Banking

  • February 14, 2018

    US Insurers Want Door Shut On $50M Brazilian Bank Claim

    Two U.S. insurers have urged a New York federal court to uphold an arbitral award dismissing a Brazilian banking and financial services company's $50 million policy claim against them, arguing that the bank's bid to recoup its losses ignores the great deference courts give to foreign arbitration.

  • February 14, 2018

    Mayer Brown Grows With 2 New Partners In Finance Groups

    Mayer Brown LLP boosted its New York office with the addition of two new partners — a former Ropes & Gray LLP attorney specializing in private fund formation for its corporate and securities practice and the former global co-head of Allen & Overy LLP’s leveraged finance practice for its banking group.

  • February 14, 2018

    CFPB Wants Hints On How To Ease Examination Burdens

    The Consumer Financial Protection Bureau on Wednesday asked for input into ways that it can make its supervision and examination process less onerous for the companies that it oversees.

  • February 14, 2018

    Ex-ICE Attorney Charged With Stealing Immigrant IDs

    A former top attorney at U.S. Immigration and Customs Enforcement's Seattle branch has been charged with stealing the identity of seven immigrants and attempting to use that information to defraud several major financial institutions, according to Washington federal court documents.

  • February 14, 2018

    Manafort And Gates Deserve Day In Court, Judge Says

    A D.C. federal judge on Wednesday expressed impatience with snags in setting a trial date for President Donald Trump's former campaign chairman Paul Manafort and Manafort's former business partner Rick Gates III, and also the extent to which the criminal case has so far been kept under wraps.

  • February 14, 2018

    EU Regulator Seeks Curbs On Risky Fund Practices

    A European financial markets regulator pushed on Wednesday for new rules to prevent investment funds from having too little cash on hand when investors ask for their payouts, which could pose risks to the broader sector during a market downturn.

  • February 13, 2018

    AmEx Ignoring Court Findings, Justices Hear In Antitrust Row

    A group of 11 states pressed forward with its attack on contract provisions that prevent merchants from steering customers to other credit cards in an antitrust case before the U.S. Supreme Court, accusing American Express Co. of ignoring a trial court’s findings.

  • February 13, 2018

    Capital Markets Partner Rejoins Latham In Hong Kong

    Latham & Watkins LLP said Monday that it’s welcoming back a former partner who has worked on a variety of capital markets transactions involving Chinese firms, including a $1.4 billion initial public offering for the Shanghai-based ZTO Express Inc. that was the largest U.S. IPO of 2016.

  • February 13, 2018

    Brothers Guilty Of Airplane Loan Scam, Other Bank Schemes

    A Massachusetts federal jury found a pair of Chicago brothers guilty Tuesday on all charges in a multimillion-dollar scheme in which prosecutors say the pair used fake names to dupe banks, including Commerce Bank of Worcester, into loaning them money to furnish a lavish lifestyle.

  • February 13, 2018

    Treasury Moves To Bar Latvian Bank Due To North Korea Ties

    The U.S. Department of Treasury on Tuesday moved to block Latvia’s second-largest bank from accessing the U.S. financial system after an investigation found that it had allowed illicit funds that were used to help North Korea’s missile program and other criminal activities.

  • February 13, 2018

    Deals Rumor Mill: Walgreens, Actera, Sberbank

    Walgreens has offered to take over pharmaceutical giant AmerisourceBergen, Turkish private equity shop Actera is readying a potential London IPO for auto parts manufacturer Standard Profil, and Russia's Sberbank has been approached concerning a potential deal for its Turkey-based subsidiary.

  • February 13, 2018

    Calif. Jury Finds BofA Blacklisted, Defamed Ex-Worker

    A California federal jury on Tuesday found Bank of America NA illegally blacklisted and defamed a former BofA client manager when it listed her with a fraud reporting agency, awarding the former employee compensatory and punitive damages that could surpass $1.6 million.

  • February 13, 2018

    2nd Circ. Affirms Ex-Brokers' IBM Insider Trading Verdict

    A Second Circuit panel Tuesday upheld a verdict against a pair of former brokers found liable for insider trading in connection with a $1.2 billion IBM deal, ruling that the jury was not required to find their testimony credible.

  • February 13, 2018

    Real Estate Rumors: Blackstone, Prudential, GreenOak

    Blackstone Real Estate Income Trust is said to have recently bought three Illinois warehouses from a JPMorgan Chase fund for $151 million, Prudential has reportedly loaned $49 million for a New York rental building purchase, and a GreenOak venture is said to have dropped $38 million on a Florida office and retail building.

  • February 13, 2018

    4 Firms Guide $3.8B WMIH-Nationstar Merger

    WMIH, a company primarily dealing in reinsurance, and Nationstar Mortgage on Tuesday announced their plan to merge in a deal with an enterprise value of $3.8 billion, guided by Simpson Thacher & Bartlett LLP, Akin Gump Strauss Hauer & Feld LLP, Debevoise & Plimpton LLP and Davis Polk & Wardwell LLP.

  • February 13, 2018

    Congress Must Tackle Threat Bank Regs Pose To 5G Build-Out

    The global race to 5G has put pressure on the Federal Communications Commission to free up high-band spectrum for the next generation of wireless technology, but the agency says its hands are tied until Congress solves a banking issue standing in the way of future spectrum auctions.

  • February 13, 2018

    Proskauer Says No Evidence Ex-Partner Aided Stanford Scam

    The review of tens of millions of pages of documents and a slew of other discovery work has not unearthed “a shred of evidence” that Proskauer Rose LLP and a former partner knew about onetime client Robert Stanford’s massive Ponzi scheme, the firm told a Texas federal judge on Monday.

  • February 13, 2018

    NJ Court Reinstates Suit Over Bank’s Anti-Harassment Duties

    A New Jersey state appellate court on Tuesday revived a former bank employee’s suit against her old employer, ruling that the bank’s code of ethics was ambiguous as to whether it required the bank to enforce anti-harassment provisions that the employee’s supervisor allegedly violated with impunity.

  • February 13, 2018

    Mulvaney Tells Sens. He Had Say In Axing Payday Lender Suit

    Mick Mulvaney, director of the White House Office of Management and Budget, on Tuesday confirmed he took part in the decision to drop a lawsuit against a payday lender, despite his spokesman initially stating the decision was made by career staff at the Consumer Financial Protection Bureau.

  • February 12, 2018

    Labor Dept. Helps Retirement Plans Recover Nearly $16M

    The U.S. Department of Labor on Friday announced it has recovered more than $7 million for three companies that suffered losses for future retirees as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC.

Expert Analysis

  • DOJ Limitation On Agency Guidance Levels Playing Field

    Ronald Tenpas

    A new memo from the U.S. Department of Justice prohibiting DOJ litigators from treating any agency guidance document as binding offers needed relief to regulated parties, giving them a greater opportunity to push back against enforcement theories that rely on “clear” guidance regarding an underlying ambiguous or silent statute, say Ronald Tenpas and Gregory Etzel of Morgan Lewis & Bockius LLP.

  • The PHH Decision And Its Consequences For The CFPB

    Eric Mogilnicki

    With the D.C. Circuit's decision in PHH v. Consumer Financial Protection Bureau Wednesday, the bureau prevailed on an important constitutional issue. However, the full content and context of the court’s opinion offers as much to bureau critics as it does to its supporters, say Eric Mogilnicki and Andrew Smith of Covington & Burling LLP.

  • Opinion

    Evolving Due Process In The Digital Age

    Stephen Kane

    Because courts have not modernized as quickly as companies like Amazon, Tesla and Apple, Americans are becoming increasingly dissatisfied, but technological innovations may be able to help Americans access their due process, says Stephen Kane of FairClaims.

  • Mortgage Pricing Scrutiny Poses New Challenges For Lenders

    Jeffrey Naimon

    Recent federal and state enforcement actions indicate that, even if regulators are not setting “the right price” for a loan, they are increasingly willing to declare certain prices “wrong.” This is a troubling development for mortgage lenders, say Jeffrey Naimon and Benjamin Olson of Buckley Sandler LLP.

  • Under New Tax Law, Time Is Running Out For Ponzi Victims

    Kevin Diamond

    Counsel representing victims of Ponzi schemes should note that the Tax Cuts and Jobs Act eliminates the theft tax loss provisions of the Internal Revenue Code for tax years after 2017. The time to act is now, before this important tax benefit goes away, says Kevin Diamond of Rico Murphy & Diamond LLP.

  • Centers Of Influence Are Key To Small Law Firm Rainmaking

    Frank Carone

    In a national survey of 378 small law firms, partners ranked client referrals as the most important means of business development. Yet studies reveal that while professional services providers obtain most new clients from existing client referrals, their best new clients — the ones providing the largest pool of investable assets — overwhelmingly come from “centers of influence,” says Frank Carone, an executive partner at Abrams Fensterman.

  • Potential Revamp Of CFPB Civil Investigative Demand Process

    Jean Veta

    Last week the Consumer Financial Protection Bureau published a request for information seeking comment on its civil investigative demand process. This signals the bureau’s potential openness to revising the process, which has been regarded as difficult, expensive and time-consuming by many institutions, say attorneys with Covington & Burling LLP.

  • Beware ICO Lawyers, You're The Next Target

    John Reed Stark

    Chairman Jay Clayton of the U.S. Securities and Exchange Commission recently gave an extraordinary speech reiterating his concerns about initial coin offerings while also adding a new twist. It's gatekeeper liability redux at the SEC, and lawyers connected to ICOs should be watching their backs, says John Reed Stark, president of John Reed Stark Consulting LLC.

  • No Consensus On Conspiracy Theory Of Personal Jurisdiction

    Jack Figura

    Courts are divided — and the U.S. Supreme Court has yet to rule — on whether the conspiracy theory of personal jurisdiction is proper under due process requirements. But it is reasonable to expect that sooner or later the high court will narrow the permissible reach of this theory, says John P. “Jack” Figura of Norton Rose Fulbright.

  • State Of The Aircraft Finance Debt Market

    Ronald Scheinberg

    The improving financial position of airlines and operating lessors, coupled with increased competition for deals, has put pressure on private-sector lenders. One would expect this state of “borrower power” to continue during the current economic cycle, says Ronald Scheinberg of Vedder Price PC.