Banking

  • 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.

  • 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.

Expert Analysis

  • 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.

  • 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.

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