Banking

  • February 12, 2018

    Barclays Hit By Fresh Charges In Qatar Capital-Raising Case

    The Serious Fraud Office charged Barclays Bank PLC with unlawful financial assistance on Monday over a $3 billion loan it made to Qatar in 2008, adding to the same charges brought in 2017 against the bank’s financial services parent company, Barclays PLC.

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

  • February 9, 2018

    Ex-McDonald's Manager In SEC Impersonation Trial Gets Bail

    A former McDonald’s manager charged with posing online as a U.S. Securities and Exchange Commission official can return to his ill father and current job as a waste collector in central Pennsylvania while the case proceeds in Boston, a federal magistrate judge decided Friday.

  • February 9, 2018

    Ex-BofA Worker Overstating Claim, Bank Expert Tells Jury

    Bank of America NA closed out its defense Friday in a California federal trial over a former client manager's blacklisting and defamation claims, calling on a certified public accountant to testify that the plaintiff was “grossly” overstating the value of her blacklisting claim.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    Counsel for a group of residential mortgage-backed securities trusts faced skepticism from the bench Friday while delivering closing arguments in a bid to augment the trusts’ allowed Chapter 11 claim against Lehman Bros. Holdings Inc. for selling them misrepresented loans, saying their $11.4 billion damage calculations have been substantially supported.

  • February 9, 2018

    Hong Kong Takes Regulatory Action On Cryptocurrencies

    Hong Kong securities regulators said Friday they had issued formal warnings to seven cryptocurrency exchanges and seven issuers of initial coin offerings, beginning to put teeth into a cryptocurrency crackdown announced in September.

  • February 9, 2018

    Cryptocurrency Outlet Hit With Another Investor Fraud Suit

    The legal woes of cryptocurrency marketplace BitConnect mounted Thursday as the U.K.-registered lending and exchange platform was hit with another class complaint in Florida for allegedly operating as a Ponzi scheme that cheated thousands of investors out of millions of dollars.

  • February 9, 2018

    Enviro Analysis Says Congress Threatens Access To Courts

    Earthjustice on Thursday released an analysis of more than 50 pieces of legislation introduced in Congress that it said could restrict the public’s ability to seek justice in court, saying the measures could “erect permanent obstacles” for people trying to defend their rights.

  • February 9, 2018

    DC Circ. Exempts CLO Managers From Risk Retention Rules

    The D.C. Circuit on Friday exempted managers of collateralized loan obligations from so-called risk retention rules mandated under the Dodd-Frank Act, saying their duties fall outside the scope of the statute.

  • February 9, 2018

    Deals Rumor Mill: Remington, Ant Financial, Cirsa Gaming

    Gun maker Remington is looking for financing to let it file for bankruptcy, Ant Financial is looking to raise up to $5 billion and Cirsa Gaming has received acquisition interest from private equity firms and rival gaming companies alike.

  • February 9, 2018

    AmEx Unit To Buy Travel Co. After It Sells Fintech Arm To Visa

    American Express’ travel management unit said it will acquire peer company Hogg Robinson Group for up to 120 pence ($1.66) a share in a cash deal announced Friday, at the same time the UK-based Hogg Robinson has said it will sell its fintech arm to Visa for £141.75 million.

  • February 9, 2018

    UBS Escapes $2.9B Madoff Feeder Fraud Suit In 2nd Circ.

    A federal appeals court rejected a $2.9 billion suit against UBS AG and others on Friday over their role in Bernie Madoff's Ponzi scheme, saying the lower court was correct to take the case out of state court and to find that it lacked the authority to allow the case to proceed further.

  • February 9, 2018

    2nd Circ. Overturns $100M Arab Bank Terror Verdict

    The Second Circuit on Friday overturned a $100 million jury verdict against Arab Bank PLC, finding jury instructions in the case alleging that it provided material support to Hamas and other militant groups were prejudicial against the bank, in a case the bank already settled.

  • February 9, 2018

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

    The last week has seen another contract suit against Hilton Worldwide and BayernLB, a New York investment manager lodge a professional negligence claim against RSM Corporate Finance, and an insurance brokerage sue Barclays. Here, Law360 looks at those and other new claims in the U.K.

  • February 8, 2018

    Class Cert. Granted In BofA, Countrywide Appraisal Suit

    A California federal judge has certified a nationwide class of borrowers accusing Countrywide Financial Corp. of using inflated real estate appraisals to juice its loan origination business during the mid-2000s, turning back arguments from the company and its successor Bank of America that the borrowers won’t be able to back up their racketeering claims with common proof.

  • February 8, 2018

    Background Check Co. Settles Claims Over Faulty Report

    Early Warning Services LLC has agreed to pay up to $225,000 to end a proposed class action by a woman who says Wells Fargo Bank NA rescinded a job offer after a background check falsely reported she was fired from her previous bank job for fraud, according to a Wednesday filing in New Jersey federal court.

  • February 8, 2018

    Ex-Worker Sues Credit Suisse Over $300M In Unpaid Wages

    A former Credit Suisse Securities (USA) LLC financial adviser accused the company of withholding up to $300 million in deferred compensation it owed hundreds of employees when it closed its financial advisory operations in 2015, according to a proposed class action filed Wednesday in California federal court.

  • February 8, 2018

    Lehman Puts Finishing Touch On MBS Claims Estimation Trial

    Attorneys for Lehman Brothers Holdings Inc. held firm in closing arguments Thursday that trustees accusing the defunct investment bank of selling toxic mortgage-backed securities have failed to show damages claims in excess of the $2.4 billion Lehman will accept.

  • February 8, 2018

    Tribe Wants Bank’s $1M Fees Nixed After Embezzlement Row

    The Paskenta Band of Nomlaki Indians has urged the Ninth Circuit to overturn a California federal judge’s decision handing $1 million in attorneys’ fees to a bank the tribe accused of helping former tribal leaders carry out a multimillion-dollar embezzlement scheme, saying a contract between the tribe and the bank didn’t allow the fees award.

  • February 8, 2018

    PE Firm Bids $820M To Ramp Up Stake In Swedish Bank

    Private equity firm Nordic Capital and financial company Sampo announced a proposed cash offer on Thursday to purchase the outstanding shares of Swedish bank Nordax Group for 6.66 billion Swedish kronor ($820 million), solidifying themselves as the bank's largest shareholders.

Expert Analysis

  • Series

    Judging A Book: Kendall Reviews 'On The Jury Trial'

    Judge Virginia Kendall

    As someone who spent half her days last year on the bench presiding over trials, I often find the alarmist calls to revamp the jury trial system a tad puzzling — why is making trial lawyers better rarely discussed? Then along comes a refreshing little manual called "On the Jury Trial: Principles and Practices for Effective Advocacy," by Thomas Melsheimer and Judge Craig Smith, says U.S. District Judge Virginia Kendall of the Northe... (continued)

  • Lucia Will Not Address Essential Problem With SEC Court

    Susan Brune

    If the U.S. Supreme Court rules in favor of Raymond Lucia in his pending challenge, the SEC's administrative law judges will no longer be shielded from the executive branch. But litigants will still be at risk of adverse adjudications without full due process protections, says Susan Brune of Brune Law PC.

  • How Cos. Can Take Advantage Of DOJ False Claims Act Memo

    Aileen Fair

    The U.S. Department of Justice memorandum made public on Jan. 24 is a sensible clarification of government policy concerning the False Claims Act. If followed, it could deter qui tam relators from filing meritless FCA claims, say Aileen Fair and Harry Sandick of Patterson Belknap Webb & Tyler LLP.

  • Safe Bank-Fintech Partnerships Can Help Consumers

    Andrew Smith

    Consumers have access to an increasingly wide array of loans as a result of banks' arrangements with online lenders. Two pieces of legislation now making their way through Congress would resolve uncertainty about such partnerships and stabilize the expectations of consumers and banks alike, say Andrew Smith and Dwight Smith of Covington & Burling LLP.

  • Do I Need New Trial Counsel? 9 Questions To Ask

    Russell Hayman

    Initial selection of defense counsel is usually made at the outset of litigation, long before it is known whether the case may actually proceed to trial. Attorneys with McDermott Will & Emery discuss questions in-house lawyers should consider when deciding whether their litigation counsel should remain lead trial counsel in a case proceeding to trial.

  • Appointment Of CFPB Director Causes Rift Among State AGs

    Stephen Piepgrass

    With challenges to the president’s pick for acting director of the Consumer Financial Protection Bureau in the federal courts, opposing contingents of state attorneys general have weighed in with filings as amici curiae. The controversies have centered largely on whether the Consumer Financial Protection Act or the Federal Vacancies Reform Act controls the appointment, say Stephen Piepgrass and Robert Claiborne Jr. of Troutman Sanders LLP.

  • 10 Antitrust Developments And Trends To Watch In 2018

    Dee Bansal

    Expect to see antitrust developments in 10 areas this year, including continuing scrutiny of vertical mergers, no-poach agreements and conduct by pharmaceutical companies, say attorneys with Cooley LLP.

  • Will CFPB Adopt A More Nuanced Approach To Remedies?

    Ori Lev

    The Consumer Financial Protection Bureau's recent loss in CFPB v. CashCall suggests that parties willing to litigate against the agency may achieve success even if they lose on the merits, as courts appear reluctant to award the robust remedies the CFPB typically demands, says Ori Lev of Mayer Brown LLP.

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.

  • When Attorneys Get Ensnared In FCPA Misconduct

    Louis Ramos

    The prosecutions of veteran lawyers at two multinational corporations — Keppel and PetroTiger — offer a sobering truth: Those responsible for protecting their companies from corruption-related risks can be held criminally accountable for their lapses in judgment. Recently unsealed court documents shed light on potential pitfalls for both legal and compliance professionals, say Louis Ramos and Benjamin Klein of DLA Piper.