Banking

  • September 16, 2022

    Puerto Rico Tries To Claw Back Bond Payments To Banks

    Financial institutions involved in Puerto Rican bonds are facing a renewed press in federal court to pay back more than $486 million collected from the island's government with the restart of a suit claiming they profited from bonds that never should have been issued.

  • September 16, 2022

    TransUnion Hit With $18M Verdict In Source Code Dispute

    A Cleveland federal jury on Friday said TransUnion LLC should pay $18.3 million to a Northeast Ohio startup that claimed the credit reporting giant held its source code hostage after terminating a business agreement, allegedly preventing the startup from making money with its idea elsewhere.

  • September 16, 2022

    Prof Says Tax Rap In China-Ties Case Doesn't Merit Prison

    An Illinois math professor convicted of concealing a Chinese bank account should serve no prison time because he immediately took steps to fix the issue and fully repaid taxes he owed to the IRS, he said in a filing ahead of his sentencing Monday.

  • September 16, 2022

    Ex-Morgan Stanley Rep Cops To Using Client Cash For Tesla

    A former Morgan Stanley financial adviser has pled guilty to pilfering $7 million from investors through a decadelong Ponzi scheme and spending the ill-gotten gains on a slew of luxury goods, including a Tesla, federal prosecutors in North Carolina said.

  • September 16, 2022

    OCC Fines PNC Bank $2.6M Over Flood Insurance Errors

    The Office of the Comptroller of the Currency has fined PNC Bank NA more than $2.6 million for allegedly failing to "force-place" flood insurance on homeowners in a timely manner, in violation of the Flood Disaster Protection Act.

  • September 16, 2022

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

    The past week in London has seen the London Metal Exchange face fresh legal action over its nickel trading halt, Amnesty International sue its own arts organization over trademark licensing, and a Dutch transport technology company begin legal proceedings against Vivarail over a contract working on London Underground trains. Here, Law360 looks at these and other new claims in the U.K.

  • September 16, 2022

    Denmark Wins $1.3B Verdict Against British Trader In Dubai

    Denmark has won a civil judgment in Dubai against a British trader that will require him to pay the equivalent of approximately $1.3 billion to Denmark's tax authority, a person familiar with the court verdict told Law360 on Friday.

  • September 15, 2022

    2nd Circ. Sides With BofA In NY Escrow Interest Fight

    The Second Circuit ruled Thursday that Bank of America NA did not have to follow a New York state law requiring lenders to pay certain interest on mortgage escrow accounts, holding that the requirement is federally preempted for national banks.

  • September 15, 2022

    Tribe Urges Justices To Weigh Immunity In Bankruptcy Cases

    The Lac du Flambeau Band of Lake Superior Chippewa Indians has urged the U.S. Supreme Court to overturn a First Circuit ruling that Native American tribes aren't exempt from federal law blocking suits against debtors who have filed for bankruptcy, saying the high court must resolve a circuit split over whether the federal Bankruptcy Code deprives tribes and their businesses of their sovereign immunity.

  • September 15, 2022

    Ukrainian Courts OK'd Loans In Laundering Case, Judge Told

    Two men accused of helping launder money stolen from a Ukrainian bank told a Florida federal judge that courts in Ukraine have already found the transactions were aboveboard, even as U.S. prosecutors argue the foreign judgments simply aim to frustrate their civil forfeiture case.

  • September 15, 2022

    Sanctions Will 'Fly' In Cannabis Bank Discovery Dispute

    A California federal judge is not happy with the way a cannabis industry banking firm has been behaving during discovery in a dispute accusing it of withholding funds from a client, and he has told Pacific Banking Corp. that "sanctions are going to fly."

  • September 15, 2022

    CFTC Head Calls Crypto Bill First Piece In A Regulatory Puzzle

    U.S. Commodity Futures Trading Commission Chairman Rostin Behnam told U.S. senators during a Thursday committee hearing that a bill to grant the agency broad oversight over the cryptocurrency industry is an important first step in building a larger regulatory regime for digital assets.

  • September 15, 2022

    SEC's Gensler Suggests Crypto Rules Could Be Years Away

    U.S. Securities and Exchange Commission Chair Gary Gensler indicated Thursday that the crypto market could be waiting years for an industrywide rulemaking process, saying the agency's preference of working with individual market participants mirrors the decadelong process that brought another budding industry into compliance.

  • September 15, 2022

    Full 6th Circ. Won't Rehear Bank Exec's FDIC Penalty Dispute

    A former bank CEO and the interest groups backing him couldn't get an en banc rehearing at the Sixth Circuit, which declined Thursday to hear arguments saying a three-judge panel mistakenly upheld the executive's removal by the Federal Deposit Insurance Corp.

  • September 15, 2022

    Silence Dooms Rise In Post-Judgment Interest, 3rd Circ. Says

    A split Third Circuit panel said Thursday that a New Jersey federal court properly tallied post-judgment interest in a dispute between a bank and a residential mortgage lender at the federal statutory rate since a consent judgment did not reflect a previously agreed-upon higher rate.

  • September 15, 2022

    DOJ Money Laundering Chief Joins MoFo In DC

    A top attorney in the U.S. Department of Justice's division focused on prosecuting money laundering crime, violations of the Bank Secrecy Act and other financial violations has joined Morrison Foerster LLP in its D.C. office, the firm announced Thursday.

  • September 15, 2022

    Davis Wright Tremaine Adds Financial Services Attorney

    Davis Wright Tremaine LLP has added a financial services attorney with almost two decades of experience in the field, the firm announced Wednesday.

  • September 15, 2022

    Forex Exec Gets 1 Year For Defrauding NY Korean Community

    A foreign exchange company executive convicted of defrauding more than $800,000 mostly from Korean-American victims in New York was sentenced to one year in prison Thursday and ordered to pay restitution.

  • September 15, 2022

    Ex-Bracewell Finance Pro Joins Locke Lord In Dallas

    Locke Lord LLP's most recent partner addition in Dallas brings substantial experience handling public finance deals in Texas.

  • September 15, 2022

    Hogan Lovells Adds DLA Piper Finance Atty In London

    Hogan Lovells has hired a banking and capital markets lawyer from DLA Piper to bolster the firm's corporate and finance practice group, it said Wednesday.

  • September 15, 2022

    CFPB Eyes Rules, Oversight For Buy-Now Pay-Later Market

    The Consumer Financial Protection Bureau said Thursday that it will look to tighten regulation of buy-now, pay-later products after a monthslong inquiry by the agency found key risks to consumers of the booming, billion-dollar alternative to credit cards.

  • September 14, 2022

    CFPB's Chopra Casts Doubt On New Arbitration Reform Push

    Consumer Financial Protection Bureau Director Rohit Chopra on Wednesday signaled concerns about mandatory arbitration clauses in banks' consumer contracts, although he threw cold water on prospects for near-term rulemaking on the issue.

  • September 14, 2022

    US Indicts 3 Iranians In Massive Hacking, Ransom Scheme

    The U.S. Department of Justice unsealed an indictment Wednesday charging three Iranian nationals with carrying out cyberattacks on hundreds of victims, including a New Jersey town, electric utility companies in Indiana and Mississippi, and a state bar association.

  • September 14, 2022

    Debevoise-Led AIG Spinoff Hits $1.68B In 2022's Biggest IPO

    AIG spinoff Corebridge Financial Inc. announced a nearly $1.7 billion initial public offering Wednesday, led by Debevoise & Plimpton LLP with underwriters counsel Cleary Gottlieb Steen & Hamilton, which, although priced at the low end of its projected range, still represents the largest IPO in a largely dormant 2022 market.

  • September 14, 2022

    DOJ Fines Bank In 'First-Ever' FCA Settlement Over PPP Loan

    The U.S. Department of Justice said it had reached an $18,000 settlement with a regional bank over allegations that the bank improperly processed a Paycheck Protection Program loan for an ineligible customer, marking the first settlement with a PPP lender under the False Claims Act.

Expert Analysis

  • What FinCEN Elder Abuse Advisory Means For Finance Cos.

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    Given the Financial Crimes Enforcement Network’s recent advisory on the growing threat of monetary exploitation targeting older adults, financial institutions must ensure their compliance programs address the newly identified red flags and scam typologies to detect and prevent suspicious transactions, say attorneys at Debevoise.

  • What Litigators Can Really Learn From Rambo

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    A Rambo litigator is a consistently overaggressive and dishonest attorney, but the John Rambo of "First Blood," which recently celebrated its 40th anniversary, has several excellent qualities worth emulating in the legal profession, including professional competence, mental resilience and improvisational ability, says Christopher Van de Kieft at Gitlin Horn.

  • Applying Anti-Money Laundering Practices To NFT Market

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    As NFT structures and legal characterizations evolve, market participants that preemptively implement robust know-your-customer and anti-money laundering compliance policies and procedures will position themselves ahead of the impending regulatory curve, say attorneys at McDermott.

  • Attorneys Should Note Judges' Financial Conflicts Of Interest

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    The Federal Circuit's recent ruling vacating a $2.75 billion judgment in Centripetal Networks v. Cisco should be a wake-up call for lawyers that they and their clients could pay a heavy price if a judge with financial ties to a litigant fails to take appropriate action, says Deborah Winokur at Cozen O'Connor.

  • Calculating FTC Section 19 Monetary Relief After AMG

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    More than a year after the U.S. Supreme Court's AMG ruling held that the Federal Trade Commission cannot obtain monetary relief for first-time Section 5 violations of the FTC Act, courts assessing monetary relief under Section 19 standing alone have split into two camps, say Christopher Leach and Kevin Healy at Mayer Brown.

  • Senate Cannabis Bill May Give Some Cos. A Competitive Edge

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    Though the recently introduced Cannabis Administration and Opportunity Act is unlikely to pass, it provides a bellwether for federal legalization, with a robust regulatory framework that would offer large food and beverage companies a structural advantage and poise multistate cannabis operators for further growth, say attorneys at Perkins Coie.

  • Pa. Cannabis Banking Law Won't Allay Finance Industry Fears

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    Though a new Pennsylvania law allows financial institutions and insurers to provide services to the state’s legal cannabis industry, it’s unlikely to assuage most financial industry operators’ fears of federal reprisal, and their reluctance to work with cannabis businesses will surely persist, says Michael Sampson at Leech Tishman.

  • A Law Firm's Guide To Avoiding Client Conflicts

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    With the pace of law firm mergers accelerating, Mark Hinderks at Stinson reviews the conflict of interest rules that may derail a deal or cause a firm to lose a new or existing client, and how courts have filled in perceived gaps in the rules.

  • Guarding Consumer Financial Data As Federal Scrutiny Grows

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    On the heels of a recent U.S. Senate request that the Financial Stability Oversight Council look into financial institutions' collection and sale of consumer data, the industry should take steps to ensure they handle this information in a manner that mitigates risk for all parties, say attorneys at Debevoise.

  • Understanding DC Circ.'s Agency Rule Withdrawal Debate

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    The D.C. Circuit's recent ruling that an agency must provide notice and an opportunity for comment when withdrawing a rule that has been filed for public inspection but not yet published in the Federal Register features a vigorous debate on the "point of no return" issue that has significant practical consequences whenever there is a change in administration, says Steven Gordon at Holland & Knight.

  • A Look At 2 Frameworks For Decarbonizing Heavy Industry

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    Comparing common themes in two recent international frameworks for decarbonizing heavy industry reveals recent progress toward lowering emissions and highlights the key role the industrial sector will play in decarbonization efforts, say attorneys at Shearman.

  • Considerations For Associates As Lateral Hiring Cools Down

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    Law firms are offering fewer signing bonuses and moving back to slower, more deliberate interview processes — a cue for associates to follow suit and consider the long-term advantages of a move instead of short-term financial gain, says Leeron Molloy at VOYlegal.

  • DeFi Participants Must Prepare For Potential Bankruptcies

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    As recent turmoil in the cryptocurrency markets spotlights decentralized finance platforms, it is critical for participants to consider how a DeFi platform bankruptcy would operate compared to other financial institution bankruptcy cases, say attorneys at DLA Piper.

  • Justices' EPA Ruling Didn't Move Needle On Chevron Doctrine

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    Though some suggest the U.S. Supreme Court’s recent decision in West Virginia v. U.S. Environmental Protection Agency marked the end of a doctrine requiring judicial deference to federal regulators, the ruling merely articulated well-developed precedent on the limits of agency authority, say Dan Wolff and Eryn Howington at Crowell & Moring.

  • How Courts Are Applying TransUnion Ruling To Privacy Suits

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    One year after the U.S. Supreme Court’s landmark ruling in TransUnion v. Ramirez, recent cases show the decision’s impact on privacy class actions, and how applying TransUnion's close-relationship test to these suits has proved significantly more challenging, says Daniel Rockey at BCLP.

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