Banking

  • May 14, 2018

    Puerto Rico Rejects Bondholders' $10B Sales Tax Deal

    Two groups of Puerto Rican bondholders on Monday announced a proposal to cut the island's debt by $10 billion by putting a portion of sales tax revenue in a trust to be split between them, but the island’s government and financial overseers predicted fiscal woes if the plan were adopted.

  • May 14, 2018

    Excess-Fee Claims Against Wells Fargo Tossed, For Now

    Wells Fargo & Co. has escaped, for now, a proposed class action alleging it forced thousands of mortgage applicants to pay for time extensions on their locked-in mortgage rate even when the bank caused the underlying delay, after a California federal judge said Monday the company was clear about the terms.

  • May 14, 2018

    Jury Hands Bank $2.2M In Contract Row Over Aruba Hotel

    A federal jury for the District of Columbia on Monday found that Desarrollos Aerohotelco CA owes $2.2 million to Bazarian International Financial Associates LLC because it never paid the  financial intermediary a debt fee owed for arranging financing for the development of a luxury hotel in Aruba.

  • May 14, 2018

    7th Circ. Says FACTA Suit Should Have Been In State Court

    The Seventh Circuit on Monday vacated the dismissal of a putative class action filed against an airport public parking facilities operator over its alleged use of receipts that included credit card expiration dates, saying the Fair and Accurate Credit Transaction Act violation claim should have been remanded to state court.

  • May 14, 2018

    Fintech Co. GreenSky Tops 3 IPO Launches Totaling $951M

    Financial technology startup GreenSky Inc. launched an initial public offering on Monday that is estimated to raise $750 million, joined by two biotechnology firms seeking to raise an additional $201 million, adding to a growing number of deals set to price before Memorial Day.

  • May 14, 2018

    Ex-DOJ Atty Says ConvergEx Counsel Helped Prosecute Exec

    A former U.S. Department of Justice prosecutor testified in New Jersey federal court on Monday that outside counsel for brokerage ConvergEx Group LLC helped prosecute a former executive, as a judge mulls whether that assistance made the BigLaw attorneys part of the prosecution team.

  • May 14, 2018

    Cadence Bancorp., State Bank Financial Ink $1.4B Merger

    Houston-based Cadence Bancorp. and Atlanta’s State Bank Financial Corp. on Sunday said they agreed to a stock-for-stock merger in a deal valued at around $1.4 billion to create a combined company boasting $16 billion in assets and locations all across the South.

  • May 14, 2018

    Justices Won't Hear Challenge To Dodd-Frank 'Spoofing' Ban

    The U.S. Supreme Court on Monday declined to hear a challenge to the Dodd-Frank Act's criminalizing of a commodities trading tactic known as "spoofing," or entering bogus orders that are meant to move the market, leaving intact a New Jersey trader’s three-year prison sentence.  

  • May 14, 2018

    Capital One Provides $420M Credit Line To PennantPark Unit

    Capital One has agreed to provide a $420 million line of credit to a unit of PennantPark Floating Rate Capital Ltd., a business development firm that mainly invests in U.S. middle market private companies and sometimes participates in equity investments, the companies said on Monday.

  • May 14, 2018

    Titan Of The Plaintiffs Bar: Pomerantz's Jeremy Lieberman

    Pomerantz LLP’s Jeremy Lieberman led a $3 billion settlement for investors in a class action over Brazilian energy giant Petrobras’ corruption scandal, achieving a record sum and key legal ruling along the way to land him a spot on Law360's 2018 Titans of the Plaintiffs Bar.

  • May 12, 2018

    IRS To Start Enforcing Crypto Withholding Rule, Panelist Says

    The Internal Revenue Service will begin this year to more strictly enforce the requirement to withhold taxes for cryptocurrency payments to nonresident aliens, an attorney who has represented clients in related matters said at a Saturday tax conference in Washington, D.C.

  • May 11, 2018

    FinCEN Due Diligence Rule Should Be On Crypto Cos.' Radar

    The Financial Crimes Enforcement Network’s customer due diligence rule went into effect Friday for banks and certain other financial institutions, and cryptocurrency companies that may not be covered by the rule now would be wise to pay attention to it, legal experts say.

  • May 11, 2018

    SEC's Peirce Slams 'Broken Windows' Enforcement Era

    U.S. Securities and Exchange Commission member Hester Peirce on Friday delivered a sharp rebuke of her agency’s past enforcement practices, particularly the “broken windows” approach of punishing small infractions, as she called on the regulator to police the markets with a lighter and more "calibrated" touch.

  • May 11, 2018

    NRA Sues Cuomo, NY Regulator For 'Discrimination Campaign'

    The National Rifle Association sued New York Gov. Andrew Cuomo and the state’s top financial regulator on Friday, seeking millions of dollars in damages for what it alleges has been an “overt viewpoint-based discrimination campaign” that is scaring off the gun rights organization’s business partners and threatening its First Amendment rights.

  • May 11, 2018

    Ex-NBA Player Kwame Brown Says Merrill Lynch Stole $17.4M

    Former NBA player Kwame Brown is accusing his former financial adviser, Merrill Lynch and parent company Bank of America Corp. of forging his signature and stealing $17.4 million from him during and after his career, according to a lawsuit filed in California state court on Thursday.

  • May 11, 2018

    Insurers Try To Nix Coverage For $11.7M FCA Deal

    Travelers Casualty and Surety Co. of America and Illinois Union Insurance Co. have moved to dismiss a suit by IberiaBank seeking coverage for an $11.7 million False Claims Act settlement the bank reached with the government last year over its sloppy mortgage lending, arguing that the government was never a “client” of IberiaBank.

  • May 11, 2018

    Pa. Woman Drops TCPA Class Suit Over Alleged Robocalls

    A Pennsylvania woman has agreed to drop a putative class action accusing loan servicer Seterus Inc. of violating the Telephone Consumer Protection Act by autodialing the cellphones of individuals who had no existing debt themselves, but who had friends or relatives with existing debt.

  • May 11, 2018

    Deals Rumor Mill: Carolina Panthers, Mubadala, Ant Financial

    The NFL’s Carolina Panthers could reportedly be sold to billionaire David Tepper, Emirati sovereign wealth fund Mubadala is having a hard time selling a Swiss private bank, and China’s Ant Financial may secure $10 billion in funding in the next few days.

  • May 11, 2018

    Does Corporate Cooperation Turn Counsel Into Prosecutors?

    The U.S. Department of Justice has touted new rewards for companies to report employees' financial crimes, but can a company's cooperation be so extreme that its lawyers essentially become prosecutors? A New Jersey court is weighing that question now.

  • May 11, 2018

    Sale Delay Sought In Ch. 11 Tied To Alleged Indian Fraudster

    A government agency in India and a national bank claiming it was defrauded by billionaire Nirav Modi are seeking to postpone the sale of Modi's insolvent U.S. jewelry businesses, citing their apparent connections to the fraud as well as failed efforts to garner substantial interest from bidders.

Expert Analysis

  • Crypto Set To Drive Demand For Traditional Services: Part 1

    Collin Starkweather

    The widespread adoption and increasing regulation of virtual currencies and related technologies will give rise to the need for individuals with expertise in traditional fields, such as financial services and tax, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.