Banking

  • June 13, 2017

    Quinn Emanuel Invokes Privilege Over Forex Opt-Out Docs

    Quinn Emanuel Urquhart & Sullivan LLP and Bernstein Liebhard LLP told a New York federal court Monday that communications with parties in a foreign exchange antitrust class action are privileged, hitting back at a bid to compel the information.

  • June 13, 2017

    National Penn Inks $1M Deal To End Pa. Overdraft Class Suit

    National Penn Bank has agreed to pay nearly $1 million to end a class action in Pennsylvania state court over allegedly improper overdraft fees it charged to customers, according to a motion filed Monday seeking approval of the settlement.

  • June 13, 2017

    UBS Says Fired Adviser Not Whistleblower Under Dodd-Frank

    UBS Financial Services Inc. urged a New Jersey federal court on Monday to toss a former financial adviser’s wrongful termination suit, saying that the ex-employee can’t claim his firing was unlawful retaliation for whistleblowing because he wasn’t actually a whistleblower.

  • June 13, 2017

    Bankrupt Gymboree Gets Access To $35M New DIP Money

    Gymboree, the children's clothier saddled with a billion dollars' worth of debt during a 2010 buyout by private equity firm Bain, received interim bankruptcy court approval Monday to access $35 million in new money and hundreds of millions of dollars in other converted debtor-in-possession financing as it seeks to regain solid footing.

  • June 13, 2017

    Ireland To Launch Estimated $3.3B Allied Irish Banks IPO

    The Irish government on Monday set a price range for an estimated €3 billion initial public offering ($3.3 billion) of Allied Irish Banks PLC, moving forward with plans to divest a stake in one of the country’s largest banks seven years bailing it out during the financial crisis.

  • June 13, 2017

    Traders Who Used Schwab Get 3rd Crack At Fraud Suit

    A California federal court Tuesday rejected investors' allegations that Charles Schwab & Co. Inc. routed trade orders to UBS Securities LLC even when it did not offer the best value, but gave the potential class a chance to fix its lawsuit to include all the elements of fraud.

  • June 13, 2017

    Green Dot, MasterCard Get Initial Nod For Debit Glitch Deal

    A California federal judge has given preliminary approval to an $8.1 million settlement that Green Dot Corp. and MasterCard Inc. reached with a class of Walmart MoneyCard holders over a three-day disruption in service that cut off access to consumers’ funds.

  • June 13, 2017

    CFPB Defends Its Constitutionality In 9/11 Victim Scam Suit

    The Consumer Financial Protection Bureau shot down constitutional challenges against its structure in New York federal court on Monday, in an attempt to maintain its suit accusing a New Jersey-based settlement advance firm of scamming 9/11 first responders and NFL retirees with high-cost loans.

  • June 13, 2017

    Real Estate Rumors: JP Morgan, Facebook, Robert W. Baird

    A J.P. Morgan Investment Management entity has reportedly sold a Miami apartment complex for $78.15 million with the buyer receiving financing from Prudential, Facebook is said to be considering leases at two San Francisco buildings, and Robert W. Baird has reportedly reached a deal to lease 16,000 square feet in Manhattan.

  • June 13, 2017

    Real Estate Construction Labor Shortage Making Banks Wary

    As real estate construction in core U.S. markets continues at a frenetic pace, the sheer number of projects underway is putting strain on the labor workforce, and that shortage of workers is causing banks to be wary about providing construction loans, lawyers say.

  • June 13, 2017

    EU Outlines Plans To Grab UK's Euro Securities Clearing

    The European Union on Tuesday launched its plan to gain control of London's massive euro-denominated securities clearing business, outlining proposals to give itself regulatory oversight and the power to move business away from the U.K.’s financial capital after the Britain leaves the EU.

  • June 12, 2017

    Justice Ginsburg On Diversity And Persuading Her Colleagues

    Justice Ruth Bader Ginsburg discusses what it means to have three women on the court, the aftermath of hostile Senate confirmation fights, and why justices sometimes do the unexpected, in the first of two articles based on an exclusive interview with the feminist icon.

  • June 12, 2017

    Deutsche Bank To Pay $170M To Settle Euribor Investor Suit

    Deutsche Bank AG has agreed to a $170 million settlement with investors accusing big banks of conspiring to rig Euribor in a deal that would bring proposed relief to more than $300 million, according to documents filed in New York federal court on Monday.

  • June 12, 2017

    Treasury Report Shows Trump’s Plan To Roll Back Dodd-Frank

    The Treasury Department on Monday released a long-awaited report outlining the Trump administration’s views on defanging the Consumer Financial Protection Bureau and easing the operating environment for big and smaller banks, including a way for the biggest banks to escape from Dodd-Frank Act-mandated capital and other rules. 

  • June 12, 2017

    Trans Union Owes Over $8M For FCRA Violations, Jury Told

    Attorneys for a class of more than 8,000 Trans Union LLC customers kicked off a California federal court trial Monday over claims the credit reporting agency willfully violated the Fair Credit Reporting Act by labeling them possible terrorists or criminals on reports to lenders, telling jurors Trans Union owes $1,000 for each violation.

  • June 12, 2017

    Ex-Fed. Prosecutor Joins Walden Macht From Kobre & Kim

    A former federal prosecutor has joined white collar defense firm Walden Macht & Haran LLP from Kobre & Kim LLP, where his clients included a former Credit Suisse executive implicated in a $100 million mortgage fraud scheme.

  • June 12, 2017

    Citi To Pay $1M For Lax Trade Controls Behind Price Swings

    A unit of Citigroup Inc. has agreed to pay $1 million to resolve claims that it violated market rules and supervisory requirements for more than four years, allowing employees to send erroneous trade orders — including one worth over $13 billion — that sent shudders through the markets, according to a settlement posted Friday by the Financial Industry Regulatory Authority.

  • June 12, 2017

    CFTC, Watchdog Disagree Over Futures Association Oversight

    The U.S. Commodity Futures Trading Commission took issue with several aspects of a recent internal watchdog review of the agency's oversight of the National Futures Association, particularly disagreeing with a suggestion the CFTC hand some of its review responsibilities to an independent public accountant.

  • June 12, 2017

    Iran Took Control Over Manhattan High-Rise, Cooperator Says

    A cooperating witness in the U.S. effort to seize a 36-story midtown Manhattan high-rise over violations of sanctions against Iran told federal jurors Monday that officials in Tehran's religious government began calling the shots in the early 1980s as to how the building should be operated after taking power in 1979.

  • June 12, 2017

    SunEdison Cleared To Solicit Votes On Ch. 11 Plan

    More than a year after entering Chapter 11, bankrupt renewable energy giant SunEdison Inc. received authorization from a New York federal judge on Monday to distribute its financial restructuring proposals to creditors, with hopes of confirming its plan in just over a month.

Expert Analysis

  • How 2 Courts View Gov't Role In Nonintervened FCA Cases

    Douglas Baruch

    Both the Eleventh Circuit's decision last week in the Everglades College case and a Florida federal court's ruling last month in Salus Rehabilitation take aim at the government’s practices in nonintervened False Claims Act qui tam cases — with mixed results, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • A Wake-Up Call For Banks To Comply With Bankruptcy Rules

    Jerome Walker

    The Office of the Comptroller of the Currency’s recent action against U.S. Bank shows that a bank may commit a safety and soundness violation by failing to comply with the bankruptcy laws and rules. The challenge for banks is to determine what changes need to be made to their internal controls, says Jerome Walker of Duane Morris LLP.

  • How To Save The European Securitization Market

    Jonathan Walsh

    It is hard to see how Europe's securitization market will recover to its full potential, or at all, if it continues on its current path. A guiding standard prioritizing clarity, certainty, consistency and calibration may help with bringing real money investors back to Europe, says Jonathan Walsh of Baker & McKenzie LLP.

  • Why US Law Firms Need Anti-Money Laundering Policies

    Kristine Safos

    For U.S. law firms, anti-money laundering compliance are a business necessity. As large financial institutions and other clients adopt their own AML policies, they expect law firms they work with to do the same. Kristine Safos of HBR Consulting offers guidance on AML and client due diligence best practices.

  • High Court Takes On FDCPA 'Debt Collector' Definition

    Craig Nazzaro

    Recent oral arguments in Henson v. Santander Consumer USA suggest the U.S. Supreme Court will decide to exclude debt buyers from liability under the Fair Debt Collection Practices Act. However, relief by certain collections departments and lenders may not be enjoyed for long, as debt collectors are awaiting new regulations from the Consumer Financial Protection Bureau, says Craig Nazzaro of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Shrewsbury And Its Impact On Delaware Foreclosure Actions

    David White

    The Delaware Supreme Court's recent decision in J.M. Shrewsbury v. Bank of New York Mellon affects lenders’ pursuit of foreclosure, but it likely affects counsel for lenders far more than the lenders themselves, say David White and Matthew Rifino of McCarter & English LLP.

  • Hedge Fund Settlement Shows Broad Reach Of New York FCA

    Douglas Baruch

    While the recent $40 million settlement based on taxes allegedly avoided by members of Harbinger Capital Partners was record-breaking, the underlying source of liability — the New York False Claims Act — was highly unusual as well. This action may usher in a whole new wave of potential liability against financial institutions, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Takeaways From Cumulus Media Refinancing Ruling

    Mark Chass

    Investors should anticipate that creditors may rely on two aspects of the recent decision in Cumulus Media v. JPMorgan Chase to challenge exchange offers, particularly those in which issuers seek to refinance unsecured debt with secured debt, says Mark Chass of Kramer Levin Naftalis & Frankel LLP.

  • State Bank Regulators To OCC: 'Innovation' Starts In States

    Thomas Brooks

    The Office of the Comptroller of the Currency's recent proposal to create special-purpose national bank charters for financial technology companies is not without political concerns. As a result, some opposition has developed on both sides of the congressional aisle, says Thomas Brooks of Clark Hill PLC.

  • CFPB Insights On Alternative Data Use In Credit Scoring

    Michael Gordon

    The growing utilization of alternative data in credit decisions and scoring models continues to attract the attention of regulators. Although clear and practical guidance remains elusive, regulator pronouncements provide some clues and takeaways for market participants, say Michael Gordon and Vaughn Stewart of WilmerHale.