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Banking

  • May 23, 2018

    OCC Encourages Banks To Get Into Small-Dollar Credit

    The Office of the Comptroller of the Currency said Wednesday that it’s now encouraging the banks it oversees to get into the business of making short-term, small-dollar loans to consumers, a $90 billion market that the agency had previously steered banks away from.

  • May 23, 2018

    Objectors Chafe At 18% Fee Request In $2.3B Forex Deal

    Major questions still dog the path to final approval of a $2.3 billion settlement of forex-rate-rigging claims by 15 major banks, a hearing Wednesday revealed, as a New York federal judge asked plaintiffs’ counsel for more data to support an 18 percent fee request and delved into the proper treatment of ERISA claims.

  • May 23, 2018

    Akin Gump Partner To Testify At Manafort Trial

    Attorneys for Special Counsel Robert Mueller confirmed Wednesday in D.C. district court that they intend to call Akin Gump Strauss Hauer & Feld LLP partner Melissa L. Laurenza to testify at the trial of former Trump campaign chairman Paul Manafort.

  • May 23, 2018

    2nd Circ. Won't Review Cert. Denial In HSBC RMBS Suits

    A Second Circuit panel on Tuesday declined to review a New York federal judge’s decision against certifying two proposed classes of investors accusing HSBC Bank USA of failing to properly oversee an array of residential mortgage-backed securitization trusts.  

  • May 23, 2018

    CFTC Urges Markets To Keep Close Eye On Crypto Derivatives

    By urging exchanges to beef up their monitoring of cryptocurrency-based derivatives, lawyers say the U.S. Commodity Futures Trading Commission is seeking greater visibility into the underlying spot markets of virtual currencies in order to better fight market manipulation.

  • May 23, 2018

    PE-Backed Evo Raises $224M After IPO Prices High

    Evo Payments Inc. raised $224 million after pricing its shares at the top end of a projected $14 to $16 range during the private equity-backed payment processor’s initial public offering of 14 million shares on the Nasdaq Stock Exchange Wednesday.

  • May 23, 2018

    Stinson To Enter Texas With Lackey Hershman Merger

    Stinson Leonard Street LLP will enter the Texas market June 1 through a merger with Dallas litigation boutique Lackey Hershman LLP, which represents clients in the private equity, health care, and banking and finance industries, among others, the firms announced Wednesday.

  • May 23, 2018

    Deals Rumor Mill: Careem, Lowe’s, Barclays

    Dubai-based ride-hailing company Careem Networks is looking to raise $500 million, Pershing Square Capital Management has secured a nearly $1 billion stake in home improvement chain Lowe’s, and Barclays isn’t eyeing any potential mergers with its rivals.

  • May 23, 2018

    Wall Street Banks Want Treasury Auction Rigging Suit Tossed

    A group of large Wall Street banks and a trading platform accused of rigging the $13 trillion market for securities sold by the U.S. Treasury Department have asked a New York federal judge to dismiss a lawsuit that alleges the scheme was conducted through two interrelated conspiracies, according to court filings entered Tuesday.

  • May 23, 2018

    Ex-State Street VP Wants Gov't Agreement Nixed From Trial

    Former State Street Corp. Vice President Ross McLellan asked a Massachusetts federal judge Tuesday to exclude the company’s deferred prosecution agreement from his trial, saying the corporate guilty plea was too prejudicial to be used as evidence that he swindled clients.

  • May 23, 2018

    IHeartMedia Gets OK To Secure Citibank Loan, Notes

    A Texas bankruptcy court Tuesday granted bankrupt radio giant iHeartMedia Inc. permission to secure its pre-Chapter 11 debt to priority noteholders and Citibank.

  • May 23, 2018

    CFPB Fights Think Finance's 'Meritless' Dismissal Bid

    The Consumer Financial Protection Bureau on Tuesday defended its suit alleging Think Finance duped borrowers and used sham tribal payday lenders to collect money it was not owed, telling a Montana federal judge that other courts have already approved substantially identical claims and calling the company's April dismissal motion "meritless."

  • May 23, 2018

    Judge Chides Counsel Over 'Lack Of Candor' In Swaps Suit

    Investors can’t revive part of their suit accusing a slew of dealers of bullying competition in the interest rate swaps market, a New York federal judge said Wednesday, largely dismantling the putative class’ attempt to file a third amended complaint and rebuking its counsel for keeping the intended request under wraps.

  • May 23, 2018

    Mass. Loan Officer Gets 6 Months For Short-Selling Homes

    A Massachusetts loan officer on Wednesday was sentenced by a federal judge to six months behind bars after admitting to taking part in what prosecutors dubbed a "sweeping conspiracy" to defraud banks and mortgage companies by short-selling houses.

  • May 22, 2018

    Homeowners Say JPMorgan Forecloses Without Proper Notice

    A class action bumped up to federal court on Tuesday claimed JPMorgan Chase & Co. has foreclosed on “hundreds” of houses after homeowners missed three mortgage payments without attempting to confer with the owners as required by federal regulation.

  • May 22, 2018

    NY Lawmakers Tap Interim AG Underwood To Finish Term

    Acting New York Attorney General Barbara D. Underwood was tapped Tuesday by the state legislature to serve out the remainder of Eric Schneiderman’s term after he resigned earlier this month amid allegations of physical abuse by four women.

  • May 22, 2018

    CFPB Gets $21M Default Win In Debt-Relief Services Suit

    A Maryland federal judge on Tuesday handed the Consumer Financial Protection Bureau a win by default in its suit over a “debt validation” program that was allegedly marketed with false claims of government affiliation, slapping the no-show defendants with a nearly $21 million judgment.

  • May 22, 2018

    SEC's Clayton Urges ICO Issuers To Reach Out To Agency

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday encouraged all issuers of digital tokens to reach out to the agency he oversees with questions regarding whether their initial coin offerings are securities subject to SEC regulation.

  • May 22, 2018

    JPMorgan Brass Beat Derivative Suit Over Bank's RMBS Biz

    A shareholder derivative suit accusing a number of JPMorgan directors of having failed to properly oversee the bank’s subprime residential mortgage-backed securities business in the run-up to the financial crisis is too similar to another already-dismissed case to proceed, a New York federal judge said Monday.

  • May 22, 2018

    Blank Check Co. Run By Ex-NYSE President Files $400M IPO

    Far Point Acquisition Corp., a blank check company backed by hedge fund Third Point LLC and run by former NYSE Group President Tom Farley, filed an initial public offering Tuesday to raise $400 million in order to acquire a fintech business.

Expert Analysis

  • Industry-Friendly OCC Regulations May Be On The Horizon

    David Freeman

    The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • FCPA Settlement Shows Gov't Going After All Sides

    Amelia Hairston-Porter

    A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.

  • Financial Institutions Seem Unprepared For Libor Demise

    Kevin Trabaris

    We recently polled some of our financial clients to determine the state of their preparations for the end of Libor, and the results indicate that there is widespread awareness of the rate's phaseout by 2021. However, the survey results do not indicate anything is actually being done, says Kevin Trabaris, chairman of the financial services group at Culhane Meadows PLLC.

  • Cryptocurrency Brings Rising International Risks

    Ryan Rohlfsen

    As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.

  • 5th Pillar Of AML Compliance Is Here, But Questions Remain

    Dustin Palmer

    The Financial Crimes Enforcement Network’s long-awaited customer due diligence rule — the so-called “fifth pillar” of anti-money laundering programs — is now effective, but the broad reach of the rule and some lingering interpretive issues have made it difficult for firms to operationalize the rule’s requirements, say members of Promontory Financial Group LLC.

  • 8 Reasons To Take A Fresh Look At Your Law Office Lease

    Tiffany Winne

    After moving into a new law office, tenants often file their signed leases away, figuring that the terms are set for a few years at least. However, leases can be very flexible instruments, and should be reviewed annually even if nothing seems amiss, says Tiffany Winne of Savills Studley Inc.

  • Banks Suing After Payment Card Breach Face Difficulty

    Donald Houser

    The Seventh Circuit's decision last month in Community Bank of Trenton v. Schnuck may stem the growing tide of financial institution litigation against merchants who fall victim to cyberattacks, say Donald Houser and Ashley Miller of Alston & Bird LLP.

  • A General Counsel's Tips For Succeeding As A New Associate

    Jason Idilbi

    Based on his experience as a BigLaw associate for six years and now as general counsel for a tech startup, Jason Idilbi of Passport Labs offers some best practices for newer associates — whether they are serving external clients or senior attorneys within their firms.