Banking

  • June 19, 2017

    Trump's FDIC Pick May Not Test Agency's Unwinding Power

    President Donald Trump’s choice of a top Republican staffer on the House Financial Services Committee to lead the Federal Deposit Insurance Corp. should not necessarily be seen as an indication the administration wants to eliminate the agency’s power to unwind a failing global financial firm, experts say.

  • June 19, 2017

    Iran Forfeiture Trial Judge To Watch Closings Like A Hawk

    The Manhattan federal judge overseeing the billion-dollar real estate seizure effort targeting an Iran-linked charity warned Monday against cherry-picking quotes from the often-irresolute testimony of a noted Islamic economist who was the treasurer of the charity when it allegedly violated U.S. sanctions.

  • June 19, 2017

    CFTC Watchdog Blasts Agency's Swaps Margin Analysis

    The U.S. Commodity Futures Trading Commission’s Office of Inspector General released a report Friday criticizing the cost-benefit analysis the agency conducted when developing margin rules for uncleared swaps, saying the CFTC as a whole is uncommitted to robust cost-benefit consideration.

  • June 19, 2017

    Wells Fargo To Pay $14.8M To Settle TCPA Spat

    Wells Fargo has agreed to pay roughly $14.8 million to resolve Telephone Consumer Protection Act claims over allegedly autodialed calls, the attorneys representing the class said Monday, announcing an almost $1 million reduction to the preliminarily anticipated settlement fund after discovery revealed that the class was smaller than originally estimated.

  • June 19, 2017

    Homeowner Gets CitiMortgage Suit Restored In 8th Circ.

    The Eighth Circuit on Friday revived a suit against CitiMortgage Inc. brought by a homeowner who paid thousands of dollars to save his house from foreclosure only to discover years later that the house’s title was never put back in his name.

  • June 19, 2017

    High Court Won't Hear ERISA Suit Over Bernie Madoff Profits

    The U.S. Supreme Court refused Monday to review a pension fund’s Employee Retirement Income Security Act suit against the Bank of New York Mellon and Ivy Investment Management over decades-old Bernie Madoff investment advice.

  • June 16, 2017

    4-Year-Old Madoff Victim Fund To Begin Payments This Year

    Victims of Bernie Madoff’s infamous Ponzi scheme received long-awaited news Thursday, as a $4 billion fund set up by the government in 2013 to pay investor loss claims indicated disbursements would begin later this year as a result of the recent approval of more than 35,000 petitions.

  • June 16, 2017

    NJ High Court To Review $2M Award Cut In Whistleblower Suit

    The New Jersey Supreme Court has agreed to examine whether a state appellate panel mistakenly ordered a reduction in a roughly $2 million attorneys' fees award for Heartland Payment Systems Inc. when remanding a suit against the business for a jury trial on an ex-employee's whistleblower claim.

  • June 16, 2017

    Judge Nixes Delay In $2B Loan Scam Despite Late Discovery

    A New York federal judge on Friday refused to push back the September trial of race car driver Scott Tucker and lawyer Timothy Muir, charged with running a $2 billion illegal payday lending operation, despite a recent turnover by prosecutors of more than 500 hours of audio and millions of pages of spreadsheets.

  • June 16, 2017

    Treasury Proposes Expanding Dodd-Frank Body's Power

    Despite concerns the Trump administration would eliminate a key regulatory panel created by the Dodd-Frank Act, the Treasury Department recently proposed giving it even more power over U.S. financial regulators, seeking to put a lead agency in charge of crafting and enforcing complex regulations.

  • June 16, 2017

    Doing Business In Cuba Is About To Get A Whole Lot Tougher

    President Donald Trump's directive to unwind the Obama administration's campaign to liberalize travel and trade with Cuba brings the hammer down on U.S. companies that were beginning to make steady progress in Havana, with the transit and hospitality sectors taking the brunt of the blow.

  • June 16, 2017

    JPMorgan Wants Adviser’s Suit Axed Over FINRA Arbitration

    JPMorgan Chase & Co. and a subsidiary asked a California federal judge on Thursday to ax a wrongful termination suit brought by a former financial adviser who claims he was pushed out of the company for whistleblowing, saying he brought the same claims in arbitration years ago.

  • June 16, 2017

    Libor Antitrust Plaintiffs To Appeal Foreign Bank Fight

    Investors who say banks broke antitrust laws by selling them securities linked to the London Interbank Offered Rate while secretly rigging the benchmark told a New York federal court Thursday that the investors will appeal a decision that freed foreign banks from the lawsuit.

  • June 15, 2017

    American Regulators Playing FinTech Catch-Up

    U.S. regulators are finally arriving at the financial technology party, and experts say two agency initiatives announced in the past month are an encouraging sign the regulators are catching up with their global counterparts when it comes to fostering fintech innovation, but still have a ways to go.

  • June 15, 2017

    Feds Say FCA Suit Against BofA Isn't Barred By Settlement

    The U.S. Department of Justice has weighed in on a False Claims Act suit that accuses Bank of America Corp. and affiliates of improper foreclosure-related practices, telling a Florida federal court Thursday that the bank shouldn’t be allowed to hide behind the terms of the National Mortgage Settlement to dodge the suit.

  • June 15, 2017

    Trump Puts Obama's Cuba Opening In Crosshairs

    President Donald Trump is preparing to tighten restrictions on travel and trade with Cuba, taking aim at a vigorous liberalization effort put in place by President Barack Obama, senior White House officials announced Thursday.

  • June 15, 2017

    Ex-MasterCard Partner Urges Court To Preserve $2.8M Verdict

    A Jordanian payment processor that convinced a New York federal jury to award it $2.8 million in a dispute with MasterCard International Inc. earlier this year urged a judge to reject the card company’s effort to throw the verdict out, saying Wednesday the decision was reasonable.

  • June 15, 2017

    Treasury's Fair Lending Review Worries Advocates

    President Donald Trump's Treasury Department said Monday that revisiting a 1977 law aimed at boosting bank lending and branches in poor neighborhoods was a "high priority," but backers of the Community Reinvestment Act fear that any move by this administration would be aimed at weakening, not modernizing, the law.

  • June 15, 2017

    Feds Seek To Seize $1.9M From Chinese Co. Tied To N. Korea

    The U.S. government announced a civil forfeiture action on Thursday targeting $1.9 million from a Chinese company that prosecutors say laundered money for a banned North Korean bank and helped telecommunications company ZTE Corp. evade sanctions.

  • June 15, 2017

    DOJ Asked To Consider Clawing Back 3rd-Party Donations

    The Senate Judiciary Committee chairman has asked the U.S. Department of Justice to research whether or not it can force third parties to cough up settlement money after the DOJ eliminated an Obama policy that saw banks fund homeowner assistance groups in subprime mortgage settlements with the government.

Expert Analysis

  • My Milkshake Is Better Than Yours: Part 1

    Jill Dessalines

    As I sat there listening, incredulous to learn that "Milkshake" was not only a real song but also a chart-topper, it reminded me of Harvard Business School Professor Clayton Christensen’s work on disruptive innovation — and how it pertains to mid-size law firms, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant general counsel of McKesson Corp.

  • FHFA Should Free Captive Insurer Capital

    Jeffrey Murphy

    The Federal Housing Finance Agency's ruling that prevents captive insurance companies from becoming members of the Federal Home Loan Bank system is forcing billions of dollars of private capital out of the U.S. residential mortgage market. Hopefully, the Trump administration and members of Congress will be able to convince FHFA Director Melvin Watt to reverse this ruling, says Jeffrey Murphy of Dentons.

  • An Overview Of Silent 2nd-Lien Loans In The US And Europe

    Frederick Fisher

    Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.

  • Attorneys, Your Input Is Needed On Deposition Rule

    Frank Silvestri, Jr.

    Every lawyer who’s handled a civil case in federal court knows about Rule 30(b)(6), governing deposition procedures. But for many real-world deposition dilemmas, the rule offers little guidance. Last year, an Advisory Committee on Civil Rules subcommittee began considering whether the rule should be amended. Now attorneys must advise the subcommittee how to proceed, says Frank Silvestri Jr. of Verrill Dana LLP.

  • Fate Of The SEC In-House Court: Careful What You Wish For

    Matthew Solomon

    As the D.C. Circuit hears arguments on Wednesday regarding the constitutionality of the U.S. Securities and Exchange Commission’s administrative tribunals, Cleary Gottlieb attorneys consider whether the current strong movement away from using the administrative forum is universally positive for defendants.

  • The FX Global Code And Its Enforcement: What To Expect

    Matthew Kulkin

    With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.

  • When The Money Is Gone: The Legal Aftermath Of Wire Fraud

    Mariana Bravo

    As wire fraud schemes become more prevalent, everyone involved in a real estate transaction is at risk. Liability will likely depend on, in part, whether the agent, broker or title company employed commercially reasonable security procedures, say Mariana Bravo and Katherine Ondeck of Carr Maloney PC.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • The Stakes Are High In FTI Consulting V. Merit Management

    Brian Koosed

    Litigation over the Section 546(e) safe harbor has been on the rise in the last several years and the defenses against these suits have been furious. This makes the U.S. Supreme Court’s decision to review FTI Consulting v. Merit Management even more important, say Brian Koosed and Robert Honeywell of K&L Gates LLP.

  • Pushing Back Against Operation Choke Point

    Ed Marshall

    Operation Choke Point continues to cast an ominous cloud over the payments industry, but two recent litigation wins for HES Merchant Services and Intercept Corp. are causes for cautious optimism, say Edward Marshall and Megan Mitchell of Arnall Golden Gregory LLP.