Banking

  • May 12, 2017

    Trump Admin Chaos Shows How To Handle Corporate Crises

    The turmoil President Donald Trump’s administration has experienced while grappling with multiple investigations and constant media pressure has made many risk and compliance professionals cringe — and they say the administration offers valuable lessons in what not to do for corporations in crisis.

  • May 12, 2017

    Feds Say No Surprises For HSBC Trader Who Deceived Client

    Prosecutors told a Brooklyn federal judge on Friday that they shouldn't have to provide more specific information to a former HSBC Holdings PLC trader accused of manipulating exchange rates to defraud a client, saying they have voluntarily turned over enough evidence for Mark Johnson to prepare for trial.

  • May 12, 2017

    MF Global Wary Of Insurer's Nixed Jurisdiction Challenge

    MF Global told a New York bankruptcy court on Friday that although Allied World has abruptly dropped its personal jurisdiction challenge to a coverage dispute, the insurer is likely to show similar inconsistencies, particularly if the case goes to arbitration in Bermuda.

  • May 12, 2017

    NY Regulator Fights OCC's 'Destabilizing' Fintech Charters

    New York’s top bank regulator filed a lawsuit Friday seeking to block the Office of the Comptroller of the Currency from issuing special charters to financial technology firms, labeling the move as “reckless folly” that falls outside the office’s authority.

  • May 12, 2017

    Paul Hastings Moves To Toss $5.3M Doral Trustee Suit

    Paul Hastings LLP fought back Friday against an attempt by the trustee of bankrupt Doral Financial Corp. to take back a $5.3 million payment made just before the bank entered Chapter 11, saying the complaint was too vague and was blocked by a settlement with financial regulators.

  • May 12, 2017

    Wells Fargo Raises Phony Account Estimate To 3.5M, Class Says

    Wells Fargo & Co. has increased the estimated number of unauthorized checking, savings and credit card accounts that its employees allegedly opened over the past 15 years to 3.5 million, according to a class action’s court documents filed in California federal court Thursday.

  • May 12, 2017

    Veteran Commercial Litigator Joins Bryan Cave's NY Office

    Bryan Cave LLP has expanded its New York office’s commercial litigation group with the addition of a new partner who has represented corporate giants like Wal-Mart, Dunkin’ Donuts and Sleepy’s LLC.

  • May 12, 2017

    Azerbaijan's Largest Bank Seeks Ch. 15 Amid Restructuring

    The International Bank of Azerbaijan, the country’s largest commercial lender, asked a New York bankruptcy court Thursday to provide the bank legal cover in the U.S. while IBA attempts to restructure $3.3 billion worth of debt after government-backed efforts failed to stabilize its finances.

  • May 12, 2017

    Tribal Leaders Immune In Payday Loan Suit, 2nd Circ. Hears

    Officials of Chippewa Cree payday lender Plain Green LLC asked the Second Circuit Friday to find a lower court erred in not recognizing their sovereign immunity as tribal officials in allowing a proposed racketeering and consumer protection class action by customers to proceed.

  • May 12, 2017

    JPM Says Ex-Adviser Took Client Info, $4.8M In Accounts

    J.P. Morgan Securities LLC has asked a New York state court to bar one of its former wealth advisers from soliciting any more of its customers while it goes to arbitration over its claims she poached $4.8 million in client accounts from her new perch at rival Morgan Stanley.

  • May 12, 2017

    9th Circ. Rejects WaMu Try For Savings & Loan Tax Refund

    Washington Mutual Inc. has again lost in a suit seeking to recover millions in excess taxes it paid after buying up faltering savings and loan associations, following a Ninth Circuit ruling Friday that held the company could not justify its estimated $28 million value in the associations before its losses.

  • May 12, 2017

    Paskenta Band Again Denied Freeze Of Ex-Leaders' Assets

    A California federal judge on Thursday declined to rethink his decision not to freeze the assets of four former Paskenta Band of Nomlaki Indians officials accused by the tribe of a wide-reaching, multimillion-dollar embezzlement scheme, finding the tribe had not provided new evidence warranting a change.

  • May 12, 2017

    Brazilian Bank Itau Cuts Deal For $2B Stake In Brokerage

    Itau Unibanco Holding SA on Thursday said that it has agreed acquire a minority interest in Brazilian brokerage firm XP Investimentos from its private equity backers and management team in a deal worth 6.3 billion Brazilian reals ($2 billion), with plans to increase its stake over time.

  • May 11, 2017

    Ja Rule, Fyre Festival Organizers Hit With $3M Loan Suit

    Legal woes for organizers of the flopped Fyre Festival piled on Thursday when a money lender alleged in New York court that the planners are late making payments on a $3 million loan for the festival.

  • May 11, 2017

    Judge Has More Questions On Giuliani, Mukasey Conflicts

    A New York federal judge on Thursday ordered more briefing on the question of whether there are conflicts of interest for legal leviathans Michael Mukasey and Rudy Giuliani related to their representation of Turkish-Iranian financier Reza Zarrab, who is accused of helping Iran dodge U.S. sanctions.

  • May 11, 2017

    BNY Gets RMBS Claims Against JPMorgan Partially Revived

    A New York state appeals court has partially revived Bank of New York Mellon’s suit against JPMorgan Chase Bank NA and its mortgage affiliate over alleged contract breaches related to defective loans that were securitized in 2006, finding on Thursday that BNY’s claims are not time-barred under a recent appellate court ruling.

  • May 11, 2017

    Investor Says Deutsche Can’t Chase $300M Debt In NY

    An attorney for Alexander Vik on Thursday asked a New York judge to throw out the latest lawsuit from Deutsche Bank seeking to make good on a nearly $300 million U.K. judgment against the billionaire investor over botched foreign exchange markets trading, saying the case doesn’t belong in the Empire State.

  • May 11, 2017

    Merkin, Madoff Trustee Fire Back Over Trial Testimony

    Disgraced financier J. Ezra Merkin urged a New York bankruptcy judge to not let the trustee for Bernie Madoff’s fraudulent investment firm cripple Merkin's defenses at an upcoming trial to claw back Ponzi scheme proceeds, arguing Wednesday that certain testimony should not be barred.

  • May 11, 2017

    Spokeo Nixes $12M Experian Judgment For Wrong Credit Info

    The Fourth Circuit axed a $12 million class action judgment against a unit of credit report provider Experian PLC on Thursday, saying the lead plaintiff had no case because his injury didn’t measure up to the standards set out by the U.S. Supreme Court in its Spokeo decision last year.

  • May 11, 2017

    9th Circ. Won't Stay CFPB Jurisdiction Over Tribal Lenders

    The Ninth Circuit has declined to delay a mandate for its decision that three tribal lending companies must comply with civil investigative demands by the Consumer Financial Protection Bureau, after the companies had asked for extra time to bring an appeal at the U.S. Supreme Court.

Expert Analysis

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • Class Cert. Challenges For Meal Period Premium Claims

    Sandra Rappaport

    A California federal court's recent decision in Nicole Torres v. Wells Fargo shows that employees seeking to certify classes based on improper calculation of rest or meal break premiums — or even based on the failure to have been paid a premium at all — will have a hard time when it comes to certification, says Sandra Rappaport of Hanson Bridgett LLP.

  • British Virgin Islands Aligns With Global Standards

    Rachael McDonald

    The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • The Credit Card Surcharge Fight Isn’t Over Yet

    Andrew C. Glass

    Rather than rule on whether a New York statute restricting credit card surcharges violates the First Amendment, the U.S. Supreme Court in Expressions Hair Design v. Schneiderman remanded the matter to the Second Circuit. Nevertheless, the court’s decision has the potential for broader impact and has already affected cases challenging surcharge laws in other states, say attorneys with K&L Gates LLP.

  • Data Portability Issues In US Foreshadow Challenges In EU

    Chris Hydak

    While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.

  • Ruling On CFPB Could Upend Controversial Net Worth Sweep

    Sai Prakash

    The DOJ's recent challenge to the constitutionality of the Consumer Financial Protection Bureau could have significant ramifications for another government agency — the Federal Housing Finance Agency, according to Sai Prakash of the University of Virginia School of Law.