Banking

  • September 08, 2020

    JPMorgan Probing Staff, Customers Over COVID-19 Stimulus

    JPMorgan Chase & Co. is investigating instances of potentially illegal conduct by both customers and staff related to government COVID-19 stimulus efforts, including the Paycheck Protection Program loan program and unemployment benefits, according to an internal memo sent Tuesday and seen by Law360.

  • September 08, 2020

    NY Agency Rips 15M-Page 'Fishing Expedition' In Forex Case

    New York state's banking regulator told a Manhattan federal judge Tuesday that investors accusing Credit Suisse of foreign exchange market manipulation are improperly seeking millions of pages of documents from the agency that they could just as easily get from the bank itself.

  • September 08, 2020

    Taiwanese Magnate Wants 5th Circ. To Toss $79M Judgment

    A Taiwanese shipping magnate told the Fifth Circuit he shouldn't have to pay a $79 million judgment to Wilmington Trust NA because a Texas judge wrongly reopened the case and held a hearing while the magnate was in a London prison.

  • September 08, 2020

    Senate GOP Unveils 'Targeted' COVID-19 Relief Package

    The Senate's Republican leaders on Tuesday unveiled a "targeted" coronavirus pandemic relief proposal and scheduled votes for Thursday in an effort to jump-start stalled bipartisan negotiations and to portray Democrats as obstacles to new support for small business, $120 billion for schools and child care, unemployment aid and virus-related liability protections.

  • September 08, 2020

    NY Judge Stays Wells Fargo Suit, Pending Calif. Settlement

    A New York federal judge hearing a putative class action that alleges a Wells Fargo software glitch cost borrowers their houses ordered a stay on Tuesday to see whether a pending $18.5 million nationwide settlement in a similar case in California federal court gets final approval.

  • September 08, 2020

    Ex-Worker Calls Goldman Sachs' ERISA Appeal Bid 'Improper'

    Goldman Sachs' push to mount an immediate Second Circuit challenge to a judge's refusal to toss a proposed class action over 401(k) fees and investments amounts to an "improper attempt at a second bite at the apple," an ex-Goldman worker said.

  • September 08, 2020

    Ill. Panel Tosses Investors' Appeal Over $7M Scheme

    An Illinois appellate court has said it doesn't have jurisdiction to hear an appeal over the partial dismissal of investors' claims that a Chicago bank played a role in a Ponzi scheme that caused them to lose $7 million.

  • September 08, 2020

    On Deck Investor Sues In Chancery Over $90M Enova Merger

    A former shareholder of online small business lender On Deck Capital Inc. sued the company's directors in Delaware Chancery Court late Friday, citing inadequate disclosures about a sale plan that allegedly would sell the company short in a $90 million deal with Enova International Inc.

  • September 07, 2020

    Credit Suisse Denies Owing Mozambican Lender In Fraud Row

    Credit Suisse has denied owing a Mozambican bank more than $54 million in case the investment bank loses a court battle in London to reclaim hundreds of millions of dollars lent to the country for maritime projects that are the focus of an international bribery scandal.

  • September 04, 2020

    FDIC Launching Pilot Program To Fight 'Regulatory Capture'

    The Federal Deposit Insurance Corporation is implementing a three-year pilot program through which it will request future employment information from departing bank examiners, a response to a government watchdog report published Friday that calls for additional measures to maintain the integrity of examinations.

  • September 04, 2020

    Atty Blasts SEC's Fraud Claims As 'Fiction,' Seeks Sanctions

    An attorney has put the U.S. Securities and Exchange Commission on blast in a motion asking a Maine federal court to dismiss claims against him and sanction the federal regulator for "dramatic breach of its duty of candor."

  • September 04, 2020

    Buchanan Ingersoll Taps Litigator To Chair 4 Fla. Offices

    Buchanan Ingersoll & Rooney PC has named Raquel "Rocky" Rodriguez to serve as new chair of the law firm's four Florida offices, saying the politically connected business litigator who joined the firm less than a year ago will help it expand in the Sunshine State.

  • September 04, 2020

    3 Trends To Watch As Fall IPO Pipeline Gets Ready To Burst

    The initial public offerings market is entering its traditionally busy fall season with a robust pipeline of potential deals, bolstered by technology heavyweights, plus less renown companies and a resilient supply of blank-check companies hungry for acquisitions.

  • September 04, 2020

    WJ Bradley Insiders Must Face Trustee's $25M Fraud Claims

    A former board member of bankrupt mortgage company W.J. Bradley Mortgage Capital must face claims that a $25 million transfer was fraudulent and doomed the struggling firm, a Delaware bankruptcy court found.

  • September 04, 2020

    Supplement Co.'s $925M Loss A Wake-Up Call On Robocalls

    A federal judge's refusal to cut down a $925 million award against health supplement maker ViSalus, which placed nearly 2 million unsolicited robocalls, should embolden plaintiffs to continue flooding courts with such claims, and may make companies reluctant to take their chances at trial.

  • September 04, 2020

    Credit Union Wants Worker Sanctioned For Bias Deal Rebuff

    A former branch manager accusing a Kansas City credit union of discrimination can't renege on their settlement, the organization told a Kansas federal judge, asking for enforcement of their deal and attorney fees tied to the dispute.

  • September 04, 2020

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

    This past week in London has seen a fashion boss reignite its fight with Lloyds Bank, England's top soccer league take action against a Chinese broadcaster and a Saudi prince sued in connection with an airline leasing company. Here, Law360 looks at those and other new claims in the U.K.

  • September 03, 2020

    Ex-SocGen Exec Asks 2nd Circ. To Deep-Six Libor Case

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate on Thursday asked the Second Circuit to undo a lower court's "unwarranted expansion of the Fugitive Disentitlement Doctrine."

  • September 03, 2020

    Banks Seek To Cut All But 1 Buyer In Aluminum Antitrust MDL

    Goldman Sachs, JPMorgan Chase and several companies accused by aluminum buyers of conspiring to hike the metal's price say all but one of the buyers made their purchases from "non-conspiring third parties."

  • September 03, 2020

    Calif. Agency Probes Auto Title Lender Over Bank Partnership

    California's banking regulator said Thursday that it is investigating whether a West Coast auto title loan provider is using a lending partnership with an out-of-state bank to get around new interest rate caps that took effect in the state earlier this year.

  • September 03, 2020

    NJ Atty Charged With $9M PPP Loan Fraud Scheme

    A New Jersey attorney was arrested Thursday on charges of submitting bogus applications to lenders on behalf of purportedly education-related entities in order to obtain about $9 million in loans under a federal business assistance program in response to the coronavirus outbreak, and then using the money for personal expenses, prosecutors said.

  • September 03, 2020

    Bank Of England Urges Regulation Of Payments Innovation

    Bank of England Gov. Andrew Bailey urged national financial regulators to coordinate on payments innovation, speaking at a virtual event held by the Brookings Institution on Thursday where he outlined a variety of regulatory questions and challenges arising from the use of blockchain and digital currencies.

  • September 03, 2020

    Ex-BigLaw Bankruptcy Atty Charged With Extortion In NY

    A hedge fund founder and onetime Simpson Thacher bankruptcy lawyer was arrested Thursday in New York on federal charges of illegally pressuring Jefferies Financial Group not to challenge his lowball bid for assets being sold by insolvent retailer Neiman Marcus.

  • September 03, 2020

    Coronavirus Litigation: The Week In Review

    Travelers dodged a downtown Los Angeles restaurant's bid for coverage of claims stemming from the COVID-19 pandemic and the Trump campaign urged a Pennsylvania federal court to adjust its order halting a challenge to the state's use of drop boxes for collecting mail-in votes the same week the state's highest court agreed to consider the protocols.

  • September 03, 2020

    Feds Indict Man Accused Of Faking Death After PPP Fraud

    Rhode Island federal prosecutors said Thursday they indicted a Massachusetts man who allegedly faked his own death and spent more than a month on the lam after being charged with fraudulently applying for nearly $544,000 in forgivable small business loans through the Paycheck Protection Program.

Expert Analysis

  • 6 Ways SEC May Respond To High Court Disgorgement Ruling

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    Following the U.S. Supreme Court's recent Liu opinion— which affirmed, but narrowed, the U.S. Securities and Exchange Commission's ability to seek disgorgement — the regulator may turn to several strategies to limit the ruling's impact, although defendants and their advocates are well-positioned to resist these attempts, say attorneys at Sidley.

  • Attys Shouldn't Overlook Obligations To Potential Clients

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    A recent American Bar Association opinion addressing the types of new-client consultations that could lead to disqualification is a reminder that lawyers indeed owe prospective clients certain duties, which call for attention to three best practices, say Sarah Sweeney and Thomas Wilkinson at Cozen O'Connor.

  • Strategies For Associates Seeking Jobs Amid Hiring Slump

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    Law firms will be hiring conservatively well into 2021 and beyond, but associates eyeing a new firm or market can successfully make a move if they are pragmatic about their requirements, say Rebecca Glatzer and Kate Reder Sheikh at Major Lindsey.

  • 5 Takeaways From White House Stance On China Listings

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    Chinese companies listed in the U.S. should take several precautions ahead of potential regulations that could follow a White House task force's recent report on China's unwillingness to allow Public Company Accounting Oversight Board inspections of Chinese audit firms, say attorneys at Freshfields.

  • 5 Family Office Pitfalls That May Void Securities Exemptions

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    As family offices benefit from streamlined trading, expanding balance sheets and heightened sophistication, they should be aware of common issues that may disqualify their exempt status from broker-dealer, securities, investment company and anti-manipulation laws, say Betsy Stone and Nate Imfeld at Foley & Lardner.

  • How Pandemic Is Affecting NY Court Receiver Appointments

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    Two recent New York state court decisions in ICICI Bank v. Manilal and 856 Eighth v. Pizza Pasta show that petitions for court-appointed receivers may now face a higher bar due to pandemic-related shifts in businesses' operations, says Gary Fellner at Porzio Bromberg.

  • Safeguards Against Legal Malpractice Liability As Claims Rise

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    History suggests that the COVID-19 crisis will lead to a surge in legal malpractice claims, but proper documentation, regular conflict checks and a few other steps can help minimize exposure, say attorneys at Munger Tolles.

  • New Survey Methods May Assess TM Dilution With More Detail

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    To demonstrate dilution by the blurring of a famous trademark's distinctiveness, research reveals that two new survey methodologies may be more robust than the current association standard used in the recent Oklahoma federal court case BOKF v. DOK, say consultants at Analysis Group and Joel Steckel at NYU.

  • 3 Ways Law Firms Can Guard Diversity Gains During Crisis

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    Law firm managing partners must institute comprehensive, firmwide policies to ensure tenuous progress made in recruiting and retaining more women and attorneys of color is not lost due to pandemic-related layoffs and budget cuts, says Debra Pickett at Page 2 Communications.

  • Structuring LBO Payments After NY Ch. 11 Ruling

    Excerpt from Practical Guidance
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    A New York Bankruptcy Court's recent decision in Boston Generating, holding that the Bankruptcy Code preempts state law intentional fraudulent transfer claims, may make it possible to structure securities payments to protect equity holders in leveraged buyouts, say Charles Oellermann and Mark Douglas at Jones Day.

  • What I Learned As A Virtual Summer Associate

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    It is necessary in a virtual law firm summer program to think twice about asking questions you may be able to answer on your own, but this independence and other aspects of a remote internship may help to instill habits that would be useful for future full-time associates, says law student Kelley Sheehan, who interned at Patterson & Sheridan this summer.

  • Lesser-Known Litigation Funding Best Practices For Attorneys

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    Following the American Bar Association's recent publication of third-party litigation funding guidance, Jiamie Chen and Dai Wai Chin Feman at Parabellum Capital outline some additional considerations, including the ethical limitations on single-case funding and the futility of economic prenegotiations between attorneys and their clients.

  • Key Points For Lenders Taking Control Of Oil And Gas Assets

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    As oil and gas producers' revenues fall, and their creditors see the value of their reserve-based collateral plummet, some lenders may want to protect their interests by taking temporary ownership of the assets through foreclosure, credit bid or other remedy, say attorneys at Hunton.

  • Opinion

    ADA Protects Lawyers With Disabilities, But We Must Do More

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    As an attorney with cerebral palsy, Danielle Liebl at Reed Smith says that while the 30-year-old Americans with Disabilities Act has protected her against discrimination, the legal industry must do more to accommodate lawyers with disabilities and make them more comfortable in self-identifying.

  • Considerations For NY Small Biz Truth In Lending Compliance

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    Michael Karpen and Richard Eckman at Troutman Pepper analyze New York state’s pending Small Business Truth in Lending Act, including the types of transactions, lenders and financing providers to which the statute applies, specific disclosure requirements, and unique challenges for the merchant cash advance industry.

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