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Banking
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September 16, 2024
White & Case-Led Fund Manager To Buy Citi Trust For £80M
JTC PLC said on Monday it has agreed to buy the global fiduciary and trust business from investment banking giant Citigroup Inc. for £80 million ($106 million), as the Jersey-based fund administrator eyes further international expansion of its operations.
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September 16, 2024
IRS Cancels Hearing On 'Basket Contract' Transactions Rule
The Internal Revenue Service canceled a hearing on proposed rules that would flag what are known as basket option contracts as potentially abusive listed transactions, according to a notice released Monday.
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September 16, 2024
UniCredit Launches €1.7B Share Buyback After Profit Gains
UniCredit SpA said Monday that it has kicked off a share buyback worth up to €1.7 billion ($1.9 billion) as the Italian commercial bank moves to reward its shareholders after it reported bumper profits.
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September 13, 2024
The 2024 Regional Powerhouses
The law firms on Law360's list of 2024 Regional Powerhouses reflected the local peculiarities of their states while often representing clients in deals and cases that captured national attention.
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September 15, 2024
Cannabis Co. Nabs $150M '1st-Of-Its-Kind' Credit Facility
Green Thumb Industries Inc. secured a $150 million credit facility led by Valley National Bank as it looks to refinance debt in what the company billed as "a first-of-its-kind credit facility for the U.S. cannabis industry."
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September 13, 2024
Wells Fargo Unit To Pay $3M Over Unsuitable Trading Claims
The Financial Industry Regulatory Authority has ordered Wells Fargo Clearing Services to pay roughly $3 million to settle allegations that the firm failed to adequately supervise how its registered representatives were selling certain securities that are subject to potential abuse because of the concessions they pay.
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September 13, 2024
Bankman-Fried Lays Blame On Trial Judge In 2nd Circ. Appeal
FTX founder Sam Bankman-Fried on Friday launched an appeal of his fraud conviction over the cryptocurrency exchange's historic collapse, issuing a broadside against the judge who oversaw his trial and saying FTX's debtor counsel Sullivan & Cromwell LLP acted as an arm of the prosecution.
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September 13, 2024
Trio Of BigLaw Mergers Expected To Drive More Deal Talks
After months of a relatively steady pace of law firm mergers and acquisitions, the trio of proposed BigLaw tie-ups announced in recent days will likely spur more firms toward entertaining similar deal talks, experts say. Here, Law360 offers a snapshot of the proposed deals.
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September 13, 2024
Mortgage Co. CEO Gets 11 Years In Prison For Ponzi Scams
A mortgage company owner was sentenced Thursday to 11 years and three months in prison for defrauding investors, a community bank and the government's pandemic relief program to cover gambling debts and personal expenses like luxury cars, Philadelphia's top federal prosecutor announced.
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September 13, 2024
Swiss Banks Want Sanctions Review Amid Geopolitical Risk
The Swiss Banking Association has called for a proactive review of the country's financial sanctions regime as the single most important factor amid "serious negative effects" from geopolitical risk confronting the country's banks.
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September 13, 2024
Ex-DOJ Deputy In TikTok, Twitter Cases Joins Mayer Brown
A former leader of the U.S. Department of Justice's consumer protection arm who helped bring landmark privacy cases against TikTok and Twitter is jumping to Mayer Brown LLP, where he will focus on government investigations and enforcement actions.
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September 13, 2024
High Court Sanctions £2.2B Deal For Network International
Middle Eastern payments company Network International Holdings said on Friday that the High Court has sanctioned a £2.2 billion ($2.9 billion) takeover bid from Brookfield Asset Management Ltd.
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September 13, 2024
EU Finance Ministers Boycott Hungary Meeting Over Russia
Most European Union finance ministers protested on Friday against what they see as Hungary's Russia-friendly politics by boycotting a meeting with their EU peers in the country's capital, Budapest.
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September 13, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a football agent sue Chelsea FC after being cleared of allegations he threatened the club’s former director, an ongoing patent dispute between Amgen and Regeneron Pharmaceuticals, and a private school in Edinburgh suing Riverstone Insurance over compensation claims tied to historical abuse allegations made by former pupils. Here, Law360 looks at these and other new claims in the U.K.
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September 13, 2024
Freeths Hires McNulty As Pensions Director In London
Freeths LLP has appointed Sean McNulty, a former legal director at Blake Morgan as a pensions director in its London office, a move it believes will bolster its retirement income business.
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September 13, 2024
UK Consumer Credit Firms Face New Reporting Requirements
The Financial Conduct Authority has proposed issuing a new reporting obligation for consumer credit firms as it seeks to prevent harm to consumers earlier and avoid another scandal such as the collapse of London Capital & Finance.
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September 13, 2024
Retraining Offer No Reason For NCA Investigator To Quit
A National Crime Agency investigator who quit his job a day after he was offered the opportunity to regain his official accreditation has lost his claim that he was forced to resign.
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September 12, 2024
8th Circ. Nixes $563M Verdict Against BMO Harris Over Ponzi
The Eighth Circuit on Thursday struck down a $563 million verdict against BMO Harris NA over claims that a bank it acquired had aided and abetted Thomas J. Petters' multibillion dollar Ponzi scheme, ruling that the bank should have been allowed to raise a defense that would have barred the suit in the first place.
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September 12, 2024
Wells Fargo Ordered To Overhaul Sanctions, AML Compliance
Wells Fargo faces fresh restrictions on launching new products and entering new markets, and must beef up its compliance and monitoring efforts around sanctions, anti-money laundering and other international business risks, under an enforcement action announced Thursday by the Office of the Comptroller of the Currency.
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September 12, 2024
Del. Justices Uphold Chancery Toss Of $1.2B NCino Deal Suit
The Delaware Supreme Court on Thursday upheld the Chancery's court's decision to throw out nCino investor claims against company directors and investment firm Insight Venture Partners challenging the financial technology company's $1.2 billion acquisition of mortgage loan platform SimpleNexus.
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September 12, 2024
Corp. Disclosure Law Kills Community Boards, Nonprofits Say
The Community Associations Institute and other groups have sued the U.S. Department of the Treasury over the Corporate Transparency Act, arguing the law should not apply to them, violates constitutional rights and will lead to mass resignations from their community leadership boards.
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September 12, 2024
US Sanctions Cambodian Tycoon For Forced Labor Scam
A prominent Cambodian businessman and his business entities were hit with sanctions from the Treasury Department for their role in human rights abuses related to forced labor and human trafficking, the department announced Thursday.
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September 12, 2024
AGs Ask 2nd Circ. To Revive Their SALT Cap Workaround Suit
Attorneys general from New York, New Jersey and Connecticut asked the Second Circuit to revive their challenge to an IRS rule prohibiting workarounds to the federal cap on state and local tax deductions, saying the rule was arbitrary and contrary to congressional intent.
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September 12, 2024
Quinn Emanuel, Cohen Milstein Get $102M In Stock Loan Case
A judge awarded $102 million in attorney fees to Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC for settling claims from investors that major banks colluded to avoid modernizing the stock loan market.
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September 12, 2024
Employment Firm GQ Littler Hires Pro From Baker McKenzie
GQ Littler has hired a long-serving employment lawyer at Baker McKenzie to its office in London to represent U.K. and international clients, particularly in the financial services, technology and media sectors.
Expert Analysis
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What Companies Should Consider Amid Multistate AG Actions
The rise of multistate attorney general actions is characterized by increased collaboration and heightened scrutiny across various industries — including Big Tech and gaming — and though coalitions present challenges for targeted companies, they also offer opportunities for streamlined resolutions and coordinated public relations efforts, say attorneys at Cozen O'Connor.
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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High Court's BofA Ruling Leaves State Preemption Questions
A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.