions at his 2012 trial were invalidated by the appellate court's landmark Newman ruling.

  • January 4, 2019

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

    The last week has seen Natixis sue a Nigerian oil refinery, a Qatar Insurance unit lodge a commercial fraud claim, and Allianz Global Investors take on some of the same major banks the institutional investor has already sued for foreign exchange manipulation in the U.S. Here, Law360 looks at those and other new claims in the U.K.

  • January 4, 2019

    Feds Urge Court To Trim Ex-Bankrate Exec's 5-Year Sentence

    Prosecutors urged a Florida federal judge Thursday to shave over a year off an ex-Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme, praising his “vital” assistance to the government in nabbing his boss, Edward DiMaria, in a rare conviction of a chief financial officer.

  • January 4, 2019

    RE Exec's Bid To Pull Plea In $22.9M Scam Falls Short: Feds

    A Chicago real estate developer shouldn't be allowed to withdraw his guilty plea in a $22.9 million bank fraud case, prosecutors said Thursday, arguing the developer — who's supposed to be sentenced next week — can't claim a former lawyer led him astray in making the plea.

  • January 4, 2019

    Education Co. Agrees To $500M Debt Relief Over Fraud Claims

    Career Education Corp. has agreed to not collect nearly $500 million in student loan debts owed by more than 179,000 individuals across the country as part of a multistate settlement to resolve allegations the for-profit education company misled students about enrollment costs and job prospects, among other practices.

  • January 4, 2019

    Foreclosure Challenger Can Collect Atty Fees, Fla. Court Says

    The Florida Supreme Court on Friday reversed a precedent-setting appeals court decision that said a mortgage holder could not invoke an attorneys’ fees provision after prevailing in a foreclosure suit because the noteholder failed to establish standing.

Expert Analysis

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.

  • A Review Of US Economic Sanctions In 2018

    Ama Adams

    In 2018, the U.S. government strengthened sanctions targeting Iran, Russia and Venezuela, sanctioned an agency of the Chinese government and completed the second largest sanctions-related enforcement action on record. And the evidence suggests 2019 will be equally tumultuous, say attorneys with Ropes & Gray LLP.

  • Opening Comments: A Key Strategic Decision In Mediation

    Jann Johnson

    Opening comments by parties in mediation that are made with the proper content and tone can diffuse pent-up emotion and pave the way for a successful resolution. But an opening presentation can do more harm than good if delivered the wrong way, say Jann Johnson and William Haddad of ADR Systems LLC.

  • 2018 In Review: Significant White Collar Developments At DOJ

    Jason Jones

    As the year comes to a close, attorneys at King & Spalding LLP look back at a few of the most notable developments at the U.S. Department of Justice, including corporate monitor guidance, a False Claims Act policy shift, foreign exchange prosecutions, cryptocurrency fraud and international cooperation developments.

  • Top 10 Whistleblowing And Retaliation Events Of 2018

    Steven Pearlman

    This year saw significant changes in the landscape of whistleblower and retaliation law, including a game-changing decision from the U.S. Supreme Court and the three largest bounty awards issued in the history of the U.S. Securities and Exchange Commission, say Steven Pearlman and Meika Freeman of Proskauer Rose LLP.

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Shifting Federal Policies Sow Discord In US Real Estate

    Eric Rapkin

    Changes in tariffs, tax law and bank deregulation present a confusing picture of short-term gains and long-term risk for real estate. Eric Rapkin of Akerman LLP takes a look at the industry's "winners" and "losers" following these developments.

  • A Look Back At Mulvaney's CFPB, And What's Ahead In 2019

    Stephanie Robinson

    With Kathy Kraninger now confirmed as the next director of the Consumer Financial Protection Bureau, attorneys with Mayer Brown LLP offer an in-depth look at how the agency has changed under acting Director Mick Mulvaney and what it may look like going forward.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.