Banking

  • February 16, 2018

    FCC Halts Bitcoin Miner For Cell Network Interference

    The Federal Communications Commission said it has been forced to come down on a New York man whose operation of a bitcoin transaction monitor was interfering with T-Mobile’s cellular network.

  • February 16, 2018

    Newswire Hacker Can’t Beat $30M Securities Fraud Case

    A Brooklyn federal court rejected a former Morgan Stanley fund manager's request to trim his indictment for allegedly scheming to make $30 million by trading on information from stolen press releases, with the judge finding Friday the charges were sufficiently specific.

  • February 16, 2018

    Insurer Says Utah Bank, Finance Co. Can't Duck Award

    Allied World Assurance urged federal courts in Utah and New York on Thursday to confirm an international arbitration award against the Bank of Utah and a finance company valued at $424,392 and argued that the separate cases should not be consolidated.

  • February 16, 2018

    UBS Says CFTC Order Doesn't Goose Gold-Fix Claims

    UBS AG has told a New York federal court that the U.S. Commodity Futures Trading Commission’s consent order fining the Swiss bank $15 million over alleged spoofing does not bolster gold sellers’ claims that UBS was part of a conspiracy to manipulate a benchmark price of gold.

  • February 16, 2018

    SEC Halts Trading In 3 Penny Stocks Tied To Cryptocurrency

    The U.S. Securities and Exchange Commission on Friday suspended trading in three penny-stock companies, questioning the accuracy of recent statements they all made claiming substantial acquisitions in assets tied to cryptocurrency and blockchain technologies.

  • February 16, 2018

    Judge Iffy On Spiking Bank’s $45M Fraud Suit Against Tilton

    A New York state judge expressed uncertainty at a hearing on Friday about whether she could consider a new motion to dismiss a German lender’s $45 million fraud suit against Lynn Tilton and her companies over its investments in two of her funds.

  • February 16, 2018

    Caterpillar's Tax Bill May Reach $2.3B After IRS Audit

    Caterpillar Inc. may owe the Internal Revenue Service $2.3 billion in taxes and penalties following the conclusion of field audits concerning its income tax returns and profits earned by its Swiss affiliate, according to the annual report the company filed Thursday.

  • February 16, 2018

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

    The last week has seen Chubb bring an action against U.S. forestry giant Weyerhaeuser, Russia's Kapital Insurance lodge a claim against more than a dozen insurers and reinsurers, and the Financial Services Compensation Scheme sue Heritage Corporate Trustees for breach of fiduciary duty. Here, Law360 looks at those and other new claims in the U.K.

  • February 16, 2018

    Lawmakers Weigh Publishing RBS Report After FCA Refuses

    The Financial Conduct Authority refused Friday to publish a leaked report on the Royal Bank of Scotland PLC's controversial treatment of troubled small businesses, leaving British lawmakers to decide on Tuesday whether to release the lengthy review of the much-maligned RBS unit. 

  • February 16, 2018

    Global Authority Wants Faster Cross-Border Payment Systems

    Payments systems should be reworked to make greater use of digital currencies to speed up cross-border payments that are currently slower and more costly than they need to be, a global standards setter said in a report Friday.

  • February 15, 2018

    Puerto Rico Electric Co. Denied Bid For Emergency Loan

    Access to electricity in Puerto Rico may be in short-term peril after a New York federal judge on Thursday denied the territory’s insolvent power utility access to $1 billion in emergency financing offered by the island’s central government, finding the superpriority lien attached to the loan unjustified.

  • February 15, 2018

    Ex-ICE Attorney Cops To Stealing Immigrant IDs

    A former top attorney at U.S. Immigration and Customs Enforcement's Seattle branch has pled guilty to charges he stole the identity of seven immigrants and attempted to use that information to defraud several major financial institutions, his attorney announced Thursday.

  • February 15, 2018

    Bank Backs Egyptian Yeast Co. With $52M Loan

    The European Bank for Reconstruction and Development said Thursday that it's supplying an Egyptian yeast producer with a $52 million loan to expand its export business, its first deal with a Chinese-owned company. 

  • February 15, 2018

    Commerce IDs Russian Entities It Says Meddled In Crimea

    The Commerce Department has added 21 entities to its list of those it deems to have undermined Ukraine’s sovereignty following Russia’s 2014 annexation of the European country’s Crimea region, according to a notice set to publish Friday in the Federal Register.

  • February 15, 2018

    2 Long Island Mortgage Co. Execs Cop To $9M Fraud

    Two mortgage executives accused of lying to banks in order to obtain nearly $9 million in short-term loans for Long Island mortgage lender Vanguard Funding LLC admitted in New York federal court on Thursday to conspiring to commit wire and bank fraud, the Brooklyn U.S. Attorney’s Office said.

  • February 15, 2018

    Pa. Auto Leasing Co. Defaulted On $10.7M Loan, Bank Says

    KeyBank NA sued a car rental company in Pennsylvania federal court on Wednesday, accusing Fleetway Leasing Co. and an affiliate of defaulting on $10.7 million in loans and fraudulently inflating their performance numbers.

  • February 15, 2018

    Mass. Regulator Charges Scottrade Over Sales Contests

    The Massachusetts securities regulator on Thursday accused Scottrade Inc. of holding sales contests it knew flouted an internal impartial conduct standard it adopted to comply with the U.S. Department of Labor’s so-called fiduciary rule for retirement account advisers.

  • February 15, 2018

    SPACs Set For Another Strong Year, Fund Manager Says

    Coming off a record-breaking 2017, initial public offerings by special-purpose acquisition companies are poised for another robust year but may fall below last year’s torrid pace, a hedge fund founder told a gathering of business people and lawyers Thursday in New York.

  • February 15, 2018

    Senator Skeptical Of $31.5M Sought For CFTC 2019 Budget

    The chairman of an influential Senate committee on Thursday voiced strong opposition to user fees proposed by the Trump administration to supplement funding for the U.S. Commodities Futures Trading Commission, casting doubt on $31.5 million the agency is seeking above its 2018 funding level.

  • February 15, 2018

    Regulators To Review Enhanced Oversight Of Prudential

    U.S. financial regulators on Wednesday announced plans to review the designation of Prudential Financial Inc. for enhanced regulatory supervision, potentially paving the way for removing the insurer and asset manager from its designation as a systemically important financial institution.

Expert Analysis

  • A Fresh Look At CFPB's Enforcement Process

    Jean Veta

    In its most recent request for information the Consumer Financial Protection Bureau emphasizes seven aspects of its enforcement process that “may be deserving of more immediate focus.” Because the process is a series of interrelated steps, changes to any one of these areas may impact, or be impacted by, changes to other areas, say Jean Veta and Eitan Levisohn of Covington & Burling LLP.

  • Emerging Trends In FCA Enforcement: 2018 Outlook

    Vince Farhat

    Two new policies from the U.S. Department of Justice, along with ongoing developments concerning the elements of scienter and materiality stemming from the landmark U.S. Supreme Court decision in Escobar, have the potential to significantly change the landscape of False Claims Act enforcement in the year ahead, say attorneys with Holland & Knight LLP.

  • Movements Without Motion In Russian Sanctions Policy

    Fatema Merchant

    Current sanctions appear not to deter Russian bad behavior. And the much anticipated oligarchs list appears to have been cribbed from someone else’s homework. Taking the two together, one begins to suspect that the Trump administration, without a further push from Congress or world events, will continue to resist ratcheting up Russia sanctions, say members of Sheppard Mullin Richter & Hampton LLP.

  • When Blockchain Meets Article 9 And Bankruptcy

    Andrew Helman

    Blockchain cryptocurrencies have been touted as everything from a tool that will revolutionize commerce to the very worst of speculative capitalism. Less attention has been given to their practical application vis-a-vis commercial and insolvency law, say Andrew Helman of Marcus Clegg and Carl Wedoff of Jenner & Block LLP.

  • The Art Of The Litigation Funding Deal

    Julia Gewolb

    As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.

  • Smart Contracts Need Smart Corporate Lawyers

    Matthew O’Toole

    Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.

  • DC Circ. CFPB Decision Is A Big Win For Industry

    Joseph Palmore

    In PHH v. Consumer Financial Protection Bureau, the D.C. Circuit recently held that the structure of the CFPB is constitutional. The U.S. Supreme Court will likely have the last word on the separation-of-powers issue, but the D.C. Circuit's holdings on the Real Estate Settlement Procedures Act and fair notice will likely stand, say attorneys with Morrison & Foerster LLP.

  • How To Fix Your Broken Client Teams

    Mike O'Horo

    Law firms claim they create client teams to improve service. Clients aren’t fooled, describing these initiatives as “thinly veiled sales campaigns.” Until firms and client teams begin to apply a number of principles consistently, they will continue to fail and further erode clients’ trust, says legal industry coach Mike O’Horo.

  • 10 Highlights From FINRA’s 2018 Priorities Letter

    Emily Gordy

    The Financial Industry Regulatory Authority's annual regulatory and examination priorities letter is a road map to areas on which FINRA will focus in the coming year. Firms must use this information to assess strengths, identify gaps and shore up weaknesses, says Emily Gordy, a partner at McGuireWoods LLP and a former senior vice president at FINRA.

  • Interpreting Treasury's Report On Russian Oligarchs

    Mario Mancuso

    The recent report by the U.S. Department of the Treasury on senior foreign political figures and oligarchs in the Russian Federation is not a "sanctions list." Yet the prospect remains that parties identified in the report could become targets of sanctions or other restrictions — and transactions with such parties could also become subject to closer scrutiny, say attorneys with Kirkland & Ellis LLP.