Banking

  • October 06, 2021

    Inyx Fraudster Seeks New Trial Over Jury Instructions 'Error'

    A former medical device company executive serving a 30-year sentence for orchestrating a $100 million loan fraud scheme that federal prosecutors said sunk one of Puerto Rico's largest banks argued Wednesday that improper jury instructions deprived him of a fair trial, arguing for a new one.

  • October 06, 2021

    4 Firms Guide Canadian Fintech's Upsized $369M US IPO

    Canadian payments technology provider Nuvei Corp. went public Wednesday after raising $369 million in an upsized U.S. initial public offering after the company doubled the amount of shares offered.

  • October 06, 2021

    Hughes Hubbard Adds Arbitration And Anti-Corruption Pro

    Hughes Hubbard & Reed LLP has bolstered its arbitration and anti-corruption practices with the addition of a partner experienced in representing Chinese companies and state-owned enterprises with investigations, sanctions, compliance and international arbitration matters.

  • October 06, 2021

    Dollar Bank Scam Liability Row Remanded To Pa. State Court

    A Pennsylvania woman's claims that Dollar Bank failed to prevent her from being scammed out of $4.3 million belong in state court, because the Federal Reserve's regulations over wire transfers don't create complete federal preemption of state-law claims, a federal judge has ruled.

  • October 06, 2021

    Santander, Axa Lose Appeal At ECJ On Spanish Tax Break

    Spanish lender Santander and insurer Axa lost an appeal at the European Union's highest court on Wednesday as the judges said that a lower court was correct to determine that Spain's goodwill amortization program constituted illegal state aid.

  • October 05, 2021

    Senate OKs 8 US Attys, Including SDNY And EDNY

    The U.S. Senate on Tuesday confirmed eight new U.S. attorneys, including President Joe Biden's picks for the Southern and Eastern districts of New York, via unanimous voice vote.

  • October 05, 2021

    Cox Taps Ex-Wells Fargo Ethics Pro To Replace Retiring CCO 

    Cox Communications Inc. has appointed a new chief compliance and privacy officer, tapping a former Wells Fargo ethics officer who is also an ex-Cox legal and compliance professional for the post, the cable television provider's outgoing compliance chief said at an industry conference Tuesday.

  • October 05, 2021

    3rd Circ. Blasts 'Trial Before Certification' Plan In Wage Suit

    The Third Circuit sent a strong message Tuesday that the new judge presiding over a wage suit brought by Citizens Bank mortgage loan officers should address the certification of class allegations before commencing trial on the collective claims, warning that the contrary approach contravenes court rules and high court precedent.

  • October 05, 2021

    Crypto Top Of Mind For Lawmakers In Hearing With SEC Chair

    Gary Gensler's latest congressional hearing saw the U.S. Securities and Exchange Commission head answering a mixed bag of questions about the agency's far-reaching regulatory agenda, though no topic received as much air time as cryptocurrency.

  • October 05, 2021

    Fed's Quarles Tells Banks To 'Pick Up Pace' On Leaving Libor

    The Federal Reserve's Randal Quarles prodded banks on Tuesday to "pick up on the pace" on their efforts to wean themselves off the London Interbank Offered Rate, saying their compliance with a key year-end deadline in the benchmark's phase-out will be a top focus of examiners in the coming months.

  • October 05, 2021

    Eagle Hospitality Ready For Ch. 11 Plan After Settlement

    Eagle Hospitality Group has reached an agreement with prepetition lenders and unsecured creditors over funding of its Singapore affiliates, allowing the company to move forward on a restructuring plan that could wrap up its Chapter 11 by year's end, the parties told a Delaware bankruptcy judge Tuesday.

  • October 05, 2021

    PowerPlan Can't Duck $47M Monopoly Suit Over Fake Threats

    A Georgia federal judge refused last week to toss claims accusing Atlanta-based software company PowerPlan Inc. of unfairly monopolizing the market for utility data management, including tax information processing, and making false threats to ax competition.

  • October 05, 2021

    Retail Heavyweights Push To Escape Data-Sharing Suit

    Major retailers including Sephora, Bed Bath & Beyond and Bath & Body Works pushed Monday to dismiss customers' claims that they illegally shared customer transaction data, saying the alleged violations took place before California's consumer privacy requirements took effect.

  • October 05, 2021

    Senate Panel Clears 2 Biden Treasury Picks, Ties On Others

    The Senate Banking Committee on Tuesday endorsed President Joe Biden's nominees for high-level posts at the U.S. Treasury Department and Department of Commerce but deadlocked on others, including the Consumer Financial Protection Bureau chief who's up for a senior U.S. Department of Housing and Urban Development job.

  • October 05, 2021

    FINRA Fines Merrill Lynch $1.5M Over Muni Securities Issue

    The Financial Industry Regulatory Authority hit Merrill Lynch with a $1.5 million fine for an alleged breach of supervisory and disclosure-related rules established under the Municipal Securities Rulemaking Board, or MSRB.

  • October 05, 2021

    Ozy Media Sued By Investor Over Exec Impersonation Scandal

    An investor in Ozy Media has hit the beleaguered digital media company with a securities suit in California federal court alleging it knowingly failed to disclose among other things that one of its founders impersonated a YouTube executive and misrepresented Ozy's programming viewership.

  • October 05, 2021

    Republic Bank & Trust Sues To Enforce $165M Tax Unit Sale

    Kentucky-based Republic Bank & Trust sued financial technology company Green Dot Corp. in Delaware's Chancery Court Tuesday, seeking an order for Green Dot's closing or payment of damages on the $165 million sale of a Republic affiliate that provides early refund and tax payment services.

  • October 05, 2021

    Warren Criticizes 'Corruption' At Fed Over Stock Trades

    Sen. Elizabeth Warren, D-Mass., criticized a "culture of corruption" among top officials at the Federal Reserve and reiterated her calls for changes to its leadership in a heated speech on the Senate floor Tuesday.

  • October 05, 2021

    3 Jurisdictions Dropped From Tax Blacklist, EU Confirms

    The European Union's council of member states dropped three jurisdictions from the bloc's so-called blacklist of territories deemed uncooperative on tax matters, according to a news release Tuesday that confirmed reports from last week.

  • October 04, 2021

    Morgan Stanley, UBS Escape Failed Stock Lending Co.'s Suit

    A New York federal judge dismissed two identical antitrust suits on Friday from stock-lending platform SL-x, which accused several major banks, including Goldman Sachs, UBS and Merrill Lynch, of forcing it out of business.

  • October 04, 2021

    Pandora Papers Spark Calls To Expedite New AML Rules

    The release over the weekend of the so-called Pandora Papers, a trove of millions of files detailing alleged money laundering by leaders across the world, led to renewed calls Monday for the U.S. to roll out imminent new anti-money laundering rules without delay.

  • October 04, 2021

    Warren Asks SEC To Probe Potential Insider Trading At Fed

    Sen. Elizabeth Warren, D-Mass., urged the U.S. Securities and Exchange Commission on Monday to investigate potential insider trading by top Federal Reserve officials, including Vice Chair Richard Clarida and the heads of two of the Fed's regional banks who have since resigned.

  • October 04, 2021

    High Court Won't Hear RD Legal's CFPB Ratification Challenge

    The U.S. Supreme Court on Monday declined to take up an appeal challenging the Consumer Financial Protection Bureau's ability to carry on with enforcement actions that were brought at a time when the justices have said the agency was unconstitutionally structured.

  • October 04, 2021

    SDNY Appellate Deputy Chief Joins Boutique Firm Perry Guha

    A former deputy chief of appeals with the Manhattan U.S. Attorney's Office has joined boutique firm Perry Guha LLP as a partner, bringing with her nearly 14 years of experience in the federal prosecutor's office.

  • October 04, 2021

    High Court Won't Review 3rd Circ. Nix Of SEPTA Ad Policy

    The U.S. Supreme Court won't review a Third Circuit ruling that the Southeastern Pennsylvania Transit Authority's ban on political advertising runs afoul of the U.S. Constitution, leaving in place the Center for Investigative Reporting's victory in a free speech and discrimination challenge.

Expert Analysis

  • What To Know About Ill. Student 'Know Before You Owe' Law

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    Illinois' new Know Before You Owe Private Education Loan Act is likely to pose significant compliance challenges as it requires higher education institutions to share specified student information with lenders and income share agreements providers before any funds may be disbursed, and imposes new information reporting requirements on both lenders and schools, say attorneys at Manatt.

  • How SEC's Policy Pivot Supports Whistleblowers

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    The recent U.S. Securities and Exchange Commission rollbacks of 2020 amendments to whistleblower program rules could bolster both whistleblower complaints against public companies and SEC enforcement activity, say attorneys at Kirkland.

  • Resolving Class Actions Early With Bifurcated Discovery

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    As courts grow wary of early defense motions to strike or limit allegations in class actions, counsel should consider motions to bifurcate discovery on specific dispositive issues — an approach that is increasingly finding favor with courts, say attorneys at McGuireWoods.

  • What The Judiciary's Font Recommendations Can Teach Us

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    The D.C. Circuit's recent soft prohibition on Garamond and the ensuing debates about courts' font preferences should serve as a helpful reminder of a larger point — every departure from convention in legal writing carries some level of risk, says Spencer Short at Stradley Ronon.

  • How 6th Circ. May Resolve District Court TCPA Exception Split

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    Depending on how the Sixth Circuit, in Lindenbaum v. Realgy, resolves a district court split over whether severance of the government debt exception to the Telephone Consumer Protection Act excuses otherwise unlawful robocalls, defense counsel may have to seek alternative arguments if they want their cases dismissed, says Arielle Katz at Gibbons.

  • Crypto Status Remains Unclear Despite SEC Assurance

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    U.S. Securities and Exchange Commission Chair Gary Gensler recently asserted that the Howey test offers a straightforward way to determine whether a crypto asset is a security, but without SEC guidance on how to issue crypto assets that are not securities, the test's application remains unclear, says Matthew Comstock at Murphy & McGonigle.

  • High Court TransUnion Ruling May Enhance PTAB Autonomy

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    The U.S. Supreme Court's recent decision in TransUnion v. Ramirez, raising the bar on requirements for Article III standing, may bolster the Patent Trial and Appeal Board's autonomy because courts can now hold that denial of inter partes review does not constitute a concrete injury, says Gwendolyn Tawresey at Troutman Pepper.

  • Steps For Complying With FinCEN's New AML Priorities

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    Attorneys at Debevoise highlight key strategies financial institutions should consider for complying with the Financial Crimes Enforcement Network’s recently issued anti-money laundering and countering the financing of terrorism priorities, noting their increased interconnectedness among traditionally separate issues.

  • Natural Capital: A Paradigm Shift In Valuing The Environment

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    Companies can reap multiple benefits from incorporating the concept of natural capital — best understood as the global stock of ecological resources and systems providing the goods and services necessary to support life and sustain industries — into their environmental, social and governance initiatives and compliance efforts, says Ian Guthoff at Goldberg Segalla.

  • SEC Cyber Disclosure Actions Point To Merciless Scrutiny

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    Recent U.S. Securities and Exchange Commission actions over cyber-related disclosure failures show what to expect from a newly invigorated SEC and offer fresh insights on how to counter potentially unmerciful post-breach scrutiny from the agency, even in immaterial, nonfraudulent matters, says cybersecurity consultant John Reed Stark.

  • Key Lessons From Cayman Bank Liquidator Challenge

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    The recently decided Global Finance Bank Ltd. case provides helpful guidance on how the Cayman Islands Grand Court may respond to a creditor challenge of the appointment of voluntary liquidators as official liquidators following an entity's liquidation filing, as these challenges will continue absent a legislative fix, says Tony Heaver-Wren at Appleby Global.

  • How The 'Rocket Docket' Continues To Roar Through COVID

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    While the Eastern District of Virginia rocket docket is no longer the nation's fastest civil trial court, it continues to keep litigation moving efficiently, with pandemic protocols resulting in new benefits for litigants, says Robert Tata at Hunton.

  • Evaluating Challenges To SEC's ESG Disclosure Proposal

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    Jonathan Brightbill and Jennie Porter at Winston & Strawn examine constitutional and statutory arguments that organizations and state governments have articulated against the U.S. Securities and Exchange Commission’s proposal to mandate climate risk and environmental, social and governance disclosures.

  • How A New Law Changes Commercial Receiverships In Conn.

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    The Uniform Commercial Real Estate Receivership Act, which takes effect in Connecticut next year, will vastly improve the predictability and administration of commercial real estate rent receiverships as a means of protecting a mortgagee's collateral pending a foreclosure, and provides new strategic considerations for creditors, say attorneys at Shipman & Goodwin.

  • Why A Missed Email Could Cost You Your Case

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    A recent Fifth Circuit ruling in Rollins v. Home Depot, denying a motion to amend summary judgment after the plaintiff’s lawyer missed a case notification email, aligns with precedent holding that simple errors can sabotage a case and even implicate ethics rules — but certain best practices can help avoid dire mistakes, say Amy Richardson and Charles Loeser at Harris Wiltshire.

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