Banking

  • August 11, 2020

    11th Circ. Reverses Judge, Tells Money Launderer To Pay Up

    The Eleventh Circuit on Tuesday reversed a district court ruling that had allowed a convicted money launderer to escape the government's $20.8 million forfeiture bid and instructed the lower court to begin a fact-finding and constitutional analysis.

  • August 11, 2020

    Coinbase Breaks With Major Blockchain Industry Group

    Coinbase said Tuesday it is leaving Blockchain Association, an industry group it helped found, citing "recent decisions" the cryptocurrency platform believes could "irreparably impair the credibility of the association."

  • August 11, 2020

    Biz Analytics Co. To Spend $500M On Bitcoin, Stock Buybacks

    Business analytics group MicroStrategy detailed its new capital allocation strategy Tuesday, announcing that it's making Bitcoin its principal holding in its reserves by buying $250 million worth of the cryptocurrency and that it would spend up to an equal amount of money on a stock buyback.

  • August 11, 2020

    Ex-BNY Mellon Exec Fights Bid To Ax Firing Suit

    A former executive of a Bank of New York Mellon Corp. investment unit asked a New York federal judge Monday to reject the company's bid to dismiss his suit alleging he is owed $16 million after he was fired in retaliation for blowing the whistle on possibly unlawful business activities.

  • August 11, 2020

    Halkbank Cries Immunity In Iran Sanctions Case

    Turkey's Halkbank told a New York federal judge that its government-owned status makes it immune from criminal prosecution by the U.S., urging the judge on Monday to toss the case alleging the bank schemed to violate sanctions on Iran.

  • August 11, 2020

    German Cops Launch Raids In Money Laundering, Tax Probes

    German authorities raided a business and private residence Tuesday as part of a money laundering and tax fraud investigation into a suspected network using offshore banks to recycle criminal proceeds.

  • August 10, 2020

    Facebook Builds Group Focused On All Its Payment Initiatives

    Facebook is putting all of its payment initiatives under one roof with the creation of a group called Facebook Financial, or F2, headed by David Marcus, who oversees the Facebook-affiliated digital currency Libra, the social media giant confirmed Monday.

  • August 10, 2020

    Cadence Investors Didn't Show Fraud, Judge Says

    A federal judge in Houston ended investors' securities fraud allegations against Cadence Bancorp. and two of its executives, finding that the proposed class action didn't detail alleged lies or other intentional wrongdoing that would have constituted a violation of federal securities law.

  • August 10, 2020

    US Bank Can't Arbitrate Fee Suit After 9th Circ. Clarifies McGill

    A California federal judge on Monday rescinded her prior decision sending a proposed class action challenging U.S. Bank's fees to arbitration, finding that the arbitration provision is invalid in light of the Ninth Circuit's recent rulings that clarify the state high court's McGill v. Citibank precedent.

  • August 10, 2020

    Payment Co. Settles Trade Secrets Suit With Ex-Workers

    A payment processing company let several former employees off the hook in California federal court after reaching a "confidential" settlement in its suit accusing them of helping its former CEO steal trade secrets and form a competing payment processing business.

  • August 10, 2020

    Confusion Prevails Over Extent Of Trump's TikTok 'Ban'

    President Donald Trump's efforts to "ban" TikTok using legal tools that aren't usually aimed at popular mobile apps have left attorneys confused about how exactly the social media platform will be targeted as U.S.-China relations continue to fray.

  • August 10, 2020

    Judge Needs More Before Ruling On Fraudster's Virus Release

    A D.C. federal judge said Monday he doesn't have enough for an "informed" ruling on a request for COVID-19-related release from the ex-owner of an Afghanistan marble mining company who is serving 4½ years in prison for defrauding the U.S. government on a $15.8 million loan.

  • August 10, 2020

    HSBC Hong Kong Beats Ponzi Scheme Suit

    A New York federal judge held Monday that a group of California investors who alleged that HSBC Hong Kong aided a $37 million Ponzi scheme lacked jurisdiction to sue the bank and tossed the suit without prejudice.

  • August 10, 2020

    Thompson Hine Adds Pair Of Investment Management Attys

    Thompson Hine LLP said Monday it added two attorneys to its corporate transactions and securities practice group from in-house positions to focus on financial technology, broker-dealer regulations and fund governance.

  • August 10, 2020

    Interactive Brokers To Pay $38M To Multiple Regulators

    Interactive Brokers LLC has agreed to pay $38 million in fines to resolve claims that the electronic trading platform failed to file suspicious activity reports for certain securities trades and ran afoul of anti-money laundering rules, regulators said Monday.

  • August 10, 2020

    Salisbury Bank Beats FCRA Claims At 2nd Circ.

    A Second Circuit panel on Monday affirmed a Connecticut district court decision to dismiss a Fair Credit Reporting Act suit against Salisbury Bank and Trust Company because a customer hadn't notified a consumer reporting agency of the credit reporting error.

  • August 10, 2020

    Huntington Bancshares Settles ERISA Suit For $10.5M

    Huntington Bancshares Inc. has struck a $10.5 million deal to settle a proposed class action that challenges its decision to make allegedly underperforming company-owned mutual funds the centerpiece of its 401(k) plan.

  • August 07, 2020

    Fintech-Driven SPAC Leads 2 IPOs Tapping Market For $1.27B

    FTAC Olympus Acquisition, the fourth blank-check company formed by management of financial services business The Bancorp, led a pair of blank-check companies that set terms Friday for initial public offerings aiming to raise a combined $1.27 billion, according to regulatory filings.

  • August 07, 2020

    JPMorgan Fights Class Cert. Bid In Interest Rate Swaps Suit

    JPMorgan Chase & Co. in a letter Friday pointed to two recent decisions in New York federal court and the Third Circuit that it says support the rejection of a class certification bid in an antitrust suit over interest rate swaps trading.

  • August 07, 2020

    Services Firm Claims Client Shut It Out Of $3.75M Deal

    An investment banking services company on Thursday alleged it's owed $187,500 for helping a tech company prepare for a sale, only to be left in the dust when the deal actually closed.

  • August 07, 2020

    White House Seeks 2022 Cutoff In China Listings Crackdown

    A White House task force issued policy proposals on Thursday that would give Chinese companies until 2022 to either comply with U.S. audit requirements or get delisted from U.S. exchanges.

  • August 07, 2020

    Attys Request $20.8M After Chase Servicemembers Settlement

    A three-firm team of attorneys who reached a $62 million settlement with Chase bank on behalf of a class of servicemembers on Thursday asked a North Carolina federal judge to approve a $20.8 million sum to cover the class counsel's fees and costs in the matter.

  • August 07, 2020

    Soldier Can't Sue Over Car Financing, Court Told

    Car financing company United Auto Credit Corp. urged a California federal court to permanently toss a soldier's Military Lending Act claims that it failed to properly disclose certain costs and fees, arguing Thursday the financing contract is not subject to the law.

  • August 07, 2020

    Questions Linger Over Coinbase's Potential Public Listing

    Coinbase's potential public listing would mark a breakthrough toward mainstream acceptance for the cryptocurrency industry, experts say, though legal and practical questions swirl around how the U.S.'s best-known crypto exchange will go about its plans.

  • August 07, 2020

    Coronavirus Q&A: Cassin Real Estate Leader

    In this edition of Coronavirus Q&A, one of Cassin's real estate leaders discusses the challenges of building affordable housing amid the pandemic, but also the continued lending activity for those projects from Fannie Mae and Freddie Mac.

Expert Analysis

  • What Firms Should Ask Before Hiring Attorneys From Gov't

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    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

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    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Pending SEC Rules Could Dampen Whistleblower Activity

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    The U.S. Securities and Exchange Commission’s anticipated enactment of highly criticized whistleblower program rules may discourage participation, on the heels of recent headwinds already presented by the COVID-19 pandemic and the U.S. Supreme Court’s decision in Liu v. SEC, says George Talarico at Alaric Compliance.

  • FIFA Ruling Brings New Risks For Development Bank Projects

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    After the Second Circuit's recent decision upholding FIFA officials' bribery convictions, foreign businesses with multilateral development bank-sponsored projects whose financing emanates from the U.S. must ensure they are not violating U.S. wire fraud statutes, even if commercial bribery is legal in the foreign country, says Joshua Ray at Rahman Ravelli.

  • Avoiding Workplace Violence When Customers Refuse Masks

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    Terri Solomon and Elizabeth Barrera at Littler address how businesses can avert violent situations when patrons refuse state and local face mask mandates by using signage, incident response plans and law enforcement assistance to meet federal workplace safety requirements.

  • Opinion

    ABA Must Seize Opportunity To Respond To Bar Exam Chaos

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    The challenges of administering bar exams this year have put the future of the profession in jeopardy, but the American Bar Association at its ongoing annual meeting can adopt a resolution that would urge jurisdictions to take emergency actions with respect to licensure of new attorneys, says Nicholas Allard, former president of Brooklyn Law School.

  • What NJ Justices Got Right In Lost Promissory Notes Ruling

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    The New Jersey Supreme Court’s recent decision upholding an assignee’s ownership of a lost promissory note in Investors Bank v. Torres correctly enforces all parties' agreements and cleaves to state law allowing mortgage notes to be bought, sold, pledged or securitized with an original note or a lost-note affidavit, say Joshua Howley and Matthew Lippert at Sills Cummis.

  • How Pandemic Is Affecting The Pace Of Judicial Opinions

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    The COVID-19 pandemic has changed the way judges work, but how has it impacted the volume of work product they generate? Ben Strawn and Omeed Azmoudeh at Davis Graham investigate using data from the PACER federal courts registry.

  • 6 Steps For Law Firms Looking To Improve Their Culture

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    The COVID-19 crisis represents an inflection point for law firm culture, and smart firm leaders will take advantage of this moment to build innovation-welcoming environments that support partners, associates, business services teams and clients alike, say Jennifer Johnson at Calibrate Legal and Kathleen Pearson at Pillsbury.

  • Virtual Courts Amplify Lawyers' Corporate Spokesperson Role

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    Greater access to virtual court proceedings during the pandemic means an increased likelihood that legal arguments will jump from the courtroom to the court of public opinion, so counsel must tailor statements with the client's reputation in mind, says Mike Dolan at Finsbury.

  • Key Financial Data Security Takeaways From FTC Workshop

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    Attorneys at Perkins Coie analyze major issues raised in the Federal Trade Commission's recent virtual workshop on proposed updates to the Gramm-Leach-Bliley Act’s data security requirements for nonbank financial institutions, as well as perspectives that were not addressed but should be considered before issuing a final rule.

  • 2 Rulings Instruct On Eviction Moratorium Constitutionality

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    Recent conflicting rulings by Massachusetts and New York federal courts that considered whether COVID-19 eviction moratoriums violated landlords' rights provide insight into how such statutes will withstand constitutional challenges, say Thomas O'Neill and Melissa Manesse at Day Pitney.

  • Don't Expect Banks To Shoulder Embezzlement Liability

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    Although companies may attempt to hold their banks responsible for flagging employee embezzlement, they should implement adequate protections because courts tend to favor financial institutions in these cases, which could increase with COVID-19 reopenings, says Brett Watson at Cozen O'Connor.

  • Law Firms Must Note Pandemic's Outsize Impact On Women

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    In the wake of the COVID-19 pandemic, gender roles in many families have reverted to scenes from the 1960s, and law firms have a huge opportunity — indeed a business imperative — to avoid the mistakes of the past, say Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks.

  • The 'Rocket Docket' Show Goes On Despite Setbacks

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    After 11 years as the fastest civil trial court in the land, the Eastern District of Virginia rocket docket is now tied for second place among the nation's 94 district courts, but the court has moved swiftly to adapt to the COVID-19 crisis and continues to dispense justice safely and efficiently, says Robert Tata at Hunton.

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