Banking

  • June 13, 2017

    Bressler Amery Adds Securities Pro In NY Office

    A securities attorney whose clients have included Citigroup Inc., Morgan Keegan and a former New Orleans Saints player has joined Bressler Amery & Ross PC’s New York office after serving as a partner at Barrasso Usdin Kupperman Freeman & Sarver LLC.

  • June 13, 2017

    UK Forex Traders To Waive Extradition, Face US Charges

    Three British former foreign currency traders at Barclays, RBS and other top banks have agreed to waive extradition and face U.S. charges that they worked together to manipulate daily benchmarks.

  • June 13, 2017

    Tax Whiz Can't Testify For Charity In Iran Forfeiture Fight

    A federal judge on Tuesday blocked a New York University expert from telling the jury tasked with deciding the outcome of a billion-dollar U.S. effort to seize the assets of an Iran-linked charity that a real estate deal at the heart of the trial was legal and tax-savvy.

  • June 13, 2017

    Quinn Emanuel Invokes Privilege Over Forex Opt-Out Docs

    Quinn Emanuel Urquhart & Sullivan LLP and Bernstein Liebhard LLP told a New York federal court Monday that communications with parties in a foreign exchange antitrust class action are privileged, hitting back at a bid to compel the information.

  • June 13, 2017

    National Penn Inks $1M Deal To End Pa. Overdraft Class Suit

    National Penn Bank has agreed to pay nearly $1 million to end a class action in Pennsylvania state court over allegedly improper overdraft fees it charged to customers, according to a motion filed Monday seeking approval of the settlement.

  • June 13, 2017

    UBS Says Fired Adviser Not Whistleblower Under Dodd-Frank

    UBS Financial Services Inc. urged a New Jersey federal court on Monday to toss a former financial adviser’s wrongful termination suit, saying that the ex-employee can’t claim his firing was unlawful retaliation for whistleblowing because he wasn’t actually a whistleblower.

  • June 13, 2017

    Bankrupt Gymboree Gets Access To $35M New DIP Money

    Gymboree, the children's clothier saddled with a billion dollars' worth of debt during a 2010 buyout by private equity firm Bain, received interim bankruptcy court approval Monday to access $35 million in new money and hundreds of millions of dollars in other converted debtor-in-possession financing as it seeks to regain solid footing.

  • June 13, 2017

    Ireland To Launch Estimated $3.3B Allied Irish Banks IPO

    The Irish government on Monday set a price range for an estimated €3 billion initial public offering ($3.3 billion) of Allied Irish Banks PLC, moving forward with plans to divest a stake in one of the country’s largest banks seven years bailing it out during the financial crisis.

  • June 13, 2017

    Traders Who Used Schwab Get 3rd Crack At Fraud Suit

    A California federal court Tuesday rejected investors' allegations that Charles Schwab & Co. Inc. routed trade orders to UBS Securities LLC even when it did not offer the best value, but gave the potential class a chance to fix its lawsuit to include all the elements of fraud.

  • June 13, 2017

    Green Dot, MasterCard Get Initial Nod For Debit Glitch Deal

    A California federal judge has given preliminary approval to an $8.1 million settlement that Green Dot Corp. and MasterCard Inc. reached with a class of Walmart MoneyCard holders over a three-day disruption in service that cut off access to consumers’ funds.

  • June 13, 2017

    CFPB Defends Its Constitutionality In 9/11 Victim Scam Suit

    The Consumer Financial Protection Bureau shot down constitutional challenges against its structure in New York federal court on Monday, in an attempt to maintain its suit accusing a New Jersey-based settlement advance firm of scamming 9/11 first responders and NFL retirees with high-cost loans.

  • June 13, 2017

    Real Estate Rumors: JP Morgan, Facebook, Robert W. Baird

    A J.P. Morgan Investment Management entity has reportedly sold a Miami apartment complex for $78.15 million with the buyer receiving financing from Prudential, Facebook is said to be considering leases at two San Francisco buildings, and Robert W. Baird has reportedly reached a deal to lease 16,000 square feet in Manhattan.

  • June 13, 2017

    Real Estate Construction Labor Shortage Making Banks Wary

    As real estate construction in core U.S. markets continues at a frenetic pace, the sheer number of projects underway is putting strain on the labor workforce, and that shortage of workers is causing banks to be wary about providing construction loans, lawyers say.

  • June 13, 2017

    EU Outlines Plans To Grab UK's Euro Securities Clearing

    The European Union on Tuesday launched its plan to gain control of London's massive euro-denominated securities clearing business, outlining proposals to give itself regulatory oversight and the power to move business away from the U.K.’s financial capital after the Britain leaves the EU.

  • June 12, 2017

    Justice Ginsburg On Diversity And Persuading Her Colleagues

    Justice Ruth Bader Ginsburg discusses what it means to have three women on the court, the aftermath of hostile Senate confirmation fights, and why justices sometimes do the unexpected, in the first of two articles based on an exclusive interview with the feminist icon.

  • June 12, 2017

    Deutsche Bank To Pay $170M To Settle Euribor Investor Suit

    Deutsche Bank AG has agreed to a $170 million settlement with investors accusing big banks of conspiring to rig Euribor in a deal that would bring proposed relief to more than $300 million, according to documents filed in New York federal court on Monday.

  • June 12, 2017

    Treasury Report Shows Trump’s Plan To Roll Back Dodd-Frank

    The Treasury Department on Monday released a long-awaited report outlining the Trump administration’s views on defanging the Consumer Financial Protection Bureau and easing the operating environment for big and smaller banks, including a way for the biggest banks to escape from Dodd-Frank Act-mandated capital and other rules. 

  • June 12, 2017

    Trans Union Owes Over $8M For FCRA Violations, Jury Told

    Attorneys for a class of more than 8,000 Trans Union LLC customers kicked off a California federal court trial Monday over claims the credit reporting agency willfully violated the Fair Credit Reporting Act by labeling them possible terrorists or criminals on reports to lenders, telling jurors Trans Union owes $1,000 for each violation.

  • June 12, 2017

    Ex-Fed. Prosecutor Joins Walden Macht From Kobre & Kim

    A former federal prosecutor has joined white collar defense firm Walden Macht & Haran LLP from Kobre & Kim LLP, where his clients included a former Credit Suisse executive implicated in a $100 million mortgage fraud scheme.

  • June 12, 2017

    Citi To Pay $1M For Lax Trade Controls Behind Price Swings

    A unit of Citigroup Inc. has agreed to pay $1 million to resolve claims that it violated market rules and supervisory requirements for more than four years, allowing employees to send erroneous trade orders — including one worth over $13 billion — that sent shudders through the markets, according to a settlement posted Friday by the Financial Industry Regulatory Authority.

Expert Analysis

  • Takeaways From Cumulus Media Refinancing Ruling

    Mark Chass

    Investors should anticipate that creditors may rely on two aspects of the recent decision in Cumulus Media v. JPMorgan Chase to challenge exchange offers, particularly those in which issuers seek to refinance unsecured debt with secured debt, says Mark Chass of Kramer Levin Naftalis & Frankel LLP.

  • State Bank Regulators To OCC: 'Innovation' Starts In States

    Thomas Brooks

    The Office of the Comptroller of the Currency's recent proposal to create special-purpose national bank charters for financial technology companies is not without political concerns. As a result, some opposition has developed on both sides of the congressional aisle, says Thomas Brooks of Clark Hill PLC.

  • CFPB Insights On Alternative Data Use In Credit Scoring

    Michael Gordon

    The growing utilization of alternative data in credit decisions and scoring models continues to attract the attention of regulators. Although clear and practical guidance remains elusive, regulator pronouncements provide some clues and takeaways for market participants, say Michael Gordon and Vaughn Stewart of WilmerHale.

  • Whither Arbitration Of Public Injunctive Relief?

    Cary Sullivan

    In McGill v. Citibank, the California Supreme Court stopped short of determining whether public injunctive relief is arbitrable. The decision should help refocus attention on the unresolved issues from Ferguson v. Corinthian Colleges, say Cary Sullivan and Chris Waidelich of Jones Day.

  • High Court Establishes New Theory Of Municipal Standing

    Philip Stein

    The U.S. Supreme Court's opinion Monday in Bank of America v. City of Miami conceivably established a right for cities to prospectively sue lenders, builders, developers and others in the industry. That power is — at least potentially — enormous, say Philip Stein and James Ward of Bilzin Sumberg Baena Price & Axelrod LLP.

  • Recent Trends In Enforcement Of Intercreditor Agreements

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    Three recent cases show that bankruptcy courts are increasingly willing to interpret intercreditor agreements and agreements among lenders and apply their plain language to the facts of the case, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • What Lawyers Should Know To Avoid Online Scams

    J. S. Christie Jr.

    Scams resulting in access to confidential information are probably a lawyer’s greatest technology and cybersecurity risk. But hackers are more likely to gain access to a lawyer’s computer systems through human error, usually responding to a scam, than a brute force attack, says J. S. Christie Jr. of Bradley Arant Boult Cummings LLP.

  • How Recent Executive Orders May Affect SEC And CFTC

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    The first 100 days of the Trump administration have brought numerous directives designed to reshape the regulatory landscape for financial institutions that ultimately may result in dramatic changes to government departments and agencies, says David Tittsworth of Ropes & Gray LLP.

  • Web Servers: An Overlooked Cybersecurity Risk At Law Firms

    Jeff Schilling

    Many law firms use public-facing websites for business development and to streamline operational processes. While these sites are great for maximizing information-sharing, they could unknowingly be an unlocked gateway into a firm’s most confidential data, says Jeff Schilling of Armor Defense Inc.

  • 2nd Circ. May Clarify 5th Amendment Issue In Libor Case

    Mark Racanelli

    A pending Second Circuit case raises an interesting constitutional question for practitioners whose clients are subject to parallel, cross-border white collar investigations: When someone gives compelled testimony to foreign law enforcement officials, does the Fifth Amendment bar U.S. prosecutors from using her statements, directly or indirectly, to criminally prosecute her? say Mark Racanelli and Michael Simeone of O’Melveny & Myers LLP .