Banking

  • August 2, 2017

    Regulators Will Have Room To Run On Volcker Rewrite

    A Wednesday announcement from a federal banking regulator set the ball rolling on a reshaping of the Volcker Rule, and experts say that big changes could come to the Dodd-Frank Act’s ban on proprietary trading without any change in legislation.

  • August 2, 2017

    Post-Brexit Sanctions Plan May Raise Risks For City Firms

    The British government proposed legislation Wednesday that attorneys say would open the door for the country to take a more aggressive approach to economic sanctions after Brexit, raising the stakes for financial services firms that may face significantly greater risks while storing and moving huge sums of money through London's banks and around the globe.

  • August 2, 2017

    Madoff Trustee Wins Bid To Limit Exhibits At Merkin Trial

    Disgraced financier J. Ezra Merkin will not be able to point to the positive performance of certain funds that performed as well or better than his investments in Bernie Madoff’s defunct firm at an upcoming trial over Ponzi scheme proceeds, a New York bankruptcy judge ruled Wednesday.

  • August 2, 2017

    Chase Fined $4.6M By CFPB For Account Reporting Failures

    The Consumer Financial Protection Bureau hit JPMorgan Chase Bank NA with a $4.6 million fine on Wednesday for policy failures and Fair Credit Reporting Act violations related to account information provided to consumer reporting companies and related customer notifications.

  • August 2, 2017

    Wells Fargo, HSBC Shed Foreclosure Suit At 7th Circ.

    The Seventh Circuit affirmed a lower court's dismissal of a homeowner's foreclosure suit against Wells Fargo Bank NA or HSBC Bank USA NA as an attempt to relitigate old issues, ruling Tuesday that the amended complaint failed to state a new claim against the banks.

  • August 2, 2017

    Ponzi Scheme Victims Seek Cert. In Suit Against HSBC

    Several Ponzi scheme victims who sued HSBC Bank USA NA for allegedly helping the phony cloud storage company that ripped them off by transferring its money out of the U.S. on Tuesday asked a California federal judge to allow their case against the bank to proceed as a class action.

  • August 2, 2017

    Real Estate Rumors: Ceruzzi, Alvarez & Marsal, Astor

    A Ceruzzi Properties venture is said to have scored a $300 million loan for a New York luxury condo and retail project, real estate firm Alvarez & Marsal is reportedly paying Sterling Bay and J.P. Morgan Asset Management roughly $43 million for three Chicago buildings, and developer Astor Cos. is said to have landed a $59 million loan for a Florida condo project.

  • August 2, 2017

    OCC Begins Volcker Rule Rewrite Process

    A federal banking regulator on Wednesday opened the process of making changes to the Volcker Rule, beginning in earnest the Trump administration’s plan to roll back some Obama-era financial regulations.

  • August 1, 2017

    Russian Ex-Biz Owner's Bankruptcy Granted US Recognition

    A U.S. bankruptcy judge on Monday said he had been shown no reason why the U.S. should not recognize the foreign bankruptcy of a major Russian granite producer's former owner.

  • August 1, 2017

    Chinese Co. Moves To Dodge Suit Over $775M BP Asset Sale

    A Chinese petroleum company urged a Texas federal judge Tuesday to toss a consulting firm’s suit over unpaid invoices related to the $775 million sale of certain BP PLC assets, arguing that the court does not have jurisdiction over the dispute, which is currently in arbitration.

  • August 1, 2017

    Turkish Banker Wants Out Of Iranian Sanctions Case

    The Turkish banker accused of helping Turkish-Iranian financier Reza Zarrab evade U.S. sanctions against Iran asked a New York federal judge on Monday to toss the two conspiracy counts against him, saying there was inadequate notice in the indictment and that the court lacks jurisdiction.

  • August 1, 2017

    Chase, 2 Other Banks Face Patent Suit Over Texting System

    A Texas tech firm filed federal suits Monday against Chase Bank USA and two other banks in Delaware and Colorado federal court, claiming their text banking services infringe on the company’s patent.

  • August 1, 2017

    Jefferies Dodges Arbitration With Biotech Investors

    A Texas federal court on Monday said investors who bought stock in a since-failed biotech company could not force Jefferies LLC into arbitration, because the shareholders bought stock from other entities and were not Jefferies’ customers.

  • August 1, 2017

    Del. Justices Reverse Appraisal Of $1.3B DFC Global Buyout

    The Delaware Supreme Court on Tuesday overturned the Chancery Court’s determination that payday lender DFC Global Corp.’s private-equity buyer underpaid by about $100 million in its $1.3 billion acquisition, but refused to create a broad judicial rule that deal price is the best indication of fair value in appraisal actions.

  • August 1, 2017

    FTC Says Payment Cos. Laundered Credit Cards In $7M Scam

    The Federal Trade Commission asked an Arizona federal court to force credit card processing companies to repay their share from a $7 million telemarketing and money lending referral scheme that scammed mostly seniors, alleging that the companies assisted fraudsters by laundering credit card transactions and pocketing the revenue.

  • August 1, 2017

    EU Anti-Fraud Office Finishes Look Into VW Funds Misuse

    The European Union’s anti-fraud office has finished its investigation into the possible misuse of EU funds and European Investment Bank loans by Volkswagen as part of the automaker’s diesel emissions scandal, the agency confirmed Tuesday.

  • August 1, 2017

    Commodities Co. Sues FBI Over $24M N. Korean Sanctions

    The Federal Bureau of Investigation was hit Monday with a lawsuit in D.C. federal court from an overseas-based commodities business complaining that $24 million in assets have been frozen after the agency wrongly placed it on a blacklist of entities supposedly connected to North Korea and deserving of sanctions.

  • August 1, 2017

    DC Circ. Reverses Order Sealing MetLife SIFI Docs

    A federal appeals court on Tuesday overturned a decision that allowed MetLife Inc. and the Financial Stability Oversight Council to file nearly 2,000 documents under seal in their war over the designation of the New York-based insurer for enhanced regulation.

  • August 1, 2017

    Hard Brexit Could Cost UK 40,000 Bank Jobs, Report Warns

    A “hard Brexit” in which the U.K. leaves the European Union without any market access deal will lead to a more fragmented, less profitable European wholesale banking sector, and put up to 40,000 investment banking jobs at risk, a study published Tuesday warned.

  • August 1, 2017

    Looming Regulatory Flux A Boon For Fintechs, Says KPMG

    Regulatory turbulence will pose major challenges for financial services providers and give a boost to the technology firms that can help them navigate the changing landscape, analysts from KPMG said on Tuesday.

Expert Analysis

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • ALJ Appointments Issue Now Primed For High Court Review

    Justin Shur

    The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • How Mobile Apps Can Benefit Your Practice

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    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    Defendants May Come To Regret This High Court 'Victory'

    Mark Rosen

    Although the wisdom of the U.S. Supreme Court’s decision in ANZ Securities is certainly subject to debate, commentary suggesting that the ruling is the death knell for securities class actions goes too far. A recent Law360 guest article ignores the securities litigation procedures mandated by Congress as well as the trend away from early class certification in these cases, says Mark Rosen of Barrack Rodos & Bacine.

  • Get Ready For The UK's New Unexplained Wealth Order

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    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Survey And Real-World Data: A Winning Combination

    Peter Simon

    Courts increasingly require empirical proof in cases where the impact of particular behavior, claims or statements on consumer perceptions or choices is a central focus. Primary survey data and real-world data can each offer strong evidence on its own, but substantial synergies can be obtained when the two are used together, say members of Analysis Group Inc.

  • Petrobras Does Little To Clarify Class Ascertainability

    Jonah Knobler

    In Petrobras, the Second Circuit purported to “clarify” its leading ascertainability decision, Brecher v. Republic of Argentina. In reality, however, it essentially rewrote Brecher, stretching it beyond recognition to revamp the law of ascertainability in the circuit, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.

  • 2nd Circ. Reins In Judicial Oversight Of DPAs

    John Wood

    The Second Circuit's HSBC decision on Wednesday gave some comfort to those concerned about the possibility of public access to corporate monitors’ reports created pursuant to a deferred prosecution agreement. But the court did even more than that and curtailed judicial oversight of DPAs generally, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.

  • Where AI Meets Cybersecurity And The Legal Profession

    Randy Sabett

    Artificial intelligence and machine learning will continue to be a major focus for the legal community, whether as an isolated topic, as it intersects with cybersecurity, or within the legal profession itself. Each of these raises unique concerns for attorneys, says Randy Sabett, vice chair of Cooley LLP's privacy and data protection practice group.