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Banking

  • October 3, 2018

    AmEx Cardholders Get Cert. Redo Over Arbitration Contracts

    A California state appeals court has revived American Express cardholders' proposed class action seeking a declaration that the company's mandatory arbitration provisions are illegal, finding that a lower court denied consumers certification based upon the wrong standards and erroneous legal assumptions. 

  • October 3, 2018

    SC Bank Pays Kickbacks For Mortgage Referrals, Suit Says

    A proposed class of homebuyers has filed suit in South Carolina federal court alleging an area bank pays kickbacks to residential developers to steer mortgage applicants its way, in violation of federal law and at the expense of the borrowers.

  • October 2, 2018

    Lehman To Add Indemnity Claims Against Mortgage Sellers

    Lehman Brothers Holdings Inc. is looking to increase indemnification requests from about 100 mortgage lenders it alleges sold the defunct firm shoddy home loans before its collapse, seeking to tack on obligations related to $2.45 billion worth of claim settlements with residential mortgage-backed securities trusts.

  • October 2, 2018

    Deutsche Libor Trial Judge Eyes Internal Paul Weiss Probe

    The judge overseeing the trial of two former Deutsche Bank traders accused of benchmark rate rigging heard from a Paul Weiss Rifkind Wharton & Garrison LLP partner on Tuesday who led an internal investigation into the German lender over alleged Libor misdeeds, in order to determine if evidence from purportedly compelled statements should be kept out of the jury’s view.

  • October 2, 2018

    Multiple Cos. Dropped From VIX Manipulation MDL, For Now

    Cboe Global Markets Inc. will face multidistrict litigation over alleged manipulation of its volatility index largely alone after investors dropped virtually all other defendants from their case in Illinois federal court, having previously said they wanted to pursue the case in two parts.

  • October 2, 2018

    Wells Fargo Auto Insurance Cleanup Not There Yet, Sens. Told

    The head of the Office of the Comptroller of the Currency told senators Tuesday that his agency is working with Wells Fargo leadership on remediation for hundreds of thousands of customers who were forced to buy unnecessary auto insurance but is “not comfortable where we are with them.”

  • October 2, 2018

    Ex-U.S. Ambassador Joins Bryan Cave’s White Collar Practice

    Bryan Cave Leighton Paisner LLP announced Monday that Timothy Broas, a white collar criminal defense attorney and former U.S. ambassador to the Netherlands, will be joining the firm’s Washington, D.C., office to work in its investigations, financial regulations and white collar practice group.

  • October 2, 2018

    BofA Can't Duck $4.3M NJ Tax Bill Against Merrill Lynch

    Bank of America NA has lost its bid to escape a roughly $4.3 million corporation business tax bill levied against a former Merrill Lynch unit after a New Jersey Tax Court judge rejected the company's arguments that a notice of assessment from state tax authorities was sent to the wrong entity and ZIP code.

  • October 2, 2018

    Infowars Sues After PayPal Cut Ties Based On Hate Speech

    Free Speech Systems LLC, the parent company of Infowars, on Monday slapped PayPal Inc. with an unlawful business practice suit in California federal court, accusing the payments processing website of cutting ties with Infowars because of its conservative viewpoints.

  • October 2, 2018

    Investors Seek To Stop Staples’ $1B Purchase Of Essendant

    Investors in Essendant asked a Delaware federal court Tuesday to halt its $996 million merger with Staples, arguing there is key information missing from disclosures connected to the deal.

  • October 2, 2018

    Zillow Escapes Investor Class Action Over CFPB Probe

    A Washington federal judge Tuesday tossed a proposed securities fraud class action against Zillow Group Inc. arising from a Consumer Financial Protection Bureau investigation into the real estate website’s co-marketing deal for agents and lenders, saying the investors didn’t show the program violated a federal home loan law.

  • October 2, 2018

    Judge Scolds JPMorgan, Traders For 'Excessive' Redactions

    A New York federal judge has ordered both sides in a $25 million competition suit against JPMorgan Chase & Co. to refile their motions over what evidence to allow at trial without the “extremely excessive” redactions, saying that by his estimation, up to 90 percent of the redacted information should not have been concealed.

  • October 2, 2018

    Lawyer Gets 5 Years In $22.9M Chicago Mortgage Fraud

    An Illinois lawyer was sentenced to 63 months in prison Tuesday for his role in a $22.9 million mortgage fraud scheme centered on selling condos in a downtown Chicago high-rise to straw buyers.

  • October 2, 2018

    Fla. Man Pleads Guilty To $6.1M Fraud Scheme, Tax Evasion

    A Florida man who had passed himself off as a Harvard-educated investment adviser pled guilty in North Carolina federal court Tuesday to wire fraud and tax evasion for having engaged in a scheme that defrauded lenders, his father's company and his wife out of more than $6.1 million that he either spent or lost through risky trading.

  • October 2, 2018

    AmEx Won’t Challenge 2-Sided Market In Card-Steering Row

    Multidistrict litigation accusing American Express of keeping competitors at bay by not letting merchants steer customers toward other cards appeared bound for trial after the charge card giant told a New York federal judge Monday it has decided not to challenge one of the possible markets identified by retailers.

  • October 2, 2018

    Atty Accused Of Depositing Stolen $1M Tax Refund Check

    A California attorney has been arrested by federal agents and accused of depositing a stolen check from the U.S. Department of the Treasury worth more than $1 million, according to the U.S. Department of Justice.

  • October 2, 2018

    Attys In ISDAfix Antitrust Suit Request $151M In Fees

    Attorneys for a group of investors have asked a New York federal court for $151 million in fees for their work in an antitrust lawsuit brought by their clients alleging that a group of financial firms manipulated global swaps and options benchmark ISDAfix.

  • October 1, 2018

    Atty Fees Slashed By $22M In Wells Fargo Rest Break Row

    The lawyers who won $97.3 million in rest break claims for a class of 4,464 Golden State-based Wells Fargo home mortgage consultants have seen their $24 million attorneys’ fee request slashed to $2 million, with a California federal judge calling their bid “excessive.”

  • October 1, 2018

    GOP Reps Push Fed To Free Some Banks From SIFI Regs

    As top federal banking officials head to Capitol Hill on Tuesday to testify on their progress in implementing this spring’s package of bank rule rollbacks, a group of nearly 30 House Republicans has urged the Federal Reserve to stop regulating banks of a certain size as systemically important financial institutions.

  • October 1, 2018

    BuzzFeed Wants Out Of Russian Exec's Defamation Suit

    BuzzFeed has asked a Florida federal court for a quick win in Russian technology executive Aleksej Gubarev's defamation suit over the publication of a dossier alleging ties between Russia and President Donald Trump, arguing in briefs filed publicly Monday that its article was a fair report that was clear about presenting unsubstantiated allegations.

Expert Analysis

  • Assessing 'Concreteness' Under Spokeo In Northern Illinois

    Alex Egbert

    The U.S. Supreme Court's Spokeo decision left lower courts to flesh out history's and Congress' “important roles” when developing a workable legal standard for deciding whether an intangible injury is sufficiently “concrete.” Not surprisingly, the Northern District of Illinois “concreteness” determinations relying on Congress’ role tend to be ad hoc, say Alex Egbert and Tony Hopp of Steptoe & Johnson LLP.

  • 5 E-Discovery Hurdles For Government Agencies

    Amy Hilbert

    Electronic discovery is a challenging process for even the most experienced law firms and corporations, but the challenges faced by government agencies may be even more daunting, says Amy Hilbert of Casepoint LLC.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Del. Series LLC Changes Bring Clarity For Secured Lenders

    R. Jason Russell

    Delaware recently passed amendments to the Delaware Limited Liability Company Act that enable a new type of series of an LLC known as a “registered series.” The changes address historical uncertainty among secured lenders seeking to perfect a security interest, say R. Jason Russell and Sean Sullivan of Morris Nichols Arsht & Tunnell LLP.

  • Could Diversity Pledge Lead To Unintended Consequences?

    Anthony Oncidi

    The CEO Action for Diversity & Inclusion Pledge is an initiative designed to promote diversity in the workplace. However, because its three main elements are extremely broad, the lack of specificity about what a company is committing to could be problematic in a litigation context, say Anthony Oncidi and Seth Victor of Proskauer Rose LLP.

  • States May Escheat IRAs But Who Gets The Tax Bill?

    Carol Tello

    The June IRS publication of a revenue ruling addressing the timing of federal income tax withholding and reporting treatment for funds escheated from traditional IRAs was timely. As a matter of substance, or of tax and unclaimed property administration, however, the ruling is already proving problematic, say attorneys at Eversheds Sutherland LLP.

  • Series

    Winner's Playbook: Behind The Scenes Of China Ag V. Resh

    Seth Aronson

    Earlier this year, the U.S. Supreme Court ruled unanimously in China Agritech v. Resh that statutes of limitations cannot be tolled for subsequent class actions. Here, members of the O'Melveny & Myers LLP team that defended China Agritech describe how an otherwise routine securities case turned into a far-reaching check on serial class actions.

  • Policing Bad Claims In Consolidated Litigation: Part 2

    Danielle Bagwell

    While conducting a pre-suit investigation sufficient to file a lawsuit may seem like a perfunctory enterprise, courts appear increasingly willing to affirm the importance of complying with this requirement — and this issue is particularly ripe in consolidated and multidistrict litigation, say Danielle Bagwell and Anne Gruner of Duane Morris LLP.

  • Policing Bad Claims In Consolidated Litigation: Part 1

    Danielle Bagwell

    With the proliferation of consolidated litigation, courts have lamented the lack of scrutiny often given to individual cases in these proceedings. Recent federal court decisions demonstrate an increased willingness to police meritless claims by assessing whether counsel’s pre-suit investigation was adequate, say Danielle Bagwell and Anne Gruner of Duane Morris LLP.

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.