Banking

  • September 02, 2020

    In Dissent, 9th Circ. Judge Rips Fees Equaling $6,700 An Hour

    A split Ninth Circuit panel on Wednesday affirmed the approval of a $14.5 million attorney fee award resolving proposed class claims alleging Bank of America's overdraft fees violate usury laws, with a dissenting judge criticizing the deal for awarding class counsel fees that come out to $6,700 per hour.

  • September 02, 2020

    Sen. Crapo Seeks Answers From OCC On Digital Assets

    Sen. Mike Crapo, head of the Senate Banking Committee, is seeking an update on recent steps from the Office of the Comptroller of the Currency to modernize banking with digital tools, from cryptocurrency and blockchain to new payment technologies.

  • September 02, 2020

    Credit Union Servicer Shorted Workers On OT, Suit Says

    National credit union service organization PSCU Inc. has been slapped with a Fair Labor Standards Act lawsuit by a call center worker who says the company doesn't pay its customer service representatives for work they're forced to do ahead of their shifts.

  • September 02, 2020

    Morgan Lewis Nabs Ex-DOJ Fraud Chief From Quinn Emanuel

    Morgan Lewis & Bockius LLP announced Wednesday that it had added the former chief of the U.S. Department of Justice's Fraud Section from Quinn Emanuel Urquhart & Sullivan LLP, where she was co-chair of the investigations, government enforcement and white-collar criminal defense practice.

  • September 02, 2020

    Wells Fargo Failed To Oversee Annuity Switches, FINRA Says

    The Financial Industry Regulatory Authority announced Wednesday that a pair of Wells Fargo units will pay more than $2 million to settle allegations that they failed to supervise recommendations for customers to sell thousands of variable annuities and reinvest the proceeds in potentially unsuitable ways.

  • September 02, 2020

    Judge Says Wells Fargo Must Face Some Auto Loan Claims

    A California federal judge on Tuesday trimmed a suit alleging Wells Fargo improperly managed consumers' guaranteed asset protection auto loans, finding that only some of the borrowers' breach of contract claims could go forward.

  • September 02, 2020

    Deutsche Bank Whistleblower Must Pay Experts $2.75M

    A New York state judge ordered a Deutsche Bank whistleblower to give two consultants $2.75 million for their work on the $8.25 million U.S. Securities and Exchange Commission award he spurned, ruling Wednesday that the man's divorce is no excuse for him not to pay his debts.

  • September 02, 2020

    Ex-Stanford Exec Gets Redo In Bid To Ditch 20-Year Sentence

    The Fifth Circuit on Tuesday gave former Stanford Financial Group executive Gilbert Lopez another opportunity to challenge his 20-year prison sentence for his role in Robert Allen Stanford's $7 billion Ponzi scheme, ordering a lower court to reconsider a bid claiming that Lopez's trial attorneys led him astray.

  • September 02, 2020

    NY Judge Rejects Trump Org's Request To Move AG's Case

    A New York state judge on Wednesday declined a request by the Trump Organization and others to move into the court's commercial division a dispute involving an investigation into whether President Donald Trump inflated the value of his assets.

  • September 02, 2020

    Chinese Banks Say They Aren't On Hook For Fake Nikes

    A number of Chinese banks are urging the Second Circuit to reject a potential $150 million fine over allegations that they enabled the sale of counterfeit Nike and Converse products by refusing to comply with American court orders, calling it an "extreme penalty."

  • September 01, 2020

    Ex-HSBC Banker Mounts New Challenge To Fraud Conviction

    Former HSBC executive Mark Johnson told the Second Circuit on Monday that newly decided caselaw on jury instructions should trigger another look at his conviction on wire fraud, which the appeals court upheld last summer.

  • September 01, 2020

    CFPB Warns Of High Stakes In 9th Circ. Ratification Fight

    The Consumer Financial Protection Bureau has urged the Ninth Circuit to uphold enforcement of an investigative demand against the law firm that took its fight with the agency to the U.S. Supreme Court, warning that setting aside the demand now could cast a cloud over a slew of the agency's past actions.

  • September 01, 2020

    Businessmen Can't Slip Pot Bank Fraud Charges, Rakoff Says

    U.S. District Judge Jed S. Rakoff has declined to toss a fraud case against businessmen accused of duping banks into processing $100 million in marijuana purchases, saying their argument that the alleged scheme was harmless "borders on the frivolous."

  • September 01, 2020

    DC's Former US Attorney Joins Skadden White Collar Team

    Skadden Arps Slate Meagher & Flom LLP snapped up Washington, D.C.'s former top prosecutor, who will bolster its litigation practice in the nation's capital with a wide focus on white collar and government enforcement matters, the firm said Tuesday.

  • September 01, 2020

    Feds Say Halkbank's Immunity Claim Is Bogus

    Federal prosecutors on Monday urged a New York federal court to reject an attempt by Turkish lender Halkbank to deep-six a criminal case alleging the bank schemed to violate sanctions on Iran, saying Halkbank's claim of immunity is meritless.

  • September 01, 2020

    Feds Warn Of North Korea's Deceptive Weapons Procurement

    Businesses around the world should be on alert for North Korean entities trying to circumvent sanctions to obtain weapons components, according to a joint advisory released by multiple federal agencies Tuesday.

  • September 01, 2020

    Reps. Question Thousands Of Small-Biz PPP Loans

    House Democrats on Tuesday pushed government watchdogs to probe the Trump administration's oversight of over $500 billion in forgivable loans distributed through the Paycheck Protection Program, citing thousands of loans with "indicia of fraud" and signaling continued scrutiny for recipients.

  • September 01, 2020

    SEC Judges Once More Under Attack At Supreme Court

    The constitutionality of U.S. Securities and Exchange Commission judges is back at the U.S. Supreme Court with a fresh appeal from the New Civil Liberties Alliance, a small-government group that wants the justices to greenlight a federal lawsuit taking aim at the judges' independence from the president.

  • September 01, 2020

    BofA, Call Center Workers Told To Redo $1.75M FLSA Deal

    A Nevada federal judge has sent Bank of America and former call center employees back to the drawing board on a $1.75 million deal they brokered to resolve a Fair Labor Standards Act case, finding flaws in several aspects of the pact.

  • September 01, 2020

    Remittance Firms Will Pay $2M To End CFPB Claims

    The U.S. Consumer Financial Protection Bureau on Monday announced settlement agreements with two companies that ran afoul of the regulator's requirements in the course of providing remittance transfer services to individuals sending money abroad.

  • September 01, 2020

    2nd Circ. Pauses Enforcement Of Trump Tax Subpoena

    A Second Circuit panel Tuesday granted President Donald Trump's request to stop enforcement of a grand jury subpoena for his tax and other financial records until he can appeal the case, pausing the case for almost a month. 

  • August 31, 2020

    Prisoner Debit Card Firm Seeks Quick Win Against Activist

    Detention industry contractor Numi Financial on Friday sought a quick win in a proposed class action alleging the company's "fee-laden, preloaded" cards for recently released prisoners are improper, telling a federal judge in Oregon that it also provided ways to use the card that didn't involve fees.

  • August 31, 2020

    Ex-Venezuela Official Pleads Not Guilty In $1.2B Oil Co. Fraud

    The former legal counsel to the Venezuelan Ministry of Oil and Mining pled not guilty Monday in Florida federal court to charges that he participated in a billion-dollar conspiracy to embezzle money from Venezuela's state-owned oil company and launder it through "sophisticated false-investment schemes" in the U.S. and abroad.

  • August 31, 2020

    Wells Fargo Cites Arbitration Deals In Bids To Exit PPP Suits

    Wells Fargo on Monday urged a Texas federal judge to throw out a proposed class action accusing the bank of having given improper preferential treatment to bigger borrowers seeking Paycheck Protection Program loans, arguing the customer behind the suit can't slip past a prior arbitration agreement with the bank.

  • August 31, 2020

    Top Whistleblower Bounties At Stake As SEC Preps Rule Vote

    The U.S. Securities and Exchange Commission is preparing to vote on a rule that could give the agency leeway to cut the size of the largest whistleblower awards, a move that critics say will discourage individuals with the most valuable tips from coming forward. 

Expert Analysis

  • Perspectives

    Legal Deserts Threaten Justice In Rural America

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    Many small towns and rural counties have few lawyers or none at all, which threatens the notion of justice for all Americans and demands creative solutions from legislators, bar associations and law schools, says Patricia Refo, president of the American Bar Association.

  • How COVID-19 May Change Long-Term Aviation Outlook

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    Survival is an immediate concern for many airlines facing pandemic-related drops in air travel, which is exerting economic pressure that will fundamentally change the landscape for companies throughout the aviation ecosystem, say Matthew Herman and Amna Arshad at Freshfields Bruckhaus.

  • Using Blockchain To Settle Trades Could Alter Litigation

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    On the heels of Paxos Trust's and the Depository Trust Clearing Corp.’s recent interest in using distributed ledger technology to settle equities trades, analysts at The Brattle Group explore how having a record of every transaction can help answer a thorny damages question in securities class actions.

  • Analyzing Upward And Downward Trends In Legal Tech

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    Advances in legal technology are often accompanied by bombastic overstatements, but it is important to separate the wheat from the chaff by looking at where various technologies stand on the hype curve, says Lance Eliot at Stanford Law School.

  • Health Providers Should Beware FCA Risks Of COVID-19 Aid

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    Health care providers accepting pandemic aid from the Public Health and Social Services Emergency Fund or Paycheck Protection Program should take steps to protect themselves from criminal and civil exposure under the False Claims Act, even if they receive the funds automatically, say attorneys at Orrick.

  • Opinion

    Congress Should Revisit CARES Act Tax Provisions

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    To bolster the Coronavirus Aid, Relief and Economic Security Act, Congress should consider provisions that accelerate tax refunds for net operating losses and abrogate flawed IRS Paycheck Protection Program guidance that undermines prior stimulus legislation by eliminating loan recipients' tax deductions, says Joseph Mandarino at Smith Gambrell.

  • What UK Insolvency Law Changes Mean For US Finance Cos.

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    In light of recent amendments to the U.K. insolvency regime that enhance restructuring options, introduce stay and moratorium powers, and include new safe harbors, U.S. financial institutions should determine whether rights under existing arrangements could be stayed, say attorneys at Allen & Overy.

  • Opinion

    ABA's New Guidance On Litigation Funding Misses The Mark

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    The American Bar Association should revise its recently approved best practices on third-party litigation funding as they do not reflect how legal finance actually works and could create confusion among lawyers, says Andrew Cohen at Burford Capital.

  • What Firms Should Ask Before Hiring Attorneys From Gov't

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    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

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    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Pending SEC Rules Could Dampen Whistleblower Activity

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    The U.S. Securities and Exchange Commission’s anticipated enactment of highly criticized whistleblower program rules may discourage participation, on the heels of recent headwinds already presented by the COVID-19 pandemic and the U.S. Supreme Court’s decision in Liu v. SEC, says George Talarico at Alaric Compliance.

  • FIFA Ruling Brings New Risks For Development Bank Projects

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    After the Second Circuit's recent decision upholding FIFA officials' bribery convictions, foreign businesses with multilateral development bank-sponsored projects whose financing emanates from the U.S. must ensure they are not violating U.S. wire fraud statutes, even if commercial bribery is legal in the foreign country, says Joshua Ray at Rahman Ravelli.

  • Avoiding Workplace Violence When Customers Refuse Masks

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    Terri Solomon and Elizabeth Barrera at Littler address how businesses can avert violent situations when patrons refuse state and local face mask mandates by using signage, incident response plans and law enforcement assistance to meet federal workplace safety requirements.

  • Opinion

    ABA Must Seize Opportunity To Respond To Bar Exam Chaos

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    The challenges of administering bar exams this year have put the future of the profession in jeopardy, but the American Bar Association at its ongoing annual meeting can adopt a resolution that would urge jurisdictions to take emergency actions with respect to licensure of new attorneys, says Nicholas Allard, former president of Brooklyn Law School.

  • What NJ Justices Got Right In Lost Promissory Notes Ruling

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    The New Jersey Supreme Court’s recent decision upholding an assignee’s ownership of a lost promissory note in Investors Bank v. Torres correctly enforces all parties' agreements and cleaves to state law allowing mortgage notes to be bought, sold, pledged or securitized with an original note or a lost-note affidavit, say Joshua Howley and Matthew Lippert at Sills Cummis.

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