Banking

  • 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.

  • 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.

Expert Analysis

  • Understanding The 5 Stages Of Mediation In A Virtual World

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    Mediation is a process with defined stages, but the rise of virtual mediation may inject changes into each stage that may soon spread to in-person mediations and influence the expectations of participants, says Wynne Carvill at JAMS.

  • A Financing Strategy Hospitality Cos. Can Turn To Right Now

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    Commercial property assessed clean energy financing, available in many states, can provide owners in the hospitality industry with the liquidity to weather the COVID-19 crisis and recovery period, creating a mutual win for debt and equity stakeholders, say Michael Zukerman at Warshaw Burstein and Peter Griffith at Whitestone Realty.

  • Fending Off Bankruptcy Preference Claims During Pandemic

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    Amid the pandemic, vendor companies should reassess standard business practices, including delinquency protocols, to minimize preference claim exposure should a customer file for bankruptcy, say Joel Cohen at Stout and Howard Magaliff at Rich Michaelson.

  • Increased Forum Shopping For US Discovery Likely After Guo

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    As the Second Circuit joined the Fifth Circuit this month in prohibiting the use of a foreign discovery statute in aid of international private arbitration in the case of Guo, the Fourth and Sixth Circuits will likely see a disproportionate number of applications for Section 1782 discovery until the issue is taken up by the U.S. Supreme Court, say attorneys at MoloLamken.

  • Managing DOL Fiduciary Rule's Overlap With SEC, Mass. Regs

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    In this brief video, Jennifer Klass and Valerie Mirko at Baker McKenzie discuss the intersection of the U.S. Department of Labor's recently reproposed fiduciary rule and compliance with the U.S. Securities and Exchange Commission's Regulation Best Interest and the Massachusetts fiduciary rule.

  • How Tolling Orders May Complicate NY Mortgage Collections

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    Allison Schoenthal and Robin Muir at Hogan Lovells discuss how New York Gov. Andrew Cuomo’s recent orders tolling the statute of limitations on mortgage collections may influence claims, including foreclosures, and further muddy the legal waters in this area.

  • Borrower-Friendly Changes Don't Solve All PPP Issues

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    Although the Paycheck Protection Program Flexibility Act and other recent CARES Act updates make it easier for applicants to qualify for loan forgiveness, several questions remain surrounding the program's implementation and how borrowers can maximize forgiveness, says Phil Jelsma at Crosbie Gliner.

  • Disclosing Compliance Lessons To DOJ Presents Catch-22

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    The U.S. Department of Justice's new requirement of incorporating lessons learned from prior instances of misconduct into corporate compliance programs presents a dilemma for companies as such disclosures would provide the government a road map into how companies may be habitually violating applicable laws, say Paul Monnin and Caitlin Van Hoy at Alston & Bird.

  • Pandemic May Change The Way We Design Our Courthouses

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    With access to courthouses currently curtailed, it is worthwhile to reflect on the design considerations that go into making these buildings work for the legal profession, and how the COVID-19 crisis might leave its imprint on these public spaces, says Elisabeth Ross at Cozen O'Connor.

  • Opinion

    10 Years Of Dodd-Frank: Looking Back, And Ahead

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    Reflecting on the Dodd-Frank Act's 10th anniversary, former Sen. Christopher Dodd at Arnold & Porter says that while the legislation has provided a good foundation for protecting consumers, it’s important to remember it was never meant to be the final word as a new crisis plagues the global economy.

  • Mediator Confidentiality Promises Carry Serious Risks

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    A mediation agreement that promises to keep evidence confidential could result in a legal malpractice case for the mediator, and the risk has increased in the COVID-19 era of online sessions, says mediator Jeff Kichaven.

  • Despite 2nd Circ. Ruling, Discovery Statute's Reach Grows

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    The Second Circuit’s recent Guo ruling barring the use of cross-border discovery under Section 1782 in private, international commercial arbitration is the exception to the rule of broad circuit-level interpretation as this statute becomes an increasingly powerful tool for litigators, say attorneys at Dechert.

  • Why FTC Needs High Court Win On Monetary Equitable Relief

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    To preserve the Federal Trade Commission as it currently functions, it is crucial for the agency to win two U.S. Supreme Court cases concerning its ability to obtain equitable monetary relief — despite recent legal trends not going the FTC's way, says Wayne State University professor and former FTC general counsel Stephen Calkins.

  • Justices' SEC Disgorgement Ruling Vexes Net Profits Math

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    The U.S. Supreme Court's recent decision in Liu v. U.S. Securities and Exchange Commission could make it harder for the regulator to identify legitimate business expenses for net profit calculations in enforcement actions, and to obtain disgorgement when it's difficult to pinpoint harmed investors, say attorneys at Paul Hastings.

  • Practical Guidance For Main Street Loan Participants: Part 2

    Excerpt from Practical Guidance
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    Michael Chernick and Tomasz Kulawik at Shearman break down practical considerations for participating in the Main Street Lending Program, including how any CARES Act funding will integrate with existing debt structures.

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