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Banking

  • August 10, 2018

    Schwab Pushes Back On Banks' Latest Bid To Ax Libor Claims

    Charles Schwab Corp. on Thursday defended its revived and amended claims against a slew of the world’s largest banks over their alleged manipulation of the London Interbank Offered Rate, telling a New York federal judge that it’s tightened up its complaint enough for the case to proceed.

  • August 10, 2018

    Business Groups Take Up Fight To Amend Calif. Privacy Law

    More than three dozen business groups from the tech, retail, health, banking and other sectors are pushing California lawmakers working on making "technical" changes to a hastily enacted landmark privacy law to address some of the more "unworkable" aspects of the statute and to extend the compliance deadline. 

  • August 10, 2018

    Insurers Ask 1st Circ. To Affirm UBS' $20M Coverage Loss

    A trio of insurers urged the First Circuit on Friday to uphold a judgment that UBS AG units can’t tap $20 million in coverage for costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market, saying the bank has impermissibly raised new arguments on appeal.

  • August 10, 2018

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

    The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.

  • August 10, 2018

    Ex-UBS Adviser Bilked Clients For Almost $4M, Feds Say

    A former financial adviser for a UBS Group AG unit has been charged with defrauding his retail clients out of nearly $4 million by promising returns as high as 20 percent in private investment funds but pocketing the bulk of the cash, Michigan federal prosecutors said Friday.

  • August 10, 2018

    Calif. Bank Prices $47.7M IPO On Low End Of Range

    The Los Angeles-based holding company for Pacific City Bank announced Thursday night that it would be pricing its initial public offering of nearly 2.4 million shares at $20 per share, the low end of a previously announced $20 to $22 range, for a total offering size of $47.7 million.

  • August 10, 2018

    Phony Payday Lender Must Cough Up $70M In Restitution

    A Missouri man who was convicted of running an online payday lending scheme for a decade through a series of businesses must pay back more than $69 million to the Consumer Financial Protection Bureau to redress affected consumers taken in by the scam, according to an order filed Friday in federal court.

  • August 10, 2018

    Navient Ordered To Produce DOE Borrower Docs For CFPB

    A Pennsylvania federal judge overseeing the Consumer Financial Protection Bureau’s lawsuit against Navient Corp. ruled Friday that the student loan servicer must produce certain U.S. Department of Education-owned borrower documents in its possession that the agency has been trying to get ahold of.

  • August 10, 2018

    Roger Stone Aide Held In Contempt For Dodging Mueller

    A former aide to Roger Stone, a Republican political operative and longtime ally of President Donald Trump, has been found in contempt by a D.C. federal judge for refusing to answer questions before a grand jury convened by Special Counsel Robert Mueller.

  • August 10, 2018

    Feds Fight Ex-Barclays FX Trader’s Bid To Toss HP Case

    Prosecutors pushed back on an ex-Barclays trader’s motion to dismiss the criminal “front running” case against him Friday, arguing that the question of whether he had a duty to act in the best interests of Hewlett Packard Co. in a £6 billion foreign currency options transaction can only be determined by a jury.

  • August 10, 2018

    Mt. Gox Traders Seek Default Win After Ex-CEO Doesn't Show

    A former user of the now-defunct Bitcoin exchange Mt. Gox asked an Illinois federal judge to enter a default judgment against the exchange’s founder Mark Karpeles on Friday, saying he has not responded to a proposed class action over its collapse.

  • August 10, 2018

    JPMorgan's $3M Vehicle Repo Deal With Consumers Approved

    A Minnesota federal judge Thursday gave her initial approval to a $3.25 million deal struck between JPMorgan Chase Bank NA’s auto financing arm, a debt collector and a proposed class of Minnesota consumers who allegedly had their cars illegally repossessed during a five-year period.

  • August 10, 2018

    Monster Beats $8.9M Fees Suit From Investment Bank

    A New York federal judge said Friday that Monster Worldwide Inc. does not owe Stone Key Partners LLC about $8.9 million in fees and costs for the boutique investment bank's role in evaluating strategic alternatives because the transactions that the job-search site ultimately completed were either too small or too late.

  • August 10, 2018

    Ex-Municipal Credit Union CEO Discussing Plea In Fraud Case

    Kam Wong, the former CEO of New York's 500,000-member Municipal Credit Union who was charged in May with pilfering $7 million from the $2.9 billion lender, is discussing a plea deal, a prosecutor has told a Manhattan federal judge.

  • August 10, 2018

    Fox Rothschild Nabs Montgomery McCracken Litigator

    Fox Rothschild LLP has added as a partner to its Wilmington office a Montgomery McCracken Walker & Rhoads LLP attorney who has worked high-profile securities fraud cases during his more than 20-year legal career, including the $3.2 billion settlement in the Tyco International Ltd. case.

  • August 10, 2018

    Investors Want Affiliate-Bank Claims To Stay In Libor MDL

     A class of over-the-counter investors urged a New York federal court Thursday to keep alive its antitrust claims against affiliates of Bank of America N.A. and JPMorgan Chase Bank N.A. in sprawling multidistrict litigation over alleged manipulation of the London Interbank Offered Rate.

  • August 10, 2018

    Visa, MasterCard Take Swipe Fees Battle To UK's Top Court

    MasterCard and Visa have sought permission from Britain’s Supreme Court to challenge a landmark Court of Appeal decision that found the credit card companies set charges at an unlawfully high level that restricted competition.

  • August 9, 2018

    In Manafort Trial: 5 Witnesses, 2 Banks And An Airbnb

    Paul Manafort’s Virginia federal jury trial focused Thursday on allegations that President Donald Trump’s former campaign manager tricked banks into giving him millions in loans by hiding his debt on one property and the fact that he was renting out another property through Airbnb, as well as inflating his income with a sham loan from an entity he controlled.

  • August 9, 2018

    Special Master To Reopen $4M State Street Fee Probe

    A special master appointed by a Massachusetts federal judge to probe the attorneys' fees arrangements in a $300 million class action against State Street agreed Thursday to modify his report that called for plaintiffs’ counsel to return up to $10 million in fees, averting a ruling on a request to have him taken off the case.

  • August 9, 2018

    Man In Tribal-Linked Payday Lending Scheme Gets 3 Years

    A Pennsylvania man was sentenced to more than three years in prison and ordered to pay about $10 million after providing payday loans at illegally high interest rates and using an Indian tribe to get around the law, prosecutors said.

Expert Analysis

  • 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.

  • Opinion

    Judges Shouldn't Force Attorneys On Absent Class Members

    J.B. Heaton

    U.S. District Judge Manish Shah of the Northern District of Illinois recently said he will consider lead firms’ willingness to put young and diverse attorneys in positions to take substantive roles in the multidistrict litigation he is overseeing. This is an improper use of judicial power, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Junior Creditors Could Share In 363 Bankruptcy Sales

    Charles Tabb

    In early July, the Seventh Circuit issued an important opinion in Illinois Department of Revenue v. Hanmi Bank, raising the possibility that out-of-the-money junior creditors might be entitled to share in the proceeds of a free-and-clear bankruptcy sale, even where the senior secured party is underwater, say Charles Tabb and Tamar Dolcourt of Foley & Lardner LLP.

  • How Kavanaugh’s Nomination Affects Financial Institutions

    Lewis Wiener

    The confirmation of Judge Brett Kavanaugh to the U.S. Supreme Court will likely result in further solidification of the current administration's limited regulatory approach and represent a more pronounced shift toward supporting the decisions of financial institutions in conducting business, say attorneys with Eversheds Sutherland.

  • Series

    Clerking For Ginsburg: My RBG Guide To Judging

    Goodwin Liu

    I clerked for Justice Ruth Bader Ginsburg before the days of RBG bobbleheads and “You Can’t Spell Truth Without Ruth” T-shirts. I had no idea I would become a judge, and I feel lucky every day that I had the chance to learn from her, says California Supreme Court Justice Goodwin Liu.

  • What Lawyers Must Know About Financial Elder Abuse Claims

    Geoffrey Gold

    Recent litigation surrounding Marvel Comics icon Stan Lee has drawn attention to the issue of financial elder abuse. Geoffrey Gold of Ervin Cohen & Jessup LLP offers practice pointers on using the provisions of the California Elder Abuse Act to protect senior clients who may have been victims of financial fraud.

  • How New Credit Freeze Law May Affect Data Breach Cases

    Robert Kriss

    Congress recently enacted a law that enables consumers to freeze their credit reports to prevent identity theft at no cost, which could have significant implications for whether data breach class actions will be certified and, if they are, the amount of potential damages, say Robert Kriss and Corwin Carr of Mayer Brown LLP.

  • Mortgages And Equity Pledges: A Cautionary Tale For Lenders

    Steven Herman

    A New York state court's decision in HH Cincinnati Textile v. Acres Capital Servicing demonstrates the dangers of combining a mortgage loan with a pledge of equity, which can result in years of "clogging" litigation for the lender, say Steven Herman and Audrey Nelson of Cadwalader Wickersham & Taft LLP.

  • Series

    Clerking For Ginsburg: 4 Things I Learned

    Judge John Owens

    A lot has changed since I clerked for Justice Ruth Bader Ginsburg 20 years ago. At that time, I had hair and no wife. I also thought I knew everything — but working for the justice made me realize very quickly that I actually knew very little, says Ninth Circuit Judge John Owens.

  • Opinion

    TCPA: An Antiquated Law That Needs To Be Fixed

    David Carter

    After years of bearing witness to an influx of Telephone Consumer Protection Act litigation, reading nearly every TCPA opinion issued by the federal courts and talking with countless businesses, my conclusion is that the TCPA fails to reach its primary goal of protecting consumers from unwanted calls, says David Carter of Innovista Law PLLC.