Banking

  • August 4, 2017

    Banks Say US Court Lacks Jurisdiction in Libor Class Action

    Foreign financial institutions accused of manipulating the London Interbank Offering Rate asked a New York federal judge on Friday to toss the consolidated putative class action, saying the court lacked personal jurisdiction because the events happened overseas and were not directed at the United States.

  • August 4, 2017

    $52M Deal With Tech Execs, JPMorgan Is Broken, Court Told

    Directors and funds sued over their Silicon Valley technology firm’s "underpriced" $425 million sale to Blackberry have asked Delaware’s Chancery Court to enforce or void terms in a damages settlement with investors, in light of issues with JPMorgan's payment into the $52 million overall deal.

  • August 4, 2017

    DLA Piper Hires Finance Partner In Atlanta

    DLA Piper has bolstered its finance practice in Atlanta with the addition of a partner from Alston & Bird LLP who specializes in transactions involving financial institutions, corporate borrowers and private equity funds.

  • August 4, 2017

    Scam Suspect Ducks Jail Over Victim Contact In $50M Row

    An Illinois woman accused of hyping a $50 million investment fraud was hauled back to court Friday by U.S. District Judge Paul G. Gardephe, but ducked jail, after she called the prosecution a "government conspiracy" in chats with an alleged victim.

  • August 4, 2017

    House GOP Makes Contempt Case Against Cordray

    The Republican staff for a key House committee on Friday laid out their case for holding the Consumer Financial Protection Bureau’s director in contempt of Congress for failing to comply with a subpoena over its arbitration rule.

  • August 4, 2017

    Wells Could See Jump In Number Of Unauthorized Accounts

    Wells Fargo & Co. said Friday that a review it is conducting in the wake of the bank's sales practices settlement could reveal a “significant increase” in the number of unauthorized accounts that Wells Fargo branch workers had created without customer knowledge.

  • August 4, 2017

    Wells Fargo Must Face Immigrant Credit Discrimination Case

    A California federal judge on Thursday allowed a proposed class of authorized immigrants allegedly denied the opportunity to apply for credit to bring a lending discrimination case against Wells Fargo & Co., asserting that they had standing to sue under a federal statute she interpreted as broadly prohibiting any kind of discrimination against credit applicants.

  • August 4, 2017

    Real Estate Rumors: AVR, Deutsche Bank, Codina

    AVR Realty Co. is said to be selling a multifamily portfolio for $510 million, Deutsche Bank has reportedly loaned $36.4 million for a recent Midtown Manhattan hotel purchase, and Codina Partners is said to have scored another $20 million in financing for a Florida project, this time for a retail component.

  • August 4, 2017

    Deals Rumor Mill: Cenovus, Dover, Prosper Marketplace

    Peers and private equity firms alike have interest in buying assets from Canadian oil company Cenovus Energy, Dover Corp. could look to sell the majority of its energy division and a Chinese company would like to buy a roughly 10 percent stake in Prosper Marketplace.

  • August 4, 2017

    DOJ Gets Say On CFPB Constitutionality In Ocwen Fight

    A Florida federal judge has ruled that the U.S. Department of Justice can weigh in on the Consumer Financial Protection Bureau's constitutionality as part of a battle between the bureau and mortgage servicer Ocwen Financial Corp., whom regulators have accused of causing wrongful foreclosure proceedings against at least 1,000 people.

  • August 4, 2017

    Court OKs Move By Lehman Brothers Unit To Dodge Tax

    London’s High Court has agreed to let the administrators for a unit of defunct investment bank Lehman Brothers appoint a company director in order to distribute assets to a separate Lehman unit, a move that will allow it to avoid capital gains tax and speed up the prospect of settling a suit over related assets.

  • August 4, 2017

    RBS Faces FCA Probe Over Money Laundering Suspicions

    Royal Bank of Scotland is under investigation by British authorities for alleged money laundering offenses, the lender revealed on Friday, as it set out plans to establish a new post-Brexit EU headquarters in Amsterdam.

  • August 3, 2017

    CFPB Seeks To Improve Overdraft Fee Disclosures

    The federal consumer finance watchdog on Thursday said consumers who opt in to overdraft protection programs on debit card purchases and ATM withdrawals pay around $450 more in overdraft fees per year than those who do not and announced new efforts to boost fee disclosures.

  • August 3, 2017

    Wilson Elser Picks Up 2 Familiar Faces From Akerman

    Wilson Elser Moskowitz Edelman & Dicker LLP has welcomed back two attorneys with expertise in insurance, manufacturing, financial services and product liability who previously spent 14 years with the firm, a reunion that occurred after the pair's German clients decided to use only Wilson Elser in the U.S.

  • August 3, 2017

    Zucker Goldberg Creditors Seek To Recover $4.6M

    An unsecured creditors committee of defunct New Jersey foreclosure law firm Zucker Goldberg & Ackerman LLC is seeking to claw back $4.6 million it claims the firm spent on members’ car leases and personal credit cards, most of which was used to pay off American Express accounts for firm principal Michael Ackerman and other firm insiders.

  • August 3, 2017

    Puerto Rico Oversight Board Says It Should Lead Debt Probe

    The federally appointed board overseeing Puerto Rico's historic debt restructuring said Thursday that it opposed a bid from a group of creditors for a probe into the territory's debt, saying that it was the party best able to investigate the debt and its "relationship to the fiscal crisis."

  • August 3, 2017

    BOX Options Wins SEC Approval For Chicago Trading Floor

    BOX Options Exchange LLC is set to open Chicago’s first new open-outcry trading floor in decades after the U.S. Securities and Exchange Commission gave the green light to the outfit’s revised proposal on Wednesday.

  • August 3, 2017

    UK Man Charged For Role In Creating Kronos Malware

    A United Kingdom cyber expert was arrested in Las Vegas Wednesday and indicted on six counts related to his alleged role in creating the Kronos banking trojan malware, which harvested the private information of online banking users, the U.S. Department of Justice said Thursday.

  • August 3, 2017

    4th Circ. OKs Judge's Recusal Denial In $2.3M Fraud Case

    A Fourth Circuit panel ruled Wednesday that a Virginia federal judge's purported ownership of stock in several major financial institutions that were swindled in a $2.3 million mortgage short-sale fraud scheme didn't warrant him tapping out of the accused fraudster's trial.

  • August 3, 2017

    Senate Confirms CFTC Chair, Commissioners

    The U.S. Senate on Thursday confirmed J. Christopher Giancarlo as chairman of the U.S. Commodity Futures Trading Commission and approved two commissioners, a Democrat and a Republican, while waiting to vote on a third Republican nominee.

Expert Analysis

  • Planning A Legal Career With A Future Relocation In Mind

    Jacqueline Bokser LeFebvre

    Lawyers move to New York City to work on some of the most sophisticated work the legal market has to offer. This exposure and experience is an amazing asset and many of the skills developed will make associates very marketable in the event they consider relocating to another market. However, this isn’t always the case, says Jacqueline Bokser LeFebvre of Major Lindsey & Africa.

  • 4 Female Perspectives On BigLaw Leadership

    Regina Pisa

    Only a handful of the largest U.S. law firms are led by women. Here, in their own words, are perspectives from Shook Hardy & Bacon Chair Madeleine McDonough, Crowell & Moring Chair Angela Styles, Morgan Lewis & Bockius Chair Jami Wintz McKeon and Goodwin Procter Chair Emeritus Regina Pisa.

  • The Elephant In The Room: Advancing Women To Partnership

    Anusia Gillespie

    Despite more focus and investment, the numbers continue to show little progress in advancing women to the top tiers of firm leadership. Considering the irreversible nature of the transformation of the market for top talent, it is time to start experimenting and innovating from the core, rather than from the periphery, say Anusia Gillespie and Scott Westfahl of Harvard Law School.

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Lessons From The CoinDash Hack

    Stuart Levi

    The CoinDash initial coin offering was hacked within minutes of its launch, resulting in numerous potential purchasers sending their money to a fraudulent address. The hack has raised many questions about the security and legitimacy of ICOs and of the blockchain more generally, says Stuart Levi of Skadden Arps Slate Meagher & Flom.

  • Clayton Speech Signals New Tone At The Top

    Nicolas Morgan

    In his first public speech as U.S. Securities and Exchange Commission chairman, Jay Clayton pretty explicitly told us where we’re going to see changes, say Thomas Zaccaro and Nicolas Morgan, former SEC trial counsel now with Paul Hastings LLP.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • A Chat With FTC’s Thomas Pahl

    Lucy Morris

    Recently, I joined a “fireside chat” with Thomas Pahl, acting director of the Federal Trade Commission’s Bureau of Consumer Protection. He discussed the FTC’s consumer protection priorities and its initiative to reform the agency’s investigative process, says Lucy Morris of Hudson Cook LLC.

  • Courts Rein In TCPA 'Revocation Of Consent' Claims

    Michael Daly

    As we all anxiously await a decision in the appeal from the Federal Communications Commission's “any reasonable method” ruling, several courts have found other ways to limit this particular species of Telephone Consumer Protection Act abuse. The most recent and notable is the Second Circuit's decision last month in Reyes v. Lincoln, say Michael Daly and Daniel Brewer of Drinker Biddle & Reath LLP.

  • Weekly Column

    Innovating For Wise Juries: Matching Experts

    Stephen Susman

    In the penultimate installment of this series, Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project answer a question on many legal analysts’ minds: What if both sides’ expert witnesses sat in a hot tub discussing the case while a jury watched?