Banking

  • July 12, 2017

    Yellen Says Trump Finreg Report Largely Aligns With Fed

    Federal Reserve Chair Janet Yellen on Wednesday said she supported many recommendations that the Trump administration put forward for easing up on post-financial crisis rules, and said that many of those recommendations squared with changes the Fed was already considering.

  • July 12, 2017

    Holland & Knight Adds Finance Partner To Los Angeles Office

    Holland & Knight LLP has nabbed “highly regarded” Blank Rome LLP partner Danielle V. Garcia to serve as a partner in the firm’s financial services practice group in Los Angeles.

  • July 12, 2017

    Bank Of England Weighs Widening Stress Tests To Nonbanks

    The Bank of England expressed concern Wednesday that Europe’s overstretched corporate bond market may not hold up under a market shock, and it has run a simulation stress test to determine how well this part of the nonbank financial sector would respond.

  • July 12, 2017

    Basel III Pact Could Be Set This Autumn, ECB Official Says

    The Basel III program to reinforce bank capital buffers could be wrapped up in the coming months, a member of the European Central Bank Governing Council said Wednesday.

  • July 12, 2017

    RBS Agrees To Pay $5.5B To Settle US Loan Misselling Probe

    Royal Bank of Scotland is to pay $5.5 billion to U.S. regulators to settle the second of three major investigations into claims it missold $32 billion of toxic mortgage-backed securities in the run-up to the financial crisis.

  • July 11, 2017

    Justice Breyer On The Limits Of Presidential Power

    Justice Stephen Breyer discusses the Supreme Court’s role as a check on executive authority and the global influence on U.S. courts, in the first of two articles based on an exclusive interview with the justice. This is part of a series of exclusive Law360 interviews with current and former Supreme Court justices.

  • July 11, 2017

    Petrobras Ruling A Mixed Bag For Investors

    The Second Circuit set a particularly high bar for investors bringing securities class actions against foreign companies, decertifying two classes claiming Brazilian oil giant Petrobras concealed a massive bribery scheme, but experts said the news isn’t all bad for plaintiff shareholders as the court also rejected two strict legal standards.

  • July 11, 2017

    Judge Charged With Mortgage Fraud Drops Speedy-Trial Bid

    An Illinois state judge charged in a scheme to defraud lenders through two Chicago properties asked an Illinois federal judge on Monday to strike her August trial date, after several weeks of pushing for a speedy trial, so that an alleged co-conspirator could comply with subpoenas.

  • July 11, 2017

    Sidley Adds Energy Finance Lawyer In Houston

    Sidley Austin LLP added to its Houston office a former Simpson Thacher energy finance lawyer who is experienced in syndicated bank loans and the private placement of debt securities across the oil and gas market, the firm announced Monday.

  • July 11, 2017

    UBS, HSBC Pen $28M Settlement In Swaps-Rate Class Action

    Banking giants UBS AG and HSBC Bank USA NA have each agreed to pay $14 million to settle class action claims that they participated in a conspiracy with other banks to manipulate a benchmark interest rate used to set terms for swaps transactions.

  • July 11, 2017

    Sen. Cotton Starts Process To Rescind CFPB Arbitration Rule

    Senate Banking Committee member Tom Cotton said Tuesday he is moving to block the Consumer Financial Protection Bureau’s new final rule clamping down on financial companies’ use of arbitration clauses to bar consumers from filing class action lawsuits, calling it an “anti-business regulation” that will hurt consumers and prompt frivolous lawsuits.

  • July 11, 2017

    Arbitration Rule Shows CFPB Unafraid Of Payday Reg Fight

    The Consumer Financial Protection Bureau surprised observers when it released a rule curtailing the use of mandatory arbitration clauses despite the risk that Congress would nullify it, and experts say that means an equally contentious rule on payday lending could be on its way.

  • July 11, 2017

    Texas Judge Orders Consumers, Credit Monitor To Arbitration

    A federal judge in Texas on Monday determined a group of consumers who filed suit against One Technologies LP alleging the company committed fraud by leading them to believe they were signing up for a free credit report then enrolling them in a paid credit monitoring service will have to arbitrate the claim.

  • July 11, 2017

    Deals Rumor Mill: Miami Marlins, Legend Holdings, Adnoc

    A group featuring Derek Jeter and Michael Jordan has offered to pay $1.2 billion for the Miami Marlins, Legend Holdings may acquire a 90 percent stake in a Qatari private bank, and an IPO of Abu Dhabi National Oil’s services stations unit could value the business at $14 billion.

  • July 11, 2017

    Royal Park Says 2nd Circ. Petrobras Ruling Backs Class Cert.

    Royal Park filed a flurry of letters in New York federal court Monday, saying the Second Circuit’s recent decision in Petrobras investor litigation renders “baseless” three big banks’ objections to certifying Royal Park's proposed class actions alleging the banks failed to protect investors from toxic mortgage-backed securities.

  • July 11, 2017

    Bank Can Keep $4M Tax Refund In Parent Co.'s Bankruptcy

    In a case surrounded by “an air of unreality,” a Colorado federal judge ruled Monday that a failed Colorado bank can keep a $4 million tax refund out of the bankruptcy estate of its parent company.

  • July 11, 2017

    Feds Seek Just $676K From 3 Convicted In Coin.mx Scheme

    Federal prosecutors in Manhattan said Monday that they would seek a combined $676,000 from three men who were convicted of running an illegal bitcoin website and hijacking a credit union to process their transactions, barely one-twentieth of what it originally sought.

  • July 10, 2017

    Mass. Judge Delays Ex-State Street Exec's Fraud Trial

    A former State Street Global Markets LLC executive accused of charging clients hidden commissions on securities trades will have more time to gather the evidence he says is necessary for his defense after a Massachusetts federal judge agreed to push back the start of his trial by eight months.

  • July 10, 2017

    Trump Names New Fed Rules Chief As Rollback Moves Ahead

    President Donald Trump on Monday announced plans to fill a key regulatory post at the Federal Reserve that will likely lead the way in efforts to roll back some of the post-financial crisis rules that have governed banks and other financial institutions.

  • July 10, 2017

    Canadian Bank, Lumber Cos. Dispute Venue In Fraud Suit

    A Florida federal judge on Monday tossed claims against Royal Bank of Canada by two lumber companies alleging bank employees schemed to buy materials using fake credit cards, saying that the companies didn’t show the court was the proper venue for the case, but they can try again.

Expert Analysis

  • Opinion

    How Nevada Is Preparing For Blockchain Technology

    Ben Kieckhefer

    Nevada Senate Bill 398 helps make the state welcoming to companies using blockchain technology, and gives legal recognition to blockchain transactions. It also incorporates blockchain into the definition of electronic records, and prohibits interference from local governments, says Ben Kieckhefer, a member of the Nevada Senate and director of client relations for McDonald Carano LLP.

  • An Interview With Floyd Abrams

    Randy Maniloff

    It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.

  • Bucking Tradition: NewLaw And The Coming Millennials

    Jill Dessalines

    Recent surveys show that law firms won't be able to rely on the flood of associates their business model demands as long as they require them to dedicate all day, most nights, every weekend and all holidays to firm business, says Jill Dessalines, founder of Strategic Advice for Successful Lawyers and former assistant GC at McKesson Corp.

  • State AGs Responding To Trump Policies: 3 Areas To Watch

    Michael Rossetti

    The federal government’s unfolding enforcement priorities have galvanized state attorneys general into action. We expect this trend to continue, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Monthly Column

    Gray Matters: We Feel, We Decide

    DecisionError.jpg

    Despite legal education training and the focus on logic and reason by the courts, lawyers address emotional issues on a daily basis — albeit more indirectly. But a shift to consciously and strategically addressing emotions gives us a powerful tool to help our clients reach faster, better decisions, say dispute resolution experts Robert Creo and Selina Shultz.

  • The UK's New Suspicious Activity Reporting Regime: Part 2

    Neil Gerrard

    Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.

  • The Misconception About SWS Appraisal Decision

    Gail Weinstein

    The Delaware Chancery Court’s recent decision in SWS Group raises the question whether below-the-merger-price appraisal results will now become more common. A number of commentators have suggested that the answer is yes, but their conclusion follows what we believe to be a misconception, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The UK's New Suspicious Activity Reporting Regime: Part 1

    Neil Gerrard

    The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.

  • Opinion

    Justice Kennedy's Moderating Influence On The High Court

    Nan Aron

    The guessing game around Justice Anthony Kennedy’s possible retirement is reaching a crescendo. Yet the speculation does more than fuel bookmakers’ odds. It draws attention to his pivotal role as the court’s swing vote, says Nan Aron, president of Alliance for Justice.

  • The Primary Effects Of Rolling Back Cuba Sanctions Relief

    Paul Marquardt

    A recent presidential directive lays out the framework for rolling back certain Obama-era regulations that eased travel and trade restrictions between the United States and Cuba. Although the action has received extensive coverage, its impact is fairly limited, says Paul Marquardt of Cleary Gottlieb Steen & Hamilton LLP.