Banking

  • February 2, 2018

    Credit Union’s Challenge To Trump’s CFPB Pick Tossed

    A federal judge on Thursday said a New York-based credit union is not in a position to challenge President Donald Trump’s selection of Office of Management and Budget Director Mick Mulvaney to serve as the Consumer Financial Protection Bureau’s acting director.

  • February 2, 2018

    NY Blasts Bank Of Tokyo's Bid To Escape AML Enforcement

    The financial regulator of New York said Thursday that the Bank of Tokyo-Mitsubishi UFJ Ltd. cannot escape a state enforcement action for violations of anti-money laundering and sanctions compliance even though the bank has been granted a federal charter.

  • February 2, 2018

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

    The last week has seen a distressed debt fund sue Hamilton Downing, an IT firm lodge a claim against Paysafe, and an insurance brokerage lodge a debt suit against an Africa-focused fixed income securities firm. Here, Law360 looks at those and other new claims in the U.K.

  • February 2, 2018

    SRB Dropped Bail-In For Banco Popular Amid Cash Crisis

    The decision to drop "bail-in" plans and sell Spain’s Banco Popular Espanol SA for only €1 ($1.25) in June 2017 to ward off bankruptcy, now being contested in Europe’s top court, was taken to avert a liquidity crisis, an authority for handling failing banks said Friday.

  • February 1, 2018

    Deutsche Bank To Pay CFTC $70M Over ISDAfix Manipulation

    Deutsche Bank AG will shell out a $70 million penalty to settle charges by the U.S. Commodity Futures Trading Commission that it tried to manipulate the ISDAfix, a benchmark rate used to determine the price of interest-rate swaps, the agency said late Thursday.

  • February 1, 2018

    UBS Loses Bid For $20M Coverage Of Debt Bond Suits

    A UBS AG unit cannot tap into $20 million in coverage to defray costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market, a federal judge ruled Thursday, holding that an exclusion applies because the claims are highly similar to previously filed actions.

  • February 1, 2018

    Racial Bias Persists At Morgan Stanley, Fired Exec Claims

    Nearly a decade after Morgan Stanley agreed to make programmatic changes to increase employee diversity and pay $16 million to settle racial-bias claims, the firm’s discriminatory policies and practices “continue in full force,” according to a fired executive’s federal suit filed Thursday in New York.

  • February 1, 2018

    Gates' Attys Quit Conspiracy Case After Reported Sidley Hire

    Attorneys for Richard W. Gates III, the indicted business partner of President Donald Trump's former campaign chairman, on Thursday asked to pull out of representing him in the case a week after reports that Gates had hired a white collar trial and investigations pro from Sidley Austin LLP.

  • February 1, 2018

    Judge Trims Suit Claiming Lenders 'Rented' Banks & Tribes

    A group of lenders accused of “renting” banks and Native American tribes to facilitate an alleged payday loan scheme targeting Pennsylvania residents will face most of the state’s claims against them, a federal judge said Wednesday.

  • February 1, 2018

    CFPB May Be Moving Away From Using In-House Courts

    The Consumer Financial Protection Bureau's Wednesday request for information from business and other groups about the bureau's in-house courts may be an indication that it is aiming to move away from hearing contested cases through administrative procedures, experts say.

  • February 1, 2018

    Santander Unit Wants Rethink On Bid To Toss Investor Suit

    A Santander Group vehicle financing unit on Wednesday sought a second look at its bid to toss an investor suit alleging the company’s stock price was inflated through accounting fraud, telling a Texas federal judge that his previous decision to largely spare the suit was based in part on allegations that weren’t pled in the investors’ complaint.

  • February 1, 2018

    Mulvaney Cuts CFPB Fair Lending Office's Enforcement Power

    Consumer Financial Protection Bureau Acting Director Mick Mulvaney said Tuesday that a key agency office tasked with policing lenders for compliance with anti-discrimination laws will lose its enforcement duties and be brought under the purview of his office, a move that is sparking criticism from consumer advocacy and civil rights groups.

  • February 1, 2018

    Gov’t Sues For FBAR Penalties Over UK Bank Accounts

    The U.S. government on Wednesday asked a California federal judge to force a taxpayer to pay penalties tied to over a dozen U.K. bank accounts that she allegedly failed to disclose in a Foreign Bank and Financial Accounts form.

  • February 1, 2018

    Real Estate Rumors: Cai Kui, BNY Mellon, Blackstone

    The family office of Chinese investor Cai Kui is reportedly close to a deal to buy a hotel portfolio from MassMutual for as much as $800 million, Bank of New York Mellon will reportedly sublet its space at Brookfield Place in New York, and Blackstone is said to have picked up a three-building complex in California for $42 million.

  • February 1, 2018

    Securities Trade Groups Brace For Benchmark Transition

    Four trade associations on Thursday outlined challenges the financial industry will face in changing financial market contracts and practices to reflect new risk-free overnight interest rates central bankers have called for in an effort to replace benchmarks that have been rocked by scandal.

  • February 1, 2018

    Simpson Thacher Hires JPMorgan Vice Chairman, Ex-GC

    Simpson Thacher & Bartlett LLP will expand its securities litigation practice with the hire of the vice chairman of JPMorgan Chase & Co., who brings to the firm his background as general counsel for the holding company as well as his experience investigating Enron and WorldCom at the U.S. Securities and Exchange Commission.

  • February 1, 2018

    UK Banks Face New Scrutiny As SME Lending Probe Deepens

    Parliament’s influential Treasury Committee on Thursday announced a broad inquiry into how banks treat small and medium-sized enterprises, a move that could lead to new regulation and changes in dispute settlement procedures to give businesses a fairer hearing.

  • February 1, 2018

    New Blockchain Body Will Help Guide Regulators, EU Says

    A new European Union body established to promote the use of blockchain technology will help guide policies for regulating its use in financial services and markets, senior EU officials said Thursday.

  • January 31, 2018

    Barclays, Citi Say Lehman Can't Issue New Preferred Stock

    Barclays Bank PLC and Citigroup have joined with Deutsche Bank AG in urging a New York bankruptcy court to prevent Lehman Brothers Holdings Inc. from issuing preferred stock to substitute the banks’ potentially more valuable interests in Lehman debt, saying the defunct firm’s Chapter 11 plan prohibits the move.

  • January 31, 2018

    CFPB Constitutional Fight Faces Tough Supreme Court Path

    Although mortgage servicer PHH Corp. lost its constitutional challenge to the Consumer Financial Protection Bureau's structure on Wednesday at the D.C. Circuit, the path forward for any appeal to the U.S. Supreme Court remains extremely complicated, experts say.

Expert Analysis

  • The Enneagram And The Practice Of Law

    Jennifer Gibbs

    Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.

  • Opinion

    The Future Of The American Workplace Is At Risk

    Michael Rubin

    For more than 80 years, federal labor law has guaranteed American workers the right to act in concert to improve workplace conditions. But if the Trump administration has its way, the U.S. Supreme Court will treat that guarantee just as the Senate recently treated the Consumer Financial Protection Bureau’s consumer protection rule, says Michael Rubin of Altshuler Berzon LLP.

  • Director Compensation Lessons From Investor Bancorp

    Gail Weinstein

    The Delaware Supreme Court's decision last month in Investor Bancorp may result in challenges to director compensation awarded pursuant to existing discretionary equity plans and is likely to affect the structure of future equity plans, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Series

    Judging A Book: Tymkovich Reviews 'Gorsuch'

    Timothy Tymkovich

    John Greenya’s new book, “Gorsuch: The Judge Who Speaks for Himself,” offers readers something the confirmation hearings did not — the backstory of Neil Gorsuch and a glimpse of who Justice Gorsuch is, says Chief Judge Timothy Tymkovich of the Tenth Circuit.

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.

  • 5 Things To Watch For In FCPA Enforcement This Year

    David Simon

    After much hand-wringing in 2017 about whether Foreign Corrupt Practices Act enforcement would diminish radically under President Donald Trump, it’s now safe to say that all signs point toward continued and vigorous enforcement, say attorneys with Foley & Lardner LLP.

  • Roundup

    5 Most-Read Legal Industry Articles Of 2017

    2017 Trends

    What business of law topics piqued reader interest in 2017? Take a look back at the year's five most-read legal industry articles from Law360 guest authors.

  • Spoliation Scrutiny: Disparate Standards For Distinct Mediums

    Robin Shah

    Two years ago, Federal Rule of Civil Procedure 37(e) was amended to provide a clearer road map for courts analyzing whether to permit sanctions for the spoliation of evidence. Yet there is still no specific guidance for when a sanctions request relates to electronically stored and nonelectronically stored information, says Skadden associate Robin Shah.

  • What To Expect From Blockchain In 2018

    Austin Mills

    Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.