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Banking

  • August 13, 2018

    Davis Polk Guides Sands China In $5.5B Note Offering

    Davis Polk & Wardwell LLP has advised the joint underwriters of a $5.5 billion note offering for Sands China Ltd. as the Las Vegas Sands Corp. subsidiary looks to repay its existing debt and invest in capital expenditures, the law firm said.

  • August 13, 2018

    Ex-JPMorgan Banker Gets 4 Years For Selling Customer Info

    A New York federal judge has sentenced a former JPMorgan Chase & Co. personal banker to four years in federal prison, after he admitted he stole customer account information and used the information to make unauthorized withdrawals, according to the U.S. Department of Justice.

  • August 13, 2018

    Ex-State Street Exec's Post-Verdict Acquittal Bid Denied

    A post-verdict bid for acquittal by a former State Street Corp. vice president convicted of conspiracy and fraud for overbilling clients by millions was denied Monday by the Massachusetts federal judge who oversaw the case, saying he had heard the executive’s arguments before.

  • August 13, 2018

    'Come Loaded For Bear' Before Manafort Judge, Attys Say

    Lawyers who have appeared before the Virginia federal judge overseeing the fraud trial of former Trump campaign chair Paul Manafort offer two pieces of advice for arguing in his courtroom: Be prepared. Be concise.

  • August 13, 2018

    Split 3rd Circ. Backs CFPB On Probe Of Student Loan Co.

    A divided Third Circuit panel rejected arguments Monday that the Consumer Financial Protection Bureau had too broadly defined the scope of its investigation as it sought documents from Heartland ESCI about potential improprieties in servicing of student loans.

  • August 10, 2018

    How The Legal Industry Lets Down Lawyers With Disabilities

    The dissolution of a five-year-old bar group marks the latest setback for disabled attorneys, who often find little support while navigating an inhospitable industry.

  • August 10, 2018

    Gaining Access: Disabled Lawyers Share Their Stories

    In a series of interviews, lawyers tell Law360 how even well-intentioned professors can create barriers, how inclusivity can help a firm’s litigation prowess, and how “inspirational” can be a dirty word.

  • August 10, 2018

    Bank Exec Took 'Personal Interest' In $16M Manafort Loans

    A former Federal Savings Bank officer on Friday provided some of the closest evidence yet connecting Paul Manafort's alleged bank and tax fraud to President Donald Trump's 2016 campaign, testifying that bank chief Stephen M. Calk took an uncomfortably personal interest in $16 million in loans to Trump's former campaign manager.

  • August 10, 2018

    Schwab Pushes Back On Banks' Latest Bid To Ax Libor Claims

    Charles Schwab Corp. on Thursday defended its revived and amended claims against a slew of the world’s largest banks over their alleged manipulation of the London Interbank Offered Rate, telling a New York federal judge that it’s tightened up its complaint enough for the case to proceed.

  • August 10, 2018

    Business Groups Take Up Fight To Amend Calif. Privacy Law

    More than three dozen business groups from the tech, retail, health, banking and other sectors are pushing California lawmakers working on making "technical" changes to a hastily enacted landmark privacy law to address some of the more "unworkable" aspects of the statute and to extend the compliance deadline. 

  • August 10, 2018

    Insurers Ask 1st Circ. To Affirm UBS' $20M Coverage Loss

    A trio of insurers urged the First Circuit on Friday to uphold a judgment that UBS AG units can’t tap $20 million in coverage for costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market, saying the bank has impermissibly raised new arguments on appeal.

  • August 10, 2018

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

    The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.

  • August 10, 2018

    Ex-UBS Adviser Bilked Clients For Almost $4M, Feds Say

    A former financial adviser for a UBS Group AG unit has been charged with defrauding his retail clients out of nearly $4 million by promising returns as high as 20 percent in private investment funds but pocketing the bulk of the cash, Michigan federal prosecutors said Friday.

  • August 10, 2018

    Calif. Bank Prices $47.7M IPO On Low End Of Range

    The Los Angeles-based holding company for Pacific City Bank announced Thursday night that it would be pricing its initial public offering of nearly 2.4 million shares at $20 per share, the low end of a previously announced $20 to $22 range, for a total offering size of $47.7 million.

  • August 10, 2018

    Phony Payday Lender Must Cough Up $70M In Restitution

    A Missouri man who was convicted of running an online payday lending scheme for a decade through a series of businesses must pay back more than $69 million to the Consumer Financial Protection Bureau to redress affected consumers taken in by the scam, according to an order filed Friday in federal court.

  • August 10, 2018

    Navient Ordered To Produce DOE Borrower Docs For CFPB

    A Pennsylvania federal judge overseeing the Consumer Financial Protection Bureau’s lawsuit against Navient Corp. ruled Friday that the student loan servicer must produce certain U.S. Department of Education-owned borrower documents in its possession that the agency has been trying to get ahold of.

  • August 10, 2018

    Roger Stone Aide Held In Contempt For Dodging Mueller

    A former aide to Roger Stone, a Republican political operative and longtime ally of President Donald Trump, has been found in contempt by a D.C. federal judge for refusing to answer questions before a grand jury convened by Special Counsel Robert Mueller.

  • August 10, 2018

    Feds Fight Ex-Barclays FX Trader’s Bid To Toss HP Case

    Prosecutors pushed back on an ex-Barclays trader’s motion to dismiss the criminal “front running” case against him Friday, arguing that the question of whether he had a duty to act in the best interests of Hewlett Packard Co. in a £6 billion foreign currency options transaction can only be determined by a jury.

  • August 10, 2018

    Mt. Gox Traders Seek Default Win After Ex-CEO Doesn't Show

    A former user of the now-defunct Bitcoin exchange Mt. Gox asked an Illinois federal judge to enter a default judgment against the exchange’s founder Mark Karpeles on Friday, saying he has not responded to a proposed class action over its collapse.

  • August 10, 2018

    JPMorgan's $3M Vehicle Repo Deal With Consumers Approved

    A Minnesota federal judge Thursday gave her initial approval to a $3.25 million deal struck between JPMorgan Chase Bank NA’s auto financing arm, a debt collector and a proposed class of Minnesota consumers who allegedly had their cars illegally repossessed during a five-year period.

Expert Analysis

  • Website Accessibility Suits Threaten Omnichannel Sales

    Alan Behr

    Retailers and others with consumer websites that support physical sales facilities are being hit with lawsuits claiming that their websites exclude the visually impaired in violation of federal law. But thus far, federal courts have disagreed on whether a website is a “place of public accommodation,” say Alan Behr and Rachel Bandli at Phillips Nizer LLP.

  • Why CFPB Should Not Regulate The Practice Of Law

    Joann Needleman

    After a four-day jury trial, an Ohio federal judge ruled this week that the Consumer Financial Protection Bureau failed to prove that debt collection law firm Weltman Weinberg & Reis Co. LPA had misled consumers by sending them demand letters. The decision calls into question the CFPB's authority to investigate or bring enforcement actions against collection law firms, says Joann Needleman of Clark Hill PLC.

  • The Future Of Authenticating Audio And Video Evidence

    Jonathan Mraunac

    The recent emergence of artificial intelligence-based technology has prompted serious concerns about the future integrity of recordings. Attorneys must think critically about standards for authenticating audio and video evidence as well as legislative and regulatory safeguards to discourage pervasive manipulation and forgery, says Jonathan Mraunac of Ogletree Deakins Nash Smoak & Stewart PC.

  • The IRS Gets Real About Virtual Currencies

    Nelson Yates

    On July 2, 2018, the Internal Revenue Service announced its Large Business and International Division would undertake five new compliance campaigns, including a virtual currency initiative. But with limited guidance from the IRS, compliance enforcement through the virtual currency campaign will almost certainly leave taxpayers with more questions than answers, says Nelson Yates of Morgan Lewis & Bockius LLP.

  • FCPA Liability For Hiring Practices Gains New Credence

    Bruce Searby

    The U.S. Department of Justice and the U.S. Securities and Exchange Commission have stood by an expansive theory of anti-bribery liability under the Foreign Corrupt Practices Act for corrupt hiring schemes. After the recent Credit Suisse resolutions, the theory appears to be here to stay, says Bruce Searby, a partner at Searby LLP and a former federal prosecutor.

  • Opinion

    Law360's Global 20 Doesn't Acknowledge Global Networks

    Glenn Cunningham

    While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.

  • Revisiting The Fax Provision: Technology’s Impact On TCPA

    Douglas Brown

    Applying the Telephone Consumer Protection Act fax provisions to e-faxes and similar communications is like applying equestrian regulations to modern automobiles. However, change in Federal Communications Commission leadership and two recent opinions by the D.C. Circuit suggest that a fundamental change in TCPA fax litigation is occurring, says Douglas Brown of Rumberger Kirk & Caldwell.

  • Suddenly, ALJs Become Political Appointees

    Brian Casey

    Less than three weeks after the U.S. Supreme Court decided Lucia v. Securities and Exchange Commission, President Donald Trump signed an executive order applying the court’s rationale in Lucia to the hiring — and firing — of all administrative law judges in the federal government, making them entirely beholden to the heads of their agencies or the president for their jobs, says Brian Casey of Barnes & Thornburg LLP.

  • The Role Of IP In The Crypto Bubble

    Aaron Parker

    Crypto markets experienced a sharp downturn in the first half of 2018. But strategically positioned blockchain-related patent and trademark rights can help keep a company financially and technologically relevant through even turbulent times, say attorneys with Finnegan Henderson Farabow Garrett & Dunner LLP.

  • Guest Feature

    Chris Dodd Talks Dodd-Frank, Nuremberg Trial, Hollywood

    Randy Maniloff

    Attorney Randy Maniloff recently sat down with former Sen. Christopher Dodd at his new office at Arnold & Porter in Washington, D.C. The goal? To discover things we might not know about the author of some of the most important legislation of the last few decades.