Banking

  • September 12, 2017

    Oil Exec Accused Of Lying To Banks Is Convicted Of Contempt

    An oil businessman who failed to disclose his assets to a Chinese bank that won a $5 million judgment against him was found guilty of criminal contempt on Tuesday, with a New York federal jury taking less than three hours to convict.

  • September 12, 2017

    Wells Fargo CEO Says Problems May Not Be Over

    Wells Fargo & Co.’s top executive on Tuesday said the company could face more bad headlines as it continues to recover from its unauthorized account scandal.

  • September 12, 2017

    JPML Won't Rush On Requests To Send Equifax Suits To Ga.

    The U.S. Judicial Panel on Multidistrict Litigation declined Tuesday to expedite its consideration of efforts to consolidate in Georgia federal court the over 30 proposed class actions that have been filed against Equifax in the days since it disclosed a cyberattack that potentially impacted 143 million consumers’ personal information.

  • September 12, 2017

    Austria Wins EU Double Taxation Fight Against Germany

    A European Union court ruled Tuesday that only Austria should be allowed to tax the income from certificates that one of its banks received from a German bank, rejecting Germany’s contention that it could tax the income under an agreement between the two countries.

  • September 12, 2017

    Sports Consulting Co. Sued Over $20M Loan Deal Breach

    A handful of subsidiaries and four executives of a sports consulting and management company have been misappropriating money owed to a U.K. special finance company under a $20 million loan agreement the consulting company intentionally defaulted on, the finance company alleged in New York federal court Tuesday.

  • September 12, 2017

    More China Sanctions Possible Over Ties With North Korea

    China is the main facilitator of trade and access to hard currency for North Korea, and if it does not rein in its rogue banks and shipping firms, the U.S. may enact more sanctions, U.S. Department of State and the Treasury officials told lawmakers Tuesday.

  • September 12, 2017

    Deals Rumor Mill: Toshiba, QHotels, Bandhan Bank

    A group led by Bain Capital is now the front-runner to buy Toshiba’s multibillion-dollar memory chip business, a Chinese private equity firm and a London-based real estate investor are partnering to buy U.K. hospitality company QHotels, and Indian microfinance lender Bandhan Bank is preparing to go public.

  • September 12, 2017

    Senate OKs Key Trump Economic Adviser

    The Senate voted Tuesday to approve a key adviser to President Donald Trump on taxes, regulations and other economic policies, confirming American Enterprise Institute economist Kevin Hassett as chair of the Council of Economic Advisers.

  • September 12, 2017

    9th Circ. Partially Revives Wells Fargo Rate Index Class Action

    The Ninth Circuit on Tuesday partially revived a proposed class action alleging that Wells Fargo & Co. inflated rates on mortgages by replacing indices that were used to calculate interest rates when the mortgages were issued by a bank Wells took over.

  • September 12, 2017

    Equifax Faces Bipartisan Wrath Over Data Breach

    Lawmakers of both parties on Tuesday continued to hammer away at Equifax Inc. over the security breach that exposed the personal information of as many as 143 million consumers, blasting the company for putting consumers at risk and for its response to the hack.

  • September 12, 2017

    Political Volatility Fueling Financial Risk, ESMA Warns

    Europe’s securities regulator said Tuesday that Brexit-related instability is the biggest danger to modern financial markets.

  • September 12, 2017

    Global Forex Rules May Need Tweaking, BOE Official Says

    The new global code designed to prevent misconduct in foreign currency markets may already need amending to address the way traders get a last-minute chance to reject a deal, a top Bank of England official said on Tuesday.

  • September 11, 2017

    SquareTwo Dodges Illegal Debt Collection Class Claims

    SquareTwo Financial Services Corp. does not have to defend pending class claims over federal debt collection law violations in Ohio, a New York bankruptcy judge ruled Monday, saying that an injunction in the company's Chapter 11 plan blocks the proposed request to allow the litigation.

  • September 11, 2017

    InfoSpan Asks 9th Circ. For Redo Of $554M Secrets Trial

    U.S. fintech firm InfoSpan urged the Ninth Circuit on Friday to order a new trial on its claims that banking giant Emirates NBD cost it $554 million by stealing its cellphone-based payment system, arguing Emirates manipulated the jury with improperly admitted evidence.

  • September 11, 2017

    Investors OK’d To Switch Class Rep In Libor-Rigging MDL

    Over-the-counter investors in multidistrict litigation against big banks accused of rigging the London Interbank Offered Rate have received a New York federal judge’s approval for a new class representative after their previous representative withdrew earlier this summer.

  • September 11, 2017

    Fintech Firms Reignite Debate Over ‘Industrial Bank’ Charters

    A decadeslong battle over a type of bank charter available to industrial companies has gained new life in recent months as financial technology firms like SoFi and Square have turned to that vehicle for licenses to operate nationwide, stoking opposition from community banks.

  • September 11, 2017

    San Juan Fights Puerto Rican Bank's $4.1B Debt Deal

    Attorneys for Puerto Rico's capital city of San Juan argued to a federal court on Monday that a plan to restructure the $4.1 billion debt load for the territory’s Government Development Bank would rob the island’s municipalities of millions in secured funds without giving them an adequate ability to object.

  • September 11, 2017

    CFPB Urges 9th Circ. To Make Law Firm Obey Subpoena

    The Consumer Financial Protection Bureau asked a federal appeals panel on Friday to reject a law firm’s challenge to an administrative subpoena it received as part of an investigation into a debt relief scheme, saying the firm’s argument would ultimately prove meritless.

  • September 11, 2017

    JPMorgan Clients Say Circuits Are Split On SLUSA Standards

    A proposed class of JPMorgan Chase & Co. customers asking the U.S. Supreme Court to reinstate its case against the bank for allegedly steering the clients into high-fee investments has accused the bank of downplaying a circuit split on the demands of the Securities Litigation Uniform Standards Act.

  • September 11, 2017

    DOJ Hits Ex-Deutsche Trader With Crisis-Era Fraud Claim

    The U.S. Department of Justice on Monday accused the former head of subprime trading at Deutsche Bank of misrepresenting the characteristics of two residential mortgage-backed securities prior to the financial crisis, in a civil suit filed in New York federal court.

Expert Analysis

  • Diversity In The Legal Profession — A Stubborn Vision

    Robert Grey

    At the Leadership Council on Legal Diversity, we want to see, as founding member and Microsoft chief legal officer Brad Smith once stated, “a legal profession as diverse as the nation we serve.” We are not there yet — far from it — but we are beginning to put some numbers on the board, says Robert Grey, president of the Leadership Council on Legal Diversity.

  • Opinion

    New Salary History Laws Crimp Attorney Hiring Process

    Fredric Newman

    In prohibiting employers from asking potential hires about their previous salaries, lawmakers seek to "level the playing field." But there are real problems with the practicality, legality and enforceability of many of the salary history laws, says Fredric Newman, a founding partner of Hoguet Newman Regal & Kenney LLP.

  • Legal Considerations After SEC's Warning Shot At ICOs

    Robert Crea

    In the midst of market excitement surrounding initial coin offerings, the U.S. Securities and Exchange Commission recently issued an investigative report warning that digital tokens may be securities. When a token is a security, a variety of legal considerations come into play, including the Investment Advisers Act, anti-money laundering and taxation, say attorneys with K&L Gates LLP.

  • Credit Unions Face Tightening Bank Secrecy Act Scrutiny

    Timothy Westrick

    Recent Bank Secrecy Act enforcement underscores credit unions’ obligations not only to adhere to the rules and regulations, but also to possess a sufficient anti-money laundering compliance program of policies, training and reporting, says former federal prosecutor Timothy Westrick of Treliant Risk Advisors.

  • 5 Tips For A Successful Legal Blog

    David Coale

    David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.

  • OCC Opens The Debate On Volcker Rule Reform

    Andrew Shipe

    The Office of the Comptroller of the Currency recently issued an advance notice of proposed rulemaking that represents the first concrete step toward reforming the regulations that implement the Volcker Rule. The OCC’s willingness to issue the ANPR reflects a forward-thinking approach that will have a significant long-term impact on financial market participants, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • Personnel Is Policy: Succession Possibilities At The CFPB

    Andrew Sandler

    It is not entirely clear whether the Dodd-Frank Act or the Federal Vacancies Reform Act would control succession in the event of Director Richard Cordray’s resignation from the Consumer Financial Protection Bureau. But there will be real and significant differences in the operation of the CFPB depending on which statute prevails, say Andrew Sandler and Benjamin Olson of Buckley Sandler LLP.

  • Is The Hutchins Indictment Over Malware Unconstitutional?

    Alex Berengaut

    ​In a dramatic turn of events, the British security researcher who stopped the WannaCry malware attack has been indicted in the U.S. for creating and selling the Kronos malware. But it is an open question whether the indictment fails to allege a sufficient nexus between Marcus Hutchins and the U.S. for purposes of the Fifth Amendment, says Alex Berengaut of Covington & Burling LLP.

  • Series

    Judging A Book: Kopf Reviews Posner's 'Federal Judiciary'

    Judge Richard Kopf

    There is a wonderful sketch of Seventh Circuit Judge Richard Posner dressed in a black robe with arms outstretched as if they were the billowing wings of a lean vulture. He is kicking a human brain down a hallway and wearing a half-smile that looks for all the world like a sneer. That sketch is the perfect metaphor for both Judge Posner and his new book, "The Federal Judiciary: Strengths and Weaknesses," says U.S. District Judge Ri... (continued)

  • Lehman Ruling Sets Stage For Future Subordination Contests

    John Stigi

    The Second Circuit's determination that former Lehman Brothers employees' restricted stock units are securities is important to creditors seeking to safeguard their priority position among bankruptcy claimants, say John Stigi and Christopher Bosch of Sheppard Mullin Richter & Hampton LLP.