Banking

  • July 30, 2020

    Paul Weiss-Led Churchill Capital SPAC No. 4 Prices $1.8B IPO

    Units for former Citigroup executive Michael Klein's fourth blank-check company began trading Thursday as part of its upsized $1.8 billion initial public offering — the second-largest of its kind so far this year — in a deal guided by Paul Weiss and White & Case.

  • July 30, 2020

    OCC Head Hits Back At Valid-When-Made, True Lender Critics

    The acting head of the Office of the Comptroller of the Currency on Thursday defended his agency's recent rulemaking efforts around interest-rate transferability and bank lending partnerships, insisting that criticisms of the projects as providing cover for lending abuses are off-base.

  • July 30, 2020

    Credit Suisse Merges Compliance, Risk Units In Restructuring

    Credit Suisse will merge its risk and compliance departments and reshuffle the units' executives amid a restructuring intended to streamline the global bank's operations in the face of COVID-19 and other challenging economic trends, the bank said Thursday.

  • July 30, 2020

    6th Circ. Deepens Circuit Split Over Autodialers

    A new Sixth Circuit ruling has added to the circuit split over what constitutes an autodialer under the Telephone Consumer Protection Act by accepting the broad interpretation a lower court used to rule against a Pennsylvania debt servicer for making unwanted calls.

  • July 30, 2020

    Bank Groups Caution OCC Not To Rush Out Payments Charter

    Seven banking trade associations have asked the U.S. Office of the Comptroller of the Currency to be cautious and transparent as it considers a recently floated national payments charter, adding that they would oppose a narrowly tailored charter.

  • July 30, 2020

    Harvard Prof Denies New Tax Charges Over Chinese Univ. Gig

    A Harvard University chemistry professor charged with lying to U.S. authorities about his research ties to a Chinese university pled not guilty on Thursday to new allegations that he failed to report income from the arrangement.

  • July 30, 2020

    Boeing Aims To Slash 737 Max Private Jet Contract Row

    Boeing asked a Washington federal court Wednesday to winnow a suit from buyers of two 737 Max aircraft meant for use as private jets, saying it never defrauded customers nor could it have anticipated the jets would be grounded globally after two fatal crashes.

  • July 30, 2020

    HSBC Fights To Slash Stanford Bank's £118M Negligence Suit

    HSBC urged a judge Thursday to toss the bulk of a £118 million ($154 million) suit accusing the bank of ignoring signs of a $7 billion Ponzi scheme, but the judge countered that even a sliver of the claim could end up revealing a "smoking gun."

  • July 30, 2020

    FinCEN Tells Firms To Be Leery Of Crypto In COVID-19 Scams

    The Financial Crimes Enforcement Network warned financial firms Thursday to be particularly vigilant in their dealings with virtual currencies amid an increasing wave of COVID-19-related cybercrime.

  • July 29, 2020

    CohnReznick Can't Escape Suit By Platinum Investors

    CohnReznick LLP will have to face a suit brought by aggrieved Platinum Partners investors who say they lost $63 million in part because of the auditor's whitewashing of Platinum's many problems after a New York state judge said the case is solid enough to go forward.

  • July 29, 2020

    Feds Say Recusal Bid 'Grossly Distorts' Judge's Statements

    Federal prosecutors in New York on Tuesday said a Turkish bank accused of facilitating sanctions evasion "grossly" distorted the statements of the judge handling its case in service of its request for the judge's recusal.

  • July 29, 2020

    CFPB Head Faces Dems' Ire On Virus Response, Payday Rule

    The head of the Consumer Financial Protection Bureau defended her agency's pandemic response, enforcement activity and recent move to roll back its payday lending regulations before a Senate panel on Wednesday, drawing sharp Democratic criticism of her record and even a call to resign.

  • July 29, 2020

    Major Developments In Fintech Regulation: Midyear Report

    The first half of 2020 saw a former cryptocurrency executive catapult to the top of a federal banking regulator, while state financial agencies reinforced their oversight of fintech and consumer protection as Congress began discussing the significance of digital assets with increased urgency.

  • July 29, 2020

    Fired US Bank Exec Accused Of Mafia Ties Wins $17M

    A U.S. Bank executive who a jury found was defamed as a Mafia member and fired to keep from getting a bonus can collect a $17 million jury award, a California appeals court ruled, slashing the punitive damages in half.

  • July 29, 2020

    NY, Calif. And Ill. Sue To Block OCC's Valid-When-Made Rule

    New York, California and Illinois sued the Office of the Comptroller of the Currency on Wednesday over its valid-when-made rule, saying the recently promulgated rule would "dramatically expand" federal preemption and be a boon to predatory lenders seeking to skirt state interest rate caps.

  • July 28, 2020

    Harvard Prof Accused Of Failing To Report Wuhan Income

    A Harvard University chemistry professor has been hit with more charges over allegedly failing to report significant income he received from the Wuhan University of Technology in China, according to a superseding indictment handed down by a federal grand jury in Boston on Tuesday.

  • July 28, 2020

    Wells Fargo Accused Of Fraudulently 'Correcting' Loan Dates

    Wells Fargo was hit with a proposed class action in Florida federal court Tuesday alleging the bank fraudulently changed the maturity dates on thousands of mortgages that secured home equity loans without informing its customers, damaging the value and marketability of their homes.

  • July 28, 2020

    Bankers Deny Trying To 'Bust Out' Of $1M In Loans

    Two HSBC bankers pled not guilty Tuesday after the Manhattan U.S. Attorney's office accused them of scheming to get $1 million of commercial loans, the proceeds of which one of the bankers allegedly thought he could "bust out" — or never repay.

  • July 28, 2020

    SEC's Whistleblower Chief Reflects After $500M Milestone

    Ten years after it was mandated under the Dodd-Frank Act, the SEC’s Office of the Whistleblower has paid out more than $500 million in awards to nearly 90 whistleblowers. Jane Norberg, who helped set up the OWB in 2012 and was named head of the office in 2016, spoke to Law360 about her recent efforts to accelerate the processing of awards while continuing to protect whistleblowers and fight fraud.

  • July 28, 2020

    CFTC Pays $9M In One Of Its Top Whistleblower Payouts Yet

    The Commodity Futures Trading Commission announced it paid approximately $9 million to a whistleblower who helped bring a successful enforcement action, one of the top five largest awards in the history of its whistleblower program.

  • July 28, 2020

    SEC Launches New Exam Unit To Thwart Emerging Risks

    The U.S. Securities and Exchange Commission has launched a new team within its examinations unit that will work hand-in-hand with financial firms to address emerging risks and threats, tapping a Marsh & McLennan alum to lead the effort, the agency announced Tuesday.

  • July 28, 2020

    Regions Bank Says Investor Kited Checks To Cover Fraud

    Regions Bank NA urged the Eleventh Circuit on Tuesday to reverse a district court decision clearing an investor in a Ponzi scheme of knowingly kiting checks to cover up the fraud, arguing it had presented a "mountain of evidence" that the investor knew the checks had insufficient funds.

  • July 28, 2020

    Fla. Court OKs $14M Deal In FTC Telemarketing Fraud Suit

    A Florida federal judge entered a $13.9 million consent judgment Monday against a group of Florida telemarketing companies and their operators, whom the Federal Trade Commission accused of scamming consumers with deceptive robocalls and false promises to reduce the interest rates on their credit cards.

  • July 28, 2020

    Earnin Users Seek OK For $12.5M Settlement Deal

    App-based pay advance service Earnin has agreed to pay as much as $12.5 million to end its users' claims that it misled the public about its offerings, hurting consumers who were charged bank fees as a result.

  • July 28, 2020

    Paul Weiss-Led Mortgage Lender Rocket Launches $3.2B IPO

    Rocket Cos., which owns a collection of financial services businesses including the largest U.S. mortgage lender, said Tuesday it hopes to raise nearly $3.2 billion in an initial public offering advised on by Paul Weiss and Davis Polk.

Expert Analysis

  • NY High Court Case Could Upend Litigation Finance Industry

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    A ruling in favor of the defendant in Fast Trak Investment v. Sax, a case recently accepted by the New York Court of Appeals, could enable borrowers to avoid repaying litigation funders by claiming state usury law violations, say attorneys at MoloLamken.

  • Associates Can Prioritize Biz Development Despite Pandemic

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    Although many traditional business development activities are on hold due to the COVID-19 pandemic, associates should seize the unique opportunities of this time to cultivate business by strengthening their personal and professional relationships, and developing new ones, says Jeremy Schneider at Jackson Lewis.

  • Alleged ICO Fraud Highlights Compliance Considerations

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    Parallel U.S. Department of Justice and U.S. Securities and Exchange Commission fraud charges connected with NAC Foundation's digital currency offering draw attention to the use of undercover agents in financial crime investigations, the risk of retaining questionable service providers, and heightened securities law scrutiny in the space, says Casey O'Neill at Fenwick.

  • Key COVID-19 Accessibility Issues As ADA Turns 30

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    Shira Blank and Joshua Stein at Epstein Becker examine pandemic-related accessibility challenges businesses should consider when balancing Americans with Disabilities Act Title III compliance against employee and patron safety as the statute's 30th anniversary approaches.

  • Redefining Commercially Reasonable Foreclosure Sales In NY

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    As a result of the COVID-19 pandemic and ensuing shelter-in-place regulations, mezzanine lenders will likely want to account for the changing Uniform Commercial Code landscape and recent New York state court rulings when approaching foreclosure sales and litigation, say attorneys at King & Spalding.

  • How New Fla. Real Estate Remedies May Benefit Lenders

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    Although Florida's recently passed Uniform Commercial Real Estate Receivership Act isn't specifically intended as COVID-19 relief, it should give lenders a better framework for contemplating receivership, streamlining commercial foreclosures and protecting their interests in the looming increase in foreclosures, say attorneys at Nelson Mullins.

  • Opinion

    Let's Create An Ethical Obligation For Attys To Fight Racism

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    In this moment of national recognition of historical institutional racism, the American Bar Association must implement a model rule that explicitly declares efforts to fight racism and advance equality to be a matter of attorneys' ethics and professional conduct, say Marc Firestone at Philip Morris International and David Douglass at Sheppard Mullin.

  • Takeaways From FCA's Latest Financial Crime Controls Fine

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    The Financial Conduct Authority's £37.8 million ($47.85 million) fine of Commerzbank London last month for alleged failures in anti-money laundering controls provides useful risk-management reminders for financial institutions operating in the U.K., say attorneys at Crowell & Moring.

  • 6 Considerations When Shopping For Legal Tech Software

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    When evaluating the vast range of legal technology options available today, law firms will want to make sure that firm intellectual property and client data stored in the software are encrypted, isolated, protected through backups and in compliance with the ever-growing list of data regulations, say Eric Tucker and Dorna Moini at Documate.

  • Berman Ouster May Not Be The End Of SDNY Drama This Year

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    While the dust appears to have settled after the surreal departure of U.S. Attorney Geoffrey Berman from the Southern District of New York last month, the interim tenure of Acting U.S. Attorney Audrey Strauss bears close watch in this fraught moment leading up to the presidential election, say Danya Perry and Samidh Guha at Perry Guha.

  • Tips For Securitizing Loans With Future Advance Obligations

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    With the COVID-19 crisis heightening borrowers' desire to minimize costs and lenders' desire for liquidity in secondary markets, real estate loan terms for future advances may be an attractive option but they also create some complexities that should be addressed in loan agreements, say Steven Herman and Matthew McManus at Cadwalader.

  • Law Firm Strategies For Publicizing Laterals Amid Lockdowns

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    With business development dinners and social events no longer viable for new lateral hires, law firms need a refreshed game plan — one that fully exploits the digital landscape, say Andrew Longstreth and Jesse Dungan at Infinite Global and Michael Coston at Coston Consulting.

  • Opinion

    End Forced Employee Arbitration To Advance Social Equality

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    If recent corporate claims against systemic racism and discrimination are genuine, companies should return bias and harassment claims to the courts by discontinuing the use of mandatory employment arbitration agreements, says attorney Victor Caldwell.

  • How COVID-19 Mezzanine Foreclosures May Fare In NY Courts

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    Recent New York state court cases involving mezzanine loan foreclosures offer important guidance with regard to the wave of borrower defaults that is projected to strike as a result of COVID-19 and the requirements for mezzanine lenders conducting foreclosure sales under the Uniform Commercial Code, say attorneys at White and Williams.

  • Are Your Slack Communications Primed For E-Discovery?

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    With the increasing use of channel-based platforms such as Slack, Messenger and Teams in the work-from-home era, companies should assume they may be compelled to produce channel-based data in litigation and take proactive steps to protect sensitive information, say Jessica Brown and Collin James Vierra at Gibson Dunn.

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