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Banking

  • August 8, 2018

    Nine West Creditors Seek Lenders' Info On 2014 Takeover

    Unsecured creditors of Nine West Holdings Inc. have asked the bankruptcy court to allow them to expand their probe into Sycamore Partners' 2014 takeover of the women's shoe and apparel company, saying they need to subpoena additional lenders.

  • August 8, 2018

    SEC Delays Action On Cboe Proposal To List Bitcoin ETF

    The U.S. Securities and Exchange Commission on Tuesday delayed a decision on whether to approve a closely watched proposal by Cboe BZX Exchange Inc. to list what would be the first bitcoin-based exchange-traded fund, saying it needs more time to consider the proposal.

  • August 8, 2018

    10th Circ. Says IRS Can Tap Into Tax Fraudster's USAA Funds

    The Internal Revenue Service may garnish a fraudster’s USAA bank account right away instead of waiting for alternative payment methods when restitution is “due immediately,” the Tenth Circuit has ruled.

  • August 8, 2018

    Virginia Data Center Project Lands $214M Loan

    Drinker Biddle & Reath LLP represented Manufacturers & Traders Trust Co. in connection with its nearly $214 million construction loan for a 238,000-square-foot data center project in Virginia, the law firm told Law360 on Wednesday.

  • August 8, 2018

    9th Circ. Affirms Emirates Bank's Trade Secrets Trial Win

    The Ninth Circuit on Tuesday upheld a jury verdict in favor of banking giant Emirates NBD Bank PJSC, finding that financial technology firm InfoSpan Inc. had not shown that the jury was prejudiced or that it was not properly instructed during the trial over claims the bank stole InfoSpan's cellphone-based payment system.

  • August 8, 2018

    Foley Hoag Adds Ex-Ropes & Gray Finance Practice Head

    Foley Hoag LLP said it has added the former head of Ropes & Gray LLP’s finance practice as a partner in its business department and co-chair of the debt finance practice in the firm’s Boston office.

  • August 8, 2018

    Wells Fargo Must Face Pa. Wiretap Suit Over Recorded Calls

    A Pennsylvania federal judge ruled there was enough support to advance a Pittsburgh-area man’s allegations that Wells Fargo Bank invaded his privacy with debt-collection calls and violated the state’s wiretap laws by recording the conversations even after he had denied his consent.

  • August 7, 2018

    JP Morgan Can't Duck FINRA Arbitration, 3rd Circ. Says

    A Third Circuit panel ruled Tuesday that J.P. Morgan Securities must arbitrate a Pennsylvania health system’s claims over several pre-2008 auction rate securities offerings, finding the system hadn’t waived its right to arbitration before the Financial Industry Regulatory Authority by signing on to agreements with clauses pegging New York’s Southern District as the forum for any disputes.

  • August 7, 2018

    Ex-ConvergEx Exec Could See No Jail Time After Plea

    A former ConvergEx Group LLC executive who questioned corporate defense attorneys’ role in the government's criminal investigation into his trading practices pled guilty to one count of conspiracy on Tuesday under an arrangement that puts a no-jail sentence on the table.

  • August 7, 2018

    AmEx Says Letter In Customer's FDCPA Suit Is The Real Deal

    American Express asked a Florida federal court Tuesday to intervene in a cardholder's putative class action that it says erroneously claims debt collector Firstsource Advantage sent her a letter offering to settle her credit card debt for less while masquerading as American Express.

  • August 7, 2018

    In Manafort Trial: 'The Secret Life Of Rick Gates’

    Paul Manafort's attorney hammered the "secret life" of his client's former business partner Tuesday by bringing up Rick Gates’ marital and financial indiscretions in an attempt to undermine Gates' credibility in front of the Virginia federal jury hearing a bank and tax fraud case against President Donald Trump's former campaign manager.

  • August 7, 2018

    US Bank Backs Sampling Ban In Royal Park RMBS Suit

    U.S. Bank NA urged a New York federal court on Monday to stand behind a magistrate judge’s order that barred Royal Park Investments SA/NV from pursuing sampling discovery in its residential mortgage-backed securities suit against the bank, calling the decision “eminently reasonable.”

  • August 7, 2018

    Sidley Nabs New Blockchain, Fintech Head From McDermott

    Sidley Austin LLP has snagged the former co-head of McDermott Will & Emery LLP’s blockchain and fintech group to lead its New York team for the growing technology sectors, representing digital asset trading platforms, blockchain technology companies, financial services firms, cryptocurrency funds and other clients.

  • August 7, 2018

    Fed Oversight Board Wins Power Fight With Puerto Rico Gov.

    A federal judge Tuesday rejected arguments that Puerto Rico’s federal financial oversight board is exceeding its authority and found that it can impose a budget over the objections of the island’s elected officials.

  • August 7, 2018

    Real Estate Broker Gets 3 Years For Short-Selling Scheme

    A real estate broker was sentenced in Boston federal court on Tuesday to three years in prison for her role in a scheme to defraud banks and mortgage companies by short-selling houses.

  • August 7, 2018

    Biz Is Debt Collector Like Popeye's A Sailor, 3rd Circ. Says

    The Third Circuit said Tuesday that a Pennsylvania federal court properly found that a business met the “principal purpose” definition of a debt collector under the Fair Debt Collection Practices Act in ruling that the business violated that statute, likening the company’s status to the cartoon character Popeye being a sailor.

  • August 7, 2018

    3rd Circ. Agrees Unpaid Tolls Aren't Debt Under FDCPA

    A Third Circuit panel said Tuesday that a lower court was right to conclude that unpaid highway tolls are not a type of debt that can support a claim under the Fair Debt Collection Practices Act, affirming the dismissal of a lawsuit against an E-ZPass toll debt collector whose recovery letters allegedly violated a driver's privacy.

  • August 7, 2018

    King & Spalding Rehires Former Kirkland Securities Partner

    A former Kirkland & Ellis LLP partner who helped negotiate a $190 million settlement for Deutsche Bank AG in litigation over allegedly rigged foreign exchange rates has rejoined King & Spalding LLP in Washington, D.C., the firm said Monday.

  • August 7, 2018

    5th Circ. Says Texas Fraudster Was Tried In Correct Venue

    A Fifth Circuit panel ruled Monday that a Texas man convicted of making false entries in a Fair Housing Agency loan application should indeed be tried in the Eastern District of Texas, deciding a seven-year venue fight in “what should have been a straightforward prosecution."

  • August 7, 2018

    FCA Collaborates With Regulators On Global Fintech Network

    The U.K.'s Financial Conduct Authority detailed plans Tuesday to work with the U.S. Consumer Financial Protection Bureau and other regulators across the globe to create a network that will help financial technology firms test new ideas across jurisdictions.

Expert Analysis

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • 3 Top E-Discovery Case Law Lessons Of 2018 (So Far)

    Casey Sullivan

    The blockbuster e-discovery cases, with big sanctions and bigger controversies, have been few and far between this year. But that doesn’t mean the legal questions around e-discovery have been answered. Let’s take a closer look at three cases worthy of our attention, says Casey Sullivan, an attorney at discovery technology provider Logikcull.

  • The 1st Judicial Finding That Digital Tokens Are Securities

    Deborah Meshulam

    A Florida magistrate judge's finding last month that tokens issued and sold by technology startup Centra Tech are investment contracts could serve as a road map for the evaluation of token sales in other cases, say attorneys with DLA Piper.

  • Another Decision In Goldman Code Theft Case

    Jonathan Waisnor

    The Aleynikov case demonstrates that employees who attempt to use the proprietary source code of their former employers without authorization may face not only the risk of civil liability, but also prosecution under local criminal statutes. And they could also face liability under the recently expanded federal Economic Espionage Act, says Jonathan Waisnor of Willkie Farr & Gallagher LLP. 

  • Following The Tax Map To Deduct Loan Commitment Fees

    Mark Leeds

    The deduction for interest as a business expense was substantially limited by last year’s revision of IRC Section 162(c). But last month's IRS chief counsel memo has advised that borrowers in lending transactions can deduct unused commitment fees and provides taxpayers with a road map for structuring transactions to avoid the new limitations, say Mark Leeds and Brennan Young of Mayer Brown LLP.

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • New Bill Addresses Systemic Risk In Cannabis Banking

    Lance Boldrey

    The newly introduced STATES Act would alleviate most of the issues that financial institutions face in providing services to marijuana-related businesses, say attorneys with Dykema Gossett PLLC.

  • Opinion

    The Problem With SEC's Plan To Cap Whistleblower Awards

    Stephen Kohn

    The U.S. Securities and Exchange Commission's proposal to reduce payments to whistleblowers in the largest anti-fraud cases completely ignores the central purpose of the Dodd-Frank Act's whistleblower provisions, says Stephen Kohn of Kohn Kohn & Colapinto LLP.

  • What To Expect From The FDIC’s New Chief

    Kristina Whittaker

    A takeaway from the few public statements available so far is that Jelena McWilliams, the Federal Deposit Insurance Corp.'s new chairwoman, has put forth an ambitious, pro-industry agenda that will require coordination among the banking regulators, say Kristina Whittaker and Neil Bloomfield of Moore & Van Allen PLLC.