Banking

  • August 04, 2020

    DLA Piper Nabs Energy Pro For San Diego Office

    DLA Piper has added Sempra Energy's former senior counsel, who guided the company through multiple billion-dollar transactions, to its corporate team in San Diego.

  • August 04, 2020

    Ex-Goldman Atty Joins Libra Member Bison Trails As First GC

    Blockchain infrastructure company and Libra Association member Bison Trails Co. has tapped a former Goldman Sachs attorney as its first general counsel, Bison Trails announced Tuesday.

  • August 04, 2020

    Gibson Dunn Adds Ex-Jones Day Atty As Texas PE Leader

    Gibson Dunn & Crutcher LLP has hired a former Jones Day partner to lead its private equity practice in Texas.

  • August 04, 2020

    German Prosecutors Raid Banking Lobby In Tax Fraud Probe

    German prosecutors searched the Berlin and Frankfurt offices of Germany's top banking lobby on Tuesday in a widening investigation into the "cum-ex" tax evasion scandal.

  • August 03, 2020

    Crypto Industry Org Urges More OCC Fintech-Bank Guidance

    The Digital Asset Regulatory and Legal Alliance, a group which includes founders and senior legal counsel in the fintech space, has told the U.S. Office of the Comptroller of the Currency that more concrete guidance is needed on fintech partnerships with national banks, as the agency solicits comments from the industry on existing regulations governing technology in banking.

  • August 03, 2020

    BofA Accused Of Unauthorized Escrow Account Creation

    Bank of America NA was hit Monday with a proposed class action from a North Carolina resident who alleges the bank has engaged in systematic mistreatment of home loan borrowers, enrolling her and others in mortgage escrow accounts without proper authorization.

  • August 03, 2020

    HSBC Says It's Settling Calif. AG's Forex Trading Probe

    HSBC said in a regulatory filing Monday that its main U.S. banking arm has reached a tentative settlement with California's attorney general to resolve an investigation related to its foreign exchange trading, which has been the subject of several settlements in recent years with U.S. and U.K. authorities.

  • August 03, 2020

    McGuireWoods Nabs Senior SDNY White Collar Prosecutor

    One of the Southern District of New York's top prosecutors made the jump to the private sector Monday, becoming McGuireWoods LLP's newest government investigations and white collar litigation partner out of its Charlotte, North Carolina, office, the firm announced.

  • August 03, 2020

    Morgan Stanley Hit With Suit Over Sensitive Data Exposures

    Morgan Stanley mistakenly disclosed customers' sensitive information to unknown third parties on two separate occasions in recent years, a pair of customers said in a lawsuit recently filed in a New York federal court, slamming the investment bank for putting thousands at an increased risk of identity theft.

  • August 03, 2020

    The Top In-House Hires Of July

    Legal department hires during July included high-profile appointments at Pacific Gas and Electric, U.S. Soccer and Coca-Cola. Here, Law360 looks at some of the top in-house announcements from the past few weeks.

  • August 03, 2020

    'Guaranteed Rate' Is Not A Trademark, TTAB Says

    The Trademark Trial and Appeal Board is refusing to let mortgage lender Guaranteed Rate Inc. register its name as a trademark, saying consumers do not associate the "highly descriptive" term with any single company.

  • August 03, 2020

    Curo Investors Ink $9M Deal On Canada Lending Class Action

    Shareholders of online lender Curo asked a Kansas federal judge Friday to approve an almost $9 million cash settlement to end class action allegations that the company misled investors about its plans to phase out its lucrative payday loan program in Canada.

  • August 03, 2020

    Gay Citigroup Employee Sues Over Retaliation, Discrimination

    An employee within Citigroup's prime brokerage unit accused the lender of retaliation and discrimination in a new lawsuit Monday morning, claiming he was demoted after flagging harassment concerns with a new hire and passed over for promotions because he's gay.

  • July 31, 2020

    NY Gets Reinforcements In 2nd Circ. Fintech Charter Fight

    Consumer advocates, community banks, state regulators and academics are going to bat at the Second Circuit for New York's legal campaign against the Office of the Comptroller of the Currency's fintech charter program, arguing the specialized charter is an ahistorical invention that mucks up federal and state law.

  • July 31, 2020

    Cannabis Bill Roundup: House OKs Protecting State-Legal Pot

    The U.S. House of Representatives approved an amendment shielding state-legal marijuana businesses from federal prosecution, while California lawmakers considered several bills to make changes to the state's cannabis policy, including setting strict limits on marijuana vape flavors. Here, Law360 takes stock of recent state and federal developments in cannabis legislation.

  • July 31, 2020

    CFPB Pushes Back On NY Firm's Constitutional Challenge

    The U.S. Consumer Financial Protection Bureau told a Manhattan federal judge that a New York law office should have to comply with a civil investigative demand from the federal regulator, notwithstanding the law office's contention that the agency remains unconstitutionally structured after its recent trip to the U.S. Supreme Court.

  • July 31, 2020

    BNP Fined $650K For Alleged Risk Management Failures

    A BNP Paribas unit allegedly ran a trading desk with inadequate risk controls, causing it to execute a range of potentially erroneous customer orders, and took years to fix the problems in many instances, according to a $650,000 settlement the broker-dealer reached with the Financial Industry Regulatory Authority.

  • July 31, 2020

    COVID-19 Puts Ex-Traders' Trial Rights 'In Conflict,' Feds Say

    Two ex-Deutsche Bank traders charged with spoofing may have to choose which constitutional trial rights to assert amid the COVID-19 pandemic, a U.S. Department of Justice prosecutor told a federal court on Thursday: the right to a speedy jury trial or the right to confront witnesses in person.

  • July 31, 2020

    Opening PPP Loans To Bankrupt Ventures A Welcome Change

    Bankruptcy experts are applauding a proposed change to the Paycheck Protection Program that will allow small business debtors to access loans under federal COVID-19 relief packages, correcting what they say was a mistake in early versions of the aid program that left bankrupt companies without a valuable tool for surviving the pandemic.

  • July 31, 2020

    Noble Corp. Hits Ch. 11 With Deal To Cut $3.4B In Debt

    The COVID-19 pandemic claimed another energy sector victim Friday as offshore oil drilling contractor Noble Corp. filed for Chapter 11 bankruptcy in a Texas court with an equity swap agreement to cut $3.4 billion in debt.

  • July 31, 2020

    Fintech Can't Halt Sale Of Raphaels Bank's Visa Shares

    A London judge Friday rejected payment services provider Sogexia's bid to prevent Raphaels Bank from transferring shares in Visa Inc. to its parent company, despite the fintech's contention they could be sold to pay off the bank's debts.

  • July 31, 2020

    Varo Granted National Bank Charter, A First For Fintechs

    Consumer fintech company Varo Money Inc. has been granted a charter to launch a full service national bank, the U.S. Office of the Comptroller of the Currency said Friday, the first fintech company of its kind to do so.

  • July 31, 2020

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

    The past week in London has seen the Solicitors Regulation Authority file a claim against HSBC, insurers AXA and Allianz sue Swiss insurance giant Zurich, and Cantor Fitzgerald appeal a case involving a rival broker not long after a judge said their poaching dispute belongs in the U.K. Here, Law360 looks at those and other new claims in the U.K.

  • July 31, 2020

    3 Changes Coming To The Coworking Sector Amid COVID-19

    The coworking sector has been hit especially hard by the COVID-19 pandemic amid health concerns over office layouts, and experts say more trouble is likely in store for coworking operators and the owners of those properties. Here, Law360 looks at three ways the pandemic is fundamentally upending the coworking model.

  • July 30, 2020

    Small Businesses Press For Chase Virus Relief Loans MDL

    Small businesses that have sought coronavirus relief loans through the Paycheck Protection Program urged a federal judicial panel on Thursday to consolidate their lawsuits accusing JPMorgan Chase Bank NA of mishandling their applications, cases the bank countered are dwindling in number and too distinct to combine.

Expert Analysis

  • Despite 2nd Circ. Ruling, Discovery Statute's Reach Grows

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    The Second Circuit’s recent Guo ruling barring the use of cross-border discovery under Section 1782 in private, international commercial arbitration is the exception to the rule of broad circuit-level interpretation as this statute becomes an increasingly powerful tool for litigators, say attorneys at Dechert.

  • Why FTC Needs High Court Win On Monetary Equitable Relief

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    To preserve the Federal Trade Commission as it currently functions, it is crucial for the agency to win two U.S. Supreme Court cases concerning its ability to obtain equitable monetary relief — despite recent legal trends not going the FTC's way, says Wayne State University professor and former FTC general counsel Stephen Calkins.

  • Justices' SEC Disgorgement Ruling Vexes Net Profits Math

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    The U.S. Supreme Court's recent decision in Liu v. U.S. Securities and Exchange Commission could make it harder for the regulator to identify legitimate business expenses for net profit calculations in enforcement actions, and to obtain disgorgement when it's difficult to pinpoint harmed investors, say attorneys at Paul Hastings.

  • Practical Guidance For Main Street Loan Participants: Part 2

    Excerpt from Lexis Practice Advisor
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    Michael Chernick and Tomasz Kulawik at Shearman break down practical considerations for participating in the Main Street Lending Program, including how any CARES Act funding will integrate with existing debt structures.

  • Opinion

    Dreamers Bring Important Perspective To Legal Industry

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    The U.S. Supreme Court recently ruled to preserve the Deferred Action for Childhood Arrivals program for the time being, and at this critical time in our nation's history, there are several actions that every law firm can take to increase the visibility of Dreamers, say Regina Calcaterra, Isidora Echeverria and Montserrat Lopez at Calcaterra Pollack.

  • PPP Data Could Lead To Trouble For Loan Recipients

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    Following the recent release of Paycheck Protection Program data by the U.S. Department of the Treasury, loan recipients, especially those receiving larger loans, should prepare for Small Business Administration audits, possible enforcement actions and increased public scrutiny, say attorneys at Sheppard Mullin.

  • Practical Guidance For Main Street Loan Participants: Part 1

    Excerpt from Lexis Practice Advisor
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    Michael Chernick and Tomasz Kulawik at Shearman dig into the most recent terms of the Main Street Lending Program, including how borrowers and lenders can qualify for the Federal Reserve's coronavirus relief funds.

  • Helping Clients Overcome Financial Hurdles Mid-Litigation

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    In perilous economic times like these, abandoning litigation in progress could be a tempting cost-cutting measure for companies, but lawyers can help clients evaluate two alternative financial arrangements to stanch the bleeding from expenditures while preserving valuable litigation assets, say Charles Agee at Westfleet Advisors and Collin Cox at Yetter Coleman.

  • 5th Circ. PPP Ruling Doesn't Doom Debtors Seeking Loans

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    Despite the Fifth Circuit’s recent ruling in Hidalgo County Emergency Service Foundation v. Carranza barring debtors from receiving Paycheck Protection Program loans, this financial assistance is still available by filing in other circuits and through further workarounds, say Shane Ramsey and John Baxter at Nelson Mullins.

  • ERISA Remedies Could Increase Under Liu V. SEC Ruling

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    The U.S. Supreme Court’s recent ruling allowing disgorgement of profits as equitable relief in Liu v. U.S. Securities and Exchange Commission could open the door to additional remedies for Employee Retirement Income Security Act claimants, says Mark DeBofsky at DeBofsky Sherman.

  • Inclusivity Considerations For Law Firms Reopening Offices

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    While most law firms will focus on ensuring physical office spaces are as safe as possible for attorneys and staff members, it's equally important to consider the impact office reopening decisions will have on a firm's culture of diversity and inclusion, says Manar Morales at the Diversity & Flexibility Alliance.

  • Opinion

    State AG-Private Atty Alliances Must Be Put To The Lucia Test

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    In view of recent decisions using the U.S. Supreme Court’s 2018 opinion in Lucia to examine the propriety of local officers, it makes sense to question — under states' appointments clauses — the now-common practice of private attorneys prosecuting civil enforcement actions on behalf of state attorneys general, say attorneys at Arnold & Porter.

  • What To Know About Reporting Employee Criminal Activity

    Excerpt from Lexis Practice Advisor
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    Lesley Brovner and Mark Peters at Peters Brovner discuss the federal requirements for reporting employee criminal activity, the consequences for failure to report, and steps to minimize liability and the risk of defamation and discrimination claims from accused workers.

  • 3 Ways High Court's Liu V. SEC Ruling Curtails FTC Authority

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    The U.S. Supreme Court's recent ruling in Liu v. U.S. Securities and Exchange Commission limited the Federal Trade Commission's authority in important ways, and the court's eventual decision in FTC v. Credit Bureau Center could prevent the regulator from seeking disgorgement or restitution altogether, say attorneys at Sidley.

  • FinCEN Guidance A Positive Step For Hemp Businesses

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    The recent Bank Secrecy Act guidance from the U.S. Department of the Treasury's Financial Crimes Enforcement Network represents a major shift that should enable certain hemp-related businesses to receive better access to financial services, say Gregory Kaufman and Ben Marzouk at Eversheds Sutherland.

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