Banking

  • July 12, 2019

    Libra Sparks Bipartisan Angst, But What Can Regulators Do?

    A volley of presidential tweets underscored the bipartisan opposition that planned cryptocurrency Libra faces in Washington, but as the Facebook-led project takes center stage in a pair of congressional hearings, there’s no single switch that officials can flip to halt it in its tracks.

  • July 12, 2019

    Virginia Lawmaker Hacked Ex-Staffer's Accounts, Suit Says

    A Virginia lawmaker took advantage of a staffer's hospitalization to illegally access the employee's social media, email and online banking accounts in an effort to avoid paying her, according to a lawsuit filed Thursday in Virginia federal court.

  • July 12, 2019

    Want To Avoid A FINRA Fine? Try 'Extraordinary Cooperation'

    New guidelines released by the Financial Industry Regulatory Authority give firms direction on how they could go so far as avoiding enforcement fines, emphasizing the role of so-called extraordinary cooperation in a way the regulator hasn’t done before, lawyers said.

  • July 12, 2019

    DOJ Granted Deposition Delay In Forex-Rigging Suit

    A New York federal judge overseeing a foreign exchange market rigging suit against several big banks is allowing the U.S. Department of Justice to delay deposition for three months, defying protests from investors who argue that the agency has been seeking extension requests to stall prosecution of their case.

  • July 12, 2019

    PR Bondholders Say Debt Dispute Should Go Forward

    Two groups of Puerto Rican bondholders are asking a federal court to reject the island’s financial oversight board’s request to halt action on its attempt to end $6 billion in bond debt because of a pending settlement, saying only a fraction of bondholders have approved the deal.

  • July 12, 2019

    Attys Get $4.9M In Fees In Citigroup Exchange Rate Suit

    The attorneys for a class of Citigroup Inc.-sponsored American depositary receipt holders will receive nearly $5 million in fees after securing a $14.75 million settlement in a suit alleging the bank manipulated the foreign exchange rate when providing dividends to ADR holders.

  • July 12, 2019

    Bank Of America, Morgan Stanley Again Accused Of Spoofing

    Morgan Stanley & Co. LLC, Bank of America Corp. and its subsidiary Merrill Lynch Commodities Inc. engaged in spoofing in an effort to manipulate precious metals futures, according to a proposed class action filed Friday in New York federal court.

  • July 12, 2019

    SunEdison Settles With Investors For $74M

    SunEdison Inc. investors inked a $74 million cash deal to end their class action suit accusing the renewable energy company of maintaining faulty internal controls and filing inaccurate financial statements, they told a New York federal judge Friday.

  • July 12, 2019

    Deals Rumor Mill: NSF, Clariant, Armacell

    Neil Woodford is mulling selling some or all of his stake in Non-Standard Finance PLC, Clariant is in the home stretch to sell a packaging unit, and Blackstone and the holding company owned by the family behind the Lego brand are considering selling Armacell International.

  • July 12, 2019

    DQ'd Lawyers Must Pay PNC's Atty Fees In Foreclosure Fight

    A Florida federal judge has ordered two attorneys who were disqualified from representing homeowners in a foreclosure dispute to pay legal fees and costs to PNC Bank, after the lawyers used privileged information in an amended complaint they filed in the case.

  • July 12, 2019

    RBC Capital Exits Investors' Contract Breach Suit

    Brokerage firm RBC Capital Markets LLC wiggled out of a proposed class action accusing it of breaching its contract with investors in how it sold risky, complex securities known as reverse convertible notes when a Minnesota federal judge found that RBC did not break promises to its clients.

  • July 12, 2019

    Taxation With Representation: Skadden, Sullivan, Wachtell

    In this week’s Taxation With Representation, Piper Jaffray and Sandler O’Neill join forces in a $485 million merger, Cisco snaps up fiber optics company Acacia Communications for $2.6 billion, and Virgin Galactic merges with a special purpose acquisition company held by Social Capital and Hedosophia to create a $1.5 billion company.

  • July 12, 2019

    Investor Who Filed $4B Crypto Ponzi Suit Cut From Lead

    A New York federal judge has denied two investors' bid to jointly lead a $4 billion lawsuit over an alleged cryptocurrency Ponzi scheme, handing the lead to the investor claiming greater losses rather than the one who filed the suit, saying the "unrelated" pair won't "function cohesively." 

  • July 12, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Allianz unit sue security outsourcers Serco Group and G4S, BGC Brokers continue its legal war against a rival firm accused of poaching traders and a Guernsey fund administrator drag a London borough into court. Here, Law360 looks at those and other new claims in the U.K.

  • July 12, 2019

    Ex-Barclays Execs Face Retrial Over Qatar Cash Call

    Three former Barclays executives will be retried on fraud charges in October over the bank’s capital raising at the height of the financial crisis, a London judge confirmed Friday.

  • July 11, 2019

    Food Co. Fights Goldman's Exit Bid In SuperValu Merger Suit

    United Natural Foods Inc. traded barbs with Goldman Sachs in New York state court on Thursday, arguing that the bank is trying to distract from the company's fraud and contract claims by denying the alleged facts and subbing in its own.

  • July 11, 2019

    Regulators Wait To Be Convinced Of Crypto Asset Safeguards

    A joint statement from the SEC and FINRA this week highlights their concerns with broker-dealers transacting digital assets, leading observers to suspect the regulators need to be convinced that the firms are using effective processes to protect customer assets.

  • July 11, 2019

    Merrill Lynch Bank Wants No Part In Pa. Pension Theft Suit

    Merrill Lynch Bank & Trust Co. said Thursday that one of the men accused of participating in a plot to swindle a Pennsylvania company’s pension plan can’t try to shift blame onto the bank.

  • July 11, 2019

    Volcker Rule Reform Next Steps Coming In Fall, Quarles Says

    A top Federal Reserve official said Thursday that the banking industry could soon find out how federal regulators plan to proceed with a Volcker rule overhaul effort after concerns were raised last year about proposed changes to the rule's proprietary trading prohibitions.

  • July 11, 2019

    Chase's Suit Over $69M Patent Pay Survives Toss Bid

    The Delaware chancellor on Thursday allowed the bulk of a Chase Bank suit related to a prior court-ordered $69 million royalty refund it wants to collect from patent licensing firm DataTreasury Corp. to move forward as another suit related to the refund also proceeds.

  • July 11, 2019

    Ex-Credit Union CEO, NY Businessman Deny Bribery Charges

    The former CEO of Melrose Credit Union and a Long Island, New York, business owner pled not guilty in New York federal court Thursday to charges that they conducted a bribery scheme to exchange free housing for favorable loan terms.

  • July 11, 2019

    Preston Hollow Hint Led To Agency Check On Boycott Claims

    An attorney for Preston Hollow Capital LLC told a Delaware vice chancellor Thursday that a co-counsel’s assertion that "something illegal’s going on" at competitor Nuveen LLC set off a request from a "government entity" for recordings of Nuveen phone calls, the latest move over allegations Nuveen pressured Deutsche Bank to boycott Preston.

  • July 11, 2019

    Wells Fargo's $17.85M Deal To End 6 TCPA Suits Is Approved

    Wells Fargo's $17.85 million deal resolving six proposed class actions accusing the bank of calling and texting consumers in violation of the Telephone Consumer Protection Act has received approval in Illinois federal court.

  • July 11, 2019

    Exchanges Defend Bid To Appeal 'Flash Boys' Suit Survival

    Major U.S. stock exchanges said Wednesday that the survival of litigation accusing them of helping high-frequency traders get an unfair advantage creates legal questions that need to be addressed by an appeals court.

  • July 11, 2019

    Ill. Atty Gets $500K FIRREA Fine For Lying To Housing Agency

    An Illinois federal judge has slapped an attorney accused of lying to a federal housing regulator with a $500,000 penalty, saying the sum was warranted for his "serious wrongdoing" but still fell well short of the maximum $3.3 million fine the government asked for.

Expert Analysis

  • Rethinking The Tech-First Approach To Law Firm Solutions

    Author Photo

    When a lawyer complains about some workflow inefficiency they are having, the knee-jerk reaction of many firms is to look for a technology-based workaround. This overlooks the importance of human psychology and behavior, which may be the root of the problem, says Ryan Steadman of Zero.

  • Subpoenas Against 3 Banks Boost DOJ’s China Initiative

    Author Photo

    For the first time, a U.S. district court recently ordered Chinese banks to comply with subpoenas in an investigation of transactions that violated international sanctions. The court's opinion provides U.S. prosecutors with an important tool for sanctions investigations that involve banks based in China, say Ryan Fayhee and Ashley Hodges of Hughes Hubbard.

  • Top 10 Techniques For Crafting A Dazzling Brief

    Author Photo

    Legal writing often falls flat not because it’s unorganized, but because it’s technically unsound and riddled with gaffes that cheapen and degrade it. Avoiding the most common mistakes will keep judges interested and, most importantly, make them trust you, says Daniel Karon of Karon LLC.

  • A Dramatic 6 Months For OFAC Sanctions Enforcement

    Author Photo

    Through the first half of 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control strengthened country-based sanctions programs, including those targeting Venezuela and Cuba, and brought a string of aggressive enforcement actions that suggest enhanced compliance program expectations going forward, say attorneys at Ropes & Gray.

  • What The Howey Test Misses About Crypto Assets

    Author Photo

    The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.

  • Inside The New Anti-Money Laundering Guidance For Attys

    Author Photo

    The Paris-based Financial Action Task Force recently updated its global guidance for lawyers on how to detect and prevent money laundering and terrorist financing. The 2019 guidance bears structural similarities to the 2008 version, but contains several significant changes, says Kevin Shepherd of Venable.

  • The Challenges Of Replacing Interbank Offered Rates

    Author Photo

    Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.

  • Opinion

    Regulation Best Interest: Investors Are The Losers

    Author Photo

    The release of the U.S. Securities and Exchange Commission’s final Regulation Best Interest rules earlier this month was an opportunity for the SEC to eliminate long-standing confusion about obligations of investment service providers. Instead, the SEC forfeited that goal, says Kurt Schacht of the CFA Institute.

  • Q&A

    A Chat With Ballard Spahr Diversity Chief Virginia Essandoh

    Author Photo

    In the final installment of this monthly series, legal recruiting expert Carlos Pauling from Major Lindsey & Africa talks with Virginia Essandoh about the trends and challenges she sees as chief diversity officer at Ballard Spahr.

  • Series

    Judging A Book: McMahon On 'Roosevelt For The Defense'

    Author Photo

    In "Theodore Roosevelt for the Defense," authors Dan Abrams and David Fisher meticulously chronicle the forgotten high-profile 1915 libel trial of Teddy Roosevelt, capturing the interesting legal customs of an era before things like notice pleading and pretrial discovery, says Chief U.S. District Judge Colleen McMahon of the Southern District of New York.

  • 5 Lessons From JPMorgan's Parental Leave Litigation

    Author Photo

    In light of JPMorgan Chase's recent $5 million settlement in a class action alleging sex discrimination in its parental leave policy, employers should proceed with caution when it comes to policies that differentiate between primary and nonprimary caregivers, says Alexandra Harwin of Sanford Heisler.

  • A Deep Dive Into New CFPB Debt Collection Rules: Part 2

    Author Photo

    In the final part of this article, attorneys at Mayer Brown explain what Fair Debt Collection Practices Act-regulated entities should know about call frequency, validation of debt, and other unfair or deceptive practices under the Consumer Financial Protection Bureau's proposed debt collection rules.

  • New Patterns In Anti-Money Laundering Enforcement

    Author Photo

    Recent enforcement actions related to anti-money laundering and the Bank Secrecy Act have focused on programmatic compliance deficiencies rather than particular transactions and on holding financial institutions accountable for the quality of their performance, say Ann Sultan and William Barry of Miller & Chevalier.

  • Confusion In SEC Conduct Standard For Investment Advisers

    Author Photo

    The U.S. Securities and Exchange Commission's recent explanation of investment advisers' fiduciary duties to clients may have merely clarified what has always been the position of the SEC, but critical ambiguities remain, say Richard Marshall and David Dickstein at Katten Muchin.

  • A Deep Dive Into New CFPB Debt Collection Rules: Part 1

    Author Photo

    The Consumer Financial Protection Bureau recently issued its proposed Regulation F under the Fair Debt Collection Practices Act. Attorneys with Mayer Brown discuss some of the most significant developments that FDCPA-regulated entities should review when considering whether to provide comments on the rules.

Can't find the article you're looking for? Click here to search the Banking archive.