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Banking

  • August 13, 2018

    Aralez Gets OK To Tap $5M DIP, Must Produce Budget Info

    A New York bankruptcy judge on Monday approved a request by Aralez Pharmaceuticals Inc. to use up to $1 million from a $5 million debtor-in-possession loan, but instructed the distressed drug distributor to better explain its budget and application of borrowed funds when it seeks the remainder.

  • August 13, 2018

    Swiss Bank ZKB To Pay $98.5M For Role In US Tax Avoidance

    Swiss bank Zürcher Kantonalbank has agreed to pay $98.5 million after admitting to helping U.S. clients dodge taxes by letting them stash money in undeclared accounts that used code names and shell companies, Manhattan federal prosecutors announced Monday.

  • August 13, 2018

    Hear It In England, UBS Says Of Bloomberg's Data Suit

    UBS AG asked a New York federal judge on Monday to dismiss Bloomberg's suit alleging that it unlawfully redistributed proprietary data through its portfolio analysis and risk management software, saying that England — the place where the disputed actions of UBS Delta took place in their entirety — is a more appropriate venue.

  • August 13, 2018

    Insider Trading Tied To BofA Staffer Yields Another Guilty Plea

    A man accused of trading at least six stocks based on insider tips about corporate transactions relayed to him from a Bank of America Corp. staffer pled guilty to a conspiracy charge in Manhattan federal court on Monday and faces a guidelines sentence of 18 to 24 months behind bars.

  • August 13, 2018

    Deals Rumor Mill: KKR, Diebold Nixdorf, Abraaj

    KKR & Co. is reportedly planning to locally list most of its Indian operations, Diebold Nixdorf tapped advisers to help it sell itself, and Agility has partnered up with private investment firm Centerbridge Partners to buy all or some of Abraaj.

  • August 13, 2018

    Dentons Grows In Latin America With New Chilean Office

    Dentons announced Monday that it is combining with a Chilean firm, a move the firm's leadership boasted will further shore up its presence in Latin America and enable it to provide legal services to clients around the globe.

  • August 13, 2018

    Rakoff Hits Ailing Cocoa Trader With 3 Years In $350M Fraud

    Peter G. Johnson, whose cocoa trading business Transmar went under after it deceived lenders out of more than $350 million, was sentenced to three years behind bars by U.S. District Judge Jed Rakoff on Monday, with the judge weighing the loss against Johnson’s life of good works.

  • August 13, 2018

    Wells Fargo Worker Lacked Proof Of Age Bias: 8th Circ.

    The estate of a Wells Fargo worker fired after a past fraud conviction came to light did not show that the company’s implementation of a federal bar on employing those convicted of crimes of “dishonesty” violates federal age bias law, the Eighth Circuit said Monday.

  • August 13, 2018

    Deutsche Bank Gets Stay Of RMBS Indemnification Suit

    A New York federal judge has paused a proposed class action that accuses a Deutsche Bank unit of improperly funding its defense in a residential mortgage-backed securities trustee suit using money from the same trusts it is alleged to have mismanaged, finding that it would be more efficient to resolve the trustee suit first.

  • August 13, 2018

    Man Gets 8 Years In Prison For Oil And Gas Scheme

    A federal judge on Friday sentenced a man to more than eight years in prison for wire fraud and money laundering in connection with allegations that he falsely told investors he owned oil and gas leases in Montana, Texas and Oklahoma, including on the Blackfeet Indian Reservation.

  • August 13, 2018

    7th Circ. Backs Safeguard Properties In Debt Collection Suit

    The Seventh Circuit on Friday backed a lower court's decision that mortgage field servicing company Safeguard Properties LLC is not a debt collector and cannot be held to Fair Debt Collection Practices Act claims brought by a putative class of defaulted mortgage holders.

  • August 13, 2018

    Lehman Judge Keeps Mortgage Suits In NY Bankruptcy Court

    Lehman Brothers’ quest to hold a group of mortgage originators accountable for the $1.2 billion it paid to settle claims after their loans went belly up will stay in New York bankruptcy court, the judge overseeing the defunct investment bank’s Chapter 11 case said Monday.

  • August 13, 2018

    Davis Polk Guides Sands China In $5.5B Note Offering

    Davis Polk & Wardwell LLP has advised the joint underwriters of a $5.5 billion note offering for Sands China Ltd. as the Las Vegas Sands Corp. subsidiary looks to repay its existing debt and invest in capital expenditures, the law firm said.

  • August 13, 2018

    Ex-JPMorgan Banker Gets 4 Years For Selling Customer Info

    A New York federal judge has sentenced a former JPMorgan Chase & Co. personal banker to four years in federal prison, after he admitted he stole customer account information and used the information to make unauthorized withdrawals, according to the U.S. Department of Justice.

  • August 13, 2018

    Ex-State Street Exec's Post-Verdict Acquittal Bid Denied

    A post-verdict bid for acquittal by a former State Street Corp. vice president convicted of conspiracy and fraud for overbilling clients by millions was denied Monday by the Massachusetts federal judge who oversaw the case, saying he had heard the executive’s arguments before.

  • August 13, 2018

    'Come Loaded For Bear' Before Manafort Judge, Attys Say

    Lawyers who have appeared before the Virginia federal judge overseeing the fraud trial of former Trump campaign chair Paul Manafort offer two pieces of advice for arguing in his courtroom: Be prepared. Be concise.

  • August 13, 2018

    Split 3rd Circ. Backs CFPB On Probe Of Student Loan Co.

    A divided Third Circuit panel rejected arguments Monday that the Consumer Financial Protection Bureau had too broadly defined the scope of its investigation as it sought documents from Heartland ESCI about potential improprieties in servicing of student loans.

  • August 10, 2018

    How The Legal Industry Lets Down Lawyers With Disabilities

    The dissolution of a five-year-old bar group marks the latest setback for disabled attorneys, who often find little support while navigating an inhospitable industry. This is the first article in a special report on disability inclusion in the legal industry.

  • August 10, 2018

    Gaining Access: Disabled Lawyers Share Their Stories

    In a series of interviews, lawyers tell Law360 how even well-intentioned professors can create barriers, how inclusivity can help a firm’s litigation prowess, and how “inspirational” can be a dirty word. This article is part of our special report on disability inclusion in the legal industry.

  • August 10, 2018

    Bank Exec Took 'Personal Interest' In $16M Manafort Loans

    A former Federal Savings Bank officer on Friday provided some of the closest evidence yet connecting Paul Manafort's alleged bank and tax fraud to President Donald Trump's 2016 campaign, testifying that bank chief Stephen M. Calk took an uncomfortably personal interest in $16 million in loans to Trump's former campaign manager.

Expert Analysis

  • Series

    Clerking For Ginsburg: A Superhero Supreme

    Burden Walker

    As a clerk for Justice Ruth Bader Ginsburg, my job was to mirror my boss’ views and values in everything I did. Years later, I find that I am still striving to live up to the values Justice Ginsburg instilled in me, as both a lawyer and a spouse, says Burden Walker, an assistant U.S. attorney for the District of Maryland.

  • AI In Lending: Key Challenges And Practical Considerations

    David Stein

    A recent report from the U.S. Treasury Department discussed the use of artificial intelligence in financial services and identified related legal challenges. There is little risk of financial regulators taking proactive steps to restrict the use of AI, but existing laws and regulations adopted long before its advent remain in effect, says David Stein of Covington & Burling LLP.

  • 2 Strikes And You’re Out: The Litvak Saga Comes To An End

    Joon Kim

    The U.S. Attorney’s Office for the District of Connecticut, following reversals of two prior convictions, has moved to dismiss its remaining securities fraud claim against bond trader Jesse Litvak. While it can be difficult to prove misstatements are material as a matter of law, the government's move is certainly not a death knell for similarly grounded fraud charges, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Blockchains: A Better Tool For Supply Chain Management

    James Ton-that

    Although commonly associated with cryptocurrencies, blockchain technology can also be implemented to modernize international supply chains, which currently suffer from voluminous documentary requirements, layers of middlemen and immense regulation, say James Ton-that and Ravi Soopramanien of Hughes Hubbard & Reed LLP.

  • Fixing The 'Funk' Of Delinquent Loan Holders In Md.

    Laurence Platt

    Relying in part on the definition of “doing business" in the 100-year-old Funk & Wagnalls dictionary, the Maryland Court of Appeals recently ruled on the licensing of Delaware statutory trusts and foreclosure proceedings on delinquent residential mortgage loans. The decision should end the confusion surrounding the ability of a state trust to foreclose in Maryland, say attorneys with Mayer Brown LLP.

  • Series

    Clerking For Ginsburg: 4 RBG Lessons On Having It All

    Rachel Wainer Apter

    Justice Ruth Bader Ginsburg is everything she is cracked up to be​ — f​eminist icon​, brilliant jurist​, fierce dissenter. She is also an incredible boss, mentor and friend.​ ​Her advice has shaped how I have tried to balance building a career and ​raising children, says Rachel Wainer Apter, counsel to the New Jersey attorney general.

  • Does The Word 'Will' Clearly Accelerate A NY Mortgage Debt?

    Diana Eng

    Currently, there is a split in New York appellate authority over whether a notice of default using the words “will be accelerated" clearly and unequivocally accelerates a mortgage debt upon the expiration of the cure period. Mortgage servicers and other financial institutions would benefit from adjudication of this heavily litigated gray area by the state’s highest court, say Diana Eng and Andrea Roberts of Blank Rome LLP.

  • Global Magnitsky: The Swiss Army Knife Of Sanctions

    Hdeel Abdelhady

    The United States last week took the unprecedented step of sanctioning officials of a NATO member state — the justice and interior ministers of Turkey — pursuant to the Global Magnitsky Human Rights Accountability Act of 2016. The action demonstrates how Global Magnitsky sanctions can be readily employed without much advance legal groundwork, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Series

    Clerking For Ginsburg: How To Play The Long Game

    Arun Subramanian

    One of us was a clerk when Justice Ruth Bader Ginsburg read her Ledbetter dissent from the bench, inviting Congress to act, and the other clerked a few years later, when RBG's prominently displayed copy of the Lilly Ledbetter Fair Pay Act served as a daily reminder that dissents are not just for show, say Arun Subramanian and Mark Musico of Susman Godfrey LLP.

  • Series

    Clerking For Ginsburg: In Pursuit Of Precision

    Trevor Morrison

    As clerks for Justice Ruth Bader Ginsburg, we learned early on that, when preparing a memorandum or draft opinion, it was essential to present any opposing argument in its strongest possible light. There is a lesson here for today's public debates, says Trevor Morrison, dean of NYU Law School.