Banking

  • February 12, 2018

    SEC Seeks Budget Hike To Boost Cybersecurity, Add Staff

    The U.S. Securities and Exchange Commission on Monday requested a $1.66 billion budget for fiscal 2019 that contains a 3.5 percent spending increase after three years of flat budgets, hoping to spend more money on cybersecurity and restore positions lost to hiring freezes.

  • February 12, 2018

    Madoff Trustee Reaches $76M Settlement With Feeder Fund

    The trustee for Bernie Madoff's shuttered investment firm announced Monday that the bankrupt estate has settled Ponzi scheme profiteering allegations against a feeder fund for just over $76 million, saying the sum covers all transfers received by the fund in the two years preceding the collapse of Madoff's fraud.

  • February 12, 2018

    Deutsche Bank To Repay Overcharged MBS Customers $3.7M

    Deutsche Bank has agreed to pay back $3.7 million to customers allegedly misled by the firm’s traders and salespeople while negotiating sales of commercial mortgage-backed securities, the U.S. Securities and Exchange Commission said Monday.

  • February 12, 2018

    Trump Budget Eyes Putting CFPB At Congress’ Mercy

    President Donald Trump has proposed a radical restructuring of the U.S. Consumer Financial Protection Bureau that would see the independent agency subjected to the congressional appropriations process and a steep cut to its operating budget.

  • February 12, 2018

    Lenders Pledge $100B As Broadcom Tries To Woo Qualcomm

    A group of 12 lenders that includes private equity firms and banks has agreed to commit up to $100 billion in total financing for Broadcom Ltd.’s proposed acquisition of Qualcomm Inc., even though the California chipmaker rejected a Broadcom takeover offer last week, Broadcom said Monday.

  • February 12, 2018

    YapStone Snags $71M In Series C Funding

    California-based YapStone Inc., a company that provides payment processing for online and mobile transactions for apartment and vacation rental companies, raised $71 million from Mastercard, Accel and others in its first closing in a Series C funding round, the company said on Monday.

  • February 12, 2018

    Gibraltar Aims To Become First To Legislate On ICOs

    Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.

  • February 12, 2018

    15 Minutes With The General Counsel Of PNC Bank

    Gregory B. Jordan joined the world of in-house at PNC following a nearly 30-year career at Reed Smith LLP. He spoke with Law360 about the changing legal industry, what convinced him to go in-house and the biggest regulatory issues his organization is grappling with.

  • February 12, 2018

    Barclays Hit By Fresh Charges In Qatar Capital-Raising Case

    The Serious Fraud Office charged Barclays Bank PLC with unlawful financial assistance on Monday over a $3 billion loan it made to Qatar in 2008, adding to the same charges brought in 2017 against the bank’s financial services parent company, Barclays PLC.

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

  • February 9, 2018

    Ex-McDonald's Manager In SEC Impersonation Trial Gets Bail

    A former McDonald’s manager charged with posing online as a U.S. Securities and Exchange Commission official can return to his ill father and current job as a waste collector in central Pennsylvania while the case proceeds in Boston, a federal magistrate judge decided Friday.

  • February 9, 2018

    Ex-BofA Worker Overstating Claim, Bank Expert Tells Jury

    Bank of America NA closed out its defense Friday in a California federal trial over a former client manager's blacklisting and defamation claims, calling on a certified public accountant to testify that the plaintiff was “grossly” overstating the value of her blacklisting claim.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    Counsel for a group of residential mortgage-backed securities trusts faced skepticism from the bench Friday while delivering closing arguments in a bid to augment the trusts’ allowed Chapter 11 claim against Lehman Bros. Holdings Inc. for selling them misrepresented loans, saying their $11.4 billion damage calculations have been substantially supported.

  • February 9, 2018

    Hong Kong Takes Regulatory Action On Cryptocurrencies

    Hong Kong securities regulators said Friday they had issued formal warnings to seven cryptocurrency exchanges and seven issuers of initial coin offerings, beginning to put teeth into a cryptocurrency crackdown announced in September.

  • February 9, 2018

    Cryptocurrency Outlet Hit With Another Investor Fraud Suit

    The legal woes of cryptocurrency marketplace BitConnect mounted Thursday as the U.K.-registered lending and exchange platform was hit with another class complaint in Florida for allegedly operating as a Ponzi scheme that cheated thousands of investors out of millions of dollars.

  • February 9, 2018

    Enviro Analysis Says Congress Threatens Access To Courts

    Earthjustice on Thursday released an analysis of more than 50 pieces of legislation introduced in Congress that it said could restrict the public’s ability to seek justice in court, saying the measures could “erect permanent obstacles” for people trying to defend their rights.

  • February 9, 2018

    DC Circ. Exempts CLO Managers From Risk Retention Rules

    The D.C. Circuit on Friday exempted managers of collateralized loan obligations from so-called risk retention rules mandated under the Dodd-Frank Act, saying their duties fall outside the scope of the statute.

  • February 9, 2018

    Deals Rumor Mill: Remington, Ant Financial, Cirsa Gaming

    Gun maker Remington is looking for financing to let it file for bankruptcy, Ant Financial is looking to raise up to $5 billion and Cirsa Gaming has received acquisition interest from private equity firms and rival gaming companies alike.

  • February 9, 2018

    AmEx Unit To Buy Travel Co. After It Sells Fintech Arm To Visa

    American Express’ travel management unit said it will acquire peer company Hogg Robinson Group for up to 120 pence ($1.66) a share in a cash deal announced Friday, at the same time the UK-based Hogg Robinson has said it will sell its fintech arm to Visa for £141.75 million.

  • February 9, 2018

    UBS Escapes $2.9B Madoff Feeder Fraud Suit In 2nd Circ.

    A federal appeals court rejected a $2.9 billion suit against UBS AG and others on Friday over their role in Bernie Madoff's Ponzi scheme, saying the lower court was correct to take the case out of state court and to find that it lacked the authority to allow the case to proceed further.

Expert Analysis

  • A Closer Look At Consumer Finance Law In 2017, And Beyond

    Alan Wingfield

    In 2017, as in 2016, consumer financial services still ranked as one of the most thoroughly regulated industries in the U.S. For many companies, a year that began with definite promise instead concluded with much still contested and many threats newly ascendant, say Alan Wingfield and Amir Shachmurove of Troutman Sanders LLP.

  • America's Shifting Views On Marijuana Post-Cole Memo

    Jonathan Robbins

    Although Attorney General Jeff Sessions' rescission of the Cole memo does not change federal law, negative response to the rescission across the cannabis sector and political landscape was strong, swift and bipartisan, which may lead to congressional action in the future, say Jonathan Robbins and Joshua Mandell of Akerman LLP.

  • How Tax Reform Will Change FCA Settlements

    Douglas Baruch

    Little attention has been paid to a provision of the new tax law that requires federal agencies to specify, at the time of settlement of government claims, the portion of the settlement that may be deductible as a business expense. This is sure to impact False Claims Act and other settlements involving the government going forward, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • A Survey Of In-House Attorney Views On Trade Secrets

    David Almeling

    In an attempt to peek behind the corporate curtain and pick the brains of those with unrivaled access to their companies’ trade secrets, we surveyed 81 in-house attorneys who work on trade secret issues. We discovered many interesting findings — and one alarming trend, say attorneys with O’Melveny & Myers LLP.

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • Hotel Malware Attack Raises Unusual Insurance Questions

    Jan Larson

    A Florida district court is poised to decide several interesting questions in St. Paul v. Rosen, offering policyholders guidance on the extent to which traditional insurance policies can protect them from data breaches and on whether policyholders' corporate affiliates can look to their policies for protection, say Jan Larson and Alex Langlinais of Jenner & Block LLP.

  • White House Deregulation Push Is Just Getting Started

    Jane Luxton

    The Trump administration's recently released unified agenda indicates an even greater pace of deregulatory action in 2017 than was called for in the president's "two-for-one" executive order. But parties interested in particular future regulatory reforms must develop a strategy for aligning with the relevant agency’s priorities, say attorneys with Clark Hill PLC.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • New Magnitsky Sanctions Expand Enforcement Authority

    Michael Zolandz

    New sanctions under the 2016 Global Magnitsky Human Rights Accountability Act not only provide the U.S. government with a new instrument to take action in response to conduct that might violate the Foreign Corrupt Practices Act or the U.S. anti-money laundering laws, but also expand the scope of U.S. extraterritorial enforcement, say partners with Dentons.

  • A Big Year For US IPOs By Chinese Companies

    Fang Liu

    The U.S. capital markets produced 24 initial public offerings by China-based companies in 2017, making it the most active IPO year for Chinese companies in about seven years. Here, members of Mei & Mark LLP and Weitian Group LLC discuss two distinctive trends that emerged last year.