Banking

  • July 12, 2019

    Attys Get $4.9M In Fees In Citigroup Exchange Rate Suit

    The attorneys for a class of Citigroup Inc.-sponsored American depositary receipt holders will receive nearly $5 million in fees after securing a $14.75 million settlement in a suit alleging the bank manipulated the foreign exchange rate when providing dividends to ADR holders.

  • July 12, 2019

    Bank Of America, Morgan Stanley Again Accused Of Spoofing

    Morgan Stanley & Co. LLC, Bank of America Corp. and its subsidiary Merrill Lynch Commodities Inc. engaged in spoofing in an effort to manipulate precious metals futures, according to a proposed class action filed Friday in New York federal court.

  • July 12, 2019

    SunEdison Settles With Investors For $74M

    SunEdison Inc. investors inked a $74 million cash deal to end their class action suit accusing the renewable energy company of maintaining faulty internal controls and filing inaccurate financial statements, they told a New York federal judge Friday.

  • July 12, 2019

    Deals Rumor Mill: NSF, Clariant, Armacell

    Neil Woodford is mulling selling some or all of his stake in Non-Standard Finance PLC, Clariant is in the home stretch to sell a packaging unit, and Blackstone and the holding company owned by the family behind the Lego brand are considering selling Armacell International.

  • July 12, 2019

    DQ'd Lawyers Must Pay PNC's Atty Fees In Foreclosure Fight

    A Florida federal judge has ordered two attorneys who were disqualified from representing homeowners in a foreclosure dispute to pay legal fees and costs to PNC Bank, after the lawyers used privileged information in an amended complaint they filed in the case.

  • July 12, 2019

    RBC Capital Exits Investors' Contract Breach Suit

    Brokerage firm RBC Capital Markets LLC wiggled out of a proposed class action accusing it of breaching its contract with investors in how it sold risky, complex securities known as reverse convertible notes when a Minnesota federal judge found that RBC did not break promises to its clients.

  • July 12, 2019

    Taxation With Representation: Skadden, Sullivan, Wachtell

    In this week’s Taxation With Representation, Piper Jaffray and Sandler O’Neill join forces in a $485 million merger, Cisco snaps up fiber optics company Acacia Communications for $2.6 billion, and Virgin Galactic merges with a special purpose acquisition company held by Social Capital and Hedosophia to create a $1.5 billion company.

  • July 12, 2019

    Investor Who Filed $4B Crypto Ponzi Suit Cut From Lead

    A New York federal judge has denied two investors' bid to jointly lead a $4 billion lawsuit over an alleged cryptocurrency Ponzi scheme, handing the lead to the investor claiming greater losses rather than the one who filed the suit, saying the "unrelated" pair won't "function cohesively." 

  • July 12, 2019

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

    The last week has seen an Allianz unit sue security outsourcers Serco Group and G4S, BGC Brokers continue its legal war against a rival firm accused of poaching traders and a Guernsey fund administrator drag a London borough into court. Here, Law360 looks at those and other new claims in the U.K.

  • July 12, 2019

    Ex-Barclays Execs Face Retrial Over Qatar Cash Call

    Three former Barclays executives will be retried on fraud charges in October over the bank’s capital raising at the height of the financial crisis, a London judge confirmed Friday.

  • July 11, 2019

    Food Co. Fights Goldman's Exit Bid In SuperValu Merger Suit

    United Natural Foods Inc. traded barbs with Goldman Sachs in New York state court on Thursday, arguing that the bank is trying to distract from the company's fraud and contract claims by denying the alleged facts and subbing in its own.

  • July 11, 2019

    Regulators Wait To Be Convinced Of Crypto Asset Safeguards

    A joint statement from the SEC and FINRA this week highlights their concerns with broker-dealers transacting digital assets, leading observers to suspect the regulators need to be convinced that the firms are using effective processes to protect customer assets.

  • July 11, 2019

    Merrill Lynch Bank Wants No Part In Pa. Pension Theft Suit

    Merrill Lynch Bank & Trust Co. said Thursday that one of the men accused of participating in a plot to swindle a Pennsylvania company’s pension plan can’t try to shift blame onto the bank.

  • July 11, 2019

    Volcker Rule Reform Next Steps Coming In Fall, Quarles Says

    A top Federal Reserve official said Thursday that the banking industry could soon find out how federal regulators plan to proceed with a Volcker rule overhaul effort after concerns were raised last year about proposed changes to the rule's proprietary trading prohibitions.

  • July 11, 2019

    Chase's Suit Over $69M Patent Pay Survives Toss Bid

    The Delaware chancellor on Thursday allowed the bulk of a Chase Bank suit related to a prior court-ordered $69 million royalty refund it wants to collect from patent licensing firm DataTreasury Corp. to move forward as another suit related to the refund also proceeds.

  • July 11, 2019

    Ex-Credit Union CEO, NY Businessman Deny Bribery Charges

    The former CEO of Melrose Credit Union and a Long Island, New York, business owner pled not guilty in New York federal court Thursday to charges that they conducted a bribery scheme to exchange free housing for favorable loan terms.

  • July 11, 2019

    Preston Hollow Hint Led To Agency Check On Boycott Claims

    An attorney for Preston Hollow Capital LLC told a Delaware vice chancellor Thursday that a co-counsel’s assertion that "something illegal’s going on" at competitor Nuveen LLC set off a request from a "government entity" for recordings of Nuveen phone calls, the latest move over allegations Nuveen pressured Deutsche Bank to boycott Preston.

  • July 11, 2019

    Wells Fargo's $17.85M Deal To End 6 TCPA Suits Is Approved

    Wells Fargo's $17.85 million deal resolving six proposed class actions accusing the bank of calling and texting consumers in violation of the Telephone Consumer Protection Act has received approval in Illinois federal court.

  • July 11, 2019

    Exchanges Defend Bid To Appeal 'Flash Boys' Suit Survival

    Major U.S. stock exchanges said Wednesday that the survival of litigation accusing them of helping high-frequency traders get an unfair advantage creates legal questions that need to be addressed by an appeals court.

  • July 11, 2019

    Ill. Atty Gets $500K FIRREA Fine For Lying To Housing Agency

    An Illinois federal judge has slapped an attorney accused of lying to a federal housing regulator with a $500,000 penalty, saying the sum was warranted for his "serious wrongdoing" but still fell well short of the maximum $3.3 million fine the government asked for.

  • July 11, 2019

    PayPal GC Set To Depart For Top Lawyer Role At Discover

    PayPal senior vice president and general counsel Wanji Walcott plans to leave the online payments company Friday, and then later this month start in her new role as chief legal officer and general counsel at Discover, she told Law360 on Thursday.

  • July 11, 2019

    Indiana AG Says Medical Debt Collector Belongs In Ch. 7

    Indiana's attorney general wants to force the troubled medical debt collection company responsible for a breach that exposed the personal data of 20 million consumers into liquidation, telling a New York bankruptcy court there's no reason Retrieval-Masters Creditors Bureau Inc. should retain control of its own fate.

  • July 11, 2019

    Hedge Fund Boss Convicted Of $100M Mismarking Scheme

    A Manhattan jury on Thursday found Premium Point Investments CEO Anilesh "Neil" Ahuja guilty of charges that he schemed to inflate his now-fallen hedge fund's assets by $100 million, delivering a relatively quick conviction after a six-week trial.

  • July 10, 2019

    SocGen Owes $792M Over Castro-Seized Bank, Heirs Say

    Heirs of a bank that was seized by Fidel Castro's government in 1960 — and then used as Cuba’s national bank — claimed in Florida federal court Wednesday that Société Générale SA ignored U.S. embargoes, profiting by doing business with the bank, and should pay back $792 million in damages.

  • July 10, 2019

    Exhibits Wrongly Sealed After $706M Trade Secrets Verdict

    A Texas judge erred by sealing records that had been admitted as trial exhibits six weeks after a data analytics startup won a blockbuster $706 million jury verdict against a Quicken Loans affiliate it had accused of misappropriating its trade secrets, a state appellate court ruled Wednesday.

Expert Analysis

  • Law Firms Can Do Better With Their Mentoring Programs

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    There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.

  • What To Know About New CFPB Investigative Demand Policy

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    The Consumer Financial Protection Bureau recently announced an update to its civil investigative demand process to provide entities with more information about the nature of its investigations, signaling that the CFPB’s new director favors transparency and is attuned to industry concerns, say Tori Shinohara and Ori Lev of Mayer Brown.

  • The Latest Developments In Criminal Cases Against Execs

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    This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.

  • 'Rocket Docket' Justifies Its Name For 11th Straight Year

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    The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.

  • Mass. Foreclosure Ruling Offers Lessons For Lenders

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    A recent Massachusetts appellate decision is a wake-up call for foreclosing lenders to make sure they get the best price and a reminder of gray areas in the rules of the Massachusetts foreclosure game, says Francesco De Vito of Rackemann Sawyer.

  • What Securities Pros Need To Know About SEC Data Analytics

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    The U.S. Securities and Exchange Commission’s data analytics efforts have been repeatedly cited in SEC press releases announcing successful investigations and cases. Understanding the commission's work in this area is essential for compliance professionals at investment advisers and broker-dealers, say Charles Riely and Danielle Muniz of Jenner & Block.

  • China's Amended Investment Law Leaves Some Details Vague

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    China's recently amended Foreign Investment Law promises outside investors a more stable, transparent and predictable investment environment in China. But concerns remain that the law was rushed through to ease trade tensions, and that some of its provisions are not clearly defined, says Yuanyou Yang of Duane Morris.

  • Measuring The Value Of A Law Firm's Social Media Efforts

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    Most legal marketers struggle to show the return on investment of their social media efforts, but establishing and answering several key questions can help demonstrate exactly how social media programs contribute to a law firm's bottom line, say Guy Alvarez of Good2bSocial and communications consultant Tom Orewyler.

  • Do Fines Really Discourage Banks From Breaking The Law?

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    Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.

  • Collateral Descriptions May Need More Specific Drafting

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    For years, courts ruled that collateral descriptions in financing statements just needed to give enough notice to cause subsequent creditors to make further inquiry with the debtor, but there are signs that the “further inquiry doctrine” may not offer secured creditors as much protection as it once did, says Peter Beardsley of Loeb & Loeb.

  • The Aftermath Of High Court's Class Action Removal Opinion

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    In Home Depot v. Jackson, the U.S. Supreme Court held last week that a third party named as a defendant in a class action counterclaim cannot remove the case to federal court under the Class Action Fairness Act, which will likely lead to many more class actions filed as counterclaims in state court, say attorneys at Mayer Brown.

  • The Uncertain Future Of Gov't Investigations Post-Deutsche

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    A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.

  • The SEC's Looming Initial Exchange Offering Sweep: Part 2

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    In an initial exchange offering, a cryptocurrency trading platform hosts an offering of another company's digital tokens. But none of the platforms that offer IEOs are registered as securities exchanges with the U.S. Securities and Exchange Commission, and could face dire consequences as a result, says cybersecurity consultant John Reed Stark.

  • The SEC's Looming Initial Exchange Offering Sweep: Part 1

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    An initial exchange offering is an offering administered by a cryptocurrency trading platform on behalf of a company issuing cryptocurrency tokens. While IEOs have captivated cryptocurrency enthusiasts, they are also capturing the attention of the U.S. Securities and Exchange Commission, says cybersecurity consultant John Reed Stark.

  • What To Know About Updates To Nevada's Online Privacy Law

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    While not as far-reaching as the California Consumer Privacy Act, legislation recently passed by the Nevada Assembly amends the state's existing online privacy notice statutes in two notable ways, say attorneys at Husch Blackwell.

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