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Banking

  • October 9, 2018

    HSBC Finalizes $765M Mortgage-Backed Securities Deal

    HSBC Holdings PLC finalized a $765 million settlement Tuesday, resolving the U.S. Department of Justice's allegations that it hid risks associated with residential mortgage-backed securities sold in the years preceding the 2008 financial crisis.

  • October 9, 2018

    2nd Circ. Mulls Unsettled McDonnell Issues In Guinean Case

    A convicted former Guinean mining minister's attorney told an appeals court panel on Tuesday that the Supreme Court's McDonnell ruling should apply to foreign bribery law, leading one appellate judge to muse that the Second Circuit has yet to limit the ruling to specific laws.

  • October 9, 2018

    Westmoreland Coal Hits Ch. 11 With Plan For Lender Takeover

    Westmoreland Coal Co. on Tuesday became the latest coal company to file for Chapter 11, telling a Texas bankruptcy court it has reached an agreement with a lender group to restructure $90 million in debt and sell off its core business assets.

  • October 9, 2018

    Loan Class Suit Revived With Instructions To Mull NJ Ties

    A New Jersey state appeals court revived a proposed class action challenging interest charged on car title loans, ruling Tuesday that a lower court tossed the case for jurisdictional purposes before considering new evidence that could support the Garden State’s connection to the matter.

  • October 5, 2018

    Fintech Charter Interest Could Be Shaped By Litigation

    How much appetite financial technology firms show for pursuing the Office of the Comptroller of the Currency’s so-called fintech charter could depend in part on the wave of litigation testing their business model of partnering with banks, legal experts said Friday.

  • October 9, 2018

    CORRECTED: Ex-Exec Of Modi Jewelry Co. Seeks Access To D&O Coverage

    The ex-president of a company owned by billionaire jeweler Nirav Modi on Thursday asked a New York bankruptcy court for an order allowing one of his company’s directors and officers insurance to pay for his legal defense, saying the policy proceeds are not estate property. Correction: A previous version of this story incorrectly identified the individual filing the motion. The error has been corrected.

  • October 5, 2018

    Tilton Loses Bid To Seal Tax Documents On Appeal

    A New York appeals court has rejected a bid by Lynn Tilton and her company Patriarch Management to keep certain tax and financial information private in their dispute with a German lender.

  • October 5, 2018

    Gov't Role In Paul Weiss Probe Puts Deutsche Trial At Risk

    A New York federal judge signaled Friday that the Libor-rigging trial against former Deutsche Bank traders Matthew Connolly and Gavin Black may be in trouble, in light of "highly persuasive" evidence concerning the government's role in an internal investigation of the bank by Paul Weiss Rifkind Wharton & Garrison LLP.

  • October 5, 2018

    Bondholders Seek To Appoint Receiver For Puerto Rico Utility

    A group of bondholders on Thursday renewed their call to put a receiver in charge of Puerto Rico’s electric utility, while the island’s federally appointed fiscal oversight board sought information from the governor’s office about an announced electric rate cut.

  • October 5, 2018

    Newegg Uninvolved In Subsidiary's Alleged Fraud, Judge Says

    A California federal judge on Thursday released online computer retailer Newegg Inc. from a suit claiming the company helped fraudulently procure $3 billion in loans from four South Korean banks, saying the banks had failed to show that Newegg played any part in the alleged misconduct of its Chinese subsidiary.

  • October 5, 2018

    European Investment Bank Loans $242M For Wind Project

    The European Investment Bank has loaned €210 million ($241.9 million) for construction of a wind project off the coast of Belgium, the bank announced on Friday.

  • October 5, 2018

    Chase Pays $5.3M For Settling Sanctioned Airlines' Bills

    JPMorgan Chase Bank NA has agreed to pay $5.3 million over transactions that it handled for a U.S. organization that settled bills between airlines, including some carriers that were under sanctions at the time, the U.S. Treasury Department announced Friday.

  • October 5, 2018

    Judge Says Alibaba At Least Partly Won In Crypto TM Fight

    A New York federal judge told lawyers for Chinese e-commerce giant Alibaba Group Holding Ltd. on Friday that they did a better job arguing for an injunction against the promoters of a cryptocurrency called Alibabacoin than they had previously, but declined to rule after a heated argument.

  • October 5, 2018

    Holland & Knight Adds Real Estate Finance Pair From Seyfarth

    Holland & Knight LLP has added two former Seyfarth Shaw LLP real estate finance attorneys to the firm's Boston office, picking up negotiators specializing in loans and other financing transactions with experience on major projects across the country.

  • October 5, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a London hotel group lodge competition claims against Visa and Mastercard, Hellenic Petroleum and 10 insurers take on a shipper, and VTB Bank sue a Russian billionaire's holding company connected to EN+. Here, Law360 looks at those and other new claims in the U.K.

  • October 5, 2018

    2 Consumer Groups Hit Conn. Bank With Redlining Suit

    Connecticut-based Liberty Bank violated federal housing law by systematically discriminating against African American and Latino residential mortgage applicants by denying them credit at much higher rates than white applicants, according to a complaint filed by two consumer groups Thursday in federal court.

  • October 5, 2018

    TD Ameritrade Clients Want Cert. In Options Liquidation Row

    Plaintiffs suing TD Ameritrade over an allegedly fraudulent liquidation of their futures option investments urged a Florida federal court Thursday to certify a class of more than 230 members who purportedly incurred significant losses as a result of the liquidation in the after-hours market.

  • October 5, 2018

    GILTI Contains Pitfalls For Private Funds, Tax Pros Say

    Provisions that mitigate the effect of a new minimum tax on “global intangible low-taxed income” aren’t available to individuals — a fact that should be considered in structuring investments, tax experts told those attending a session of the American Bar Association fall tax meeting in Atlanta Friday.

  • October 5, 2018

    Jet Co. Exec Convicted In Int'l Cocaine Smuggling Scheme

    A private pilot has been convicted for his role in a $7.5 million cocaine smuggling and money laundering scheme that spanned three states and South America, New Jersey’s federal prosecutor announced Friday.

  • October 5, 2018

    Top EU Court Urged To Rule ECB Quantitative Easing Legal

    The European Central Bank’s bond purchasing program is legal, a senior legal adviser to the European Union’s highest court said Thursday amid a challenge in Germany to the bloc’s quantitative easing program.

Expert Analysis

  • Understanding The Unwinding Of DOL's Fiduciary Rule

    Excerpt from Lexis Practice Advisor
    George Sepsakos

    In Chamber of Commerce v. U.S. Department of Labor, the Fifth Circuit decided the DOL's so-called fiduciary rule conflicted with Section 3(21) of the Employee Retirement Income Security Act. George Sepsakos and Michael Kreps of Groom Law Group discuss the decision's implications and various elements to consider following vacatur of the rule.

  • The Courts’ Take On Obama-Era Regs: You Are Erased

    Andrew Oringer

    It is at this point axiomatic that the Trump administration is intent on reversing significant portions of the Obama administration's regulatory activity. Interestingly, it seems that courts may pose another major risk to the survival of some Obama-era initiatives, say Andrew Oringer and Samuel Scarritt-Selman of Dechert LLP.

  • A Step Toward Modernizing The Community Reinvestment Act

    David Freeman

    The Office of the Comptroller of the Currency recently addressed a number of significant concerns about the Community Reinvestment Act that have been raised in recent years. Attorneys with Arnold & Porter discuss the core aspects of the existing CRA framework, the apparent priorities of the OCC in updating this framework, and next steps for industry participants.

  • There's No Such Thing As A Free Token

    Dan Nathan

    Digital tokens issued in exchange for services rather than money can still constitute a sale of securities, according to recent findings by the U.S. Securities and Exchange Commission in Tomahawk Exploration. The case represents a new application of a principle previously applied in at least three 1999 cases involving "free" securities, say Daniel Nathan and Angelo Aratan of Orrick Herrington & Sutcliffe LLP.

  • High Court Could Settle Preemption Questions For Banks

    Jesse Tyner Moore

    Courts are still defining the power of federal financial regulators to exempt federally regulated institutions from state laws. The U.S. Supreme Court could help clarify important constitutional issues if it reviews Lusnak v. Bank of America, which is being appealed from the Ninth Circuit, says Jesse Tyner Moore of Dykema Gossett PLLC.

  • Regulation Best Interest: The SEC Can't Please Everybody

    Mark Jensen

    The U.S. Securities and Exchange Commission has proposed a package of rules, including “Regulation Best Interest,” that is intended to raise the standard of care for investment professionals. Based on a sampling of the multitude of comments to the rule proposal, it is clear that the commission must weigh some bitterly opposed views about major details, say attorneys with Nutter McClennen & Fish LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • Cos. Caught Between Iran Sanctions And EU Blocking Statute

    Guy Soussan

    In response to the reimposition of U.S. sanctions against Iran, the European Union has expanded the scope of its blocking statute to prohibit EU and multinational companies from complying with these sanctions. But the blocking statute does not apply if a decision to terminate business with Iran is for reasons unrelated to sanctions, which gives companies some flexibility, say attorneys with Steptoe & Johnson LLP.

  • The Potential Reach Of High Court's AmEx Antitrust Analysis

    Barry Reingold

    As lower courts decide whether to apply the U.S. Supreme Court's AmEx decision to other types of two-sided markets, the key question will be whether allegedly anti-competitive conduct on one side of a platform may be credibly constrained by indirect network effects on the other, say Barry Reingold and David Chiappetta of Perkins Coie LLP.

  • New Pass-Through Deduction Will Pass Over Many Lawyers

    Evan Morgan

    A few weeks ago, the IRS proposed regulations related to the Tax Cuts and Jobs Act's 20 percent deduction on qualified business income for pass-through entities. The guidance offers long-awaited clarity, but is mostly bad news for many law firms, says Evan Morgan of Kaufman Rossin PA.