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Banking

  • October 10, 2018

    Ex-Wells Fargo Adviser Gets Class Cert. Over Deferred Comp.

    A South Carolina federal judge granted class action status Tuesday to a former Wells Fargo financial adviser’s suit alleging the bank improperly cut him and other employees out of deferred compensation they were owed under a retirement benefits plan.

  • October 10, 2018

    Finance Atty Joins Holland & Knight In Denver

    Holland & Knight LLP has hired finance and bankruptcy attorney Keith Sambur from Haynes and Boone LLP as a partner at its financial services practice group in the Denver office.

  • October 10, 2018

    Forex 'Cartel' Traders Cheated The Market, Jury Hears

    Using a private chatroom dubbed “the cartel,” three former foreign currency exchange traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co. units colluded to suppress competition in the forex market, a federal prosecutor said Wednesday as the trio's criminal forex-rigging trial began.

  • October 10, 2018

    Navient Asks For Special Master In CFPB Discovery Row

    Navient Corp. told a Pennsylvania federal judge on Wednesday that the Consumer Financial Protection Bureau has been withholding documents in the agency’s suit over the company’s student loan servicing practices and ought to have a special master check over its work.

  • October 10, 2018

    NY Regulator Fines UAE Bank $40M Over Compliance Issues

    New York’s financial services regulator filed a consent order Wednesday saying it has reached an agreement with United Arab Emirates-based Mashreqbank PSC and its New York branch, which will pay a $40 million civil penalty and take remedial steps to address deficiencies in its compliance infrastructure.

  • October 10, 2018

    LeClairRyan Adds Cybersecurity-Focused Atty From SF Fed

    LeClairRyan has brought on an attorney from the Federal Reserve Bank of San Francisco who specializes in privacy, data security, financial services and white collar matters and litigation, the firm announced Tuesday.

  • October 10, 2018

    Raymond James Can't Ditch Secret Commission Class Action

    A Florida federal judge denied Raymond James’ bid to toss a putative class action alleging the financial services company charges unauthorized commissions via a “processing fee,” rejecting the company's argument that the payments are unrecoverable because they were made voluntarily. 

  • October 10, 2018

    DOJ Rules Out Life Term Bids For Ex-Wilmington Trust Execs

    Federal prosecutors in Delaware reported an agreement Wednesday to scale back initial life sentence recommendations for four Wilmington Trust Corp. executives convicted of an estimated $196 million securities fraud in May, opting instead to seek prison terms topping out at 11¼ years.

  • October 10, 2018

    Hong Kong To Penalize IPO Sponsors For 'Substandard' Work

    The Hong Kong Securities and Futures Commission is penalizing investment banks that fail to uphold standards when sponsoring initial public offerings, the agency’s enforcement director said Wednesday, and is promising additional disciplinary action until regulators see improvement.

  • October 10, 2018

    BofA Workers Want Approval Of $11M Mileage Expense Deal

    About 1,900 Bank of America NA workers have asked a California federal judge to give preliminary approval to an $11 million deal settling claims that the bank failed to reimburse loan officers for use of their personal vehicles, saying the deal balanced the risk of going to trial given the lack of mileage records.

  • October 10, 2018

    Labaton To Pay $4.8M, Accept Oversight On Fee Practices

    Labaton Sucharow LLP has apologized and will pay $4.8 million and accept oversight by a retired judge to resolve a Massachusetts federal court’s investigation into the firm's excess fees and a controversial payment to a Texas lawyer, according to Wednesday court filings. 

  • October 10, 2018

    Feds Seek 5 Years For Convicted State Street Exec

    Prosecutors called for a five-year sentence Tuesday for a former vice president of State Street Corp. convicted of overbilling clients by millions, a substantially shorter prison term than federal guidelines suggest but enough to send a message, the government said.

  • October 10, 2018

    Cryptocurrencies Could Threaten Financial Stability, FSB Says

    International regulators should vigilantly monitor virtual currencies such as bitcoin, which could threaten financial stability if they escalate in popularity, the Financial Stability Board warned Wednesday.

  • October 10, 2018

    FCA Plans To Weave EU Rules Into Handbook For Brexit

    The Financial Conduct Authority detailed amendments on Wednesday that it said would implement existing European Union law into its handbook and allow Europe’s firms to operate in Britain for a limited time if the U.K. leaves the bloc without a transition period.

  • October 9, 2018

    ICOs Are Coming Of Age, Say DLA Piper, Deloitte Experts

    While some may still fear it's a fickle fad, the market for initial coin offerings is maturing and becoming more structured, financial technology and legal experts said Tuesday at a Silicon Valley conference hosted by DLA Piper.

  • October 9, 2018

    Utah Justices Flip 'Clearly Erroneous' Foreclosure Ruling

    The Utah Supreme Court has changed its mind about whether Utah law necessarily applies to national banks seeking to foreclose on real property in the state, overturning its “clearly erroneous” 2013 decision that held federal law doesn’t preempt Utah state law limits on this authority.

  • October 9, 2018

    Ex-Goldman CEO Aide Accused In Wine Theft Leaps To Death

    A former assistant to the CEO of Goldman Sachs who was expected to plead guilty on Tuesday to stealing $1.2 million in rare wines from his former employer was found dead at a Manhattan hotel that afternoon in an apparent suicide.

  • October 9, 2018

    NCUA Seeks Sub To Bring RMBS Suit Against Deutsche Bank

    The National Credit Union Administration has urged a New York federal judge to allow the substitution of a new plaintiff to pursue claims against Deutsche Bank National Trust Co. over a number of residential mortgage-backed securities trusts, arguing that this swap would address standing issues highlighted in a similar suit brought by the agency against U.S. Bank.

  • October 9, 2018

    Royal Park Can't Revive $3.7B RMBS Suit, NY Court Rules

    A New York appellate court said Tuesday that a lower court was right to toss Royal Park Investments SA/NV's $3.7 billion suit accusing four major banks of committing fraud in connection with the sale of residential mortgage-backed securities, finding the Belgian bank did not have standing to bring negligence and fraud claims.

  • October 9, 2018

    BuzzFeed Says Russian Exec In Dossier Row Is Public Figure

    BuzzFeed told a Florida federal court Tuesday that despite Aleksej Gubarev’s protestations, the Russian technology executive is a public figure for the purposes of his defamation suit over the website’s publication of a dossier alleging ties between Russia and President Donald Trump.

Expert Analysis

  • Congressional Forecast: September

    Layth Elhassani

    The House and Senate are entering their respective final runs before the November midterm elections. The most pressing items of business are funding the government and the pending Senate confirmation of Brett Kavanaugh to the U.S. Supreme Court. But several lower-profile issues remain as well — including a Republican push for further tax reform, says Layth Elhassani of Covington & Burling LLP.

  • Know The Limits To Atty Public Statements During A Trial

    Matthew Giardina

    The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.

  • NY Revives Fair Lending Risks For Indirect Auto Lenders

    Melanie Brody

    The recent rollback of Obama-era fair lending enforcement does not mean that the risks have disappeared. New York guidance issued last month for indirect auto lenders shows that states are stepping up to fill in where the Trump administration has backed off, says Melanie Brody of Mayer Brown LLP.

  • Series

    Winner's Playbook: Behind The Scenes Of The AmEx Case

    Evan Chesler

    In June, the U.S. Supreme Court issued a pivotal antitrust decision in Ohio v. American Express. Three partners at Cravath Swaine & Moore LLP who represented AmEx explain how one of the most significant antitrust enforcement actions in recent history led to a landmark precedent for two-sided platforms.

  • IRS Ruling On MBS Restructuring Should Encourage Investors

    Mark Leeds

    In June 2019, the Federal Housing Finance Agency will require Freddie Mac and Fannie Mae to begin issuing standardized mortgage-backed securities. Accordingly, the IRS last month encouraged Freddie Mac investors to convert their existing securities by stating that conversions won't trigger taxable gains or losses, say Mark Leeds and Steven Garden of Mayer Brown LLP.

  • Hurricane Florence: How State Laws Protect Service Members

    Jeffrey Naimon

    As the southeastern United States braces for Hurricane Florence, the governors of several states have authorized National Guard response efforts. Creditors can do their part by being aware of the laws protecting military service members, say attorneys with Buckley Sandler LLP.

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Opinion

    A Decade After Financial Crisis, Misconceptions Remain

    Edward Stringham

    Following the 2008 economic downturn, many observers blasted mortgage-backed securities and collateralized debt obligations. Today, we're hobbled with numerous regulations that stem from a fundamental misunderstanding of what these instruments were designed to do, says Edward Stringham of the American Institute for Economic Research.

  • Time To Prepare For New Municipal Securities Disclosures

    Laura Kurtz

    Starting next year, municipal issuers will need to report the incurrence of certain financial obligations, if material. However, the U.S. Securities and Exchange Commission has offered little guidance on how to make a materiality determination, says Laura Kurtz of Eckert Seamans Cherin & Mellott LLC.