Banking

  • May 9, 2018

    RBS, DOJ Near $4.9B Deal Over Potential RMBS Civil Claims

    The Royal Bank of Scotland has reached a tentative deal with the U.S. Department of Justice, reportedly worth $4.9 billion, to settle potential civil claims over the bank’s structuring and sale of residential mortgage-backed securities before the financial crisis, the agency confirmed Wednesday.

  • May 9, 2018

    Treasury Watchdog To Probe Release Of Cohen Funds Info

    A lawyer for the U.S. Department of the Treasury’s internal watchdog said Wednesday that he would look into a possible leak of confidential banking records related to President Donald Trump’s longtime personal lawyer Michael Cohen.

  • May 9, 2018

    Dems Ask Trump To Pull Kirkland Partner's DOJ Nomination

    U.S. Senate Judiciary Committee Democrats on Wednesday called on President Donald Trump to withdraw his controversial nomination of Kirkland & Ellis LLP’s Brian Benczkowski to lead the Department of Justice’s criminal division over his representation of a bank with ties to Russian President Vladimir Putin.

  • May 9, 2018

    Calif. Wells Fargo Consultants Win $97M In Rest Break Suit

    A California federal judge on Wednesday awarded $97.28 million to a class of 4,481 Golden State-based Wells Fargo & Co. home mortgage consultants who weren't paid for rest breaks, rejecting the bank's arguments that it shouldn't have to pay more than $24.5 million for the labor violations.

  • May 9, 2018

    The US Has Exited The Iran Deal. What Happens Now?

    The Trump administration’s decision to pull out of a historic nuclear disarmament deal with Iran will have serious ramifications for global geopolitics and national security, but the move will in the near term have its most pointed effect on companies doing or considering business in Iran.

  • May 9, 2018

    Taking On Gun Lobby Could Backfire For NY Bank Agency

    New York’s top financial regulator has turned heads with its recent focus on the National Rifle Association’s ties to state banks and insurers, with experts saying a foray into the contentious gun control debate could backfire on the agency and the firms it regulates.

  • May 9, 2018

    PTAB Denies Review For Secure Mobile Payments Patent

    The Patent Trial and Appeal Board has denied a challenge by a dining rewards app developer over a rival's patent covering technology for secure mobile payments, saying it agreed with a district court’s patentability analysis “in every respect.”

  • May 9, 2018

    SEC Penalizes Paralegal In School District Muni Bond Fraud

    A Texas paralegal with limited experience in municipal bond offerings accepted hefty fees from a school district while holding himself out as a well-versed adviser, in violation of securities laws, the U.S. Securities and Exchange Commission said on Wednesday, ordering him and his advisory firm to pay more than $500,000 in disgorgement and civil penalties.

  • May 9, 2018

    Hedge Fund Fights $2.5M Settlement In Petters Ponzi Scheme

    Hedge fund Ritchie Capital Management told a Minnesota federal judge Tuesday the district court's lack of jurisdiction to approve a $2.5 million settlement between J.P. Morgan Chase & Co. and the receivership over the assets of fraudster Thomas Petters was one of several reasons to block the deal.

  • May 9, 2018

    3rd Circ. Upholds TD Bank Win In Currency Conversion Suit

    The Third Circuit on Tuesday upheld a win for TD Bank NA in a proposed class action alleging the bank charged an embedded fee when converting foreign currency, ruling nothing in its customer agreement specified which formula the bank would use and that the suit did not present any evidence the formula was intentionally withheld.

  • May 9, 2018

    VC-Backed Biotech, Louisiana Bank Price IPOs Raising $209M

    A venture-backed biotechnology startup and a private equity-backed Louisiana community bank saw shares debut Wednesday after raising a combined $209 million in initial public offerings that priced at the middle of their prospective ranges, kicking off a week with five scheduled IPOs.

  • May 8, 2018

    Split 7th Circ. Kicks Ex-Brokers' FINRA Suit To State Court

    A split Seventh Circuit panel on Tuesday vacated an Illinois federal court's dismissal of a suit against FINRA brought by two metals brokers fired from Jefferies & Co., finding the case should be remanded to state court because the suit presents no issue of federal law.

  • May 8, 2018

    FINRA Sanctions Fifth Third $6M On Variable Annuity Claims

    The Financial Industry Regulatory Authority on Tuesday ordered Fifth Third Securities Inc. to pay $6 million to settle claims about the way it has run its retail variable annuities business, including complying with the terms of an earlier settlement with the regulator over similar issues.

  • May 8, 2018

    Construction Firm Sued Over Unpaid Texas Apartment Bonds

    Surety and insurance provider The Guarantee Co. of North America USA slapped a Houston-area construction firm with a lawsuit in Texas federal court Tuesday, claiming it owes millions of dollars after failing to meet certain obligations under bonds associated with a residential building project.

  • May 8, 2018

    Bank Defends $1M Fee Award In Tribal Embezzlement Row

    A bank that the Paskenta Band of Nomlaki Indians accused of helping former tribal leaders carry out a wide-reaching, multimillion-dollar embezzlement scheme pushed back Monday at the tribe’s Ninth Circuit appeal of a lower court order granting the bank more than $1 million in attorneys’ fees.  

  • May 8, 2018

    Credit Union CEO's ATM 'Tests' Part of $7M Fraud, Feds Say

    The CEO of a New York City credit union billed millions of dollars for fake dental and insurance costs, and once claimed he was only testing the company’s ATMs when he withdrew thousands of dollars from them, prosecutors said Tuesday in charging him with perpetuating a $7 million fraud scheme.

  • May 8, 2018

    Bank Exec's Bias Complaints Got Her Fired, Suit Says

    A former top executive at China Merchants Bank claims she was illegally fired for raising internal concerns about the bank engaging in discriminatory practices, including limiting its participation in a Harlem real estate deal because of the area's African-American population, according to a New York federal court suit filed Tuesday.

  • May 8, 2018

    House Votes To Nix CFPB Auto-Lending Guidance

    Congress has sent a measure that would nix the Consumer Financial Protection Bureau’s 2013 guidance on discrimination in auto lending to President Donald Trump, following a vote in the U.S. House of Representatives on Tuesday.

  • May 8, 2018

    Sen. Brown Slams Banks For Cutting Jobs, Raising Exec Pay

    Sen. Sherrod Brown, D-Ohio, sent letters to the chief executive officers of six major banks, including Bank of America and JP Morgan Chase, asking them to provide the public with detailed plans to reinvest in American workers during “this golden age of profitability,” the lawmaker said Tuesday.

  • May 8, 2018

    Mass. Justices Ponder KPMG's Failure To Spot College Fraud

    The Massachusetts Supreme Judicial Court on Tuesday questioned whether Big Four auditor KPMG LLC should bear any responsibility for failing to catch a $6 million fraudulent loan scheme at a Bay State college.

Expert Analysis

  • The Many Challenges Facing Venezuela Bribery Suit: Part 1

    Richard Cooper

    The documents filed thus far in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA make clear that the standing issues in this case are complicated. The case also presents questions as to whether it will have implications for financial creditors of PDVSA and the republic, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.

  • The Curious Case Of Trump Atty Suspicious Activity Report

    Hdeel Abdelhady

    Federal law prohibits the disclosure of the existence of suspicious activity reports. So how did the existence of a SAR linked to the president’s lawyer, Michael Cohen, become public? asks Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Regulators' Jurisdictional Overreach In Crypto Enforcement

    Jason Gottlieb

    The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission both claim jurisdictional authority over cryptocurrency, yet no new legislation has been passed and very few court decisions have addressed the issue of who, if anyone, has regulatory authority, say attorneys with Morrison Cohen LLP.

  • Finance-Savvy Millennials Are Shifting Business Of Law

    Michael Perlich

    The impact of millennials has already been felt within the legal community by our eagerness to embrace new technologies. One way that we will have potentially even more impact lies in our willingness to embrace new ways of developing business and financing law, says Michael Perich of Burford Capital LLC.

  • Opinion

    Attorney-Client Privilege Is Alive And Well

    Genie Harrison

    The FBI raid of the office of President Donald Trump’s personal lawyer set off a firestorm of controversy about the sanctity of the attorney-client privilege, epitomized by Trump's tweet that the "privilege is dead." But attorney-client privilege is never taken lightly — I have battle scars from the times I have sought crime-fraud exceptions, says Genie Harrison of the Genie Harrison Law Firm.

  • Money Laundering-Themed Securities Suits Are On The Rise

    Harry Dixon

    A recently settled shareholder suit against BancorpSouth was one in a series of securities class actions filed in the wake of money laundering-related enforcement actions. And this trend does not appear to be limited to the United States, says Harry Dixon of Taylor English Duma LLP.

  • Roundup

    Dissolving Practice

    Dissolving Practice

    In this series, experts discuss the unique aspects of closing a law firm, and some common symptoms of dysfunctionality in a firm that can be repaired before it's too late.

  • Series

    Dissolving Practice: How To Fix A Dysfunctional Law Firm

    Larry Richard

    I am often asked, “When there are one or more partner departures, what can a firm do to prevent this from escalating to a catastrophic level?” The short answer is “nothing.” Law firms need to adopt culture-strengthening lifestyles to prevent defections from occurring in the first place, says Larry Richard of LawyerBrain LLC.

  • What To Expect From The 2nd Criminal Spoofing Trial

    Jeffrey Brown

    Andre Flotron's upcoming criminal trial and the corresponding civil complaint demonstrate that regulators have the appetite to bring spoofing cases based largely on patterns observed in trade data. This data may be supplemented by the allegedly incriminating testimony of witnesses, say attorneys with Dechert LLP.