Banking

  • September 15, 2020

    Feds Side With Ex-KPMG Partner Seeking Lighter Sentence

    Federal prosecutors supported the efforts of a former KPMG partner seeking a leaner sentence after pleading guilty to an illicit auditing scheme, telling a New York federal court Tuesday that he should receive less prison time than the 27- to 33-month guidelines.

  • September 15, 2020

    Feds Say Traders Exploited Market Rules In Spoofing Scheme

    Former Deutsche Bank futures traders James Vorley and Cedric Chanu exploited "basic rules of supply and demand" to manipulate the precious metals market in a yearslong spoofing conspiracy that constituted criminal wire fraud, federal prosecutors told a Chicago jury Tuesday.

  • September 15, 2020

    US Drops Aluminum Tariffs, Preempts Canada's Ire

    The Trump administration announced Tuesday that it would halt tariffs on Canadian aluminum products one month after reimposing the 10% levy, citing a predicted plateau in imports.

  • September 14, 2020

    Vedder Price Denied Quick Win In $800K Legal Bills Suit

    A New York federal court has declined to grant a quick win to Vedder Price PC in a dispute with an investment bank client over $800,000 in allegedly unpaid fees, saying that the firm failed to account for the bank's counterclaims for fraud in their arguments.

  • September 14, 2020

    Magistrate Pans EB-5 Fraud Case Against PNC, Fla. Hotel

    A group of Chinese investors who claim they were defrauded of investments they made in a now-shuttered Miami Beach hotel with the hopes of securing immigration visas said they remain undeterred despite a Florida federal judge's recommendation Monday for the dismissal of their claims against PNC Bank and developers.

  • September 14, 2020

    CFTC Targets 4 For Alleged $100K Multi-Level Crypto Scam

    The U.S. Commodity Futures Trading Commission on Friday filed suit in Texas federal court against a cadre of alleged fraudsters, accusing them of illegally garnering nearly $100,000 from would-be investors in a purported multi-level marketing scheme invoking cryptocurrency.

  • September 14, 2020

    Fugitive, Disbarred Attorney Charged In $5M Bitcoin Fraud

    A disbarred attorney and a fugitive are facing charges of money laundering and commodities and wire fraud for allegedly pocketing more than $5 million from Bitcoin investors who never got the cryptocurrency they paid for.

  • September 14, 2020

    FinCEN Prepping AML Program Rule for Private Banks

    The U.S. Treasury Department's Financial Crimes Enforcement Network on Monday announced a rule establishing anti-money laundering program requirements for banks that don't fall under the purview of other financial regulators.

  • September 14, 2020

    Coronavirus Q&A: Davis Polk's Corporate Department Leader

    In this installment of Coronavirus Q&A, the head of Davis Polk's corporate department discusses how the pandemic has impacted legal work in the capital markets sector and explains how he has adjusted his practice in response to COVID-19.

  • September 14, 2020

    British Investor Sues CBD Co., Lawyers Over $1M Loan

    British investor Henley Finance Ltd. has launched a suit alleging a CBD supplier made false statements to secure a nearly $1 million loan that it's refusing to repay after California firm Goyette & Associates Inc. transferred the funds from an escrow account without the proper authorization.

  • September 14, 2020

    Norton Rose Fulbright Adds Corporate M&A Partner In Sydney

    International law firm Norton Rose Fulbright said Monday that Bryan Pointon, a leading corporate mergers and acquisitions and private equity partner, will join the Sydney, Australia, office Oct. 1.

  • September 14, 2020

    3 Ways COVID-19 Is Shaping The Student Housing Sector

    Colleges and universities have scrambled to determine how best to use their student housing space in a situation that is still in flux as institutions cautiously monitor COVID-19 infection rates, and lawyers say the pandemic continues to have a profound and wide-ranging impact on the student housing sector. Here, Law360 looks at three ways the COVID-19 pandemic is continuing to shape the student housing sector.

  • September 14, 2020

    Accused Fraudster Ordered To Pay $15M For Stock-Drop Case

    A New York federal judge on Friday ordered a default judgment in the amount of $15 million against an alleged repeat fraudster accused of perpetrating a $34 million penny stock scheme by making illegal trades on artificially inflated stock belonging to the microcap company Biozoom Inc.

  • September 11, 2020

    OCC's 'True Lender' Plan Draws States' Ire, Industry Angst

    The Office of the Comptroller of the Currency's draft "true lender" rule governing bank financing partnerships is likely to face challenges from states and consumer advocates if it advances as written, and it may also throw a wrench into financing arrangements used by car dealerships and mortgage lenders, according to experts and public feedback on the plan.

  • September 11, 2020

    2nd Circ. Axes BofA TCPA Appeal Cited By Charter In Stay Bid

    The Second Circuit has tossed a woman's request that it rehear her Telephone Consumer Protection Act lawsuit against Bank of America, a case Charter Communications said could clarify the definition of automatic telephone dialing systems ahead of its own TCPA battle before Connecticut federal court.

  • September 11, 2020

    Chicago Trial Will Break Tie On Market Spoofing Theory

    A trial against two former Deutsche Bank traders that begins Monday in Chicago will for the third time test federal prosecutors' theory that high-frequency traders and others were victimized by an unlawful market spoofing scheme, breaking a tie set in two previous spoofing trials.

  • September 11, 2020

    Vance's Request For Trump Tax Info Too Broad, 2nd Circ. Told

    President Donald Trump tried to salvage his so-far unsuccessful bid to block a grand jury subpoena by the Manhattan district attorney's office for his tax returns and financial records Friday, telling the Second Circuit that the request was too broad.

  • September 11, 2020

    M&A Atty Returns To Saul Ewing After Forming Boutique Firm

    After taking a hiatus to form a boutique consulting and investment firm, a former Saul Ewing Arnstein & Lehr LLP partner has returned to its transactions and corporate practice group, where he will continue to advise athletes and performers on their business ventures.

  • September 11, 2020

    SoftBank Taps Ex-Milbank Atty For Top Compliance Spot

    SoftBank Group Corp. has appointed an in-house attorney and former Paul Hastings LLP and Milbank LLP lawyer to fill the role of group compliance officer following the unannounced departure of his predecessor earlier this month.

  • September 11, 2020

    Taxation With Representation: Latham, Ropes, DLA Piper

    In this week's Taxation With Representation, marketing firm Advantage Solutions goes public in a $5.2 billion merger, Baring Private Equity Asia buys IT business Virtusa for $2 billion, and Israel's Arko Holdings inks a $1.4 billion merger.

  • September 11, 2020

    Equifax, Experian Beat Bid To Revive FCRA Suit At 5th Circ.

    The Fifth Circuit won't revive a Texas man's suit accusing Equifax and Experian of violating the Fair Credit Reporting Act by refusing to restore favorable information to his credit report, which allegedly led to a low credit score that cost him a credit card and a mortgage.

  • September 11, 2020

    Big Banks Call Small Bond Conspiracy Suit 'Impossibly Broad'

    Citigroup, Goldman Sachs, Wells Fargo and a slew of other megabanks asked a New York federal judge to dismiss an antitrust suit, saying it alleges two "impossibly broad conspiracies" to hit retail investors with inflated prices and lower returns for corporate bonds.

  • September 11, 2020

    Bail Hearing Yields News That MCC To Reopen For Atty Visits

    A federal judge declined Friday to free a businessman jailed on charges of lying to get $20 million in loans for companies hit by COVID-19, after a prosecutor said that the Metropolitan Correctional Center in Manhattan, where the man is being held, plans to reopen for attorney visits.

  • September 11, 2020

    Ex-KPMG Partner Says Jail Would Be 'Cruel' In Audit Scam

    A former KPMG partner who pled guilty to using secret information from a financial watchdog told a New York federal judge Thursday that sentencing him to prison rather than home confinement would be "cruel," arguing that his expected deportation to his home country of Australia is punishment enough.

  • September 11, 2020

    Fifth Third Faces Derivative Suit Over Unauthorized Accounts

    Fifth Third Bancorp shareholders filed a derivative suit in Illinois federal court Thursday, the latest of several suits alleging that for years, officers and directors of subsidiary Fifth Third Bank covered up that employees were opening new customer accounts without authorization to meet aggressive sales goals.

Expert Analysis

  • PE Credit Considerations After IntegraMed Ch. 7 Ruling

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    Following the Delaware bankruptcy court’s recent ruling that IntegraMed's management service agreements cannot be sold in Chapter 7 liquidation, private equity investors and other lenders should reexamine collateral packages securing similar credit facilities, and monitor the decision’s potential to impact credit availability, valuations and restructuring strategy, say attorneys at Alston & Bird.

  • Preparing For A CMBS Litigation Wave Amid COVID-19

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    James Murphy and Daniel Payne at Murphy & McGonigle outline the types of commercial mortgage-backed securities lawsuits that may comprise a pandemic-induced litigation uptick, and offer recommendations on how commercial real estate market participants can prepare for the increased risk.

  • The Problem With Collectability In Legal Malpractice Cases

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    Attorneys are routinely immunized from malpractice actions when they represent plaintiffs pursuing claims that are not collectable, but an Illinois federal court's recent refusal to protect defense counsel in Newman v. Crane Heyman highlights inconsistency in collectability requirements, says Timothy Parilla at Palmersheim & Mathew.

  • Data Security Best Practices For Licensed Lenders' Telework

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    Now that state-licensed lenders are allowed to conduct loan activities from home due to the pandemic, they need to optimize their remote working environments in a secure manner by leveraging third-party solutions and prioritizing cybersecurity compliance reviews, say attorneys at Buckley.

  • Series

    BigLaw Needs More Underrepresented Attorneys As Leaders

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    Hiring more women, people of color and members of the LGBTQ community to BigLaw positions of power is the first key to making other underrepresented attorneys believe they have an opportunity for a path to leadership, says Ernest Greer, co-president at Greenberg Traurig.

  • Series

    BigLaw Cannot Reap Diversity Rewards Without Inclusion

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    BigLaw firms often focus on increasing their diversity numbers, but without much attention to equity and inclusion, minority lawyers face substantial barriers after they get their foot in the door, says Patricia Brown Holmes, managing partner at Riley Safer.

  • Series

    Advancing Racial Justice In The Legal Industry And Beyond

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    In addition to building and nurturing a diverse talent pipeline, law firms should collaborate with general counsel, academics and others to focus on injustices within the broader legal system, says Jonathan Harmon, chairman at McGuireWoods.

  • Series

    How Law Firms Can Hire And Retain More Black Attorneys

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    The pipeline of Black lawyers is limited, so BigLaw firms must invest in Black high school students, ensure Black attorneys receive origination credit and take other bold steps to increase Black representation in the industry, says Benjamin Wilson, chairman at Beveridge & Diamond.

  • Series

    Ideas For Closing BigLaw's Diversity Gap

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    If enough law firms undertake some universal diversity best practices, such as connecting minority lawyers to key client relationships and establishing accountability for those charged with spearheading progress, the legal industry could look a lot different in the foreseeable future, says Frederick Nance, global managing partner at Squire Patton.

  • Funds Travel Rule Compliance Obstacles Facing Crypto Firms

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    Blockchain transactions’ pseudonymous and decentralized nature represent significant challenges for cryptocurrency exchanges attempting to comply with the Financial Crimes Enforcement Network’s funds travel rule, and leave even small exchanges with no respite from federal criminal enforcement actions, say E.K. McWilliams and Wade Thomson at Jenner.

  • What Presidential Election Means For Securities Regulation

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    In this brief video, Amy Greer and Valerie Mirko at Baker McKenzie explore what a change in administration after November's presidential election could mean for securities regulation, including for the U.S. Securities and Exchange Commission's Regulation Best Interest, the U.S. Department of Labor's recent fiduciary proposal and state enforcement efforts.

  • Employer Best Practices For Monitoring Remote Devices

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    As remote work creates new employee monitoring obstacles, especially for investment firms with higher regulatory compliance obligations, employers must clearly and repeatedly communicate the scope of oversight for both company and personal devices, say Daniel Garrie at Law & Forensics and Yoav Griver at Zeichner Ellman.

  • Guest Feature

    Diversity Work Doesn't Have To Be Reserved For Partners

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    Serving on my firm's diversity committee as an associate has allowed me to improve access, support and opportunity for minority attorneys at the firm, while building leadership skills and fostering meaningful relationships with firm management and industry professionals, says Camille Bent at BakerHostetler.

  • 4 Ways To Prepare For SEC Or CFTC Penalty Negotiations

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    Although recent guidance underscores the Commodity Futures Trading Commission and U.S. Securities and Exchange Commission’s wide latitude to determine enforcement penalties, practitioners should consider several ways this breadth presents opportunities for effective advocacy in settlement negotiations, say attorneys at Davis Polk.

  • Opinion

    How CFPB Should Support Consumer Data Rights

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    As the Consumer Financial Protection Bureau finally begins rulemaking on data access, it should take certain steps to ensure a modernized open finance framework under which a consumer or small businesses is in full control of their financial data, says Rebecca Mulholland at the Financial Data and Technology Association of North America.

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