Banking

  • November 28, 2017

    Skadden Guides BlackRock Deal For $31B Citi Unit In Mexico

    BlackRock Inc. has inked an agreement to acquire the asset management division of Citigroup Inc.’s Mexican subsidiary, in a deal that adds to BlackRock’s portfolio a business with $31 billion worth of assets under management, according to a Tuesday statement.

  • November 28, 2017

    Scotiabank Offers $2.2B For BBVA’s Chilean Business

    Scotiabank said Monday it is looking to take over the Chilean operations of Banco Bilbao Vizcaya Argentaria SA, offering $2.2 billion for the unit in a deal that would double the Canadian company’s market share in the country.

  • November 27, 2017

    DOL Officially Delays Obama-Era Fiduciary Rule

    The U.S. Department of Labor on Monday extended the transition period and delay of the so-called fiduciary rule for retirement account advisers, announcing that its provision requiring fiduciaries to promise to work in investors’ best interests will not take effect until July 1, 2019.

  • November 27, 2017

    Top EU Court To Review ECB's Quantitative Easing Program

    The European Union's highest court will get another chance to review the legality of the European Central Bank's bond purchasing programs after Germany's top court again sought guidance on a challenge to the bloc's quantitative easing decisions.

  • November 27, 2017

    Justices To Weigh Curbing State Securities Class Actions

    The U.S. Supreme Court on Tuesday will consider whether federal law bars state courts from hearing certain securities class actions, but the business community’s hopes of restricting such access may hinge on convincing the most conservative justices to look past their preferred way of interpreting the law, lawyers said.

  • November 27, 2017

    Defense Seeks Delay After Jury Picked For Iran Sanctions Trial

    Jury selection was completed Monday in the New York federal trial of Turkiye Halk Bankasi AS executive Mehmet Hakan Atilla on charges of allegedly scheming with Turkish-Iranian businessman and gold trader Reza Zarrab to dodge U.S. sanctions against Iran, but immediately afterward, the defense asked for a delay in the proceedings.

  • November 27, 2017

    PBGC’s Claim To Failed Bank Co.'s $30M Refund Survives

    A Chicago federal judge on Monday rejected a request by FBOP Corp., the owner of several failed banks, and a trustee to dismiss the Pension Benefit Guaranty Corp.’s effort to recover $30 million from a tax refund that the PBGC said was supposed to have never been paid out.

  • November 27, 2017

    CFPB’s Temporary Leadership Hinges On Judge’s Analysis

    The immediate future of the Consumer Financial Protection Bureau could hinge on the way a federal judge in Washington interprets the language in the bureau’s implementing law that set up a method for appointing an acting director, experts say.

  • November 27, 2017

    ‘No Assurances’ For CFPB Deputy, But No Plans To Fire Yet

    A government attorney said he knew of no plans Monday to fire the woman suing to block President Donald Trump’s pick for the Consumer Financial Protection Bureau’s top spot, which she claims as rightly her own, but the attorney also told a D.C. federal judge he could offer “no assurances.”

  • November 27, 2017

    Mulvaney Puts CFPB Regs On Hold Amid Leadership Brawl

    Office of Management and Budget Director Mick Mulvaney on Monday put in place a 30-day regulatory and hiring freeze at the Consumer Financial Protection Bureau, despite questions hanging over his appointment as acting director for the federal consumer finance watchdog.

  • November 27, 2017

    Citigroup 401(k) Plan Participants Get Cert. In ERISA Suit

    A New York federal judge on Monday certified a trimmed-down class of Citigroup Inc. 401(k) retirement plan participants in 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.

  • November 27, 2017

    UBS Whistleblower Claim Paused Ahead Of High Court Ruling

    A New Jersey federal judge cited an anticipated U.S. Supreme Court decision in holding off on ruling Monday on whether a former UBS Financial Services Inc. executive can pursue a Dodd-Frank Act claim against the company, but said the whistleblower action could at least proceed under a Florida statute.

  • November 27, 2017

    3 Life Sciences Cos., 1 Bank Launch IPOs Totaling $481M

    Three venture-backed life sciences companies and a California bank launched initial public offerings on Monday that could raise a combined $481 million, setting the stage for an upturn in deals following a Thanksgiving pause.

  • November 27, 2017

    Pa. Jury Convicts Payday Lending Bigwig, Atty Of Fraud

    A Pennsylvania federal jury convicted a Philadelphia-area businessman and a Delaware lawyer of conspiracy and fraud charges Monday over a payday lending business that prosecutors say charged interest rates of over 700 percent.

  • November 27, 2017

    Whistleblower Case Could Widen Into A Chevron Challenge

    Oral arguments set for Tuesday at the U.S. Supreme Court in a case focusing on the reach of whistleblower protections under the Dodd-Frank Act could also veer into the broader question of how much leeway regulatory agencies have in interpreting federal statutes.

  • November 27, 2017

    Forex Broker Denied 2nd Chance At Tossing Chancery Suit

    A Delaware Chancery Court judge denied an attempt by the directors of foreign exchange broker FXCM Inc. to have their motion to dismiss a derivative suit reargued, saying Monday his earlier decision keeping some shareholder claims alive due to a perceived lack of independence of the board was not a misapplication of the law.

  • November 27, 2017

    Justices Won't Hear Underwriters' OT Exemption Suit

    The U.S. Supreme Court said Monday that it would not reconsider a Ninth Circuit decision that required a bank to pay overtime to mortgage underwriters that it had considered “administrative” employees exempt from overtime rules, putting the case back on the road to trial.

  • November 26, 2017

    CFPB Deputy Director Sues Trump Over Mulvaney Appointment

    The Consumer Financial Protection Bureau’s deputy director late Sunday evening sued to block President Donald Trump from replacing her as acting director of the federal consumer finance watchdog with Mick Mulvaney.

  • November 24, 2017

    Trump, Cordray Throw CFPB Leadership Into Disarray

    The Consumer Financial Protection Bureau was thrown into disarray Friday when outgoing Director Richard Cordray and President Donald Trump named different interim leaders for the bureau upon Cordray’s departure.

  • November 24, 2017

    Forex Wrangle Triggers Late Rewrite Of EU Derivative Laws

    European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.

Expert Analysis

  • The Non-Arbitration Alternative To New York ADR

    Edmund O'Toole

    Corporate transactional attorneys drafting dispute resolution provisions in New York commercial agreements should consider using a provision that would require any dispute arising under the agreement to be determined in accordance with the NY Supreme Court’s Commercial Division and its rules applicable to accelerated adjudication actions, says Ed O’Toole of Venable LLP.

  • Congressional Forecast: November

    Richard Hertling

    After months of talk, speculation and behind-the-scenes negotiations, the Republican tax reform proposal is expected to be released to the public this week. The stakes surrounding it are high; failure to pass the bill could put at risk Republican control of Congress in the 2018 elections, say Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.

  • A 1st Impression Of The Manafort And Gates Indictment

    Harry Dixon

    Following the indictment of Paul Manafort and Richard Gates on Monday, attorney Harry Dixon of Taylor English Duma LLP discusses some immediate takeaways — including the possibility of a presidential pardon. While pardons are generally granted after a conviction, there is a historic outlier.

  • Financial Crisis Anniversary

    A Crisis Caused By Housing Policies, Not Lack Of Regulation

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    Supporters of the Dodd-Frank Act regularly claim that any change or reform of that law will open the U.S. economy to another financial crisis. This view is based on the fallacious idea that the crisis 10 years ago was the result of insufficient regulation of banks, says Peter Wallison, a senior fellow at the American Enterprise Institute and a dissenting member of the Financial Crisis Inquiry Commission.

  • Roundup

    Making Pro Bono Work

    Pro Bono Thumbnail

    In this series, attorneys explore the challenges and rewards of pro bono volunteering in the legal profession.

  • Being There: Preparing Witnesses For Depositions

    Alan Hoffman

    Preparing witnesses to be deposed is a critical element of discovery. It is important to remember that each witness is an individual with unique personal qualities, strengths and weaknesses. Getting to know the witness helps establish rapport and trust, says Alan Hoffman of Husch Blackwell LLP.

  • Leveraged Loan Decision Could Have Broad Consequences

    Michael Krimminger

    The U.S. Government Accountability Office’s recent finding that the federal banking agencies’ 2013 interagency guidance on leveraged lending is a “rule” subject to the Congressional Review Act may greatly expand the scope of supervisory guidance that could be challenged, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Arcapita Bank Closes Escape Valve For Foreign Defendants

    Mark Salzberg

    A New York bankruptcy judge’s recent opinion in the Arcapita Bank Chapter 11 case is certain to have a dramatic impact in adversary proceedings involving foreign defendants. Unfortunately for those foreign defendants, it may now be much more difficult to escape from those proceedings, says Mark Salzberg of Squire Patton Boggs LLP.

  • Series

    Making Pro Bono Work: Building Sponsorship Relationships

    Michael Scudder

    Within their first year, associates should make it a priority to take on a pro bono matter and approach a partner about supervising the project. By collaborating with a partner on a pro bono case, young associates can cultivate sponsorship relationships while simultaneously contributing to the public good, say Michael Scudder and Jay Mitchell of Skadden Arps Slate Meagher & Flom LLP.

  • How Choice Act Would Change Agency Rule-Making Authority

    Gregory Hesse

    The Financial Choice Act proposes changes to the Congressional Review Act’s process for disapproving regulations issued by certain financial agencies. By replacing a passive disapproval process with an active approval process, a significant amount of power to impose regulations will be retained by Congress, say Gregory Hesse and Abigail Storm of Hunton & Williams LLP.