Banking

  • October 13, 2021

    Goldman, Morgan Stanley Acted On Insider Info, Suit Says

    Goldman Sachs and Morgan Stanley avoided billions in losses tied to the risky trading of the now-defunct family office Archegos Capital Management by unloading shares on "unwitting investors" based on inside information, according to a securities class action filed Tuesday in New York federal court.

  • October 13, 2021

    GOP Sens. Warn Of Political Bias In Fed Bank President Picks

    The Senate Banking Committee's Republican members are urging the Federal Reserve's Boston and Dallas banks to keep politics out of their ongoing searches for new presidents, lamenting that "policymakers in Washington, D.C." are trying to influence the decisions after Fed Chair Jerome Powell pledged to fill the vacancies with "diverse candidates."  

  • October 13, 2021

    Vineyard Owner's Actions Reckless In FBAR Row, Judge Says

    The California owner of a New Zealand vineyard willfully failed to report her foreign bank accounts for 2012 and 2013, a federal court ruled Wednesday, finding she ignored clear signs that she had to file.

  • October 13, 2021

    4th BitMEX Anti-Money Laundering Suspect To Appear In NY

    A Bermuda resident in charge of development at cryptocurrency futures exchange BitMEX will soon appear in New York to face charges that he and three others evaded anti-money laundering rules put in place to protect U.S. banking, a Manhattan federal judge heard Wednesday.

  • October 13, 2021

    'Gamification' Exposes Major Reg BI Flaw, SEC Official Says

    The U.S. Securities and Exchange Commission's investor advocate is calling into question whether Regulation Best Interest was "worth the effort," saying Wednesday that the landmark investor protection rule could fail to protect investors from online trading platforms that use "gamification" to nudge them into trading more. 

  • October 13, 2021

    Day Pitney Adds Ex-SDNY Atty To White Collar Practice In NY

    A former assistant U.S. attorney who worked for the Southern District of New York for nearly 14 years has reentered the private sector at Day Pitney LLP's government enforcement and white collar criminal defense practice in New York.

  • October 13, 2021

    Chilean Holdco Asks To Sell Bank Share Rights In Ch. 11

    Financial holding companies owned by Chilean billionaire Álvaro Saieh asked a Delaware bankruptcy judge for permission to sell subscription rights for new shares in Itau Corpbanca, saying it doesn't have the cash to exercise those rights itself.

  • October 12, 2021

    SEC Chair Wary Of Conflicts, Bias In Predictive Data Tools

    The head of the U.S. Securities and Exchange Commission said the regulator is taking a hard look at conflicts of interest and other risk areas that may accompany the digital engagement practices employed by online brokerages and advisers.

  • October 12, 2021

    First Republic Lacked 'Common Sense' In Big Theft, Suit Says

    First Republic Bank was hit with a suit in New Jersey federal court Tuesday over a wealthy account holder's allegations that the bank failed to follow standard security protocols or "adhere to common sense" while allowing his former employee to steal millions from him and his company.

  • October 12, 2021

    DLA Piper Snags King & Spalding Global Arbitration Partners

    Former King & Spalding arbitration enforcement partners James Berger and Charlene Sun joined DLA Piper on Monday, becoming the latest additions to the firm's international arbitration practice in New York.

  • October 12, 2021

    SEC Official Urges SPACs To Disclose Conflicts Of Interest

    As the U.S. Securities and Exchange Commission works through potential new rules for boosting disclosures around so-called special purpose acquisition companies, an agency official urged SPACs on Tuesday to ensure their current reporting discloses potential conflicts of interest.

  • October 12, 2021

    CFPB Urged To Change Course On Earned-Wage Programs

    Nearly 100 organizations urged the Consumer Financial Protection Bureau Tuesday to revoke or overhaul its earlier actions on earned-wage access products, saying the decisions could be exploited to evade fair lending and payday loan laws.

  • October 12, 2021

    Chopra Officially Takes Reins As CFPB's Next Director

    The Consumer Financial Protection Bureau on Tuesday completed its leadership transition from the Trump era with the swearing in of Rohit Chopra as the new permanent director of the agency, where he will have a former enforcement attorney and BigLaw lawyer for his chief of staff.

  • October 12, 2021

    FINRA Urges Firms To Review New Money Laundering Rules

    The Financial Industry Regulatory Authority is urging its broker-dealers to get up to speed on a set of priorities the U.S. Treasury Department issued earlier this year regarding imminent changes to anti-money laundering rules.

  • October 12, 2021

    NYC Gambling Ring Boss Pleads Guilty In Racketeering Case

    The leader of an illegal New York gambling organization pled guilty Tuesday to running a criminal enterprise for years, managing underground betting parlors and laundering the profits through several bank accounts, federal prosecutors said.

  • October 12, 2021

    Sullivan & Cromwell, Wachtell Build $8.2B Bank Tie-Up

    Columbia Banking and Umpqua Holdings detailed plans Tuesday to form a West Coast banking giant in a roughly $8.2 billion transaction that was guided by respective law firms Sullivan & Cromwell and Wachtell.

  • October 08, 2021

    9th Cir. Axes Ex-Bank Executives' Fraud Conspiracy Charges

    A split Ninth Circuit on Friday vacated conspiracy and fraud charges against a pair of former Oregon bank executives accused of defrauding the financial institution, rejecting two of the government's three theories about what property interest the bank lost.

  • October 08, 2021

    Borrowers Ask 9th Circ. To Pause Tribe-Linked Usury Suit

    Borrowers suing tribe-linked lenders for charging illegally high interest rates have asked the Ninth Circuit to pause proceedings in the suit as they wait for the appellate court to resolve their petitions for a full-bench review of the court's recent decisions in two parallel actions.

  • October 08, 2021

    CFTC's Stump On Speaking Out, Crypto And Market Access

    Commissioner Dawn Stump knows how big of a deal the U.S. Commodity Futures Trading Commission's enforcement actions are. So if she has qualms with one, she'll probably say so.

  • October 08, 2021

    Reverse Mortgage Co. To Pay $1.3M In CFPB Settlement

    National reverse-mortgage lender American Advisors Group has agreed to pay nearly $1.3 million to settle with the Consumer Financial Protection Bureau over allegations that the lender used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages.

  • October 08, 2021

    FINRA Probes Firms' SPAC Dealings As Part Of New Sweep

    The Financial Industry Regulatory Authority has launched an anticipated sweep of member firms' dealings with so-called special purpose acquisition companies, a move that comes as the U.S. Securities and Exchange Commission and lawmakers also turn up the heat on the controversial alternative to initial public offerings.

  • October 08, 2021

    9th Circ. Backs Class Rejection for PACE Borrowers

    The Ninth Circuit has backed a lower court's decision to reject a group of homeowners' class certification bid in their case alleging they were misled before taking out clean energy loans, saying the class definitions were too broad and unspecific.

  • October 08, 2021

    PNC Bank Says It's Not Liable For Ineligible PPP Loan

    PNC Bank told a Pennsylvania federal court that it wasn't liable for refusing to forgive all of a Pittsburgh-area business's Paycheck Protection Program loan, noting that the program rules explicitly barred the bank from forgiving payments to the company owners.

  • October 08, 2021

    Cooley-Led Personal Finance Site NerdWallet Files IPO

    Venture-backed personal finance website NerdWallet Inc. on Friday filed an initial public offering preliminarily estimated to raise $100 million, represented by Cooley LLP and underwriters counsel Latham & Watkins LLP, joining a busy autumn pipeline for IPOs.

  • October 08, 2021

    CFPB Asks 7th Circ. To Rethink Ruling That Vacated $59M Win

    The Consumer Financial Protection Bureau has asked the Seventh Circuit to reconsider an earlier ruling that upended a $59 million judgment the agency won against a law firm accused of scamming struggling homeowners, saying the appeals court "erroneously concluded" that practicing attorneys are exempt from the regulation that governs mortgage relief services.

Expert Analysis

  • How Florida Borrowers Can Reduce Mortgage Taxes

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    The steady growth of Florida development activity involving apartments, retail centers, office buildings and other projects has been accompanied by a corresponding rise in transaction taxes, but there are some strategies that borrowers can employ to reduce mortgage taxes when buying or refinancing, says Gary Kaleita at Lowndes.

  • What 9th Circ. Privilege Test Means For Dual-Purpose Advice

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    While the Ninth Circuit's recent ruling in In re: Grand Jury confirms that courts should use the primary-purpose test to determine whether communications with both legal and business purposes are shielded by the attorney-client privilege, questions on the application of the test remain, says Scott Tenley at Michelman & Robinson.

  • Opinion

    The DOJ Should Ramp Up FCA Focus In PPP Enforcement

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    The U.S. Department of Justice should utilize qui tam actions more in its Paycheck Projection Program enforcement efforts, both to maintain credibility with whistleblowers and to leverage the False Claims Act's lower burden of proof, which makes settlements easier to reach than criminal convictions, say R. Scott Oswald and Lydia Pappas at the Employment Law Group.

  • Lifting The Veil On The Supreme Court's Shadow Docket

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    Following headline-making U.S. Supreme Court emergency orders on Texas’ new abortion law, COVID-19 restrictions and more, Vetan Kapoor, counsel to Senate Judiciary Committee ranking member Chuck Grassley, R-Iowa, examines the court's so-called shadow docket and its decision-making procedures, including questions around transparency, timing and precedential effect.

  • FTC Chair's Plan: What We Know, And What We Don't Know

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    Federal Trade Commission Chair Lina Khan's recent memo outlining her vision and priorities for the FTC provides much-anticipated guidance to both the staff and the public on changes to expect, but it also raises several questions, says Jessica Rich at Kelley Drye.

  • Series

    Embracing ESG: United Natural Foods GC Talks Bottom Line

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    In prioritizing environmental, social and governance initiatives as strategic value drivers, corporate general counsel can leverage meaningful ESG progress to benefit both the business's bottom line and the wider world, says Jill Sutton at United Natural Foods.

  • 3 Attorney Ethics Considerations For Litigation Funding

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    The growth of the litigation finance industry has generated questions on the obligations of counsel when their clients are seeking outside capital to fund litigation, which litigators must understand when providing information to a third-party funder and discussing legal strategy with a client, says Matthew Oxman at LexShares.

  • Key Trends In Recent Cyber-Related Securities Class Actions

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    ​​​​​​​A review of trends from recent cyber-related securities class actions suggests that shareholder plaintiffs will likely continue to focus on public companies' reporting deficiencies, so companies should evaluate and update their disclosures in light of litigation and information security risks, say Cara Peterman and Sierra Shear at Alston & Bird.

  • NY Debt Collection Ruling's Narrow Application For Lenders

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    The New York Supreme Court's recent ruling in Citibank v. Yanling Wu, that licensure as a debt collection agency wasn't necessary to prosecute a mortgage foreclosure, should not be read too expansively, and leaves open whether the failure to meet the licensure requirements could constitute a foreclosure defense, says Christopher Gorman at Abrams Fensterman.

  • 4 Steps For Improving Board Diversity Per New Nasdaq Rule

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    Companies should view Nasdaq's recently finalized board diversity rules as an opportunity to tap into the knowledge and resources of potential board members who may not look like or have the same life experiences as individuals who have historically served on boards, say attorneys at Shook Hardy.

  • NY Debt Enforcement Alternatives For Cannabis Lenders

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    As the cannabis regulatory landscape continues to develop in New York, lenders contemplating extending credit to state-legal cannabis businesses must be acutely aware of procedures under state debt enforcement alternatives, set realistic expectations, and draft their agreements to maximize potential recoveries, say attorneys at Davis & Gilbert.

  • How ABA Opinion Shifts Alternative Biz Structure Landscape

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    A recent American Bar Association opinion approving lawyers' passive investment in nonlawyer-owned firms eliminates a hurdle for law firms wishing to scale their practice through alternative business structures, but aspiring investors should follow a few best practices, say Hilary Gerzhoy and Deepika Ravi at Harris Wiltshire.

  • How Crypto Cos. Can Help Curb Pandemic Relief Fraud

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    The conversion of pandemic relief funds to cryptocurrency impedes oversight and raises questions about whether taxpayer dollars are going to bad actors, so crypto companies should partner with law enforcement to curb fraud, while gaining credibility and protecting the industry's reputation, say Special Inspector General for Pandemic Recovery Brian Miller and former SIGPR special counsel Chris Cooke.

  • Opinion

    Why Coinbase Was Destined To Lose Its Battle With The SEC

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    In the wake of Coinbase's pulling of its new lending product, despite the crypto platform's initial rejection of U.S. Securities and Exchange Commission scrutiny, cybersecurity consultant John Reed Stark explains why Coinbase's defenses were doomed and that the program was obviously a security.

  • Series

    Embracing ESG: HPE Counsel Talk Effective Board Oversight

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    Governance teams can more effectively shape board oversight of environmental, social and governance issues by ensuring organizationwide agreement on the most relevant issues, building a materiality framework that reflects stakeholder input, and monitoring the integration of ESG into operations, say Rishi Varma and Derek Windham at Hewlett Packard Enterprise.

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