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Banking

  • October 18, 2018

    Bankers' Trade Group A Hotbed For Bias, Ex-Exec Claims

    A longtime executive at the American Bankers Association sued the trade association in Washington, D.C., court Thursday, alleging that women and minorities who work amid its “old boys’ club culture” are subjected to pervasive harassment and discrimination and that she was fired for speaking up about it.

  • October 18, 2018

    Va., Ind. Residents Say Tribal Lender Skirted State Usury Laws

    Virginia and Indiana residents have hit MobiLoans LLC with a proposed class action to stop it from allegedly circumventing state usury laws to make loans to needy consumers at triple-digit interest rates.

  • October 18, 2018

    Noble Group Seeks US Protection During $3.5B Restructuring

    Global commodity trader Noble Group Ltd. is asking a New York bankruptcy court to shield its U.S. assets while its plan to restructure $3.5 billion in debt works its way through English courts.

  • October 18, 2018

    Fidelity's Foray Into Bitcoin Likely To Boost Crypto Appeal

    Fidelity Investments’ plans to form a stand-alone company that will enable hedge funds and other professional investors to store and trade cryptocurrencies like bitcoin could potentially pave the way for more institutional investment into the fledgling asset class.

  • October 18, 2018

    Fintech Cops Urged To Play Nice, But Sandbox Is A Hard Sell

    A recent Treasury Department report proposed a host of ideas for boosting development in America's financial technology sector and keeping it globally competitive, including a "sandbox" for experimenting with new products and services, but experts say a morass of regulatory agencies makes building such a playground difficult in the U.S.

  • October 18, 2018

    Citibank IDs Garnished Accounts In Wine Co. Investor Row

    Citibank has told a Florida federal judge that a controlling shareholder in a Chilean wine company ordered to pay a $28.7 million arbitration award to a Delaware investor for breaching a stock repurchase agreement has about $96,600 in cash across several accounts subject to garnishment, plus shares in a handful of companies.

  • October 18, 2018

    Hotel Restaurant Class Wins Cert. In Illegal Surcharge Suit

    A California federal judge has granted class certification in a suit against Noble House Hotels and Resorts Ltd. over claims it imposed an illegal 3.5 percent surcharge on customer bills at three Hilton hotel restaurants it managed in San Diego, ruling that a sufficient number of consumers had established a common claim.

  • October 18, 2018

    Hotel JV Gets $46M Loan, Eyes Greek, Spanish Investments

    A joint venture of Thomas Cook PLC and LMEY Investments AG has received €40 million ($45.9 million) in financing from Piraeus Bank and will use some of the funding for investments in hotel properties in Greece and Spain, according to announcements from Piraeus and Thomas Cook on Thursday.

  • October 18, 2018

    Timber Co. Receiver Seeks Injunction For Ponzi Recruiters

    The receiver for a purported timber company that actually acted as a Ponzi scheme asked a Mississippi federal judge on Wednesday for an injunction restraining two of the scheme's primary investment recruiters from burning through millions of dollars that should be used to repay victims.

  • October 18, 2018

    Blank Rome Must Face Malpractice Suit From Exec's Ex-Wife

    Blank Rome LLP was unable to shake a $33 million legal malpractice suit brought by the former wife of a senior Morgan Stanley executive, who claims the firm never told her during her divorce that Morgan Stanley was a client and had her waiver potentially valuable claims on her husband’s income.

  • October 18, 2018

    CFTC Threatens To Block EU Banks From Markets Over Brexit

    The head of the U.S. Commodity Futures Trading Commission has threatened to deny Europe's financial services firms access to U.S. futures markets unless the European Union drops new plans for the oversight of foreign clearing houses after Brexit.

  • October 17, 2018

    Ex-Fed Agent Can't Ditch Silk Road Bitcoin Theft Sentence

    A California federal judge Wednesday denied an ex-Secret Service agent’s bid to vacate a nearly six-year sentence for stealing bitcoin during an investigation of black market website Silk Road, saying the law enforcement officer “knowingly and voluntarily” entered into his plea deal and his counsel “was not ineffective.”

  • October 17, 2018

    Master Account Suit Of 'Narrow Bank' Isn't Ripe: NY Fed​​​​​​​

    The Federal Reserve Bank of New York on Tuesday previewed its anticipated bid to escape a lawsuit from a new “narrow bank” that alleges it’s been unfairly blocked from receiving a Fed master account, telling a Manhattan federal judge that the case is premature because the bank’s application is still under review.

  • October 17, 2018

    NY Times Urges Judge To Unseal Docs In Trump Dossier Row

    The New York Times asked a Florida federal court Wednesday to unseal documents filed by both sides of a Russian tech executive’s defamation lawsuit against BuzzFeed over its publishing of a dossier alleging ties between Russia and President Donald Trump.

  • October 17, 2018

    A High Court Milestone Stirs Hope Of Gender Parity

    After an emotionally fraught confirmation process with sexual misconduct allegations front and center, a new justice joins the Supreme Court bench and brings four female clerks with him. The hires bring gender parity to the court's clerkship ranks for the first time, but will the shift be long-lasting?

  • October 17, 2018

    Treasury Declines To Name China A Currency Manipulator

    The U.S. Department of the Treasury declined to name China as a currency manipulator in its semiannual report Wednesday amid growing trade tensions with Beijing, but nevertheless gave a stern warning about the overall weakness of the Chinese currency renminbi and the lack of transparency in its monetary system.

  • October 17, 2018

    FirstEnergy's Bankrupt Units Seek OK For $25M Credit Deal

    FirstEnergy’s bankrupt power generation subsidiaries have asked an Ohio bankruptcy court to allow them to take out up to $25 million in letters of credit, saying the credit will help to keep the company’s seven power plants in operation.

  • October 17, 2018

    FSOC Pulls SIFI Tag From Prudential, Last Nonbank To Have It

    The Financial Stability Oversight Council said Wednesday that it has decided to rescind insurer Prudential Financial Inc.’s designation as a systemically important financial institution, freeing it from enhanced regulatory supervision and leaving no nonbank financial firms classified as “too big to fail.”

  • October 17, 2018

    Gov't Ready For Manafort Sentencing On Some Counts

    Federal prosecutors on Wednesday said they are ready to schedule a sentencing hearing for President Donald Trump's former campaign Chairman Paul Manafort, but said they want to keep open their option to retry Manafort on 10 counts that left a Virginia federal jury deadlocked in August.

  • October 17, 2018

    KKR's Auction Abuse Claims Dismissed As 'Joke' In Apt. Row

    A New York state judge gleefully smacked down counterclaims — including one he called “a joke” — on Wednesday against a real estate owner and manager that sued KKR & Co. LP and investment bank Macquarie for allegedly rigging an auction for $100 million in Texas property.

Expert Analysis

  • Do VPNs Spell Market Manipulation For Crypto Exchanges?

    Richard Malish

    Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.

  • Is CFPB Curtailing Its Own Supervisory Authority?

    Keith Bradley

    The Consumer Financial Protection Bureau recently announced plans to stop conducting supervisory examinations for violations of the Military Lending Act. The broader implications of this decision could lead to company push back on a wide range of supervisory activity by the CPFB, says Keith Bradley of Squire Patton Boggs LLP.

  • Q&A

    Back To School: BC's Kent Greenfield Talks Corporate Law

    Kent Greenfield

    In this series featuring law school luminaries, Boston College Law School professor Kent Greenfield reflects on his corporate law theories, his legal battle with the Pentagon over free speech and gay rights, and important constitutional law issues to watch out for.

  • What New Bank Charters Mean For Fintech

    Mark Nuccio

    The Office of the Comptroller of the Currency's recently announced national bank charters for financial technology companies hold the promise of delivering lower costs and improved efficiencies in a safe environment that protects consumers, say attorneys at Ropes & Gray LLP.

  • Kavanaugh Cannot Be Compelled To Recuse Himself

    Donald Scarinci

    Whether Justice Brett Kavanaugh’s prior statements may be grounds for disqualification when it comes to judging certain cases is debatable, but there are no specific recusal guidelines for the U.S. Supreme Court. The justices themselves don’t even agree on where to draw the line when it comes to perceived political bias, says Donald Scarinci, a founding partner of Scarinci Hollenbeck LLC.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Can Defrauded Crypto Investors Hope To Recover Anything?

    Brett Theisen

    While insolvencies and fraud in the cryptocurrency space will create many issues of first impression for the courts, some valuable lessons can be found in more traditional fraud cases, such as the Bernie Madoff Ponzi scheme, says Brett Theisen of Gibbons PC.

  • Opinion

    Skip The New 'Civility Courses' And Think Like A Lawyer

    Alex Dimitrief

    As we watch what passes for political discourse in our nation’s capital, it’s understandable that universities are launching programs on how to cope with ideological disputes. But our country needs fewer people who profess to be open-minded and more people who engage in and honor the conclusions of reasoned debates, says Alex Dimitrief of General Electric Co.

  • 6 More Recommendations For Improving FATCA Compliance

    Rusudan Shervashidze

    This summer the U.S. Department of Treasury inspector general for tax administration issued a final audit report on Foreign Account Tax Compliance Act enforcement, concluding that after spending nearly $380 million, the IRS is still not prepared to enforce compliance. Rusudan Shervashidze and Nina Krauthamer of Ruchelman PLLC discuss the inspector general's recommendations and the IRS response.