Banking

  • February 15, 2018

    SPACs Set For Another Strong Year, Fund Manager Says

    Coming off a record-breaking 2017, initial public offerings by special-purpose acquisition companies are poised for another robust year but may fall below last year’s torrid pace, a hedge fund founder told a gathering of business people and lawyers Thursday in New York.

  • February 15, 2018

    Senator Skeptical Of $31.5M Sought For CFTC 2019 Budget

    The chairman of an influential Senate committee on Thursday voiced strong opposition to user fees proposed by the Trump administration to supplement funding for the U.S. Commodities Futures Trading Commission, casting doubt on $31.5 million the agency is seeking above its 2018 funding level.

  • February 15, 2018

    Regulators To Review Enhanced Oversight Of Prudential

    U.S. financial regulators on Wednesday announced plans to review the designation of Prudential Financial Inc. for enhanced regulatory supervision, potentially paving the way for removing the insurer and asset manager from its designation as a systemically important financial institution.

  • February 15, 2018

    Miami Partner Rejoins Shutts & Bowen From Holland & Knight

    A real estate and financial services-focused attorney returned to Shutts & Bowen LLP’s Miami office as a corporate partner last week after a nearly four-year stint at Holland & Knight LLP, becoming the second attorney to rejoin in the past two weeks, the firm said.

  • February 15, 2018

    EU Bank Seeks Pause In $1.68B Beirut Terror Victim Redress

    A Luxembourg bank has asked the Second Circuit to hold off on allowing families of victims of the 1983 Beirut U.S. Marine Corps barracks bombing to pursue $1.68 billion linked to Iran’s central bank, saying it wants time to appeal the court’s panel decision to the Supreme Court.

  • February 15, 2018

    Illinois Judge Guilty Of $1.4M Mortgage Scheme, Jury Says

    Chicago circuit court Judge Jessica Arong O’Brien is guilty of running a $1.4 million mortgage fraud scheme before she took the bench, an Illinois federal jury said Thursday.

  • February 15, 2018

    FCA Proposes Global Fintech 'Sandbox' To Boost Innovation

    The U.K.’s Financial Conduct Authority has set out plans to allow innovators in the financial sector to test new products and services in multiple jurisdictions without the burden of regulation, building on its four-year-old domestic "sandbox" scheme.

  • February 15, 2018

    FCA's RBS Report Standoff Leads To Leadership Questions

    The Financial Conduct Authority's failure to take quick, aggressive action on allegations that RBS mistreated small businesses recalls earlier fumbles when dealing with the Libor rate-rigging scandals, leaving lawmakers questioning whether the agency needs new leadership and possibly new regulatory tools.

  • February 15, 2018

    A Chat With Hogan Lovells HR Chief Allison Friend

    In this monthly series, legal recruiting experts Amanda Brady and Amy Mallow of Major Lindsey & Africa interview law firm management from Am Law 200 firms about how they are navigating an increasingly competitive business environment. The second conversation is with Allison Friend, chief human resources officer for Hogan Lovells LLP.

  • February 15, 2018

    US Bank To Pay $613M For Faulty Money Laundering Program

    U.S. Bank on Thursday agreed to pay $613 million as part of a deferred prosecution agreement with federal prosecutors and bank regulators over alleged failings of its anti-money laundering programs, including an effort to hide those deficiencies from its regulator and processing transactions for disgraced payday lending mogul and race car driver Scott Tucker.

  • February 14, 2018

    NY Cybersecurity Rules Will Be Enforced As They Mature

    New York's financial regulator has been relatively quiet since first-of-their-kind cybersecurity rules took effect last year, but attorneys expect that the first wave of compliance certifications due Thursday and looming deadlines to implement more technically complex aspects of the regulation will trigger an enforcement blitz.

  • February 14, 2018

    Puerto Rico Utility Creditors Unveil $534M Loan Offer

    Creditors of Puerto Rico’s ailing power utility on Wednesday offered a $534 million loan in a bid to head off the contentious $1 billion loan the utility is seeking from the Commonwealth, setting up a showdown over who will provide bridge funding ― and receive superpriority liens ― until federal aid dollars arrive.

  • February 14, 2018

    Gold Sellers Say CFTC Order Shows UBS Helped Fix Prices

    A group of gold sellers told a New York federal judge Tuesday that a recent Commodity Futures Trading Commission sanctions order against UBS AG shows the Swiss bank should not be allowed to escape a suit accusing a group of international banks of manipulating the benchmark price of gold.

  • February 14, 2018

    House Passes Changes To CFPB, SEC Disclosure Rules

    The House of Representatives passed a package of bills Wednesday altering CFPB mortgage disclosure rules, SEC oversight rules and companies’ disclosure requirements, with backers saying the legislation would help encourage growth in the markets.

  • February 14, 2018

    JP Morgan Beats Investor Suit Over Mutual Fund Fees

    A New York federal judge granted J.P. Morgan an early exit Wednesday from a proposed shareholder action over allegedly excessive fees charged to investors in one of its mutual funds, dismissing the case after finding the investor failed to show the fund's rates were disproportionately high.

  • February 14, 2018

    Credit Suisse Targeted In FCPA Probe Over Asia Hiring

    Credit Suisse Group AG revealed Wednesday that it is being investigated by the U.S. Department of Justice and the U.S. Securities and Exchange Commission for possible violation of the Foreign Corrupt Practices Act in relation to the bank's hiring practices in Asia.

  • February 14, 2018

    Insurer Needn't Cover Foods Co. In Ex-Leader's Fraud Suit

    A Washington federal judge found Tuesday that Cincinnati Insurance Co. needn’t cover Zaycon Foods Inc. for a fraud suit by a former co-leader of the company who claims he was ousted after investing millions, saying the suit doesn't contain any defamation claims and therefore isn't covered under advertising injury in the company's general liability policies.

  • February 14, 2018

    BNY Mellon Says Some ADR Investor Claims Are Time-Barred

    The Bank of New York Mellon on Monday sought to pare a proposed class action alleging it has been overcharging holders of American depositary receipts for converting their foreign-currency dividends and other cash distributions into U.S. dollars, telling a New York federal judge that a chunk of the investors’ claims are time-barred.

  • February 14, 2018

    Facing Punitive Damages, BofA Settles With Fired Worker

    Bank of America NA reached a confidential settlement late Tuesday night with a former client manager after a California federal jury found the bank had illegally blacklisted and defamed her, resolving the dispute before the jury could deliberate on the amount of punitive damages the bank would have to pay.

  • February 14, 2018

    Play It Safe In Reporting Bitcoin On FBAR, Specialists Say

    Taxpayers who have offshore virtual currency accounts should report them on a Foreign Bank and Financial Accounts form despite a lack of clear guidance from the Internal Revenue Service, tax specialists said, noting that staying silent could prompt allegations of willful nondisclosure.

Expert Analysis

  • 4 Takeaways For Lenders From Recent TCPA Decision

    Eve Cann

    As Telephone Consumer Protection Act cases rarely result in favorable trial outcomes for creditors and loan servicers, there are several key practice points from a Florida federal court’s recent decision in Larry Harrington v. RoundPoint Mortgage Servicing, say Eve Cann and Keith Andress of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • CFIUS Scrutiny Of Foreign Acquisitions Intensifies

    John Barker

    The environment for foreign investment in the United States is shifting. Most recently, the Chinese acquisition of MoneyGram was derailed after the Committee on Foreign Investment in the United States rejected proposals offered to try to mitigate national security concerns. At the same time, U.S. legislation to enhance CFIUS controls seems to be gaining momentum, say attorneys with Arnold & Porter.

  • The Impact Of Kokesh So Far, And What's Next: Part 1

    Dixie Johnson

    The U.S. Supreme Court's decision last year in Kokesh had immediate effects on the U.S. Securities and Exchange Commission’s ability to seek disgorgement in enforcement actions. On the other hand, defendants have had little success when seeking to amend previously awarded disgorgement amounts, say attorneys with King & Spalding LLP.

  • Series

    Judging A Book: Duncan Reviews 'Justice And Empathy'

    Judge Allyson Duncan

    In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed​. But the question of how the judiciary might conform to Burt’s expectations raises practical problems​, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit. ​

  • SEC, CFTC Whistleblowers Dodge A Devastating Tax Bullet

    Gary Aguirre

    Before the brief government shutdown last week, whistleblowers destined to receive bounties from the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission faced devastating tax liability. But the act that reopened the government vaporized the bullet about to strike this narrow class of whistleblowers, says Gary Aguirre, a former SEC staff attorney.

  • A Fresh Look At CFPB's Enforcement Process

    Jean Veta

    In its most recent request for information the Consumer Financial Protection Bureau emphasizes seven aspects of its enforcement process that “may be deserving of more immediate focus.” Because the process is a series of interrelated steps, changes to any one of these areas may impact, or be impacted by, changes to other areas, say Jean Veta and Eitan Levisohn of Covington & Burling LLP.

  • Emerging Trends In FCA Enforcement: 2018 Outlook

    Vince Farhat

    Two new policies from the U.S. Department of Justice, along with ongoing developments concerning the elements of scienter and materiality stemming from the landmark U.S. Supreme Court decision in Escobar, have the potential to significantly change the landscape of False Claims Act enforcement in the year ahead, say attorneys with Holland & Knight LLP.

  • Movements Without Motion In Russian Sanctions Policy

    Fatema Merchant

    Current sanctions appear not to deter Russian bad behavior. And the much anticipated oligarchs list appears to have been cribbed from someone else’s homework. Taking the two together, one begins to suspect that the Trump administration, without a further push from Congress or world events, will continue to resist ratcheting up Russia sanctions, say members of Sheppard Mullin Richter & Hampton LLP.

  • When Blockchain Meets Article 9 And Bankruptcy

    Andrew Helman

    Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.