Banking

  • July 10, 2019

    Lehman Slams Bid To Move Suit From Bankruptcy Court

    Lehman Brothers Holdings Inc. pushed back Wednesday on a bid by mortgage lenders to remove the failed investment bank's claims against them from bankruptcy court to district court, saying the bankruptcy judge has "vast" knowledge of the case. 

  • July 10, 2019

    Bitcoin 'Inventor' Wants $10B Suit Kicked To State Court

    The Australian computer scientist who claims to have invented Bitcoin told a Florida federal court Wednesday that it does not have jurisdiction over a $10.2 billion lawsuit alleging he stole his late business partner's bitcoins, urging the judge to punt the case to state court.

  • July 10, 2019

    Wells Fargo, Employees Get OK For $35M Deal In OT Fight

    A New Jersey federal court on Tuesday gave an initial green light to a $35 million deal aimed at resolving a dispute between Wells Fargo & Co. and over 38,000 bank employees who say the financial behemoth failed to come through with legally obligated overtime pay.

  • July 10, 2019

    Firm Can't Escape Suit Over Collection Letter At 3rd Circ.

    Lyons Doughty & Veldhuis PC fell short in its bid to escape a proposed class action over alleged violations of the Fair Debt Collection Practices Act after the Third Circuit on Wednesday said a collection letter from the firm failed to spell out the identity of the creditor.

  • July 10, 2019

    Madoff Trustee's Legacy Capital Suit Must Go To Trial

    A New York bankruptcy judge has denied the court-appointed trustee of Bernie Madoff's investment company summary judgment in his attempt to claw back nearly $213 million from Legacy Capital Ltd., sending the 9-year-old case to trial.

  • July 10, 2019

    Atty Says Tribal Immunity Ruling Backs RICO Appeal

    An attorney sentenced to prison for helping to provide payday loans with illegally high interest rates through Native American tribe-owned companies told the Third Circuit on Tuesday that a recent decision from another circuit supports his claim that tribal immunity shielded the companies' businesses.

  • July 10, 2019

    Ex-Orient Express Bank Owner Seeks Docs In Merger Fight

    The Cypriot former majority owner of Russia's Orient Express Bank has asked a New York federal court for permission to seek documents from Deutsche Bank AG as it pursues arbitration against an investment firm over a soured 2016 merger deal.

  • July 10, 2019

    Credit Union Regulator Blocked From Exiting Libor Class

    The National Credit Union Administration can't be excluded from the investor class bringing antitrust actions against several big banks over alleged Libor rigging because it failed to opt out before the deadline, a New York federal judge ruled Wednesday.

  • July 10, 2019

    SoftBank Leads $231M Investment In Brazilian Fintech Lender

    SoftBank is leading a $231 million capital injection into Brazil’s Creditas, which provides secured home and auto equity loan services for the country’s emerging middle class, the companies said Wednesday.

  • July 10, 2019

    Crypto Custodian Nabs $40M In Visa, VC-Led Series B Round

    San Francisco-based digital asset custodian Anchorage on Wednesday said it had raised $40 million in a Series B funding round led by venture capital firm Blockchain Capital and Visa Inc.

  • July 10, 2019

    Retailers Retry For Cert. In Visa, AmEx Chip Fraud Risk Suit

    Merchants suing Visa, American Express and other major card networks for allegedly conspiring to dump credit card fraud risk on retailers took their second swipe at class certification, insisting they've tightened up the definitions that a New York federal judge found lacking.

  • July 10, 2019

    Online Lending Startup Tries To Push Usury Suit To Arbitration

    Online lending startup MoneyLion told a North Carolina federal court Tuesday that a suit over alleged unlicensed payday lending belongs in arbitration, arguing the proposed class of borrowers had signed valid arbitration agreements when taking out their loans.

  • July 10, 2019

    Fed Chair Says 'Serious Questions' About Libra Need Answers

    The Federal Reserve chairman told House lawmakers on Wednesday that he doesn't see how Facebook's Libra cryptocurrency project can move forward until there is "broad satisfaction" with the way the social media giant has addressed concerns about the project's law enforcement, data privacy and other policy implications.

  • July 10, 2019

    EU Antitrust Watchdog Loses Appeal In ICAP Libor Fine Fight

    The European Commission lost its bid on Wednesday to overturn a ruling that tossed its €14.9 million ($16.7 million) penalty against an interdealer broker for allegedly rigging a Libor benchmark, as Europe’s top court agreed it had not properly explained how it calculated the fine.

  • July 9, 2019

    Fed Vice Chair Says Stress Tests Must Keep Evolving

    Stress testing isn’t going away for the nation’s biggest banks, but it needs to become more transparent, simpler and less volatile, a top Federal Reserve official said Tuesday before outlining the steps his agency is considering taking with those goals in mind.

  • July 9, 2019

    RBS, SocGen Can Stay Out Of Forex-Rigging Suit

    A New York federal judge has rejected a bid by investors seeking to restore Royal Bank of Scotland PLC and Societe Generale to the list of foreign exchange dealers tied to a proposed class action accusing the banks of participating in a scheme to rig foreign exchange markets.

  • July 9, 2019

    Investors Can't Add Card Transactions To Forex-Rigging Suit

    A New York federal judge ruled Tuesday that it is too late for investors accusing several big banks of rigging the foreign exchange market to add claims based on foreign credit, debit and ATM card transactions.

  • July 9, 2019

    NY, Israeli Regulators Pen Fintech Cooperation Agreement

    New York’s top financial regulator signed a fintech cooperation agreement with Israeli regulators that sets out a framework to share information and provide agency support to fintech companies seeking to do business in both jurisdictions, the regulators announced Tuesday.

  • July 9, 2019

    'Synthetic' Identity Fraud Poses Growing Threat, Fed Says

    The use of fabricated, “synthetic” identities for fraud is on the rise as cybercrime becomes more sophisticated and the American financial system becomes increasingly digitized, according to a report published Tuesday by the Federal Reserve System.

  • July 9, 2019

    Can Data Solve BigLaw’s Diversity Problems?

    Even the most well-intentioned law firms can struggle to build and retain diverse teams. Those at the cutting edge are finding the answers could lie in their own internal data.

  • July 9, 2019

    12 Attorneys On How Diversity Gives Them The Edge

    Law360 asked lawyers how diverse backgrounds can be an advantage for them and their firms, and the answers poured in. Here are a dozen personal accounts of diversity at work.

  • July 9, 2019

    CFPB Inks $25M Deal With Debt Settlement Co.

    Freedom Debt Relief LLC has agreed to pay $20 million in restitution and a $5 million fine in a deal to resolve a Consumer Financial Protection Bureau lawsuit accusing the company of misleading customers about its debt settlement services, the federal agency said Tuesday.

  • July 9, 2019

    Navient Nearly Dodges Public Service Loan Forgiveness Suit

    Public service workers accusing student loan servicer Navient Corp. of giving them bad advice suffered a major setback when a New York federal judge tossed 13 of their 14 claims, keeping just one state deceptive trade practices allegation alive.

  • July 9, 2019

    Fund CEO's Alibi Straight Out Of 'Casablanca,' Feds Tell Jury

    A prosecutor likened Premium Point Investments CEO Anilesh "Neil" Ahuja's claim that he didn't know about fraud at his fallen hedge fund to "Casablanca," telling Manhattan jurors Tuesday the alibi is like a scene in the famed film where a corrupt policeman says he is "shocked, shocked" to learn of gambling under his nose.

  • July 9, 2019

    Massachusetts Accountants Liable If They Miss Client Fraud

    Accountants can be held liable for failing to spot fraud, even if their own client is responsible for the fraud and is now the one seeking damages, Massachusetts' top appellate court ruled Tuesday.

Expert Analysis

  • Opinion

    Millennials Are Pushing Back Against Law Firm Sexism

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    A recent survey of millennial attorneys shows men and women are having very different BigLaw experiences, but share similar goals. It's imperative that partners recognize that they’re the ones in a position to change the culture, says Michelle Fivel of Major Lindsey.

  • 3 Law Firm Business Tactics To Support A Niche Practice

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    Once you've chosen a strategy for your law firm, what tactics will promote success? There are three tactical areas important to all firms, regardless of specialty or size, but particularly critical for today’s niche firms, say Yussuf Aleem and Jacob Slowik of Joseph Aleem.

  • Latest Mastercard Ruling Is A Milestone For UK Class Actions

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    A London appeals court recently revived a £14 billion proposed class action against Mastercard for charging high credit card fees, which represents a fillip for consumers in the ultimate David vs. Goliath contest but is not a slingshot to success just yet, say attorneys at FaegreBD.

  • A Look At OCC's Leap Into The Fintech Sandbox

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    The Office of the Comptroller of the Currency's “Innovation Pilot Program” would open the door for increased engagement with financial institutions, helping the OCC support responsible innovation while simultaneously developing a palatable regulatory scheme, say attorneys at Clark Hill.

  • Key Takeaways From OFAC’s Compliance Program Guidance

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    Recent guidance from the U.S. Department of the Treasury’s Office of Foreign Assets Control represents the agency's most complete articulation to date of the elements of an effective sanctions compliance program, and is likely to be viewed as a key benchmark for such programs going forward, say attorneys at Ropes & Gray.

  • Real-Life Lessons For Lawyers From 'Game Of Thrones'

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    What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.

  • The True Definition Of A Whistleblower Claim

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    Whistleblower is often misused as a generic term, but it actually has a specific meaning with specific implications that companies must understand when crafting programs to handle both actual and purported whistleblower complaints, says Neil Rosolinsky, deputy general counsel at Citizens Financial Group.

  • 5 Tips To Help Your Summer Associates Succeed

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    There are a number of ways that attorneys can ensure their summer associates successfully manage critical writing assignments and new types of professional interactions, says Julie Schrager of Schiff Hardin.

  • Challenges To Trump's '2 For 1' Order Face Difficult Road

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    Shortly after President Donald Trump took office, he issued an executive order directing agencies to eliminate two existing regulations for every new regulation adopted. Multiple lawsuits challenging this order are ongoing, but federal courts are poorly equipped to adjudicate claims that involve an agency’s failure to regulate, says Steven Gordon of Holland & Knight.

  • Keys To Communicating A Law Firm's Mission

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    Today’s law firm leaders are pretty good at developing a strategic vision for the enterprise, but there is often a disconnect between that road map and the marketing department’s rank and file, leading to a deliverable that does little to differentiate the firm, says José Cunningham, a legal industry consultant.

  • A Significant Case For All Calif. Mortgage Lenders

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    A California appeals court recently ruled for the first time that a borrower’s statutory right to reinstate a mortgage loan after default cannot be waived, a significant decision for all mortgage lenders and servicers in California, say Elizabeth Sperling and Coral del Mar López at Alston & Bird.

  • Business-Purpose Mortgage Loans Face New Scrutiny In Fla.

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    In July, Florida's new law prohibiting misrepresentation of residential mortgage loans as business-purpose loans will take effect. Lenders seeking to rely on business-purpose exemptions from licensing or regulatory requirements will need to carefully evaluate their loans to avoid penalties, say attorneys at Hunton.

  • US Cos. With Foreign Affiliates Should Note OFAC Settlement

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    A recent sanctions violation settlement between the U.S. Treasury Department's Office of Foreign Assets Control and Stanley Black & Decker and its Chinese subsidiary sets out compliance commitments that U.S. companies with foreign affiliates should use as guidance, say Nevena Simidjiyska and Michelle Rosenberg of Fox Rothschild.

  • Opinion

    How Lawyers Can Help Save The Planet

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    Over a dozen major law firms have joined our effort to overcome the legal obstacles that states, cities and businesses face in fighting climate change. But more lawyers are needed, say Michael Gerrard of Columbia Law School and John Dernbach of Widener University Commonwealth Law School.

  • 2 Key 10th Circ. Holdings In Western Union Derivative Suit

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    The Tenth Circuit’s recent opinion in City of Cambridge Retirement System v. Ersek — concerning shareholders’ allegations against officers and directors of Western Union — was a little-noticed decision, but it has broad implications for shareholder derivative actions, say Chris McCall and Luke Ritchie of Moye White.

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