Banking

  • July 9, 2019

    Sullivan, Wachtell Steer $485M Investment Banking Merger

    Investment banking firms Piper Jaffray and Sandler O’Neill said Tuesday they will join forces in a $485 million merger steered by Sullivan & Cromwell and Wachtell Lipton.

  • July 8, 2019

    How The Legal Pipeline Is Failing Black Attorneys

    Despite decades of programming and well-meaning talk about increasing diversity, African Americans still make up a lower percentage of law firm lawyers than both Latinos and Asian Americans. Here's what some attorneys are doing about it.

  • July 8, 2019

    SunTrust Latest Bank To Cut Ties With Private Prisons

    SunTrust Bank announced Monday that it will no longer do business with companies that manage private prisons and immigration holding facilities, becoming the fourth major bank to cut ties with the controversial industry this year.

  • July 8, 2019

    2nd Circ. Backs Toss Of Brazilian Financier's Citibank Suit

    A Second Circuit panel declined Monday to revive a lawsuit alleging Citibank helped cook up a bogus criminal case in Brazil against financier Daniel Valente Dantas as part of an effort to force his Opportunity investment businesses to release billions of dollars in claims against the bank in 2008.

  • July 8, 2019

    Pa. Court Shouldn't Have Frozen $1.4M Loan Fund, Panel Says

    A Pennsylvania trial judge overstepped his authority by freezing $1.4 million in assets as part of a fight over control of a redevelopment fund while simultaneously denying an Allegheny County town's bid to temporarily bar further use of the money, a state appeals court ruled on Monday.

  • July 8, 2019

    9th Circ. Revives Beneficiary's Suit Against Northern Trust

    The Ninth Circuit has ruled that the beneficiary of a trust managed by Northern Trust Co. can indeed bring imprudent investment claims against the company because she had no control over its trading strategy.

  • July 8, 2019

    In Their Own Words: 9 Partners On Diversity At Work

    We asked nine law firm partners with diverse backgrounds about times when their race, religion or identity unexpectedly came into play with their work. Here, in front of the camera, they share those stories.

  • July 8, 2019

    The Best Firms For Minority Equity Partners

    Attorneys of color are still hugely underrepresented in firms’ upper echelons, but Law360’s 2019 Diversity Snapshot shows that some are going above and beyond to put partners of color in their top ranks.

  • July 8, 2019

    EU Payment Cos. Grappling With Evolving Fintech Landscape

    The payment services landscape in Europe is racing toward the increased use of financial technology and open banking ahead of a continent-wide directive set to go into effect in September, according to a European Banking Authority report released Monday.

  • July 8, 2019

    Biggest Merger Reviews Of 2019: Midyear Report

    The start of 2019 saw a big loss for the Justice Department on its attempt to block the AT&T-Time Warner merger, while two more megadeals probed by the agency got mired in arduous reviews that are ongoing. The Federal Trade Commission, for its part, split on several vertical merger calls, and enforcers from Europe and the U.K. effectively blocked a string of deals.

  • July 8, 2019

    Leo Strine Stepping Down As Del. Chief Justice

    One of Delaware's most prominent legal figures is hanging up his robe as Delaware Supreme Court Justice Leo E. Strine Jr. announced Monday he will resign this fall after more than five years helming the First State's high court and an extensive legal career that included more than a decade on the Chancery Court.

  • July 8, 2019

    Barclays Awarded £387K From Biz Owner Over Unpaid Loan

    A home health care business owner was ordered to pay Barclays Bank PLC £387,799 ($485,480) just months after a London judge said he must surrender a multimillion-pound property north of London for failing to repay the lender's business loan.

  • July 8, 2019

    Venmo Hits Startup Loan App 'Lenmo' With Trademark Suit

    PayPal, the owner of the popular payment app Venmo, is suing a startup platform called Lenmo for trademark infringement, calling the similar name an "obvious imitation" aimed at "deceiving customers."

  • July 8, 2019

    Kirkland Assists As Flexpoint Collects $2B Total For Funds

    Private equity firm Flexpoint Ford LLC, with help from Kirkland & Ellis LLP, said Tuesday that it has clinched its latest set of investment vehicles after raking in $2 billion from limited partners, with plans to invest in the financial services and health care industries.

  • July 8, 2019

    Deutsche Bank Pools Control Functions Amid $8.3B Overhaul

    Deutsche Bank will combine its compliance, anti-crime and risk management divisions into one operation after a series of investigations into misconduct, in a move that is part of a €7.4 billion ($8.3 billion) restructuring plan that will see 18,000 jobs slashed worldwide.

  • July 3, 2019

    Law360’s Diversity Snapshot By The Numbers

    U.S. law firms have been aggressively touting their efforts to advance diversity in their ranks over the past year, but Law360’s annual head count survey shows, at best, incremental progress.

  • July 3, 2019

    Diversity Efforts At Many Firms Ignore Disabled Attorneys

    Data on attorneys with disabilities is scant, but firms with robust outreach programs are discovering just how diverse their ranks are – and can be.

  • July 3, 2019

    The Best Firms For Minority Attorneys

    It’s no secret that the legal industry is one of the least diverse professions in the country. But some law firms have made notable progress. Here are the firms that are making some headway and turning longstanding diversity goals into workplace realities.

  • July 3, 2019

    Despite Progress, Firms Still Slow To Track LGBT Data

    Many law firms are hesitant to ask about attorneys’ sexual orientation, but by not giving lawyers an opportunity to share this information, diversity experts say, firms are selling themselves short.

  • July 5, 2019

    Trading Data Trips SFO Case As Rate Rigging Trials Wrap

    Nearly four years after the Serious Fraud Office secured its first conviction in its long-running benchmark rigging probe, a former Deutsche Bank executive was acquitted of manipulating interest rates in a further setback to the watchdog's attempts to convict bankers for alleged pre-crisis wrongdoing.

  • July 5, 2019

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

    The last week in London has seen the former longtime owner of Cardiff's football club sue the team, a Russian bank file fraud charges against the founder of a commercial real estate firm who fled the country and group of insurers file an appeal against France in connection with a massive oil spill. Here, Law360 looks at those and other new claims in the U.K.

  • July 5, 2019

    Ireland Fines Wells Fargo $6.5M For Reporting Breaches

    The Central Bank of Ireland slapped an Irish unit of Wells Fargo & Co. with a €5.88 million ($6.5 million) fine after it found “widespread systemic failures” in the way that the firm complied with its regulatory reporting duties.

  • July 4, 2019

    Ex-Deutsche Bank Exec Acquitted In UK Rate-Rigging Trial

    A former Deutsche Bank executive was acquitted by a jury in London on Thursday of conspiring to manipulate Euribor, handing the Serious Fraud Office another defeat in its seventh interest rate benchmark rigging trial.

  • July 3, 2019

    PNC Bank Owes $102M In Decade-Old Funeral Scam Suit

    A Missouri federal judge on Wednesday ordered PNC Bank NA to pay $102 million for its predecessor's role in an alleged $600 million Ponzi-like scheme involving prepaid funeral contracts, after the Eighth Circuit knocked out a previous $289 million award in the decade-old case.

  • July 3, 2019

    Lending Cos. Have Tribal Immunity From Suit: 4th Circ.

    Two lending companies linked to a Michigan tribe can use tribal immunity to shield themselves from proposed class action claims that they charged illegally high interest rates on loans, the Fourth Circuit has ruled, overturning a Virginia federal court’s decision from last year.

Expert Analysis

  • Apple Credit Card's Legal And Ethical Implications For Fintech

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    Security advocates generally agree that the Apple Card — Apple's foray into the credit card industry, slated for this summer — will be safer than typical credit card transactions, but some privacy and consumer liability concerns do exist, say Aaron Swerdlow of Weinberg Gonser and Joel Sherwin of Neopay.

  • Reducing The Regulatory Risk Of Merchant Cash Advances And Factoring

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    Courts and regulators have reached different conclusions on whether merchant cash advances and unpaid invoice purchases constitute loans subject to state lender licensing and usury regulations. Attorneys at Buckley discuss how to minimize the chances of these transactions being recharacterized as loans.

  • The Precarious State Of Public Injunction Waivers In Calif.

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    Two years ago, in McGill v. Citibank, the California Supreme Court made arbitration agreements that preclude consumers from seeking public injunctive relief unenforceable. But some federal courts have deviated from that holding so as to make its future uncertain, say Brian Kabateck and Brian Hong of Kabateck.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Opinion

    FINRA's Presumptive Bad Actor Rule Seems Like Overkill

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    The Financial Industry Regulatory Authority's proposal to establish a system of preemptive confiscatory fines based on predictive analytics prompts many questions about whether such a regime would be necessary or fair, says Thomas Potter of Burr & Forman.

  • FBAR Taxpayers May Face Steeper Failure-To-File Penalties

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    U.S. v. Boyd, a California federal court case decided last month, suggests that the IRS could be transitioning to a more aggressive penalty approach for foreign bank and financial account reporting violations — meaning more risk for U.S. taxpayers with multiple foreign financial accounts, say Friedemann Thomma and Rebecca Chappell of Venable.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • Examining The Evidence On VIX Manipulation

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    An ongoing multidistrict litigation alleges manipulation of the formula used to determine the settlement price for derivatives based on the Chicago Board Options Exchange’s volatility index. But a review of trading data reveals how reasons other than manipulation can explain trading activity on any given day, say consultants with Analysis Group.

  • Understanding The Nuts And Bolts Of Bridge Lending

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    Bridge lending, a hybrid form of financing that is generally safer than construction loans but offers higher yields than permanent loans, is growing in popularity. But commercial real estate lenders should consider several key factors before entering the field, says Kamao Shaw of Bryan Cave.

  • The Problem With 9th Circ. CFPB Leadership Structure Ruling

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    In Consumer Financial Protection Bureau v. Seila Law, the Ninth Circuit recently ruled that the CFPB’s single-director structure is constitutional. However, the opinion applies the U.S. Supreme Court's decision in Humphrey’s Executor v. U.S. in a way that ignores that decision's fundamental holding, says Alan Kaplinsky of Ballard Spahr.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.

  • Where The Post-Libor Litigation Tsunami Will Hit

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    The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

  • To Guard Against Waiving Privilege, Don't CC The Boss

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    Argos Holdings v. Wilmington Trust, a recent New York federal court opinion, cautions that attorneys and companies should not simply assume that privileged communications may be shared with a company’s owner or affiliates without waiving attorney-client privilege, even when the company’s and the owner’s interests are completely aligned, say attorneys at Katten Muchin.

  • What Gov't Outsourcing Ruling Means For Investigations

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    A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.

  • Foreign Banks Should Remain Wary Of US Sanctions Laws

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    While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.

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