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Banking

  • June 11, 2018

    Former Equifax Exec Wants Insider Trading Charges Dropped

    A former Equifax executive accused of selling off shares before the public was informed of the company's massive data breach told a Georgia federal court Monday that the government's indictment only proves he exercised stock options after being lied to by his employer.

  • June 11, 2018

    China Agritech May Drive Class Members To Court Early, Often

    The U.S. Supreme Court gave companies some relief Monday when it ruled that plaintiffs can't file follow-on class actions after the statutory deadline has expired, but that relief could be short-lived if plaintiffs respond by taking more actions in the cases they're involved in to preserve their rights.

  • June 11, 2018

    Wells Fargo Bans Crypto Purchases On Its Credit Cards

    Wells Fargo & Co. said Monday that it has stopped allowing customers to use its credit cards to buy cryptocurrency, making it the latest major bank to impose such restrictions amid concerns about volatility and other risks in the market for digital currencies.

  • June 11, 2018

    Securities Fraud Class Actions Must Be Curtailed, Attys Say

    Class action securities fraud suits have proliferated in recent years, a trend that’s harming U.S. businesses, investors and the economy, and it needs to be reversed, a panel of defense attorneys said at an event Monday in Lafayette Hills, Pennsylvania.

  • June 11, 2018

    Bulgarian Telecom Barred From Transfers In $6.7M Dispute

    A New York federal judge on Friday granted a satellite maker’s motion for a preliminary injunction requiring a Bulgarian telecommunications provider to seek the company’s consent before transferring funds related to a complex satellite financing deal, pending the resolution of a $6.7 million arbitration dispute between the companies.

  • June 11, 2018

    Foley & Lardner Adds SEC Atty For Securities Practice

    A U.S. Securities and Exchange Commission attorney who, while an associate at Willkie Farr & Gallagher LLP, helped defend a former IndyMac executive after the bank’s collapse in 2008 is joining Foley & Lardner LLP’s securities enforcement and litigation practice, the firm has announced.

  • June 11, 2018

    Former RMBS Prosecutor Heads To Lowenstein Sandler In NY

    A former prosecutor on the task force that pursued international banks for hiding the risk within sickly residential mortgage-backed securities has rejoined Lowenstein Sandler LLP, the firm announced on Monday.

  • June 11, 2018

    Ex-JPMorgan Wealth Manager Settles Retaliation Claims

    A former JPMorgan Chase & Co. wealth manager has settled her Manhattan federal court retaliation suit against the $379 billion bank, ending a lengthy fight that appeared bound for a third trip to the Second Circuit, according to a filing on Monday.

  • June 11, 2018

    Justices Narrow American Pipe Tolling For Class Actions

    The U.S. Supreme Court on Monday cemented a new limit on plaintiffs filing successive class actions, holding that the tolling provisions it established in its landmark American Pipe decision don't extend to individual class members wanting to file a new action on behalf of others after the statutory deadline to do so has passed.

  • June 8, 2018

    Mulvaney Defends Reboot Of CFPB's Advisory Boards

    Consumer Financial Protection Bureau acting Director Mick Mulvaney said Friday that his agency’s controversial plan involving the dismissal of the current members of its three advisory boards is actually about increasing outside input, not shutting it down.

  • June 8, 2018

    Ex-State Street Exec OK’d Hidden Fees, Key Witness Says

    A former director at State Street Corp. who admitted that he conspired to overcharge clients in 2010 and 2011 testified Friday that his boss approved the method that hid millions of dollars in commissions and knew about “nonsense” contracts intended to dupe some of the bank’s biggest clients.

  • June 8, 2018

    Calif. Wells Fargo Staff May Get Cert. In Meal Break Row

    A California state judge on Friday tentatively granted class certification to thousands of Wells Fargo workers on claims they were underpaid for missed mealtimes and given improper pay stubs, but withheld his final ruling after the bank argued its individualized system for documenting meal premiums doesn’t support classwide litigation.

  • June 8, 2018

    Student Debt Relief Co. To Pay Nearly $12M To End FTC Suit

    A California federal judge on Friday signed off on a deal requiring an alleged scammer to pay nearly $12 million to end a Federal Trade Commission suit accusing him of tricking customers into sending him thousands of dollars under the guise of paying off their student loan debt.

  • June 8, 2018

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

    The last week has seen dozens of eyewear retailers sue Visa and MasterCard, UBS look to seize property from beleaguered Indian beverage magnate Vijay Mallya and insurer HDI Global take action against Maersk. Here, Law360 looks at those and other new claims in the U.K.

  • June 8, 2018

    Caliber Home Loan Ditches $5M Breach Class Action, For Now

    A California federal judge on Friday nixed a $5 million consumer class action over a Caliber Home Loans Inc. data breach, saying that the named plaintiff had to “allege more than the cagey and indefinite allegations” in the complaint, and giving him an opportunity to take another stab at all but one of the claims.

  • June 8, 2018

    Internet Bank Largely Escapes 'Unripe' Derivative Suit

    A California federal judge all but tossed Bank of Internet shareholders' derivative suit against board members for allegedly damaging the company’s reputation and incurring a host of legal and investigative fees stemming from shady business dealings, calling the claims "unripe" and finding that the bulk of the complaint relies too heavily on the outcome of related litigation.

  • June 8, 2018

    Fund Manager To Pay $1.3M Over Alleged Raiding, Fraud

    An insurance agent-turned-fund manager has been ordered to pay $1.3 million as part of a judgment in a U.S. Securities and Exchange Commission suit accusing him of using money from three funds for his own personal expenses, according to an order in Washington federal court Thursday.

  • June 8, 2018

    Think Finance Says CFPB's 'Threadbare' Suit Must Go

    Think Finance on Thursday stood behind its efforts to shake a Consumer Financial Protection Bureau suit accusing the financial technology company of duping borrowers and using sham tribal payday lenders to collect money it wasn't owed, telling a Montana federal court that the agency's "threadbare" complaint should not proceed.

  • June 8, 2018

    IHeartMedia Can Pay Employee Bonuses, Access $450M DIP

    A Texas bankruptcy judge on Thursday approved iHeartMedia Inc.’s requests to fund its Chapter 11 restructuring with a new $450 million revolving credit facility and pay its non-insider employees an aggregate of up to $66 million in bonuses to encourage peak performance.

  • June 8, 2018

    Mueller Hits Manafort, Russian With Obstruction, Conspiracy

    Special Counsel Robert Mueller on Friday added obstruction of justice and conspiracy charges to the case against Paul Manafort, formally accusing him and a Russian associate of trying to influence potential witnesses in the case against the former Trump campaign chairman.

Expert Analysis

  • Practical Considerations For Litigating Proportionality

    Elizabeth McGinn

    By incorporating an explicit requirement that discovery must be “proportional to the needs of the case,” the 2015 amendments to the Federal Rules of Civil Procedure garnered much speculation as to their impact on courts’ decision-making processes. Now that the rules have been implemented for over two years, several themes have emerged, say attorneys with Buckley Sandler LLP.

  • Supporting Nontraditional Data Types In E-Discovery

    Jason Paroff

    The advancement in connected technologies and software has created an explosion of nontraditional data sources that present challenges to e-discovery practitioners. Many tools and techniques used to process traditional data may not be practical for these new data types, say Jason Paroff and Sagi Sam of Epiq.

  • How Tax Authorities Are Responding To Cryptocurrency

    Mark Rush

    The features that make cryptocurrencies attractive to their users — relative anonymity and mobility — have created heightened concerns among tax agencies in the U.S. and abroad. Providers of financial services to cryptocurrency holders should take steps to ensure that they are not enabling tax evasion, say members of K&L Gates LLP and Navigant Consulting Inc.

  • Volcker Rule Will Likely Change, But When And By How Much?

    Michael Silva

    It is difficult to say exactly what the ultimate changes to the Volcker Rule will be. However, certain political realities on the legislative side and a convergence of statements by policymakers on the regulatory side suggest that there are at least a few broad changes that can be reasonably forecast, say Michael Silva and Paola Ronquillo of DLA Piper.

  • After Trump’s Policy Purges, Who Speaks For The Victims?

    Daniel Karon

    Under President Donald Trump, federal agencies have killed or delayed key regulations and imposed drastically fewer penalties against corporate wrongdoers — thus enabling cheaters, victimizing consumers and compromising well-behaving companies. It falls to state attorneys general, as well as the private bar — plaintiffs and defense attorneys together — to pick up the slack, says Daniel Karon of Karon LLC.

  • FDCPA Cases Continue To Define What Congress Did Not

    Ellen Silverman

    The Second Circuit's decision in Taylor v. Financial Recovery Services exemplifies the nuances and often difficult interpretations faced by courts seeking to determine what constitutes an “abusive” practice under the Fair Debt Collection Practices Act, say attorneys with Hinshaw & Culbertson LLP.

  • The Fastest Federal Civil Court For A Decade

    Bob Tata

    Out of 94 district courts nationwide, the Eastern District of Virginia has the fastest civil trial docket in the country, now for at least the 10th straight year. The modern EDVA bench clearly takes pride in efficiently dispensing justice, and this dedication to efficiency has continued even in the face of increased filings, says Bob Tata of Hunton Andrews Kurth LLP.

  • Reining In Abusive Alien Tort Statute Cases

    Perlette Jura

    The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.

  • A Survey Of Fla. Fiduciary Duty Breach Claims Against Banks

    Andrew Steif

    Although Florida’s federal and state courts have long held that banks or financial institutions do not owe their customers a fiduciary duty, a large percentage of cases filed by customers contain causes of action for breach of fiduciary duty. Andrew Steif of Holland & Knight LLP reviews the general standard for such claims and surveys the cases decided under it.

  • Equity Press Releases: When Time Is Not On Your Side

    Christina Kwon

    Even the most mild-mannered banker will turn vitriolic if an equity deal launch press release does not hit the wire services on time. Attorneys with Hunton Andrews Kurth LLP offer some legal and practical considerations and a sample timeline in light of a recently revised New York Stock Exchange policy.