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Banking

  • November 8, 2018

    Commerzbank To Pay CFTC $12M Over Swap Dealer Claims

    The Commodity Futures Trading Commission issued an order Thursday imposing a $12 million civil penalty against Commerzbank AG for allegedly violating commission regulations and the Commodity Exchange Act by failing to supervise its swap dealer operations and providing misleading reports to the commission.

  • November 8, 2018

    Rep. Waters Eyes House Financial Services Priorities

    Rep. Maxine Waters, D-Calif., laid out some of her plans for the House Financial Services Committee if she’s selected to chair it, saying that she’d focus on issues like consumer protection and financial innovation while also getting tough on oversight of the White House and regulatory agencies.

  • November 8, 2018

    Deals Rumor Mill: Home Partners, Denel, Wells Fargo

    Home Partners of America is considering going public, Saudi Arabia lobbed a $1 billion offer to ink a partnership with Denel, and Wells Fargo is considering selling off its retirement plan services unit.

  • November 8, 2018

    Hogan Lovells Steers Edenred's $600M Payment Co. Buy

    Edenred SA, which provides transactional solutions for companies, employees and merchants, said on Thursday that it has agreed to acquire Corporate Spending Innovations, a Florida-based provider of automated corporate payment software, for $600 million in a deal that was guided by Hogan Lovells.

  • November 8, 2018

    Uranium Trading Leads 3 IPO Launches Totaling $137M

    An investment vehicle for civilian uranium followed by two Chinese financial technology startups joined the pipeline for initial public offerings on Wednesday, setting price ranges on IPOs estimated to raise about $137 million combined later this month.

  • November 8, 2018

    Credit Union Must Face Suit Over Misleading Overdraft Policy

    The largest credit union in New England must face a proposed class action by customers who say its overdraft policies are unclear, a Massachusetts federal judge ruled Thursday, upholding breach of contract claims while tossing other claims for equitable relief.

  • November 8, 2018

    No Planned Crypto Voluntary Disclosure Program, IRS Says

    Tax practitioners should not expect an Internal Revenue Service virtual currency voluntary disclosure program similar to that offered for undisclosed offshore bank accounts, an agency official said Thursday.

  • November 8, 2018

    Lewis Baach Nabs Manhattan DA Vet From BakerHostetler

    John Moscow, who spent 32 years at the Manhattan District Attorney’s Office, where he prosecuted murder cases, international money laundering and white collar crime, is joining Lewis Baach Kaufmann Middlemiss PLLC from BakerHostetler.

  • November 8, 2018

    Forex Counsel Awarded $300M In Fees For $2.3B Deal

    A New York federal judge on Thursday awarded more than $300 million in attorneys' fees to the firms representing an investor class in securing $2.3 billion in settlements over claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.

  • November 8, 2018

    JPMorgan Hit With Class Action Over Spoofing Allegations

    A putative class of investors sued JPMorgan Chase & Co. and a group of precious metals traders employed by the bank in New York federal court Wednesday, saying they manipulated futures contracts through spoofing, days after the U.S. Department of Justice announced a former trader had pled guilty to his role in the alleged scheme.

  • November 8, 2018

    US Sues UBS For Fraud Over Crisis-Era RMBS

    The federal government sued UBS AG and several of its U.S. affiliates in New York federal court on Thursday, accusing the Swiss bank of defrauding investors through the sale of residential mortgage-backed securities in the run-up to the financial crisis.

  • November 7, 2018

    Aegean Marine Creditors Complicate Request For Quick DIP

    Facing skeptical investors, Greek marine refueling company Aegean Marine Petroleum Network Inc. was unable to convince a New York bankruptcy judge by the end of Wednesday to grant an emergency request to tap a $532 million debtor-in-possession financing arrangement its attorneys said is needed immediately.

  • November 7, 2018

    Ex-Lawmaker Could Be Asked To Testify In State Street Row

    A Massachusetts federal judge overseeing an investigation into improper billing practices by three law firms said Wednesday that he is considering asking Garrett Bradley, the managing partner of Thornton Law Firm LLP and a former state representative, to testify in the case.

  • November 7, 2018

    Borrowers Ask 10th Circ. To Uphold $25M RICO Verdict

    A class of borrowers who were charged millions in advance fees for never-funded loans by a Toronto-based family led by a man with a long criminal record urged the Tenth Circuit on Wednesday to preserve a $25 million verdict in their favor.

  • November 7, 2018

    Morgan Lewis Adds White & Case Banking Atty In Singapore

    Morgan Lewis & Bockius LLP announced Tuesday that it has added a veteran banking and restructuring attorney from White & Case LLP as a finance partner in Singapore.

  • November 7, 2018

    La. Court Axes Credit Union's $1.3M Theft Coverage Win

    A Louisiana appeals court on Wednesday upended a lower court's ruling that Lloyd's of London underwriters must reimburse a credit union for more than $1.3 million it allegedly lost to thefts by an armored car carrier that serviced its ATMs, finding that affidavits submitted by the union did not conclusively establish that the loss is covered.

  • November 7, 2018

    Gridlocked Government May Not Be Bad For Capital Markets

    The prospect of a divided national government produced by Tuesday’s midterm congressional elections likely prevents drastic policy shifts that could disrupt capital markets, making it easier to resume dealmaking under a more certain climate in the near term, attorneys say.

  • November 7, 2018

    ECJ Revives Challenge To €4.8B Portuguese Bank Bailout

    The European Union's top court breathed new life Wednesday into a challenge filed by creditors of now-failed Portuguese bank Espirito Santo SA seeking to overturn the European Commission's approval of a €4.8 billion ($6.3 billion) bailout under state aid rules, sending the dispute back to a lower court for another look.

  • November 7, 2018

    CFPB's Payday Rule Compliance Date Stayed By Texas Judge

    A Texas federal judge has paused implementation of the Consumer Financial Protection Bureau’s payday lending rule, indefinitely staying the August 2019 compliance date after the agency announced plans to start revisiting key portions early next year.

  • November 7, 2018

    Citibank Cuts $38M Deal With SEC Over Handling Of ADRs

    Citibank NA has agreed to pay more than $38 million to settle U.S. Securities and Exchange Commission charges that it received American shares of foreign companies, or American Depositary Receipts, without owning the underlying securities, the agency announced on Wednesday.

Expert Analysis

  • How FTC Is Stepping Up Its Consumer Protection Efforts

    Jonice Gray Tucker

    The Federal Trade Commission, which once dominated the playing field on many consumer protection issues, appears poised to reclaim a more active role in connection with financial products and services, say attorneys with Buckley Sandler LLP.

  • Class Arbitration Goes To The Supreme Court

    Jay Bogan

    A U.S. Supreme Court ruling in Varela v. Lamps Plus that the Federal Arbitration Act displaces contractual interpretation rules likely would vacate the Eleventh Circuit's recent JPay decision, says James Bogan of Kilpatrick Townsend & Stockton LLP.

  • A Holistic Approach To Client Retention

    Dan Tacone

    In an era when law firms are fighting for business and clients can dictate the terms of the relationship, "value" has become a moving target. Firms that take a proactive approach by using strategies designed to articulate value over time will gain the competitive advantage, says Dan Tacone at Intapp Inc.

  • Q&A

    A Chat With Allens Pricing Chief Pier D'Angelo

    Pier D'Angelo

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Pier D'Angelo, chief pricing and practice officer at Allens.

  • Studying The Reactions To SEC's Whistleblower Proposals

    Kathleen Massey

    Earlier this year, the U.S. Securities and Exchange Commission proposed amendments to the rules governing its whistleblower incentive and protection program. Kathleen Massey of Dechert LLP examines the key issues raised by the public comments filed in response, and what to expect from the final rules.

  • What Financial Cos. Can Expect If Democrats Win House

    Aaron Cutler

    It is widely expected that Democrats will take control of the House in the midterm elections, and a Democratic House Financial Services Committee will likely launch a broad range of investigations, particularly relating to consumer-facing issues, say attorneys with Hogan Lovells.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • Opinion

    The ABA Was Dead Wrong About Model Rule 8.4(g)

    Bradley Abramson

    In the two years since the American Bar Association's controversial anti-discrimination and harassment rule, only one state has adopted it, while numerous state supreme courts, state attorneys general and legal groups have correctly rejected Model Rule 8.4(g) as a threat to lawyers' First Amendment rights, says Bradley Abramson, an attorney with Alliance Defending Freedom.

  • Do VPNs Spell Market Manipulation For Crypto Exchanges?

    Richard Malish

    Virtual private networks are a critical tool for privacy-minded cryptocurrency traders, but based on the New York attorney general's recent findings that VPNs may permit market manipulation, it would not be surprising if cryptocurrency exchanges are soon asked to explain their VPN access policies, says Richard Malish of NICE Actimize.

  • Opinion

    The Supreme Court Should Become Boring

    Alexander Klein

    In the aftermath of Justice Brett Kavanaugh's confirmation, the U.S. Supreme Court should decline review of the nation's most polarizing political questions unless and until the questions become time-sensitive, says Alexander Klein, head of the commercial litigation group at Barket Epstein Kearon Aldea & LoTurco LLP.