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Banking

  • November 27, 2018

    SEC Hasn't Shown Crypto Tokens Are Securities, Judge Says

    A California federal judge on Tuesday denied the U.S. Securities and Exchange Commission's preliminary injunction bid against a cryptocurrency company accused of planning to fraudulently raise money in an initial coin offering, saying the regulator has failed to definitively show the tokens are securities.

  • November 27, 2018

    JPMorgan Pushes Back On Depo Bid In Silver Trading Suit

    JPMorgan Chase & Co. told a New York federal judge on Tuesday that it wouldn’t do anyone any good to allow additional depositions of three bank employees that have been requested by traders suing the bank over alleged manipulation of the silver futures market.

  • November 27, 2018

    Ex-Venezuelan Treasurer Gets 10 Years For $1B In Bribes

    Former Venezuelan national treasurer Alejandro Andrade Cedeño was sentenced Tuesday in Florida federal court to 10 years in prison for accepting $1 billion in bribes from a Venezuelan billionaire television mogul and laundering the money through South Florida real estate.

  • November 27, 2018

    Feds Say 3 Cos. Laundered $3M For North Korea

    Two Chinese companies and a cooperating company based in Singapore laundered millions of American dollars through the United States on behalf of sanctioned North Korean banks, according to a complaint filed by the U.S. government in Washington, D.C., federal court Monday seeking to seize more than $3.1 million in funds from the offending businesses.

  • November 27, 2018

    Morgan Stanley Adviser Who Stole From Clients Gets 5 Years

    A former financial adviser at Morgan Stanley will serve five years in prison after he pled guilty to spending hundreds of thousands of dollars in clients' money on his own investments and expenses, a judge ruled Tuesday in Boston federal court.

  • November 27, 2018

    Chinese Lender Investor Cries Foul Over Alleged IPO Lies

    A shareholder for Chinese peer-to-peer lender PPDAI Group Inc. launched a proposed class action in New York federal court Monday, alleging the company concealed predatory lending practices from prospective investors, ultimately resulting in significant losses in value for the company’s stock.

  • November 27, 2018

    Ringleader In $18M Colo. Investment Scheme Gets 10 Years

    A Colorado man convicted of running a fraudulent investment scheme based on loans backed by collateralized mortgage obligations was sentenced to 10 years in prison on Tuesday and ordered to repay the $18 million he took from investors.

  • November 27, 2018

    ABA Blasted For Support Of Bill On Debt Collection Attys

    A group of fellows with the American Bar Association’s Consumer Financial Services Committee has sent a letter objecting to the ABA’s support of a bill in the U.S. House of Representatives that would mean attorneys suing to collect on a debt would not be classified as “debt collectors” under consumer protection law.

  • November 27, 2018

    MVP: Mayer Brown's Mark Hanchet

    Mark Hanchet of Mayer Brown LLP scored several big victories over the past year representing HSBC Bank in actions brought under the Anti-Terrorism Act, shaking off two suits for jurisdictional reasons and landing one dismissal that will define the relatively young statute for decades to come, earning him a spot among Law360’s 2018 Banking MVPs.

  • November 27, 2018

    Judge Says He's Immune To Misconduct Suit Over Rulings

    A lawsuit accusing a federal judge of violating a hodgepodge of laws over the dismissal of a suit against Liberty Mutual Group should be dismissed because the judge enjoys total judicial immunity, the judge told a Massachusetts federal court late Monday.

  • November 27, 2018

    Simpson Thacher Reps People's United On $327M Bank Buy

    The holding company for People's United Bank on Tuesday said it will buy Massachusetts-based community bank Belmont Savings Bank in a $327 million deal, with Simpson Thacher & Bartlett LLP steering the buyer and Luse Gorman PC guiding the seller.

  • November 27, 2018

    Monroe Capital Secures $1.33B For 3rd Private Credit Fund

    Chicago-based specialty lender Monroe Capital LLC has wrapped up its latest private credit fund after collecting $1.33 billion from limited partners, marking the largest fundraise in firm history, according to a Tuesday statement.

  • November 26, 2018

    Boies Schiller Says Chinese Dissident Owes $1M In Fees

    Boies Schiller Flexner has sued billionaire Guo Wengui in New York state court to collect on an unpaid legal tab totaling more than $1 million, after an arbitrator said the Chinese-born client retained the top-notch firm and "opted to litigate aggressively" and thus couldn't argue the bills were unreasonably large.

  • November 26, 2018

    Chinese Nonprofit Boss Bribed African Officials, Jury Hears

    Federal prosecutors told a Manhattan jury Monday that the head of a nonprofit bankrolled by a Chinese energy company tried to bribe three African officials in a bid to secure business for his funders, while the defense told them the money was no different from the donations made by corporate-backed charities every day.

  • November 26, 2018

    All Banks But Morgan Stanley Escape Aussie Benchmark Suit

    A New York federal judge on Monday dismissed the bulk of claims against all defendants except Morgan Stanley in a proposed class action against 15 major banks and two brokers for allegedly manipulating the price of derivatives based on an Australian benchmark interest rate.

  • November 26, 2018

    Russia Ordered To Pay $1.1B To Ukrainian Bank

    Russia on Monday was ordered by an international tribunal to pay one of Ukraine's largest banks $1.1 billion for expropriating its assets in Crimea following its 2014 takeover of the peninsula.

  • November 26, 2018

    JPMorgan Settles Aussie Benchmark Fixing Suit For $7M

    JPMorgan will shell out $7 million to investors to exit a class action accusing several big banks of profiting at their expense from the manipulation of an Australian short-term interest benchmark known as the Bank Bill Swap Reference Rate, according to a motion filed in New York federal court.

  • November 26, 2018

    Real Estate Rumors: Signature Bank, Rockwood, WeWork

    Signature Bank is reportedly taking another nearly 21,000 square feet in New York, a Rockwood Capital venture is said to have picked up a Florida apartment tower and vacant land for $47.5 million, and WeWork has reportedly leased another 60,000 square feet in New York.

  • November 26, 2018

    Ohio 1st State To Take Bitcoin For Business Tax Payments

    Ohio on Monday became the first state in the nation to allow businesses to pay state taxes with cryptocurrency, a move that is receiving mixed reviews from tax professors.

  • November 26, 2018

    Ex-Wells Fargo Trader's Depo In Rigging Suit Canceled

    A New York federal judge on Monday rescinded her pre-Thanksgiving order that a former Wells Fargo trader be deposed in a putative investor class action accusing several big banks of rigging the foreign exchange market, saying the investors should go to California federal court to compel his deposition.

Expert Analysis

  • What Canada's Pot Legalization Means For US Financial Cos.

    Whitt Steineker

    Canada's legalization of cannabis this month is a significant development in the growing trend of loosening cannabis laws, but it also presents a risk to both American investors and financial institutions transacting with these businesses, say attorneys with Bradley Arant Boult Cummings LLP.

  • Unpacking New Guidance On Tax-Free Monetized Spinoffs

    Laurence Stein

    The Internal Revenue Service recently clarified the representations a company is expected to make when it requests a private letter ruling on a tax-free spinoff with a debt exchange component. Attorneys at Latham & Watkins LLP examine this significant revenue procedure.

  • Italy Moves Toward Crypto Tax Certainty

    Stefano Giuliano

    Although Italy still lacks specific legislation governing initial coin offerings, recent Bank of Italy and Italian Revenue Agency developments related to cryptocurrency taxation should be welcomed by the business community as significant steps toward clarity in this area, say Stefano Giuliano and Saverio Brocchi of CMS Adonnino Ascoli & Cavasola Scamoni.

  • A Closer Look At SEC's Whistleblower Proposals

     Matthew LaGarde

    Recently proposed amendments to the rules governing the U.S. Securities and Exchange Commission's whistleblower program represent a step back for the program. However, there are some elements that should encourage whistleblowers, says Matthew LaGarde of Katz Marshall & Banks.

  • Breaking The Rules: 3 Ways To 'Lead' A Direct Examination

    Matthew Menchel

    Trial lawyers are frequently taught that they should appear invisible during direct examination — that their job is merely to prompt the witness to start speaking. But the most powerful direct examinations are the ones in which the examiner, not the witness, is controlling the pace, say attorneys with Kobre & Kim LLP.

  • Opinion

    Time For Regulators To Embrace Earned Wage Access

    David Reidy

    A wave of fintech providers are offering earned wage access services, which enable employees to access a portion of their wages before their next scheduled payday. While regulators have taken notice, they have yet to clarify existing rules or explicitly endorse such programs, say attorneys with McGuireWoods LLP.

  • A Look At Anti-Money Laundering Regulatory Trends

    Jean Veta

    Despite U.S. authorities' efforts to provide financial institutions with regulatory relief, there remains a focus on anti-money laundering enforcement and oversight, particularly as regulators attempt to grapple with virtual currency and fintech issues, say attorneys with Covington & Burling LLP.

  • Deciding Class Action Removal Rights At High Court

    Archis Parasharami

    An overbroad interpretation of the U.S. Supreme Court's decision in Shamrock Oil & Gas v. Sheets has created a loophole for avoiding the Class Action Fairness Act to pursue interstate class actions in state court. However, in Home Depot USA v. Jackson, the court will address two questions that have the potential to close it, say Archis Parasharami and Daniel Jones of Mayer Brown LLP.

  • Need Litigation Finance? Don't Skip These 5 Steps

    Molly Pease

    The process of applying for litigation financing isn’t difficult, but few do it right the first time. Following five steps in your application process will help make sure litigation funders are convinced of the value of your company's legal claims, says Molly Pease of Curiam Capital LLC.

  • ​Are You Ready For Your Congressional Investigation?

    Brian Smith

    ​The Democratic Party is ​expected to take control of the House of Representatives next year,​ ​which​ will dramatically increase the congressional investigations risks for ​the ​private sector.​ Prime targets include pharmaceutical, financial services and technology ​companies, says Brian Smith of Covington & Burling LLP.