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Banking

  • November 6, 2018

    JPMorgan Says Not To Certify 'Lawyer-Driven' 401(k) Suit

    JPMorgan Chase has urged a New York federal judge not to certify a proposed class of several hundred thousand 401(k) plan participants alleging that the bank mismanaged their retirement savings, saying that the named plaintiffs were satisfied with the plan until they were contacted by lawyers through Facebook ads.

  • November 6, 2018

    Deutsche Bank Says Bid To Amend RMBS Suit Too Late

    Deutsche Bank National Trust Co. told a New York federal judge on Monday that the National Credit Union Administration Board should not be allowed to amend its suit over a number of residential mortgage-backed securities trusts, saying it is too late to fix standing issues.

  • November 6, 2018

    Blockchain Biz Bitfury Closes $80M Private Placement

    Full-service blockchain technology company The Bitfury Group on Tuesday said it has closed an $80 million private placement that was led by Korelya Capital, the European growth-capital firm backed by Korean digital giant Naver Group, among others.

  • November 5, 2018

    NYC Art Consultant Dodges Prison Time For Tax Scheme

    A Manhattan art consultant who copped to enlisting a Swiss banking whiz to help her hide a nearly $4 million inheritance from the IRS was sentenced Monday to four years of probation, including eight months of home confinement, over the objections of prosecutors who called for at least a nominal stint in prison.

  • November 5, 2018

    Heartland Must Face Suit Over Non-Solicitation Agreement

    A former Heartland Payment Systems Inc. salesman can sue the payment processing company to escape an agreement blocking him from dealing with its customers even though he hasn’t broken the pact and doesn’t plan to, a New Jersey federal judge said Monday.

  • November 5, 2018

    PE Firm Says Co. Can't Pay $6.4M Award, Pulls Request

    A private equity firm has given up its fight in New York federal court to confirm a $6.4 million costs award issued after a tribunal rejected a Mauritius investment company's breach of contract allegations, saying that the latter company doesn't have the money to pay up.

  • November 5, 2018

    Wells Fargo Seeks To Ax Auto Insurance Stock-Drop Suit

    Wells Fargo urged a California federal judge Friday to toss a proposed class action accusing the bank of having kept investors in the dark about its alleged foisting of unnecessary insurance on some auto loan customers, arguing that no duty to disclose the issue sooner has been shown and that the bank's statements about its transparency efforts were “corporate puffery.”

  • November 5, 2018

    BakerHostetler Snags 2 Katten Muchin Commercial Litigators

    BakerHostetler has boosted its New York office with the addition of two Katten Muchin Rosenman LLP trial attorneys who have worked together for more than two decades in areas including real estate, hospitality, media and financial services.

  • November 5, 2018

    Funds Fight Chinese Bank's Venue Bid In SIBOR Rigging Suit

    Sonterra Capital Master Fund Ltd. and FrontPoint Asian Event Driven Fund LP have urged a New York federal court to reject a Chinese bank's arguments that it is not subject to U.S. jurisdiction and its interlocutory appeal in a suit accusing it and other banks of rigging a key Southeast Asian interest rate.

  • November 5, 2018

    Ex-CEO Says 1 Global Notes Not Securities In $287M SEC Suit

    The former CEO of 1 Global Capital LLC told a Florida federal judge on Friday that the U.S. Securities and Exchange Commission’s $287 million fraud lawsuit against him is unfounded because the notes his company issued to small businesses were not securities subject to the agency’s jurisdiction.

  • November 5, 2018

    CFTC Makes Higher Threshold For Swap Dealers Permanent

    The U.S. Commodity Futures Trading Commission on Monday approved a rule making permanent the $8 billion trading threshold governing which swap dealers must register with the agency, opting against previous plans for a lower threshold that would have regulated more firms.

  • November 5, 2018

    DLA Piper Hires 2 Entertainment Finance Pros In Los Angeles

    Two former Greenberg Traurig LLP shareholders with decades of experience in representing film, television and music producers as well as financial companies in media transactional work have joined DLA Piper in Los Angeles.

  • November 5, 2018

    Chinese NGO Head Can't Suppress FISA Evidence At Trial

    A New York federal judge has refused to suppress evidence collected under the Foreign Intelligence Surveillance Act in the trial of the head of a Chinese nongovernmental organization who is accused of bribery, finding that the U.S. government’s electronic surveillance information was gathered legally.

  • November 5, 2018

    2nd Circ. Nixes Ex-JPM Analyst's Insider Trading Conviction

    The Second Circuit reversed former JPMorgan Chase & Co. analyst Sean Stewart's insider trading conviction on Monday, saying the trial judge improperly blocked conflicting statements from Stewart's father, who prosecutors had on tape saying that Stewart handed him stock tips on a “silver platter.”

  • November 5, 2018

    Investor Blasts 'Rotten' RBS At Euribor Swaps Trial

    RBS was a “rotten bank” that acted dishonestly when it sold swaps tied to Euribor while one of its traders was involved in a conspiracy to rig the interest rate benchmark, a lawyer for a Spanish investment vehicle said Monday at the close of a trial in London.

  • November 2, 2018

    Rajaratnam Tells 2nd Circ. $93M SEC Fine A Bridge Too Far

    An attorney for convicted Galleon Group LLC founder Raj Rajaratnam urged the Second Circuit to reconsider his $92.8 million civil penalty for insider trading, telling the appeals court that U.S. District Judge Jed Rakoff failed to properly take into account the severe criminal penalties he incurred.

  • November 2, 2018

    CFPB Ducks Injunction Bid Over FOIA Request For Zillow Suit

    A D.C. federal judge has declined to order the Consumer Financial Protection Bureau to accelerate processing of a Freedom of Information Act request filed by a lawyer seeking to bolster a securities fraud class action complaint against Zillow, unconvinced that an imminent deadline for beefing up those pleadings warranted such a measure.

  • November 2, 2018

    Stress Tests Show Big UK Banks At Back Of EU Pack

    Stress test results released Friday by the European Banking Authority show that Europe’s biggest banks have enough high-quality capital to weather a severe hypothetical economic downturn without dipping below regulatory minimums, though Barclays and Lloyds were left with some of the thinnest cushions.

  • November 2, 2018

    4 Things To Know About The 1MDB Cases

    Federal prosecutors in New York revealed long-awaited charges against a Malaysian financier and two former Goldman Sachs bankers over their alleged part in a multibillion-dollar fraud on Malaysia's sovereign wealth fund, leaving open questions about the bank's exposure. Here are four things to know about the charges.

  • November 2, 2018

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

    The last week has seen a private equity firm sue a major U.K. pub operator, an Iranian shipper take on dozens of insurers and a breach of contract claim against Merrill Lynch. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • ​Are You Ready For Your Congressional Investigation?

    Brian Smith

    ​The Democratic Party is ​expected to take control of the House of Representatives next year,​ ​which​ will dramatically increase the congressional investigations risks for ​the ​private sector.​ Prime targets include pharmaceutical, financial services and technology ​companies, says Brian Smith of Covington & Burling LLP.

  • How FTC Is Stepping Up Its Consumer Protection Efforts

    Jonice Gray Tucker

    The Federal Trade Commission, which once dominated the playing field on many consumer protection issues, appears poised to reclaim a more active role in connection with financial products and services, say attorneys with Buckley Sandler LLP.

  • Class Arbitration Goes To The Supreme Court

    Jay Bogan

    A U.S. Supreme Court ruling in Varela v. Lamps Plus that the Federal Arbitration Act displaces contractual interpretation rules likely would vacate the Eleventh Circuit's recent JPay decision, says James Bogan of Kilpatrick Townsend & Stockton LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Studying The Reactions To SEC's Whistleblower Proposals

    Kathleen Massey

    Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.

  • What Financial Cos. Can Expect If Democrats Win House

    Aaron Cutler

    It is widely expected that Democrats will take control of the House in the midterm elections, and a Democratic House Financial Services Committee will likely launch a broad range of investigations, particularly relating to consumer-facing issues, say attorneys with Hogan Lovells.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Do VPNs Spell Market Manipulation For Crypto Exchanges?

    Richard Malish

    Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.