Banking

  • September 17, 2020

    Ex-HSBC Exec Will Lead Facebook-Backed Libra Networks

    The Facebook-backed Libra cryptocurrency project has tapped veteran financial services leader and former HSBC European head James Emmett to lead the development and operation of the yet-to-be-launched digital currency system, the Libra Association announced Thursday.

  • September 17, 2020

    EU Must Strengthen AML Framework, Leaked Document Says

    The European Council has called on the European Commission to present a series of legislative proposals to significantly strengthen the European anti-money laundering legal framework, according to a document seen by Law360 on Thursday.

  • September 16, 2020

    Ex-Colleague Says Deutsche Traders Taught Him To Spoof

    A former Deutsche Bank trader testified Wednesday that he learned how to spoof the precious metals market from ex-colleagues James Vorley and Cedric Chanu, but that he didn't think the trading strategy violated any bank policy because it was never flagged as improper.

  • September 16, 2020

    Court Quashes Forex Investors' NY Agency Doc Request

    New York's banking regulator will not have to hand over documents requested by investors accusing Credit Suisse AG of manipulating foreign exchange benchmarking rates, after a federal judge quashed a subpoena the agency attacked as a "fishing expedition."

  • September 16, 2020

    Atty Says NY AG Can't Force Him To Testify In Trump Probe

    A land use attorney told a New York court Wednesday that attorney-client privilege prevents the state attorney general from forcing him to produce documents and testify in a probe into whether President Donald Trump inflated the value of his assets.

  • September 16, 2020

    NYDFS Brings 1st Case Under State's Debt Collection Rules

    New York's financial services regulator said Wednesday that it has brought its first enforcement action under the state's rules for debt collectors, accusing a Long Island debt collection law firm of failing to provide consumers with certain required documentation about their debts when asked.

  • September 16, 2020

    Big Banks Say Agents Aren't Entitled To Fees In PPP Suit

    Some of the nation's biggest banks being sued by agents claiming they're owed filing fees under the federal Paycheck Protection Program asked a California federal judge Tuesday to toss the proposed class action because the COVID-19 pandemic program doesn't require them to pay fees.

  • September 16, 2020

    SEC Settles Claims Over $110M 'Ponzi-Like' Scheme

    The U.S. Securities and Exchange Commission agreed to drop its civil suit against a real estate mogul indicted for running a $110 million "Ponzi-like" mortgage fraud scheme, citing his decision to sell off $66 million in property to pay back investors.

  • September 16, 2020

    FinCEN Seeks Public Input On Changes To AML Program

    The Financial Crimes Enforcement Network is considering updating its anti-money laundering program to modernize and address "the evolving threats of illicit finance" and give financial institutions more flexibility to allocate resources.

  • September 16, 2020

    Federal Reserve Banks Can't Challenge Patents, Justices Told

    The U.S. Supreme Court has been asked to review whether Federal Reserve banks are distinct enough from government entities such that they can challenge patents at the Patent Trial and Appeal Board.

  • September 16, 2020

    Kirkland Alum Among 2 Prosecutors Tapped For Tenn. Bench

    President Donald Trump on Wednesday picked two federal prosecutors to become judges in the Eastern District of Tennessee, including a relatively young Kirkland & Ellis LLP alum who has helped shepherd Trump's previous judicial nominees to confirmation.

  • September 16, 2020

    Ex-HSBC Banker Can't Get Redo On 2nd Circ. Fraud Appeal

    A Second Circuit panel declined on Wednesday to rethink its decision to uphold the fraud conviction of former HSBC foreign currency executive Mark Johnson, who had argued that newly decided case law on jury instructions warranted another look.

  • September 16, 2020

    Ex-Cantor Fitzgerald Exec Can't Undo NJ Arbitration Order

    A former Cantor Fitzgerald executive has failed to persuade the New Jersey Supreme Court to take a closer look at a state appellate ruling forcing her to arbitrate her discrimination claims on the grounds she electronically consented to a dispute resolution policy and agreement, according to an order made available Wednesday.

  • September 15, 2020

    Jailed Ex-Taylor Bean Exec Gets Compassionate Release

    A Virginia federal judge on Tuesday granted former Taylor Bean & Whitaker Mortgage Corp. Chairman Lee Bentley Farkas' emergency motion for compassionate release, ordering him to be freed after serving nine years of a 30-year conviction for a $2.9 billion bank and securities fraud scheme.

  • September 15, 2020

    Iranian Hackers Said To Target US Agencies, Cos. Via VPNs

    Iran-based hackers are targeting U.S. federal agencies and businesses in the health care, technology, financial, insurance and media sectors using vulnerabilities in virtual private networks used more often during the pandemic, U.S. authorities warned on Tuesday.

  • September 15, 2020

    3rd Circ. Nixes SEPTA Ad Policy As Unconstitutional

    The Third Circuit on Monday sided with the Center for Investigative Reporting in its free speech and discrimination suit against the Southeastern Pennsylvania Transportation Authority, finding that the transit agency's political ad ban runs afoul of the California news nonprofit's constitutional rights.

  • September 15, 2020

    SEC Crypto Fine Draws Rare Dissent From Commissioner

    A commissioner of the U.S. Securities and Exchange Commission on Tuesday offered a rare dissent to an agency enforcement action and $6.1 million fine against an online esports gaming and gambling platform over its allegedly unregistered initial coin offering.

  • September 15, 2020

    CFPB Sketches Out Options For Small-Biz Loan Data Rule

    The Consumer Financial Protection Bureau on Tuesday published an outline of proposals it's considering for carrying out a decade-old small-business lending data collection mandate, including what exemptions the agency is exploring and what information it might seek to have lenders report.

  • September 15, 2020

    Banks, Stores Lobby To Give CBM Reviews New Lease On Life

    The patent office's covered business method review program is set to expire Sept. 16, but a coalition of banking, retail and restaurant groups is working with two U.S. senators on legislation to extend the system, which has been used to challenge hundreds of patents.

  • September 15, 2020

    CSBS Unveils Streamlined Joint Exam For Payments Cos.

    The Conference of State Bank Supervisors on Tuesday unveiled a new program that will allow payments companies operating nationally to replace state-by-state examinations with a single, joint exam, a move the organization said stands to yield benefits for both the regulators and the regulated.

  • September 15, 2020

    CFPB Deal Calls For $330M ITT Student Loan Forgiveness

    Student lending program PEAKS will release 35,000 former ITT Technical Institute students from their $330 million in debt under a preliminary agreement with the Consumer Financial Protection Bureau filed Tuesday that settles allegations the lender violated consumer protections.

  • September 15, 2020

    Software Firm Will Pay $72.6K To End CFTC Spoofing Claims

    The U.S. Commodity Futures Trading Commission announced Tuesday that it reached a $72,600 settlement agreement with a software company accused of enabling a spoofing scheme.

  • September 15, 2020

    Mortgage Lenders' Team Leaders Not Exempt From OT

    A Kansas federal judge has found that team leaders for Mortgage Lenders of America aren't exempt from the Fair Labor Standards Act's overtime mandate, wiping out some of the company's core defenses in the employment dispute ahead of a trial scheduled for February.

  • September 15, 2020

    Investors Defend Doc Request To NY Agency In Forex Case

    Investors accusing Credit Suisse AG of foreign exchange market manipulation have defended a request for documents from New York state's banking regulator, saying their subpoena came after trying for nine months to obtain the material under the state's Freedom of Information Law.

  • September 15, 2020

    NY Bills Would Pause Statutes Of Limitations Against Trump

    The statute of limitations on any New York crimes committed by the U.S. president would be paused under proposed state legislation amid President Donald Trump's ongoing court battle to stop disclosure of his tax records to the Manhattan district attorney.

Expert Analysis

  • Takeaways From DOJ Civil Division's Inability-To-Pay Memo

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    Guidance issued last week at the U.S. Department of Justice is helpful insofar as it clarifies the Civil Division's inability-to-pay process and criteria, but many open questions remain, say Matthew Miner and Amanda Robinson at Morgan Lewis.

  • Early Takeaways From FINRA's Virtual Hearings

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    Since the Financial Industry Regulatory Authority postponed in-person hearings, parties have generally been reluctant to proceed with virtual hearings, and the few cases that have been decided remotely have been atypical, say Joel Everest and Patrick Mulligan at Bressler Amery.

  • How Credit Card Fee Antitrust Cases Fare In UK Versus US

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    When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.

  • What To Know When Making Dispositive Motions In Arbitration

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    As practitioners increasingly turn to dispositive motion practice within arbitration, they should be aware of the underlying authority for these motions and consider practical guidance for their use, says arbitrator and mediator Janice Sperow.

  • Virus Relief Bill Could Harm Lending, Collections Landscape

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    The Health and Economic Recovery Omnibus Emergency Solutions Act's proposed stay on debt collection and enforcement efforts, though well-intentioned, is fraught with unintended consequences that could limit access to credit and exacerbate already-distressed economic conditions during the pandemic, say attorneys at Montgomery McCracken.

  • 4 Ways Amicus Briefs Can Support An Overall Legal Strategy

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    The strategic use of amicus briefs can help an appellate court think about a case in a new way and lift an organization's own cause or reputation for legal thought, say Mark Chopko and Karl Myers at Stradley Ronon.

  • Fed Paper's Inadvertent Antitrust Policy Questions For Biden

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    By identifying increased market power as a cause of the income and wealth inequality that has become a key issue for Democratic presidential candidate Joe Biden's campaign, a recent working paper from two Federal Reserve Board staff economists implicitly points up a potentially major role for antitrust enforcement in a Biden administration, says Christopher Kelly at Mayer Brown.

  • Deciding Whether Co-Mediation Is Right For Your Case

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    Not every case requires more than one mediator, but engaging two mediators with different perspectives or expertise can significantly enhance the settlement process in certain disputes — and parties can choose from several co-mediation approaches, say Gail Andler and Cassandra Franklin at JAMS.

  • Who Gets Accredited Investor Status Under New SEC Rule?

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    Although the U.S. Securities and Exchange Commission’s final rule allowing individuals with significant market experience to invest in private securities offerings represents a growth opportunity for the industry, those applying for accredited investor status will have to navigate new challenges in the SEC approval process, says Olivia Durnell at Geraci.

  • How New Penalties Transparency May Help CFTC Defendants

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    The U.S. Commodity Futures Trading Commission’s recent guidance on how it calculates enforcement penalties should help defendants weigh self-disclosure and settlement negotiations, and the agency's efforts to stem pile-on penalties may be particularly beneficial for those facing parallel actions with other agencies, say attorneys at Ropes & Gray.

  • Roundup

    Black Law Firm Leaders On Improving Diversity In BigLaw

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    In this Law360 Diversity Snapshot series, five Black law firm leaders share their memories of breaking into BigLaw and thoughts on how to increase minority representation in the legal industry.

  • Opinion

    Ariz. Law Firm Ownership Rule Change Is A Win For Clients

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    Arizona just became the first state to abolish an obscure ethics rule that prohibits nonlawyers from investing in law firms — a change that will lower legal service costs, encourage more innovation in the legal industry and improve access to justice, says William Marra at Validity Finance.

  • After Storm And Fire: How States Protect Service Members

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    As states respond to Hurricane Laura's devastation and California contends with new wildfires, creditors should take note of the laws Louisiana, Texas, Arkansas, California and Nevada have in place to protect members of the National Guard called to service as part of relief efforts, say attorneys at Buckley.

  • Creditors May Not Get All They're Owed After Tribune Ruling

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    The Third Circuit recently affirmed the cramdown of Tribune's Chapter 11 reorganization plan, making it clear that creditors may not be able to rely on strict enforcement of prepetition subordination agreements and could be left with lower recoveries than they contracted to receive, say Lisa Schweitzer and Thomas Lynch at Cleary.

  • How To Write A Better Comment Letter On Agency Proposals

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    As the federal government prepares to unveil a revamped online portal for submitting comments on proposed rulemakings, several considerations can help the public provide better feedback to help agencies implement legislation and regulate our activities, say Matt Kulkin and Josh Oppenheimer at Steptoe & Johnson.

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