Banking

  • May 15, 2017

    FDIC Scores Partial Victory In $265M Tax Refund Row

    Defunct holding company FBOP Corp. will have to hand over some of a $265 million tax return to eight banks overseen by the Federal Deposit Insurance Corp., though the Illinois federal judge who ordered the forfeiture said he was yet unsure how much it should be.

  • May 15, 2017

    US Bank Slammed Over Bid To Cut RMBS Plaintiff From Case

    A company suing U.S. Bank NA for allegedly failing to oversee residential mortgage-backed securities it invested in told a New York federal judge on Friday that the bank’s gripes about document production were nothing but hot air and no reason to disqualify the company as lead plaintiff.

  • May 15, 2017

    Philadelphia Sues Wells Fargo Over Discriminatory Lending

    The City of Philadelphia sued Wells Fargo & Co. in federal court Monday, accusing the bank of discriminatory lending practices that target black and Latino borrowers for high-cost or high-risk loans even when borrowers have high credit scores, a practice the city claims goes back to 2004.

  • May 15, 2017

    9th Circ. Nixes JPMorgan Energy Rate-Fixing Suit

    A Ninth Circuit panel on Friday scuttled a proposed racketeering class action alleging that a JPMorgan Chase & Co. subsidiary fraudulently hiked electricity rates, affirming the lower court’s ruling that consumers cannot bring claims over rates that have been set by regulators.

  • May 15, 2017

    Hughes Hubbard Adds Sanctions Expert From Treasury OFAC

    Hughes Hubbard & Reed LLP announced Monday that it has added sanctions expert Sean Kane from the U.S. Department of the Treasury to its international trade practice.

  • May 15, 2017

    Giuliani, Mukasey Conflict Affidavits Lacking, Judge Says

    A New York federal judge asked Rudy Giuliani and Michael Mukasey for supplemental information Monday on their representation of Turkish-Iranian financier Reza Zarrab, who is accused of helping Iran dodge U.S. sanctions, after finding the lawyers' affidavits failed to answer all the judge's questions.

  • May 15, 2017

    SFO Seeks Docs From SocGen-LIA Dispute Amid US Probe

    The U.K.'s Serious Fraud Office has asked Société Générale SA to hand over materials it received during its recently settled dispute with the Libyan Investment Authority, at the behest of U.S. bribery investigators, attorneys told a London court Monday.

  • May 15, 2017

    Bank Gets Green Light To Sue Firm Over Estate Tax Advice

    A Minnesota appeals court revived a bank’s malpractice lawsuit against a law firm accused of providing inadequate advice that resulted in approximately $1.65 million in unexpected taxes for an estate, saying Monday that the bank could sue as a personal representative of the estate.

  • May 15, 2017

    SEC Charges Ex-Nomura Head Traders Over MBS Lies

    The U.S. Securities and Exchange Commission on Monday charged a pair of former Nomura Securities International Inc. head traders with lying to customers about the prices of commercial mortgage-backed securities they were buying and selling in order to inflate Nomura’s profits and line their pockets.

  • May 15, 2017

    Ex-Exec Blames 25-Year Ponzi Sentence On Bad Lawyers

    The ex-chairman of a now-defunct financial services firm who got 25 years behind bars over a Ponzi scheme asked an Indiana federal court Friday to void his sentence, saying his lawyers were ineffective and he was wrongly tried alongside a co-defendant whose actions were far worse.

  • May 15, 2017

    DC Circ. Pauses MetLife SIFI Appeal As Critics Cry Foul

    The D.C. Circuit has granted MetLife Inc. a 60-day pause in the high-stakes battle over the insurer's “systemically important” designation, following an executive order for a review of financial regulations, even as one watchdog group blasted the executive order itself as a transparent ploy to derail the government's appeal.

  • May 15, 2017

    Barclays Prevails As Justices Decline $143M Safe Harbor Case

    Barclays PLC will be able to keep $143 million it received from SemGroup a week before SemGroup’s bankruptcy, after the U.S. Supreme Court refused Monday to review a Second Circuit decision that went against the liquidation trustee.

  • May 15, 2017

    K&L Gates Adds Paul Hastings Banking, Finance Pair In Paris

    K&L Gates LLP has announced it's adding a pair of banking and finance attorneys from Paul Hastings LLP to its offices in Paris, saying that one of them will be joining as a partner and brings with him years of experience.

  • May 15, 2017

    Justices Spare Collectors That Pursue Old Debt In Bankruptcy

    Debt collectors that knowingly pursue stale debt in bankruptcy proceedings do not run the risk of facing potential consumer protection lawsuits, the U.S. Supreme Court held Monday, overturning an Eleventh Circuit decision that put collectors on the hook for filing bad faith claims against a debtor.

  • May 14, 2017

    Global Cyberattack Exposes Big Liabilities For Simple Fixes

    The massive cyberattack that began sweeping the globe Friday not only threatened the ability of major businesses and institutions to function but left them exposed to a crush of legal risks attorneys say could have been avoided had they taken basic security steps.

  • May 13, 2017

    Prevezon To Pay $6M In Settlement Reached On Eve Of Trial

    Prevezon and other companies accused by the Justice Department of laundering proceeds from a $230 million Russian tax fraud scheme tied to a global human rights controversy agreed to pay $6 million on the eve of trial to end the dispute, New York federal prosecutors said late Friday.

  • May 12, 2017

    Acting Comptroller's Comments Could Preview Volcker Easing

    The Office of the Comptroller of the Currency may not be able to ease the the Volcker Rule's requirements or eliminate it entirely alone, but Thursday comments from the agency's acting chief could signal that changes will be coming from all of the financial regulators that oversee the rule.

  • May 12, 2017

    Agency Watchdog Cuts Could Backfire, Dems Warn

    Government oversight officials worry a hiring freeze imposed in the early days of the Trump administration and subsequently proposed staff reductions are likely to exacerbate financial problems at their agencies rather than alleviate them, according to a memo released by House Democrats on Friday.

  • May 12, 2017

    Trump Admin Chaos Shows How To Handle Corporate Crises

    The turmoil President Donald Trump’s administration has experienced while grappling with multiple investigations and constant media pressure has made many risk and compliance professionals cringe — and they say the administration offers valuable lessons in what not to do for corporations in crisis.

  • May 12, 2017

    Feds Say No Surprises For HSBC Trader Who Deceived Client

    Prosecutors told a Brooklyn federal judge on Friday that they shouldn't have to provide more specific information to a former HSBC Holdings PLC trader accused of manipulating exchange rates to defraud a client, saying they have voluntarily turned over enough evidence for Mark Johnson to prepare for trial.

Expert Analysis

  • Protecting Communications From PR Privilege Issues

    Donna Fisher

    Two recent opinions out of Pennsylvania and California state courts offer important lessons for avoiding claims of privilege waiver when using public relations consultants during litigation, say attorneys with Pepper Hamilton LLP.

  • A Closer Look At Financial CHOICE Act 2.0

    Rodgin Cohen

    The recently released amended version of the Financial CHOICE Act builds on and retains key features of the original act adopted in the House Financial Services Committee last year, including its targeted approach of amending, repealing or replacing individual provisions of the Dodd-Frank Act. There are, however, several key modifications in the revised legislation, say attorneys with Sullivan & Cromwell LLP.

  • Will Corporate Monitor Reports Become Public?

    John Wood

    If independent compliance monitorships are to remain an important part of how the U.S. government resolves corporate investigations, it is imperative that courts eliminate recent uncertainty and protect monitor reports from public disclosure, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.

  • Roundup

    Counsel To Counsel: Insights From Law Firm GCs

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    General counsel at four law firms share the biggest issues they face in an increasingly complex legal environment.

  • Lessons From Wells Fargo’s Corporate Control Failures

    Brian K. Tomkiel

    It is tempting to simply blame Wells Fargo’s C-suite for creating a corporate culture that fostered unethical behavior. Yet, a recent investigation into the bank's sales practices tells a deeper story about its corporate control functions and how they failed to fulfill their ultimate mandate — protecting the business from risk, says Brian Tomkiel, director of compliance at Gap Inc.

  • Monthly Column

    Gray Matters: The Attorney-Client Team

    Robert Creo

    A 1979 study of attorney-client interactions revealed startling information: Despite years of education and training to hone their legal expertise, attorneys were not acting as independent counselors but rather allowing their clients to control them. Our experience is that this trend has accelerated, say dispute resolution experts Robert Creo and Selina Shultz.

  • Justices Skeptical Of SEC Disgorgement Without Time Limits

    Dan McCaughey

    The decision by the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission could meaningfully limit the uncertainty, expense and evidentiary disadvantages faced by parties responding to SEC investigations into conduct dating back more than five years, say attorneys with Ropes & Gray LLP.

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.