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Banking

  • August 3, 2018

    Manafort's Former Accountant Details Tax-Dodge Scheme

    A former accountant for Paul Manafort on Friday said in Virginia federal court that she helped the onetime Trump campaign chairman reduce his tax burden by improperly reclassifying $900,000 in income received by his consulting firm from a Cyprus-based company as loans on his 2014 tax returns.

  • August 3, 2018

    Think Finance Can't Dodge CFPB Suit, Judge Says

    A Montana federal judge on Friday rejected Think Finance LLC's bid to end a Consumer Financial Protection Bureau suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying the CFPB’s structure is legal and tribal leaders don’t have to be joined to the suit.

  • August 3, 2018

    JPMorgan's Damages Bill Cut From $4B To $7M In Estate Row

    A Texas probate judge chopped a $4 billion judgment against JPMorgan Chase & Co. to $7 million in a case alleging the bank had maliciously mishandled the inheritance of a deceased American Airlines executive.

  • August 3, 2018

    Morgan Lewis Nabs Finance Pro For New York Office

    Morgan Lewis & Bockius LLP has added a finance partner with nearly 20 years of experience to its New York office, according to the firm.

  • August 3, 2018

    City National Bank Agrees To Pay $33M To End Ponzi Claims

    The receiver overseeing a company accused of operating a $123 million Ponzi scheme involving fraudulent ATM sales has urged a California federal court to approve a $33 million settlement resolving claims against the company’s bank, City National Bank.

  • August 3, 2018

    Wells Fargo Beats ERISA Suit At 8th Circ.

    The Eighth Circuit on Friday upheld a Minnesota federal judge’s decision to toss a proposed Employee Retirement Income Security Act class action accusing Wells Fargo of improperly steering workers’ retirement savings toward its own products instead of better options.

  • August 2, 2018

    Sens. Unveil Wide-Ranging Russia Sanctions Bill

    A bipartisan group of six senators on Thursday introduced a bill to impose new sanctions on Russia’s energy sector as well as numerous political figures and oligarchs, citing Moscow’s continued attempts to meddle in U.S. elections through cybersecurity breaches.

  • August 2, 2018

    Manafort's Bookkeeper IDs Bogus Financial Statements

    The former bookkeeper for Trump campaign chairman Paul Manafort testified Thursday about the political consultant’s financial reversals in the mid-2010s, culminating in an apparent attempt to use bogus documents to secure bank loans in 2016.

  • August 2, 2018

    Labaton Bid To DQ Judge In $75M Fee Fight A Risky Move

    Labaton Sucharow LLP's failed attempt to have the First Circuit remove the judge presiding over a messy $75 million fee fight in State Street's fraud case highlights the dangers of a rare and risky play with a high chance of backfiring and further frustrating a judge the firm already believes to be biased, experts say.

  • August 2, 2018

    Uber's Spot In $22M BofA Fee Deal Not Unusual, Court Told

    Bank of America and account holders who claim they were improperly charged overdraft fees on Uber trips paid for by debit card defended their $22 million proposed class action settlement, telling a New York federal judge that the liability release Uber would get in the deal isn’t problematic.

  • August 2, 2018

    2nd Circ. Backs Toss Of RMBS Suit Against US Bank, BofA

    A Second Circuit panel ruled Thursday that the National Credit Union Administration lacks standing to bring claims against residential mortgage-backed securities trustees U.S. Bank and Bank of America on behalf of 10 trusts that the agency created and filled with RMBS and other distressed assets from five failed credit unions.

  • August 2, 2018

    Citigroup 401(k) Plan Participants Poised For $6.9M Deal

    A class of Citigroup Inc. 401(k) retirement plan participants is putting the finishing touches on a $6.9 million deal to settle a long-running Employee Retirement Income Security Act suit alleging the plan’s managing committees favored Citigroup-affiliated funds over those of lower-priced competitors.

  • August 2, 2018

    Barclays, Citi $250M Libor MDL Deal With Investors OK'd

    A Manhattan federal judge on Wednesday granted final approval for two settlements worth a combined $250 million that will see Citigroup Inc. and Barclays Bank PLC exit a massive, seven-year multidistrict litigation from investors who accused multiple banks of conspiring to rig the London Interbank Offered Rate.

  • August 2, 2018

    CFTC Awards Three Whistleblowers A Combined $45M

    The U.S. Commodity Futures Trading Commission said Thursday it will pay three unidentified whistleblowers more than $45 million combined for their roles in enforcement actions that resulted in at least $1 million in sanctions.

  • August 2, 2018

    Senate Aims To Boost Checks On Foreign RE Ownership

    The U.S. Senate has approved a bipartisan measure that would set the stage for improvements to a U.S. Treasury Department initiative designed to prevent foreign nationals from laundering money by way of high-priced U.S. real estate deals.

  • August 2, 2018

    Startup Fights Paper's Bid To Unseal Records After $706M Win

    A data analytics startup has opposed a newspaper's bid to unseal court records from its $706 million trade secrets win over a Quicken Loans affiliate, saying the Texas statute used to seal the documents does not allow for interlocutory appeal.

  • August 2, 2018

    Rising Star: Morgan Lewis' Elizabeth Khoury Ali

    Morgan Lewis & Bockius LLP’s Elizabeth “Liz” R. Khoury Ali has taken the reins on delicate, hurried and massive transactions far surpassing the $1 billion mark on behalf of some of the world’s largest lenders, including Wells Fargo Bank NA, landing her among the top five banking practitioners under age 40 recognized by Law360 as Rising Stars.

  • August 1, 2018

    Devil Is In Details On OCC Fintech Charter, Attys Say

    The Office of the Comptroller of the Currency’s decision to move forward with its proposed fintech charter has come as welcome news to boosters of the financial technology industry, but financial services attorneys say the agency’s announcement still leaves some uncertainty in the air.

  • August 1, 2018

    Deals Rumor Mill: China Tower, PG&E, United Group

    China Tower Corp. Ltd. reportedly raised $6.9 billion in its initial public offering, PG&E Corp. tapped Weil Gotshal & Manges LLP to help the California utility restructure its debt, and Cinven and BC Partners are eyeing United Group.

  • August 1, 2018

    Atty's Spouse's Contempt Case Paused Amid Bankruptcy

    A Nevada federal judge hit pause Tuesday on contempt proceedings against the wife of attorney Dominic "Nick" Magliarditi stemming from a prohibited property transfer amid his recently filed bankruptcy case.

Expert Analysis

  • Limiting Law Firms' Professional Liability Risks: Part 2

    Stuart Pattison

    With law firms increasingly exposed to professional liability risks associated with their corporate client relationships, firms must craft well-structured client engagement letters to help protect against malpractice claims. Two key elements of an engagement letter are how it defines the scope of engagement and how it handles conflicts of interest, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • Series

    From Lawmaker To Lawyer: Prioritizing Is Always Key

    Joe Lieberman

    Today, members of Congress often seem able to blame colleagues of the other party for not getting anything done for their constituents. In law practice, you can’t really blame a bad result for your clients on the lawyers on the other side, says former Sen. Joe Lieberman, D-Conn., of Kasowitz Benson Torres LLP.

  • ICOs As Exempt Securities Offerings: An Economic Analysis

    Simona Mola

    Assuming that initial coin offerings are securities offerings, issuers must register them with the U.S. Securities and Exchange Commission unless they rely on an exemption from registration. Among the available exemptions from registration, three look well-suited for ICOs, say members of Bates White LLC and Quinn Emanuel Urquhart & Sullivan LLP.

  • Limiting Law Firms' Professional Liability Risks: Part 1

    Stuart Pattison

    Corporate law departments are increasingly demanding more concessions from outside legal counsel, and presenting engagement letters that open the door to greater professional and cyber liability exposure for law firms — often beyond the scope of their insurance coverage. Firms must add their own language to engagement letters to limit liability, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • SEC Administrative Proceedings After Lucia

    Daniel Walfish

    Because of the U.S. Supreme Court’s decision in Lucia, the U.S. Securities and Exchange Commission will have to redo a series of administrative cases, potentially straining resources and possibly prompting the agency to tap new administrative law judges, says Daniel Walfish of Walfish & Fissell LLP.

  • Series

    From Lawmaker To Lawyer: How Congress Affected My Career

    Yvonne B. Burke

    Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.

  • Are OCC's Reserve-Based Lending Guidelines Enforceable?

    Buddy Clark

    Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.

  • Moving From The Duplicative Fines Of The Financial Crisis

    Neil Bloomfield

    Recent announcements from the U.S. Department of Justice, the U.S. Securities and Exchange Commission and federal banking agencies reveal a new approach to coordination among regulators. The penalties coming out of the next round of multiregulator investigations may look significantly different, say Neil Bloomfield and Kristen Kenley of Moore & Van Allen PLLC.

  • Series

    From Lawmaker To Lawyer: DC Isn't As Bad As You Think

    Norm Coleman

    Popular culture paints the Hill as a place teeming with intrigue, corruption and malicious intent. But in Congress I learned important lessons about respecting people and the work they do, says former Sen. Norm Coleman, R-Minn., of Hogan Lovells.

  • New, Improved Rules For 'High Volatility' Real Estate Loans

    Martin Taylor

    The new Economic Growth, Regulatory Relief and Consumer Protection Act reforms widely unpopular rules relating to high volatility commercial real estate loans, making it easier to reclassify loans as non-HVCRE acquisition, development and construction loans, say Martin Taylor and Jon Nomura of Troutman Sanders LLP.