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Banking

  • June 1, 2018

    Feds Want Spoofing Victim Notification Page On DOJ Website

    The U.S. government asked an Illinois federal judge Friday to let it stray from typical crime victim notice procedures and use a website to tell people about a man’s alleged role in a spoofing scheme, saying the number of potential victims in the case makes it impossible notify all individually.

  • June 1, 2018

    Wells Fargo Workers Can’t Revive Wage Statement Suit

    A California state appeals court on Wednesday tossed a suit alleging that Wells Fargo & Co. violated state labor law by failing to include information about overtime on its wage statements, finding that the pay stubs need show only current pay rates, and not previously paid overtime.

  • June 1, 2018

    Fidelity Must Face Worker's OT Suit Despite Contract 'Typo'

    Fidelity Investments can’t duck an employee’s proposed class action over allegedly inadequate overtime pay using the argument that it’s not her employer, a California federal judge said Friday in denying Fidelity's motion to dismiss, finding that her offer letter — in what the defense has described as a "typo" — explicitly lists parent company FMR LLC as such.

  • June 1, 2018

    Banc Of Calif. Investors Get Cert. In Row Over Fraudster Ties

    A California federal judge on Thursday granted certification to a class of investors targeting Banc of California and its former CEO for allegedly hiding extensive ties to the notorious white collar fraudster Jason Galanis.

  • June 1, 2018

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

    The last week has seen CIS Insurance lodge another claim against IBM, a dispute emerge between a bankrupt mini-bond scheme and its security trustee, and Chubb sue Harvey Weinstein amid a fight over who should pay the cost of defending the movie producer against sexual harassment claims. Here, Law360 looks at those and other new claims in the U.K.

  • June 1, 2018

    7 Fla. Residents Sentenced For Money-Laundering Plot

    A Florida federal judge has sentenced several people for helping launder millions of dollars through shell companies as part of a $94 million fraud ring, federal authorities announced Friday.

  • June 1, 2018

    Chancery Stays Cryptocurrency Suit For Arbiter Review

    An arbitration dispute sidelined a cryptocurrency hedge fund investor’s Delaware Chancery Court bid for access to the fund’s books and records Friday, after a vice chancellor ruled that an arbitrator should first determine whether the issue is an “arbitrable” matter to begin with.

  • June 1, 2018

    Cooley Nabs Katten Litigator For Securities Practice

    The co-chair of Katten Muchin Rosenman LLP’s national securities litigation and enforcement practice, who has previously freed Costco from an $18 million wrongful death suit and nabbed a $238 million verdict against Lennar Corp. in a real estate dispute, has left for Cooley LLP, Cooley announced this week.

  • June 1, 2018

    BofA Call Center Staff Say They're Stiffed On Log-In Time

    Bank of America was hit with a proposed class action in Illinois federal court Friday filed by employees of its customer service call centers who say they weren’t paid overtime for work they had to do off-the-clock.

  • June 1, 2018

    Bank Must Face ERISA Suit Over $10.5M Stock Purchase

    A management consulting firm's employees can bring their suit alleging that a bank flouted the Employee Retirement Income Security Act as their employee stock ownership plan's trustee, a North Carolina federal judge ruled Thursday, though she found that the statute preempted the firm’s negligent misrepresentation claim against the bank.

  • June 1, 2018

    7 High Court Petitions From Last Month You Shouldn't Miss

    From a $1.7 billion case involving Iran's central bank to a major question under the America Invents Act, the U.S. Supreme Court docketed a broad swath of cert petitions in May. Here, Law360 takes a look at the past month's most interesting requests for high court review.

  • June 1, 2018

    Taxation With Representation: Kirkland, Simpson, Jones Day

    In this week’s Taxation with Representation, Softbank Vision invested $2.25 billion in General Motors' automated vehicle technology unit, Wellcare paid $2.5 billion for Meridian, and Polaris Industries scooped up Boat Holdings in an $805 million deal.

  • June 1, 2018

    Euribor Requests 'Look Bad' In Hindsight, Ex-Trader Tells Jury

    A former Barclays banker accused of conspiring to manipulate a key interest rate told a London court on Friday that she “feels a bit stupid” for not questioning why traders asked her to help them influence rates that would benefit their trading positions.

  • May 31, 2018

    Unions Launch Bid To Dismantle Puerto Rico Fiscal Plan

    Three labor unions are suing the U.S. and Puerto Rican governments in an attempt to tear up the island’s federally imposed restructuring process, calling it an unconstitutional deprivation of rights that evokes the “badges and incidents of slavery.” 

  • May 31, 2018

    CFPB, Trade Groups Seek Payday Rule Delay, Suit Stay

    The Consumer Financial Protection Bureau and two payday lender trade groups joined together Thursday in asking a Texas federal judge to both stay the groups’ suit challenging the agency’s so-called payday rule and postpone the rule’s compliance date until after the case is finished.

  • May 31, 2018

    4th Circ. Won't Ax Atty Sanctions In Payday Loan Row

    A Fourth Circuit panel on Thursday backed a lower court’s order sanctioning three attorneys who initially represented a North Carolina man when he sued a credit union that processed debt transactions from his bank account under an agreement with a tribal lender, saying the conduct in question amounted to being “egregious.”

  • May 31, 2018

    FDIC, OCC Back Volcker Rule Reform Proposal

    The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have signed off on the package of proposed changes to the Volcker rule that were unveiled earlier this week by the Federal Reserve.

  • May 31, 2018

    Judge Sees Tension In KPMG Conspiracy, Fraud Arguments

    A Manhattan federal judge hearing a criminal case against former KPMG and Public Company Accounting Oversight Board officials who allegedly leaked the board’s audit inspection plans so that KPMG could bulletproof its work asked both sides at a Thursday hearing about possible tension between the charges of conspiracy and wire fraud and in arguments to dismiss them.

  • May 31, 2018

    1 Firm Leaps Ahead In May As IPO Market Gathers Steam

    Latham & Watkins LLP steered eight initial public offerings in May, when counting representation of issuers and underwriters, more than any other firm in what was the busiest month for deals since January, and the pace shows no signs of softening in June.

  • May 31, 2018

    Morgan Stanley Loses Arbitration Bid In Row With Fired Exec

    Morgan Stanley must settle in court the question of whether an email gave adequate notice of an agreement requiring arbitration of employment-related claims, a New Jersey federal judge ruled Wednesday in a suit filed by a former executive who says he was wrongfully fired because of past addictions.

Expert Analysis

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.

  • Equifax Cybersecurity Ruling Heightens Risk For Companies

    Heather Egan Sussman

    The Superior Court of Massachusetts' recent Equifax decision — the first-ever court ruling on allegations made by a state attorney general in cybersecurity litigation — is notable for siding with Attorney General Maura Healey on several key issues of concern to all companies that collect personal information, say attorneys with Ropes & Gray LLP.