Banking

  • September 11, 2020

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

    The past week in London has seen a patent holding company sue Apple, a German financial planner take retailer Boots to court over debt, and a jailed legal adviser to an Emirati state-run fund take aim at Dechert LLP and the head of its white collar team. Here, Law360 looks at those and other new claims in the U.K.

  • September 10, 2020

    JP Morgan Compliance Pro Joins Real Estate Firm As CCO

    A former J.P. Morgan Asset Management compliance manager and one-time state of Ohio enforcement attorney has been appointed chief compliance officer at Core Real Estate Capital, or CREC, amid what company executives on Thursday told Law360 is an increasingly complex regulatory environment.

  • September 10, 2020

    Treasury Sanctions 4 Linked To Russian Election Interference

    The Office of Foreign Assets Control on Thursday sanctioned four people accused of attempting to influence the upcoming U.S. presidential election on behalf of Russia, including a member of the Ukrainian parliament and a cybercrime suspect.

  • September 10, 2020

    FTC Settles $43M Student Loan Scam With 5 Defendants

    A California federal judge Wednesday approved a settlement between the Federal Trade Commission and five people accused of posing as federal loan servicers in a yearslong student loan scam that allows the alleged scammers to only pay back a small portion of the $43 million they're accused of pocketing from victims.

  • September 10, 2020

    Coronavirus Litigation: The Week In Review

    Tiffany & Co. says luxury goods conglomerate LVMH can't point to COVID-19 to ditch its $16.2 billion acquisition of the jeweler, Princess Cruise Lines opposes certification of a class of customers suing over its virus response, and court battles continue over a growing push for mail-in voting during the pandemic. 

  • September 10, 2020

    OCC's Potential Boon For Payment Industry Faces Headwinds

    Acting Comptroller of the Currency Brian Brooks has expressed a desire to wrap payments companies into the federal regulatory framework, and while the effort has been lauded as a move to ease compliance costs, state regulators appear prepared to fight to protect their oversight of the industry.

  • September 10, 2020

    Bank GCs Don't Have To Sit For Depos In Forex-Rigging Fight

    Current and former in-house lawyers for six big banks do not have to sit for depositions, a Manhattan federal judge said Thursday, after counsel for foreign currency buyers who say the financial giants rigged prices asserted that the banks had not turned over important information.

  • September 10, 2020

    Halkbank Can't Pause Iran Sanctions Case Over Recusal Bid

    A New York federal judge rejected a bid from Turkey's Halkbank to pause the government's case over alleged Iran sanctions violations while the bank appeals its failed motion to recuse the judge, saying Thursday that its petition was unlikely to succeed.

  • September 10, 2020

    NFL Player Charged For Alleged Role In $24M PPP Fraud

    NFL player Josh Bellamy was charged Thursday for allegedly participating in a scheme that sought to fraudulently obtain $24 million in forgivable loans through the Paycheck Protection Program established as part of the federal government's response to the COVID-19 pandemic.

  • September 10, 2020

    Bank Of The West Hires Ex-Regions Financial Atty As GC

    Bank of the West, a subsidiary of BNP Paribas, has hired financial services industry veteran Hope Mehlman as general counsel and corporate secretary, the bank announced Thursday.

  • September 10, 2020

    CFTC Plugs 'Transparency' Of Corporate Compliance Memo

    The U.S. Commodity Futures Trading Commission issued a new three-page guidance on Thursday that provides a "risk-based" framework for staff to review corporate compliance programs, part of an ongoing campaign from the agency to highlight its efforts to promote the transparency of its examination and enforcement strategies.

  • September 10, 2020

    Capital One Beats Branch Manager's Wrongful Firing Suit

    Capital One beat back a lawsuit brought by a former branch manager after he failed to show a Maryland federal court that his firing was due to whistleblowing rather than his alleged disregard of anti-money-laundering rules.

  • September 09, 2020

    Fed's Main Street Lending Program Falling Short, Sens. Told

    The Federal Reserve's Main Street Lending Program is falling short in its mission of providing support for financing to midsized businesses that are struggling during the coronavirus pandemic and needs urgent changes, members of the U.S. Senate Banking Committee heard Wednesday.  

  • September 09, 2020

    Calif. Atty Cops To Credit Fraud, Campaign Finance Schemes

    A California lawyer pled guilty to fraud and campaign finance charges on Wednesday in two separate cases in D.C. federal court over different multimillion-dollar schemes connected to his employer, payment processor Allied Wallet.

  • September 09, 2020

    Deutsche Bank To Pay $583K To End Ukraine Sanctions Probe

    Deutsche Bank Trust Co. America agreed Wednesday to pay $583,100 to resolve the U.S. Department of the Treasury's investigations into the bank's apparent violations of Ukraine-related sanctions, a drop in the bucket compared to the maximum statutory penalty of $75.7 million.

  • September 09, 2020

    OCC Touts Charter Power As NY Notes Consumer Protection

    Comptroller of the Currency Brian Brooks reiterated on Wednesday his position that his agency has the authority to charter nondepository payments companies, while the head of New York's financial regulator Linda Lacewell highlighted the importance of states effectively protecting consumers as the two agencies spar over regulatory oversight.

  • September 09, 2020

    Coronavirus Q&A: Ervin Cohen Real Estate Leader

    In this edition of Coronavirus Q&A, Ervin Cohen's real estate co-chair discusses the challenges lenders face when it comes to underwriting loans amid the pandemic and also addresses the difficulty of staying on top of the numerous government regulations that vary by location in California.

  • September 09, 2020

    Rosen Law Firm To Lead Wells Fargo Investors' PPP Suit

    The Rosen Law Firm PA was tapped on Tuesday to represent a proposed class of Wells Fargo shareholders who claim the bank hurt investors by mismanaging its Paycheck Protection Program lending.

  • September 09, 2020

    Taxi Mogul Cops To Bribing Fallen Credit Union's Ex-Chief

    A New York City taxi industry heavyweight on Wednesday admitted to bribing former Melrose Credit Union CEO Alan Kaufman, telling a Manhattan federal judge that he let Kaufman live rent-free in a Long Island home in exchange for favorable terms on millions of dollars of business debt from the now-shuttered institution.

  • September 09, 2020

    Blockchain Co. Fights YouTube Move To Dismiss Scam Suit

    Blockchain startup Ripple Labs Inc. has urged a California federal judge not to dismiss its lawsuit alleging YouTube was "willfully blind" in allowing hackers to impersonate the fintech company and scam viewers out of digital currency.

  • September 08, 2020

    AT&T Sheds More Claims In Crypto Investor's $24M Hack Suit

    A California federal judge on Tuesday trimmed claims from a cryptocurrency investor's suit accusing AT&T of failing to protect his personal data before a hack that purportedly cost him $24 million, saying the suit didn't allege the telecom giant had acted with malice.

  • September 08, 2020

    SunTrust's $46M Suit Against Track Owner Gets Green Light

    A Florida federal judge on Tuesday denied International Speedway Corp.'s bid to dismiss a suit from SunTrust Equipment Finance & Leasing Corp. seeking $46 million in payments for solar generator rentals, finding the racetrack owner's arguments to be inaccurate or lacking support.

  • September 08, 2020

    CORRECTED: Lehman Investors Get $21M Added To $49M Distribution Round

    The trustee for Lehman Brothers Inc. investors told a New York bankruptcy judge Tuesday that $21 million has been tacked on to the $49.2 million pot of money that is expected to be one of the final rounds of cash distributed to the defunct brokerage firm's general unsecured creditors.

  • September 08, 2020

    Calif. Could Soon Create 'Mini-CFPB': 5 Things To Know

    California's financial services regulator could soon get an upgrade after state lawmakers passed legislation that would revamp the agency in the image of the Consumer Financial Protection Bureau, signaling an increased focus on fintech in particular.

  • September 08, 2020

    Top Exchanges Back Cboe In 7th Circ. VIX Manipulation Fight

    The owners of the New York Stock Exchange and the Chicago Mercantile Exchange are backing the Chicago Board Options Exchange as it once again tries to ditch an investor suit accusing it of ignoring signs that its volatility index was being manipulated.

Expert Analysis

  • 4 Opportunities For Mediators To Settle Big-Dollar Cases

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    A few specific stages of complicated, multimillion-dollar matters — ranging from prefiling to the beginning of trial — present unique opportunities for mediators to persuade the parties to compromise and lay the foundation for settlement, say Robert Fairbank and Kimberly West at Fairbank ADR.

  • Opinion

    Time To Streamline E-Sign Act's Consumer Consent Process

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    Congress should pass the E-Sign Modernization Act as a first step toward removing the E-Sign Act's burdensome consumer consent requirement for electronic disclosures, but similar state legislation might be needed to ameliorate uncertainty surrounding electronic records, say Brian Casey and Patrick Hatfield at Locke Lord.

  • Remote Proceedings Bring New Wrinkles For Court Records

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    Parties and courts using remote videoconferencing should carefully consider how they will preserve a clear record of the proceedings, and the potential impact an official video record may have on appellate review, say Christopher Green and Sara Fish at Fish & Richardson.

  • Texas Trade Secret Case Spotlights Our Judicial Safeguards

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    A recent appellate argument in the Texas trade secret dispute Title Source v. HouseCanary — that the trial court's inclusion of a single jury question based on two unsupported theories was reversible error — demonstrates how the judicial system, with its layers of safeguards and appellate review, should work, says Derek Dahlgren at Devlin Law Firm.

  • DFS Case Shows Insurance Ramifications Of Cyber Breaches

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    The New York State Department of Financial Services' recent charges against First American regarding its cybersecurity failures is a warning that regulated companies should brace for potentially heightened enforcement activity and that even strong cybersecurity systems should be reinforced with insurance coverage, say Peter Halprin and Nicolas Pappas at Pasich.

  • Derivatives Firms' Preservation Obligations During COVID-19

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    David Slovick and Trace Schmeltz at Barnes & Thornburg parse the U.S. Commodity Futures Trading Commission's and National Futures Association's rules governing derivatives firms' obligation to keep records of promotional materials transmitted by telephone, video and the internet as the pandemic makes electronic communication with clients the new norm.

  • Cross-Selling Strategies For Law Firms During Pandemic

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    Law firms can grow revenue during the COVID-19 crisis by facilitating communication among complementary practice groups, soliciting client feedback and engaging in other cross-selling activities that build on existing client bases, says consultant David Freeman.

  • FCPA Enforcement, Compliance Trends During The Pandemic

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    Despite ongoing messaging from the U.S. Department of Justice and U.S. Securities and Exchange Commission that Foreign Corrupt Practices Act enforcement remains a priority, a review of enforcement data and compliance trends for the year makes clear that the pandemic has slowed the agencies' FCPA activities, say John Davis and Ivo Ivanov at Miller & Chevalier.

  • Atty Media Interview Lessons From Trump's Axios Appearance

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    The recently broadcast interview of President Donald Trump with Axios political reporter Jonathan Swan provides a dramatic example of how not to answer media questions and presents four lessons to attorneys preparing for press coverage, says Michelle Calcote King at Reputation Ink.

  • Commercial Loan Workout Considerations For Lenders

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    Due to the COVID-19 pandemic, commercial lenders will likely continue to receive a higher volume of requests for forbearances, loan modifications or other accommodations, but this creates an opportunity for the financial institution to make the best of what might otherwise be an unfortunate situation for all parties, say Brian Memory and Jacob Sparks at Spencer Fane.

  • Budding Decentralized Finance Industry Comes With Risks

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    The proliferation of decentralized finance allows users to lend, earn interest, borrow, exchange or bet on cryptocurrencies, but the applications face legal obstacles, including regulatory, class action and intellectual property litigation risk, says Ali Abugheida at Buckley.

  • Opinion

    Pandemic Is No Excuse To Limit Defendants' Trial Rights

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    Chicago federal prosecutors' recent argument that the pandemic compels two ex-Deutsche Bank traders to choose between their right to a speedy trial and the right to confront witnesses in person is not only inconsistent with current law but fundamentally unfair, say John Richter and Christina Kung at King & Spalding.

  • Why Remote Depositions Are Likely Here To Stay

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    As attorneys and their clients realize it is possible to conduct video depositions just as smoothly as in-person sessions while eliminating travel, catering and other costs, they will likely demand that remote procedures remain in place even after the pandemic is contained, says Darren Goldman at Becker & Poliakoff.

  • 7 Keys To Drafting Effective Legal Briefs

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    Bo Pearl at Paul Hastings explains how eliminating clunky transitions, mixing in short sentences, and making a few other tweaks can increase the persuasive power of legal briefs.

  • Weighing The Virtual Courtroom Option In Civil Cases

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    Lawyers can look to federal district courts' recent virtual proceedings to evaluate whether remote appearances would further their clients' interests in civil lawsuits or if they would impose unfairness and inefficiency, say Christopher Green and Sara Fish at Fish & Richardson.

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