Banking

  • 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.

  • 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.

Expert Analysis

  • 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.

  • How Pandemic Is Affecting The Pace Of Judicial Opinions

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    The COVID-19 pandemic has changed the way judges work, but how has it impacted the volume of work product they generate? Ben Strawn and Omeed Azmoudeh at Davis Graham investigate using data from the PACER federal courts registry.

  • 6 Steps For Law Firms Looking To Improve Their Culture

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    The COVID-19 crisis represents an inflection point for law firm culture, and smart firm leaders will take advantage of this moment to build innovation-welcoming environments that support partners, associates, business services teams and clients alike, say Jennifer Johnson at Calibrate Legal and Kathleen Pearson at Pillsbury.

  • Virtual Courts Amplify Lawyers' Corporate Spokesperson Role

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    Greater access to virtual court proceedings during the pandemic means an increased likelihood that legal arguments will jump from the courtroom to the court of public opinion, so counsel must tailor statements with the client's reputation in mind, says Mike Dolan at Finsbury.

  • Key Financial Data Security Takeaways From FTC Workshop

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    Attorneys at Perkins Coie analyze major issues raised in the Federal Trade Commission's recent virtual workshop on proposed updates to the Gramm-Leach-Bliley Act’s data security requirements for nonbank financial institutions, as well as perspectives that were not addressed but should be considered before issuing a final rule.

  • 2 Rulings Instruct On Eviction Moratorium Constitutionality

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    Recent conflicting rulings by Massachusetts and New York federal courts that considered whether COVID-19 eviction moratoriums violated landlords' rights provide insight into how such statutes will withstand constitutional challenges, say Thomas O'Neill and Melissa Manesse at Day Pitney.

  • Don't Expect Banks To Shoulder Embezzlement Liability

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    Although companies may attempt to hold their banks responsible for flagging employee embezzlement, they should implement adequate protections because courts tend to favor financial institutions in these cases, which could increase with COVID-19 reopenings, says Brett Watson at Cozen O'Connor.

  • Law Firms Must Note Pandemic's Outsize Impact On Women

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    In the wake of the COVID-19 pandemic, gender roles in many families have reverted to scenes from the 1960s, and law firms have a huge opportunity — indeed a business imperative — to avoid the mistakes of the past, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • The 'Rocket Docket' Show Goes On Despite Setbacks

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    After 11 years as the fastest civil trial court in the land, the Eastern District of Virginia rocket docket is now tied for second place among the nation's 94 district courts, but the court has moved swiftly to adapt to the COVID-19 crisis and continues to dispense justice safely and efficiently, says Robert Tata at Hunton.

  • 5 Key Takeaways From Texas Appraisal Trade Secret Saga

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    The ongoing trade secret dispute in Texas between home valuation company HouseCanary and former collaborator Title Source offers important lessons for litigators, on thoroughly conducting presuit investigations, properly drafting jury charges and more, say Eric Fues and Maximilienne Giannelli at Finnegan.

  • Immunizing Banks From Libor Liability Could Hurt Consumers

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    Draft legislation in New York seeks to limit banks' liability related to Libor's imminent wind-down, which could imperil consumers by restricting their ability to sue for what could end up being billions in losses, says Ben Steinberg at Robins Kaplan.

  • Educational Tools May Bring Regulatory Risk For Fintech Cos.

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    Recent consumer group complaints against fintech companies' educational tools underscore the danger of stumbling into unfair, deceptive, or abusive acts or practices claims from the Federal Trade Commission, Consumer Financial Protection Bureau and state attorneys general, say attorneys at Buckley.

  • Opinion

    Pandemic Lays Bare The Inequities Inherent In The Bar Exam

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    The outrage over the life-altering consequences of decisions being made around state bar exams during the COVID-19 pandemic has highlighted the classism built into the exam, and the legal profession should take this moment to reevaluate how new attorneys are licensed, say Naomi Shatz and Katherine Dullea at Zalkind Duncan.

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