Banking

  • November 9, 2017

    SEC Likely To Revisit Cybersecurity Guidance, Official Says

    The U.S. Securities and Exchange Commission likely will issue new guidance to public companies on disclosing cybersecurity incidents, a top official said Thursday, in a sign that the agency is looking to improve industry practices that have been criticized in the wake of massive breaches at companies like Equifax Inc. and Yahoo Inc.

  • November 9, 2017

    Appleby Data Breach Highlights Law Firms' Unique Risks

    The recent leak of a trove of high-profile clients’ investment data from offshore law firm Appleby drives home the legal and ethical pitfalls that arise from lawyers’ failure to protect the records of individuals and businesses expecting the strictest confidentiality, attorneys say.

  • November 9, 2017

    Watchdog Sues DOJ For Russian Lawyer’s Immigration Docs

    The conservative watchdog group Judicial Watch filed a Freedom of Information Act suit in federal court Thursday against the U.S. Department of Justice, seeking immigration records about a Russian lawyer whose June 2016 meeting with Donald Trump Jr. sparked controversy.

  • November 9, 2017

    ECB Vice President Casts Cold Water On Cryptocurrencies

    The vice president of the European Central Bank took a bearish view of cryptocurrencies’ potential to transform the financial system in a speech in Rome on Thursday, saying that private digital currencies will never fully replace money, predicting that central bank-sponsored versions would not to come pass without limits.

  • November 9, 2017

    9 Firms To Steer IPOs Exceeding $1.7B Amid Preholiday Rush

    Nine firms will steer 10 companies scheduled to price initial public offerings surpassing $1.75 billion during the final full week before Thanksgiving, representing a bevy of companies spanning from China to Latin America to private equity and venture-backed issuers at home.

  • November 9, 2017

    Witness In Banker's Insider-Trading Trial Gets Probation

    A New York federal judge has ordered a Long Island man to serve one year of probation and forfeit $900,000 for his role in an insider trading scheme he helped the government investigate and prosecute as a cooperating witness, recording meetings and phone calls and testifying at the trial of a former investment banker.

  • November 9, 2017

    Merrill Lynch Wants $107M In Investor Suits In Court

    Merrill Lynch asked a California federal court on Wednesday to kick three FINRA proceedings worth $107 million from arbitration into court, arguing that the stockholders, who have alleged that the firm failed to disclose the risks of the subprime mortgage market before 2008, have brought untimely claims against a non-FINRA member.

  • November 9, 2017

    Exxon, Shell Want Nigerian Oil Co. Docs In $1.8B Award Row

    Subsidiaries of Exxon Mobil Corp. and Royal Dutch Shell PLC asked a New York federal judge on Wednesday to compel a Nigerian state-owned oil company to produce documents they say will show that the oil company is an alter ego of the government, arguing that the information is important to confirming a $1.8 billion arbitral award over a production sharing contract.

  • November 9, 2017

    2nd Circ. Won't Revisit Use Of Forced Testimony

    The full Second Circuit said Thursday it will not reconsider a decision dismissing a Libor-rigging case tainted by compelled statements made in the U.K. — leaving the government to live with the limit on cross-border enforcement or appeal to the U.S. Supreme Court.

  • November 9, 2017

    Turkish Banker Gets Go-Ahead For Depos, But No Trial Delay

    A manager at Turkey’s state-owned Halkbank got permission from a New York federal judge on Wednesday to depose four current and former bank employees less than three weeks before he goes on trial for allegedly participating in a scheme to evade U.S. sanctions on Iran, but the judge reiterated that the trial would not be delayed.

  • November 9, 2017

    Insurer Sued Over Refusal To Cover $20M Fraud By Bank

    The U.S. branch of Raiffeisen Bank International AG has hit Allianz Global Risks US Insurance Co. with a suit in New York federal court over the insurer’s refusal to cover the $16.7 million that Raiffeisen claims it lost after a client falsified documents to obtain $20 million in loans.

  • November 8, 2017

    UK’s Top Court Gives ‘Clear’ Sign It Backs Award Enforcement

    In resolving a technical point about where debt is “situated” under certain payment arrangements, the U.K. Supreme Court has clarified when English courts can order asset seizures in these instances and has sent a “clear message” about the importance it places on enforcing international judgments, experts say.

  • November 8, 2017

    CFPB Accuses Debt Settlement Co. Of Deceptive Practices

    The U.S. Consumer Financial Protection Bureau sued the debt settlement company Freedom Debt Relief LLC and its co-founder in California federal court on Wednesday, accusing them of deceptive practices ranging from misleading consumers about fees to making some customers negotiate their own settlements.

  • November 8, 2017

    SEC Chair Wants Mom And Pop Investors To Have More Say

    U.S. Securities and Exchange Commission Chair Jay Clayton on Wednesday said a “guiding principle” of his tenure will be ensuring that long-term Main Street investors have more say in how the companies whose shares they own are run.

  • November 8, 2017

    11th Circ. Urged To Sanction Seminoles In Subpoena Row

    A group of individuals associated with a Florida energy company has asked the Eleventh Circuit to reject the Seminole Tribe of Florida Inc.'s bid to have the group sanctioned for litigation seeking to escape tribal court subpoenas, saying the tribe itself should be sanctioned for “unreasonable and vexatious conduct."

  • November 8, 2017

    Metropolitan Bank Leads 4 IPOs Totaling $372M

    Two banks, a Chinese after-school educator and a rare-disease biotechnology company debuted in trading Wednesday after completing initial public offerings that raised a combined $372 million, led by Metropolitan Bank Holding Corp., whose IPO surpassed its forecasted range.

  • November 8, 2017

    Judge's Slap At JPMorgan Jury Doesn't Sit Well With Experts

    U.S. District Judge Denise L. Cote's allegation of prejudice against a jury that had just departed her courtroom after holding JPMorgan Chase & Co. liable for firing former wealth manager Jennifer Sharkey was called inappropriate, gratuitous and a “nightmare” by court watchers on Wednesday.

  • November 8, 2017

    DOJ Criminal Unit's Acting Asst. AG Takes FinCEN Gig

    The acting assistant attorney general of the Criminal Division at the U.S. Department of Justice is headed to the U.S. Department of the Treasury, where he will be the director of the Financial Crimes Enforcement Network, the Treasury Department said Wednesday.

  • November 8, 2017

    McDermott Nabs Fintech Trio, Including Blockchain Pro

    McDermott Will & Emery LLP is bolstering its financial services and technology offerings by bringing on board to its New York office the former head of Debevoise & Plimpton LLP’s fintech practice, a leading blockchain lawyer, and two colleagues, the firm recently announced.

  • November 8, 2017

    Ex-Fed Agent Gets 2 Years For New Bitcoin Theft Charge

    A former U.S. Secret Service special agent who is in the midst of serving a nearly six-year prison sentence for stealing bitcoin during an investigation of black market website Silk Road was ordered to serve another two years Tuesday after pleading guilty to a new money laundering charge over the summer.

Expert Analysis

  • How Choice Act Would Change Agency Rule-Making Authority

    Gregory Hesse

    The Financial Choice Act proposes changes to the Congressional Review Act’s process for disapproving regulations issued by certain financial agencies. By replacing a passive disapproval process with an active approval process, a significant amount of power to impose regulations will be retained by Congress, say Gregory Hesse and Abigail Storm of Hunton & Williams LLP.

  • CFPB Walks Data Privacy Tightrope On Mortgage Disclosures

    Erin Illman

    With recent guidance, the Consumer Financial Protection Bureau appears to be focused on not only furthering the underlying purpose of the Home Mortgage Disclosure Act, but doing so while ensuring that consumer privacy is protected, say Erin Illman and Nathan Viebrock of Bradley Arant Boult Cummings LLP.

  • House Bill Would Raise Stakes Of Congressional Inquiries

    Steven Ross

    On Monday, the House passed a bill that, if enacted, would shift the current landscape regarding judicial review of congressional subpoenas and place significant burdens on all recipients of such subpoenas, say attorneys with Akin Gump Strauss Hauer & Feld LLP.

  • Series

    What I Learned In My 1st Year: Be A Sponge

    Patrick Mendes

    As a new attorney, it was astonishing to realize how little I knew. I soon began to appreciate that everyone I met had a unique take or way of doing something. Many things I learned during that first year from my colleagues are still incorporated into my practice today, says Patrick Mendes of Tyson & Mendes LLP.

  • Series

    Making Pro Bono Work: Beyond The Hurdles

    Ann Warren

    There are various barriers to corporate pro bono work, including lack of malpractice insurance coverage, limited resources, and the transactional nature of the majority of in-house legal work. But at the end of the day, we’ve overcome many of these barriers, says Ann Warren, associate general counsel of Duke Energy Corp.

  • New Fannie Mae Shareholder Case Against FHFA Has Merit

    Saikrishna Prakash

    The U.S. district court in Minnesota is considering the government’s recent motion to dismiss a case brought by Fannie Mae and Freddie Mac shareholders alleging that the structure and actions of the Federal Housing Finance Agency violate the Constitution. The case, Bhatti v. FHFA, raises interesting questions that are worth exploring, says Saikrishna Prakash of the University of Virginia School of Law.

  • Series

    Judging A Book: Pryor Reviews 'Scalia Speaks'

    Judge William Pryor

    Christopher Scalia and Edward Whelan have published an indispensable collection of the late Justice Antonin Scalia's best speeches. "Scalia Speaks: Reflections on Law, Faith, and Life Well Lived" puts on full display Justice Scalia’s skilled writing, quick wit and uncommon wisdom on a wide range of topics — from law to turkey hunting, says Judge William Pryor of the Eleventh Circuit.

  • Financial Crisis Anniversary

    The Inside Counsel Revolution

    Ben Heineman

    The role of the general counsel has significantly grown in importance, with the GC now often replacing the senior partner in the outside law firm as the primary counselor for the CEO and the board. This inside counsel revolution was given great impetus by the financial crisis that started 10 years ago, says Ben Heineman Jr., former general counsel of General Electric Co.

  • NY Commercial Division Rule Changes Promote ADR Use

    Christopher Palermo

    Recent rule changes in the Commercial Division of the Supreme Court of New York are the latest of several efforts made to foster greater use of mediation and to institutionalize alternative dispute resolution, says Christopher Palermo, a litigation partner at Bleakley Platt & Schmidt LLP who serves on the Commercial Division Advisory Council.

  • How Arbitrators Maintain Proportionality In Discovery

    Richard Seymour

    There has been much discussion of discovery proportionality in federal litigation since the December 2015 changes to Civil Rule 26. But arbitrators have long used procedures to simplify the discovery process that courts have only recently begun to adopt, says attorney and arbitrator Richard Seymour.