Banking

  • August 07, 2020

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

    The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.

  • August 07, 2020

    Senate Approves Peirce, Crenshaw As SEC Commissioners

    The U.S. Senate confirmed the nominations of Hester Peirce and Caroline A. Crenshaw as commissioners of the SEC by a voice vote on Thursday evening.

  • August 06, 2020

    4 Firms Guide $140M Fintech Merger With Blank Check Co.

    Financial technology group BankMobile Technologies said Thursday it was going public through a merger with special purpose acquisition company Megalith Financial Acquisition Corp. in a deal that values the combined business at $140 million and that was guided by four law firms: Nelson Mullins, Stradley Ronon, Duane Morris and Ellenoff Grossman.

  • August 06, 2020

    DOJ Seeks $70M In Properties Tied To Ukraine Bank Fraud

    The U.S. government is trying to seize commercial real estate properties in Louisville, Kentucky, and Dallas valued at a combined $70 million, which it claims in suits filed Thursday were acquired using funds misappropriated from one of Ukraine's largest banks.

  • August 06, 2020

    Feds Charge 9 With $24M Virus Relief Loans Fraud Scheme

    Federal prosecutors on Thursday announced charges against nine Florida and Ohio individuals for allegedly trying to scam the Paycheck Protection Program out of more than $24 million in loans, one of the biggest fraud cases yet involving the coronavirus relief program for small businesses.

  • August 06, 2020

    5 Firms Assist Intercontinental Exchange's $11B Ellie Mae Buy

    Intercontinental Exchange Inc. has agreed to buy cloud-based mortgage platform Ellie Mae from private equity firm Thoma Bravo for roughly $11 billion, including debt, in a deal guided by five law firms, the companies said on Thursday.

  • August 06, 2020

    BofA To Make Sure New Moms Get Breaks After DOL Probe

    Bank of America has agreed to make changes to help ensure that lactating workers get legally required break time and privacy as part of a deal resolving a federal investigation, the U.S. Department of Labor said Thursday. 

  • August 06, 2020

    Steak 'N Shake Sues Wilmington Trust To Allow $50M Sale

    Steak 'n Shake Inc. has sued Wilmington Trust to force the bank to let it sell up to $50 million in property holdings, telling a New York federal court their credit agreement "unambiguously" gives the financially stressed restaurant chain the right to sell real estate for cash.

  • August 06, 2020

    Bond Holders Bid For Cert. Against BofA Over 'Lost' Bonds

    Bank of America bond holders on Wednesday asked a federal judge in Washington state to certify a proposed class of customers, alleging that the bank refused to pay out their bonds because it or its predecessor banks lost or destroyed records.

  • August 06, 2020

    Rocket Shrinks Target To Raise $1.8B In Paul Weiss-Led IPO

    Rocket, which owns digital mortgage business Rocket Mortgage and other Rocket brands, started trading Thursday after a downsized initial public offering steered by Paul Weiss Rifkind Wharton & Garrison LLP that priced below its expected range.

  • August 06, 2020

    MDL Denied For Suits Against Banks Over PPP Agent Fees

    The Judicial Panel on Multidistrict Litigation said it will not consolidate class actions accusing more than 100 banks of withholding processing fees to agents that helped small businesses apply for federal coronavirus relief loans, ruling centralization would not help resolve the claims.

  • August 06, 2020

    Fed's New Real-Time Payment System Targets Interoperability

    The Federal Reserve on Thursday announced details of its real-time payments system, FedNow, which the U.S. government has targeted as a key step in improving the nation's financial infrastructure, noting a focus on interoperability.

  • August 06, 2020

    Capital One Fined $80M After 2019 Data Breach

    Capital One has agreed to pay an $80 million fine related to a 2019 data breach that exposed sensitive information on more than 100 million individuals in the U.S. and Canada, federal banking regulators said Thursday.

  • August 06, 2020

    Consumer Lender Will Pay SEC $21.7M To End FCPA Probe

    Consumer lender World Acceptance Corp. will pay $21.7 million to resolve a U.S. Securities and Exchange Commission investigation into the alleged bribery of government officials and union officials in Mexico.

  • August 05, 2020

    Fed. Circ. Affirms Ax Of Banking Authentication Patent

    The Federal Circuit on Wednesday affirmed a Patent Trial and Appeal Board determination that a software company's digital banking authentication technology was unpatentable as obvious.

  • August 05, 2020

    Dems Pitch Bill To Create 'New Racial Justice Mission' At Fed

    Democrats on Capitol Hill have unveiled legislation that would formally task the Federal Reserve with working to close gaps in economic well-being across racial and ethnic lines, a significant potential expansion of the central bank's mission.

  • August 05, 2020

    Fintech Funding Value Rebounds As Megadeals Spike In Q2

    While overall deals activity continued to trend lower amid the coronavirus pandemic, the second quarter of 2020 saw fintech funding rebound to $9.3 billion, including a jump in megadeals over $100 million, according to a report published by market intelligence platform CB Insights on Wednesday.

  • August 05, 2020

    Nano Investor Seeks Class Cert. In Crypto Theft Suit

    An investor in the cryptocurrency Nano urged a California federal court to certify his proposed class action over the alleged theft of the coins in a $170 million hack of an Italian trading exchange, arguing that the suit is a "textbook example" of a case that deserves class action treatment.

  • August 05, 2020

    Small Businesses Denied MDL For Chase Virus Loans Suits

    The U.S. Judicial Panel on Multidistrict Litigation said Wednesday that it will not combine a collection of lawsuits accusing JPMorgan Chase Bank of mishandling small businesses' applications for federal coronavirus relief loans, concluding that there's not enough to be gained by such a move.

  • August 05, 2020

    Real Estate Rumors: Sterling Bay, DR Horton, JPMorgan

    Sterling Bay has reportedly leased out 20,000 square feet in Chicago, D.R. Horton is said to be under contract to buy 21.1 acres in Florida and JPMorgan has reportedly provided $434 million in CMBS financing for a portfolio of office and industrial properties.

  • August 05, 2020

    Aussie Banks Can't Duck Rate-Rigging Suit

    A New York federal judge on Tuesday doubled down on his decision to keep two Australian banks as defendants in a proposed class action alleging manipulation of Australia's benchmark interest rate, refusing to dismiss them alongside seven other banks.

  • August 05, 2020

    Camping World's $12.5M Stock-Drop Deal Gets Final OK

    An Illinois federal judge granted final approval on Wednesday to a $12.5 million settlement and $3.75 million fee request ending investors' allegations that Camping World artificially inflated its stock price and paved the way for an insider selling scheme before the price dropped.

  • August 04, 2020

    3 Legal Teams Vie To Rep Wells Fargo Investors In PPP Suit

    A trio of legal teams, including attorneys from Pomerantz LLP and the Rosen Law Firm PA, want to lead a proposed class of Wells Fargo investors who allege they were hurt when the company "unfairly allocated" Paycheck Protection Program loans.

  • August 04, 2020

    FTC Sues Yellowstone Capital For Cash Advance Abuses

    Merchant cash advance provider Yellowstone Capital and its top brass stole millions of dollars from its small business clients through hidden fees and unauthorized withdrawals, the Federal Trade Commission said in an enforcement action filed in New York federal court Monday.

  • August 04, 2020

    Banks Urged To Offer More Loan Help As Pandemic Drags On

    Federal and state banking regulators are prodding banks to extend more help to borrowers still struggling with the effects of the COVID-19 crisis, outlining a selection of broad principles for banks to consider as initial loan accommodations wear off while the pandemic wears on.

Expert Analysis

  • 5 Key Takeaways From Texas Appraisal Trade Secret Saga

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    The ongoing trade secret dispute in Texas between home valuation company HouseCanary and former collaborator Title Source offers important lessons for litigators, on thoroughly conducting presuit investigations, properly drafting jury charges and more, say Eric Fues and Maximilienne Giannelli at Finnegan.

  • Immunizing Banks From Libor Liability Could Hurt Consumers

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    Draft legislation in New York seeks to limit banks' liability related to Libor's imminent wind-down, which could imperil consumers by restricting their ability to sue for what could end up being billions in losses, says Ben Steinberg at Robins Kaplan.

  • Educational Tools May Bring Regulatory Risk For Fintech Cos.

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    Recent consumer group complaints against fintech companies' educational tools underscore the danger of stumbling into unfair, deceptive, or abusive acts or practices claims from the Federal Trade Commission, Consumer Financial Protection Bureau and state attorneys general, say attorneys at Buckley.

  • Opinion

    Pandemic Lays Bare The Inequities Inherent In The Bar Exam

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    The outrage over the life-altering consequences of decisions being made around state bar exams during the COVID-19 pandemic has highlighted the classism built into the exam, and the legal profession should take this moment to reevaluate how new attorneys are licensed, say Naomi Shatz and Katherine Dullea at Zalkind Duncan.

  • Understanding The 5 Stages Of Mediation In A Virtual World

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    Mediation is a process with defined stages, but the rise of virtual mediation may inject changes into each stage that may soon spread to in-person mediations and influence the expectations of participants, says Wynne Carvill at JAMS.

  • A Financing Strategy Hospitality Cos. Can Turn To Right Now

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    Commercial property assessed clean energy financing, available in many states, can provide owners in the hospitality industry with the liquidity to weather the COVID-19 crisis and recovery period, creating a mutual win for debt and equity stakeholders, say Michael Zukerman at Warshaw Burstein and Peter Griffith at Whitestone Realty.

  • Fending Off Bankruptcy Preference Claims During Pandemic

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    Amid the pandemic, vendor companies should reassess standard business practices, including delinquency protocols, to minimize preference claim exposure should a customer file for bankruptcy, say Joel Cohen at Stout and Howard Magaliff at Rich Michaelson.

  • Increased Forum Shopping For US Discovery Likely After Guo

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    As the Second Circuit joined the Fifth Circuit this month in prohibiting the use of a foreign discovery statute in aid of international private arbitration in the case of Guo, the Fourth and Sixth Circuits will likely see a disproportionate number of applications for Section 1782 discovery until the issue is taken up by the U.S. Supreme Court, say attorneys at MoloLamken.

  • Managing DOL Fiduciary Rule's Overlap With SEC, Mass. Regs

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    In this brief video, Jennifer Klass and Valerie Mirko at Baker McKenzie discuss the intersection of the U.S. Department of Labor's recently reproposed fiduciary rule and compliance with the U.S. Securities and Exchange Commission's Regulation Best Interest and the Massachusetts fiduciary rule.

  • How Tolling Orders May Complicate NY Mortgage Collections

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    Allison Schoenthal and Robin Muir at Hogan Lovells discuss how New York Gov. Andrew Cuomo’s recent orders tolling the statute of limitations on mortgage collections may influence claims, including foreclosures, and further muddy the legal waters in this area.

  • Borrower-Friendly Changes Don't Solve All PPP Issues

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    Although the Paycheck Protection Program Flexibility Act and other recent CARES Act updates make it easier for applicants to qualify for loan forgiveness, several questions remain surrounding the program's implementation and how borrowers can maximize forgiveness, says Phil Jelsma at Crosbie Gliner.

  • Disclosing Compliance Lessons To DOJ Presents Catch-22

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    The U.S. Department of Justice's new requirement of incorporating lessons learned from prior instances of misconduct into corporate compliance programs presents a dilemma for companies as such disclosures would provide the government a road map into how companies may be habitually violating applicable laws, say Paul Monnin and Caitlin Van Hoy at Alston & Bird.

  • Pandemic May Change The Way We Design Our Courthouses

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    With access to courthouses currently curtailed, it is worthwhile to reflect on the design considerations that go into making these buildings work for the legal profession, and how the COVID-19 crisis might leave its imprint on these public spaces, says Elisabeth Ross at Cozen O'Connor.

  • Opinion

    10 Years Of Dodd-Frank: Looking Back, And Ahead

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    Reflecting on the Dodd-Frank Act's 10th anniversary, former Sen. Christopher Dodd at Arnold & Porter says that while the legislation has provided a good foundation for protecting consumers, it’s important to remember it was never meant to be the final word as a new crisis plagues the global economy.

  • Mediator Confidentiality Promises Carry Serious Risks

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    A mediation agreement that promises to keep evidence confidential could result in a legal malpractice case for the mediator, and the risk has increased in the COVID-19 era of online sessions, says mediator Jeff Kichaven.

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