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Banking

  • October 17, 2018

    FinCEN Staffer Arrested For BuzzFeed Russia Probe Leaks

    An employee at the U.S. Treasury Department's Financial Crimes Enforcement Network was arrested on Wednesday on charges of revealing banks' suspicious activity reports on transactions by Paul Manafort and an indicted Russian operative to an investigative reporter for BuzzFeed News.

  • October 17, 2018

    2 Ex-Deutsche Traders Convicted Of Libor-Rigging

    A Manhattan federal jury on Wednesday convicted two former Deutsche Bank AG traders of rigging the London Interbank Offered Rate to benefit their trading positions, setting the stage for a protracted legal fight over whether or not the trial was tainted by compelled testimony.  

  • October 17, 2018

    Ex-State Street Exec Promises Precedent-Setting Appeal

    After being sentenced to 18 months in prison, a former State Street Corp. executive who was convicted of stealing millions from international clients asked a Massachusetts federal judge Wednesday for his freedom pending an appeal that he promises will include multiple issues that have not yet been addressed by the First Circuit.

  • October 16, 2018

    SEC Comes Up Short In Fraud Case Against RD Legal Capital

    A U.S. Securities and Exchange Commission administrative law judge on Monday shot down much of the agency’s case alleging that fund manager RD Legal Capital LLC and its owner misled investors about their hedge funds’ legal receivables investments, ruling that while some misrepresentations had been made, they hadn’t been made with fraudulent intent.

  • October 16, 2018

    Ex-Equifax Engineer Gets House Arrest For Insider Trading

    A former Equifax Inc. software development manager who pled guilty over the summer to making a nearly $76,000 profit on inside knowledge of the credit reporting giant's headline-grabbing data breach was sentenced in Georgia federal court on Tuesday to eight months of home confinement.

  • October 16, 2018

    K&L Gates Repped Both Tech Co. And Its Lenders, Suit Says

    K&L Gates LLP was hit with a lawsuit Tuesday in Texas state court by former client Quantum Materials Corp., which alleges the firm committed malpractice through its simultaneous representation of it and its lenders in a payment dispute.

  • October 16, 2018

    Royal Park Pushes For Sampling In Deutsche Bank RMBS Suit

    Royal Park Investments SA/NV has taken aim at a New York federal magistrate judge’s recent decision denying its request to allow loan sampling-related discovery in its suit over Deutsche Bank National Trust Co.’s alleged blunders as trustee for 10 residential mortgage-backed securities trusts, arguing that this rejection should itself be rejected.

  • October 16, 2018

    NY High Court Says Deutsche RMBS Claims Still Untimely

    New York state’s highest court on Tuesday upheld a trial judge’s dismissal of a Deutsche Bank trustee’s suit against Quicken Loans Inc. over the credit quality of securitized residential mortgage loans that held an initial balance of $33 million, agreeing with a lower appellate court that the breach of contract action was untimely.

  • October 16, 2018

    Iranian Businessman Says Feds Have Privileged Docs

    Lawyers for a businessman accused of violating U.S. sanctions by helping an Iranian firm route the proceeds of a housing project in Venezuela through American banks told a New York federal judge Tuesday that they identified several problems with the prosecution's case, including possible breaches of marital privilege and attorney-client privilege.

  • October 16, 2018

    NYSE, Nasdaq Didn’t Justify Market Data Fees, SEC Says

    The U.S. Securities and Exchange Commission said Tuesday that NYSE Arca Inc. and Nasdaq Stock Market LLC have failed to justify the fees for their proprietary data products, but the securities regulator didn't rule that the prices were necessarily unreasonable.

  • October 16, 2018

    CVR Takes Another Swing At Wachtell In Icahn Takeover Case

    Following the recent dismissal of a drawn-out malpractice suit against Wachtell Lipton Rosen & Katz, CVR Energy Inc. on Monday filed a modified complaint focused on allegedly faulty U.S. Securities and Exchange Commission disclosures prepared by the firm more than six years ago.

  • October 16, 2018

    Navy Federal To Shell Out $24.5M To End Overdraft Action

    Navy Federal Credit Union has agreed to pay more than $24.5 million to end claims by a proposed class that the organization unfairly charges "Optional Overdraft Protection Fees," according to a motion for preliminary approval filed in California federal court.

  • October 16, 2018

    Trump's Rulemaking Agenda Aims To Cut $18B In Costs

    President Donald Trump's administration is set to launch another round of regulatory actions aimed at what it claims will cut costs for private industry across the country, previewing the fall unified agenda meant to cut an estimated $18 billion in costs from the marketplace that is set to be released Wednesday.

  • October 16, 2018

    Brazilian Fintech Startup Preps $1.1B IPO Led By Davis Polk

    Brazilian digital payments processor StoneCo Ltd. on Tuesday launched an estimated $1.1 billion initial public offering, represented by Davis Polk & Wardwell LLP, hoping to capitalize on growing demand for financial technology services being provided outside of traditional banks.

  • October 16, 2018

    Investor Can't Overturn Yukos' Buyer's Bankruptcy Plan

    A New York federal judge has upheld the bankruptcy reorganization of a Luxembourg-based entity created to acquire the financial services arm of former Russian oil giant Yukos Oil Co., saying a minority investor waived his right to challenge the corporate overhaul that wrested away any say he might have in the entity.

  • October 16, 2018

    Madoff Pal Asks To Quash Bid For JPM Docs In Clawback Suit

    A longtime friend of Bernie Madoff accused of receiving $54 million while turning a blind eye toward Madoff’s Ponzi scheme has moved to block a subpoena of his mortgage loan file at JPMorgan by a trustee seeking money for Madoff’s victims, saying in New York federal court that the file is not relevant to the accusations against him.

  • October 16, 2018

    The Path To Becoming A Supreme Court Advocate

    A look at the careers of attorneys who have dominated oral advocacy at the U.S. Supreme Court over the last decade shows a similar path for men and women, with a few key differences. Here’s how the top 10 male and female advocates stack up.

  • October 16, 2018

    Debt Collector's Attys Warned Over Bid To Ditch FDCPA Suit

    A Florida federal judge on Monday denied Simm Associates' bid to dismiss a proposed class action claiming Fair Debt Collection Practices Act violations for charging excessive fees and warned the debt collector's counsel over a lack of candor in the cases they cited.

  • October 16, 2018

    Convicted State Street Exec Gets Lenient 18 Months

    A former State Street Corp. executive was sentenced to 18 months in federal prison Tuesday for stealing millions from clients by sneaking in undisclosed fees on massive transactions, a more lenient ruling than the five-year sentence prosecutors had requested.

  • October 16, 2018

    Greenspoon Marder Adds Atty For NY Cannabis Tax Practice

    Greenspoon Marder LLP is expanding its New York tax practice by adding a partner experienced in general corporate and real estate tax to help the firm with its new cannabis practice.

Expert Analysis

  • Why Law Firms Should Monitor The Dark Web

    Anju Chopra

    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Does Rule 45 Protect Nonparties From Undue Burden?

    Matthew Hamilton

    Interpretations of Rule 45 protections vary but what's clear is that "undue burden" does not mean no burden at all. To avoid the costs of compliance with a subpoena, a nonparty should be ready to demonstrate its disinterest in the litigation and the anticipated cost and burden of compliance, say attorneys at Pepper Hamilton LLP.

  • 5.5 Ways To Remove GILTI From Your State Tax Base

    Zal Kumar

    In many states, the lack of specific guidance addressing the inclusion of global intangible low-taxed income, or GILTI, is causing concern that GILTI will be includible in the state tax base. Attorneys from Mayer Brown LLP highlight several possible avenues for removing GILTI from the state tax base.

  • Trends In FINRA's 2018 Disciplinary Actions

    Brian Rubin

    According to recent Financial Industry Regulatory Authority reports, there was an increase in fines and a decrease in the number of disciplinary actions during the first half of 2018 compared to the same period in 2017. Regardless of how 2018 finishes, however, FINRA’s actions show that firms should consider concentrating on issues as classic as apple pie, say Brian Rubin and Adam Pollet of Eversheds Sutherland.

  • How US And EU Sanctions Clash With Russian Antitrust Laws

    Stefan Weber

    U.S. and EU sanctions on Russia are forcing many international companies to carefully evaluate and restructure their contractual relationships with Russian counterparties. In this process, Russian antitrust law provides obstacles that may be difficult to overcome in some situations, say attorneys with Noerr Consulting AG.

  • 6th Circ. Encourages Insureds To Be Open With Insurers

    Matthew Beato

    The Sixth Circuit's recent decision in First Horizon v. Houston reinforces the importance of providing timely and complete notice to insurance carriers, and will discourage insureds from disguising crucial facts about claims, says Matthew Beato of Wiley Rein LLP.

  • CFPB Takes A Big Step Toward Better Consumer Disclosures

    Eric Mogilnicki

    The Consumer Financial Protection Bureau's previous trial disclosure program offered those experimenting with new types of consumer disclosures limited protection from liability. The bureau’s new policy announced last month seeks to replace this regulatory quicksand, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Dismissing FCA Cases: The Granston Memo In Action

    Jeffrey Belkin

    In January, the Granston memo advised U.S. Department of Justice attorneys that, in tandem with their decisions to decline intervention in False Claims Act qui tam suits, they should consider proactively seeking dismissal. Since then, only a small number of cases have explored this form of dismissal, and the results have been mixed, say Jeffrey Belkin and Michael Mortorano of Alston & Bird LLP.

  • SEC Case Brings Rarely Used Cyber Rules Into Limelight

    Erica Williams

    The U.S. Securities and Exchange Commission's settlement this week with Voya Financial Advisors represents the first SEC action involving the Identity Theft Red Flags Rule and only its third action involving the Safeguards Rule. The case provides a critical data point in evaluating how the SEC plans to enforce these two rules going forward, say Erica Williams and Sunil Shenoi of Kirkland & Ellis LLP.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.