Banking

  • September 14, 2022

    Real Estate Rumors: UBS, Picus, Buzz Oates

    UBS reportedly could fetch as much as $125 million with the sale of a New York rental building, Picus Capital is said to be leasing 6,520 square feet in New York and Buzz Oates reportedly hopes to build a 107,612-square-foot biotech facility in California.

  • September 14, 2022

    New Exchange Seeks SEC's Nod To Serve 'Green' Investors

    Green Exchange PBC on Wednesday said it has begun discussions with the U.S. Securities and Exchange Commission to register a new equities exchange that would link environmentally-focused investors and public companies.

  • September 14, 2022

    SEC Pushes Stronger Clearing Rules For US Treasuries

    The U.S. Securities and Exchange Commission on Wednesday unanimously proposed new rules that would require more Treasury market transactions to undergo central clearing, purportedly to improve transparency and protect investors from market shocks.

  • September 14, 2022

    9th Circ. Upholds Schwab Charitable's Win In Donor Fee Suit

    The Ninth Circuit Wednesday affirmed dismissal of a putative class action accusing Schwab Charitable of mismanaging gifts to donor-advised funds in exchange for tax breaks, finding the plaintiff lacked standing because he didn't say whether he planned to contribute more to make up for the alleged mismanagement.

  • September 14, 2022

    FDIC, Bank Beat Ex-CEO's Bid For $1.6M Exit Payout

    A Florida federal judge tossed a former bank executive's suit challenging the Federal Deposit Insurance Corp.'s decision to block $1.6 million in deferred compensation after he was terminated from a financially troubled institution, ruling regulators didn't abuse their discretion when they determined the payout was prohibited.

  • September 14, 2022

    Fintech Sees M&A Surge In 2022 Despite Ongoing Value Shifts

    Global fintech M&A activity in the first half of 2022 jumped by nearly half compared with the same period last year, driven by a surge of deals in the payments, crypto and blockchain, and banking and lending sectors, according to a report released Wednesday.

  • September 14, 2022

    8th Circ. Shuts Down Ponzi Scheme Suit Against JPMorgan

    The Eighth Circuit has affirmed a lower court's dismissal of a long-running suit accusing JPMorgan Chase & Co. and other entities of failing to curtail businessman Thomas Petters' $3.7 billion Ponzi scheme, finding among other things that the investment firm plaintiff's claims actually belonged to the bankruptcy trustees.

  • September 14, 2022

    Allen & Overy Settles $1M Fee Fight With Crypto Exec

    Allen & Overy LLP has reached a settlement with the founder of a defunct cryptocurrency company over dueling allegations from the law firm that it was shorted almost $1 million and from the executive that the firm inflated its fees and charged for services it didn't provide.

  • September 14, 2022

    Ex-FINRA, DOJ Tax Attorney Joins Carlton Fields In Miami

    Carlton Fields added an of counsel to its Miami office with a diverse tax background, including serving as a federal tax prosecutor, a Financial Industry Regulatory Authority attorney and even a certified public accountant.

  • September 14, 2022

    Law Firm Gets Arbitration In Pot Co.'s Loan Fraud Suit

    A New York federal judge has granted CKR Law LLP's bid to arbitrate claims by an Ohio cannabis cultivator alleging that the firm was part of a loan fraud scheme, finding that the arbitration agreement they signed is valid and enforceable.

  • September 13, 2022

    College Chain Operator Can't Sink CFPB Investigative Demand

    A Utah federal judge said Tuesday that the operator of several now-shuttered colleges must cooperate with a federal Consumer Financial Protection Bureau investigative demand tied to its private student lending, rejecting the nonprofit's constitutional challenge to the agency's budgetary independence.

  • September 13, 2022

    Ex-Fugees Artist Can't Nix 1MDB-Linked Illegal Lobbying Case

    Ex-Fugees member Prakazrel Michel lost his bid to nix charges relating to the 1Malaysia Development Bhd. political embezzlement scandal after a D.C. federal judge on Tuesday rejected contentions that Michel was singled out in a crowd of co-conspirators by pointing to a lack of evidence to infer discriminatory motivation by prosecutors.

  • September 13, 2022

    Credit Suisse Investor Denied Lead Of Russian Oligarch Suit

    A federal judge in Brooklyn has rejected an investor's request to represent the proposed class in a suit accusing Credit Suisse of misleading investors about its allegedly risky practices regarding Russian oligarchs, finding that the investor's "extremely modest stake" in the action wouldn't give him enough of an incentive to proactively manage the suit.

  • September 13, 2022

    SEC Hits 4 Firms In First-Ever Muni Bond Disclosure Cases

    The U.S. Securities and Exchange Commission on Tuesday filed suit against Oppenheimer & Co. Inc. and announced settlements with three other firms over what the agency said were its first-ever enforcement actions against underwriters that allegedly skirted certain municipal bond disclosure requirements.

  • September 13, 2022

    Big Banks Slam Class Cert. Nod In Stock Loan Antitrust Suit

    Major banks including JPMorgan and Goldman Sachs have slammed a federal magistrate judge's recommendation for the partial certification of a proposed class of investors accusing them of colluding to kill competition in the stock loan market, arguing the judge "abrogated the court's responsibility to rigorously analyze the evidence."

  • September 13, 2022

    Treasury Says Tornado Cash Users Can Apply To Get Crypto

    Crypto investors who started but didn't complete transactions involving the Tornado Cash platform before it was sanctioned by the U.S. Department of the Treasury last month can request licenses to complete their dealings, the department said in guidance released Tuesday.

  • September 13, 2022

    Pa. Justices Mull Adopting 'Aiding And Abetting' Tort

    The Supreme Court of Pennsylvania seemed open Tuesday to adopting "aiding and abetting" as a potential civil claim under state law, with the justices focusing their questions on how much knowledge of an underlying scheme or tort a defendant would need to have to be liable for abetting it.

  • September 13, 2022

    Feds Seek 1 Year For Math Prof. Hiding Chinese Bank Account

    Federal prosecutors are seeking a one-year prison sentence for an Illinois math professor who was convicted of concealing a Chinese bank account from the Internal Revenue Service, arguing Tuesday that such a sentence is supported by his "repeated, deceptive conduct."

  • September 13, 2022

    Locke Lord Hires Project Finance Pro From Dorsey & Whitney

    Locke Lord LLP added an attorney from Dorsey & Whitney LLP as a partner in the real estate and finance practice group and renewable energy section at its New York office, the firm announced this week.

  • September 13, 2022

    NY Banker Cops To Moving $1B Without AML Safeguards

    A New York banker pled guilty on Tuesday to helping to bring over $1 billion in foreign wealth to a small, unsophisticated credit union without setting up safeguards to protect against money laundering, as required by law.

  • September 13, 2022

    Wells Fargo Reaches $94M Deal In COVID-19 Forbearance Suit

    Wells Fargo reached a $94 million settlement in a class action accusing the lender of sending the mortgages of struggling borrowers into forbearance, damaging their credit during the COVID-19 pandemic.

  • September 13, 2022

    Hunton Adds M&A Partner To Houston Office From DLA Piper

    Hunton Andrews Kurth LLP has bolstered its corporate transactions practice with a partner who joined from DLA Piper in Houston.

  • September 13, 2022

    PNC, Ex-Workers Want 65K-Member ERISA Class Approved

    PNC and three former workers who accused the company of flouting ERISA by letting employee retirement plan participants pay excessive record-keeping and administrative fees jointly asked a Pennsylvania federal judge Tuesday to certify the 65,000-member class action.

  • September 13, 2022

    UBS Boosts Returns To Shareholders After Failed Deal

    Swiss bank UBS Group AG said Tuesday it plans to further increase its $5 billion share buyback program and boost its dividend by 10% after its planned $1.4 billion acquisition of automated wealth manager Wealthfront fell through.

  • September 13, 2022

    SEC Claims Investment Adviser Stole From MLB Client

    A California investment adviser was accused by the U.S. Securities and Exchange Commission of using funds from a client who plays Major League Baseball to pay for personal expenses through a credit card in the name of the adviser's deceased mother.

Expert Analysis

  • Ethics Lessons From The Alex Jones Discovery Debacle

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    The botched production of a cache of texts and emails prior to Alex Jones' defamation trial, and a failure to take corrective actions, should remind attorneys of the potential pitfalls of discovery, their professional responsibilities throughout the process, and the possibility of severe sanctions, say attorneys at Harris Wiltshire.

  • FinCEN's No-Action Letter Plan May Have Limited Impact

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    The Financial Crimes Enforcement Network's recently proposed no-action letter process for anti-money laundering compliance could provide clarity to financial services companies and promote their growth, but may also be limited by FinCEN's resources, approach and the lack of cross-regulator input, say Marc-Alain Galeazzi and Malka Levitin at MoFo.

  • Rulings Limiting Federal Agencies May Lead Congress To Act

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    Recent U.S. Supreme Court and Fifth Circuit rulings illustrate the judiciary’s growing skepticism of federal government agencies’ influence, which could prompt Congress to respond by limiting judicial power, says David Coale at Lynn Pinker.

  • Combating Implicit Bias In Alternative Dispute Resolution

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    Alternative dispute resolution requires a high degree of trust and belief that proceedings will be fair, so confronting implicit associations among neutrals through systemic and personal efforts is even more important in the ADR world, say arbitrators and mediators at JAMS.

  • How The Metaverse Will Affect Business And Legal Processes

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    It is time to start thinking about virtual reality's effects on cybersecurity, business dealings, case strategy and more, as the metaverse takes shape and organizations open banks, host law firm offices and create retail strategies digitally, says Samantha Green at Epiq. 

  • The False Claims Act's Untapped Potential In PPP Fraud Fight

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    The U.S. Department of Justice has placed an enormous priority on investigating the most flagrant and clear-cut Paycheck Protection Program fraud, but whistleblowers can help the government hold wrongdoers accountable under the False Claims Act relating to the economic uncertainty certification on PPP loan applications, say Max Rodriguez and Adam Pollock at Pollock Cohen.

  • Navigating Arbitral Subpoenas In A Post-COVID Landscape

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    Courts’ mixed enforcement during the pandemic of physical presence and territorial requirements for arbitral subpoenas shows that the rules were not built for a virtual world, making it critical for lawyers to understand the possible limitations on third-party evidence, say Emily Kirsch and Craig Tarasoff at Kirsch & Niehaus.

  • Opinion

    Why The SEC's Rejection Of A Bitcoin ETF Was Spot On

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    The U.S. Securities and Exchange Commission’s denial of Grayscale’s application for a bitcoin exchange-traded fund honors the commission’s mandate to protect investors, which prevailed despite Grayscale's deep pockets and Big Crypto's growing influence, says cybersecurity consultant John Reed Stark.

  • A Look At CFPB, State Regulator Crackdown On 'Junk Fees'

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    Growing suspicion that some consumer fees have hidden costs and take advantage of the vulnerable — violating consumer protection laws — has led the Consumer Financial Protection Bureau and state regulators to crusade against these so-called junk fees, and may portend additional action by the states, say attorneys at Venable.

  • How Lawyers Can Set Ethical Boundaries Post-Pandemic

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    The COVID-19 pandemic and remote work have made it harder for lawyers to leave their problems at the office, so legal professionals must establish and adhere to ethical boundaries in order to combat increasing levels of stress and burnout, says Jennifer Gibbs at Zelle.

  • A Lawyer's Guide To Collecting Fees From Nonpaying Clients

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    You've done the work and sent the bill, but haven't been paid. What do you do? Joshua Wurtzel at Schlam Stone offers recommendations on how lawyers — from solo practitioners to BigLaw partners — can avoid leaving significant receivables on the table from clients who have the ability to pay.

  • How Lawyers Can Benefit From TikTok Without Being 'Cringe'

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    TikTok should be on every attorney's radar as a digital branding opportunity, but it's important to understand the app and some best practices before diving in, says Cecillia Xie at Yale University.

  • 5th Circ. CFPB Ruling Means Challenges For Federal Agencies

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    The Fifth Circuit’s recent decision in Consumer Financial Protection Bureau v. All American — which said the CFPB's independent funding structure is antithetical to the Constitution's appropriations clause — will encourage challenges to federal agency actions, and likely lead to increased litigation, says Christopher Pace at Winston & Strawn.

  • How The FTC Is Imposing Monetary Remedies Post-AMG

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    Even though last year, in AMG v. Federal Trade Commission, the U.S. Supreme Court ruled against a key FTC authority to collect monetary remedies, many consumer protection cases since then have imposed such remedies, and firms now have less guidance on the authority and form monetary demands may take, says Andrew Stivers at NERA Economic Consulting.

  • How Foreign Cos. Are Easily Hauled Into US Bankruptcy Court

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    A recent New York federal court decision in the case of Arcapita Bank BSC(c) serves as a reminder that the jurisdictional bar is low for foreign companies to be unwillingly dragged into U.S. bankruptcy cases, but also highlights the attractiveness of Chapter 11 for such companies, say Ronit Berkovich and Furqaan Siddiqui at Weil.

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