Banking

  • February 9, 2018

    Ex-McDonald's Manager In SEC Impersonation Trial Gets Bail

    A former McDonald’s manager charged with posing online as a U.S. Securities and Exchange Commission official can return to his ill father and current job as a waste collector in central Pennsylvania while the case proceeds in Boston, a federal magistrate judge decided Friday.

  • February 9, 2018

    Ex-BofA Worker Overstating Claim, Bank Expert Tells Jury

    Bank of America NA closed out its defense Friday in a California federal trial over a former client manager's blacklisting and defamation claims, calling on a certified public accountant to testify that the plaintiff was “grossly” overstating the value of her blacklisting claim.

  • February 9, 2018

    MBS Trustees Under Scrutiny At Close Of Lehman Ch. 11 Trial

    Counsel for a group of residential mortgage-backed securities trusts faced skepticism from the bench Friday while delivering closing arguments in a bid to augment the trusts’ allowed Chapter 11 claim against Lehman Bros. Holdings Inc. for selling them misrepresented loans, saying their $11.4 billion damage calculations have been substantially supported.

  • February 9, 2018

    Hong Kong Takes Regulatory Action On Cryptocurrencies

    Hong Kong securities regulators said Friday they had issued formal warnings to seven cryptocurrency exchanges and seven issuers of initial coin offerings, beginning to put teeth into a cryptocurrency crackdown announced in September.

  • February 9, 2018

    Cryptocurrency Outlet Hit With Another Investor Fraud Suit

    The legal woes of cryptocurrency marketplace BitConnect mounted Thursday as the U.K.-registered lending and exchange platform was hit with another class complaint in Florida for allegedly operating as a Ponzi scheme that cheated thousands of investors out of millions of dollars.

  • February 9, 2018

    Enviro Analysis Says Congress Threatens Access To Courts

    Earthjustice on Thursday released an analysis of more than 50 pieces of legislation introduced in Congress that it said could restrict the public’s ability to seek justice in court, saying the measures could “erect permanent obstacles” for people trying to defend their rights.

  • February 9, 2018

    DC Circ. Exempts CLO Managers From Risk Retention Rules

    The D.C. Circuit on Friday exempted managers of collateralized loan obligations from so-called risk retention rules mandated under the Dodd-Frank Act, saying their duties fall outside the scope of the statute.

  • February 9, 2018

    Deals Rumor Mill: Remington, Ant Financial, Cirsa Gaming

    Gun maker Remington is looking for financing to let it file for bankruptcy, Ant Financial is looking to raise up to $5 billion and Cirsa Gaming has received acquisition interest from private equity firms and rival gaming companies alike.

  • February 9, 2018

    AmEx Unit To Buy Travel Co. After It Sells Fintech Arm To Visa

    American Express’ travel management unit said it will acquire peer company Hogg Robinson Group for up to 120 pence ($1.66) a share in a cash deal announced Friday, at the same time the UK-based Hogg Robinson has said it will sell its fintech arm to Visa for £141.75 million.

  • February 9, 2018

    UBS Escapes $2.9B Madoff Feeder Fraud Suit In 2nd Circ.

    A federal appeals court rejected a $2.9 billion suit against UBS AG and others on Friday over their role in Bernie Madoff's Ponzi scheme, saying the lower court was correct to take the case out of state court and to find that it lacked the authority to allow the case to proceed further.

  • February 9, 2018

    2nd Circ. Overturns $100M Arab Bank Terror Verdict

    The Second Circuit on Friday overturned a $100 million jury verdict against Arab Bank PLC, finding jury instructions in the case alleging that it provided material support to Hamas and other militant groups were prejudicial against the bank, in a case the bank already settled.

  • February 9, 2018

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

    The last week has seen another contract suit against Hilton Worldwide and BayernLB, a New York investment manager lodge a professional negligence claim against RSM Corporate Finance, and an insurance brokerage sue Barclays. Here, Law360 looks at those and other new claims in the U.K.

  • February 8, 2018

    Class Cert. Granted In BofA, Countrywide Appraisal Suit

    A California federal judge has certified a nationwide class of borrowers accusing Countrywide Financial Corp. of using inflated real estate appraisals to juice its loan origination business during the mid-2000s, turning back arguments from the company and its successor Bank of America that the borrowers won’t be able to back up their racketeering claims with common proof.

  • February 8, 2018

    Background Check Co. Settles Claims Over Faulty Report

    Early Warning Services LLC has agreed to pay up to $225,000 to end a proposed class action by a woman who says Wells Fargo Bank NA rescinded a job offer after a background check falsely reported she was fired from her previous bank job for fraud, according to a Wednesday filing in New Jersey federal court.

  • February 8, 2018

    Ex-Worker Sues Credit Suisse Over $300M In Unpaid Wages

    A former Credit Suisse Securities (USA) LLC financial adviser accused the company of withholding up to $300 million in deferred compensation it owed hundreds of employees when it closed its financial advisory operations in 2015, according to a proposed class action filed Wednesday in California federal court.

  • February 8, 2018

    Lehman Puts Finishing Touch On MBS Claims Estimation Trial

    Attorneys for Lehman Brothers Holdings Inc. held firm in closing arguments Thursday that trustees accusing the defunct investment bank of selling toxic mortgage-backed securities have failed to show damages claims in excess of the $2.4 billion Lehman will accept.

  • February 8, 2018

    Tribe Wants Bank’s $1M Fees Nixed After Embezzlement Row

    The Paskenta Band of Nomlaki Indians has urged the Ninth Circuit to overturn a California federal judge’s decision handing $1 million in attorneys’ fees to a bank the tribe accused of helping former tribal leaders carry out a multimillion-dollar embezzlement scheme, saying a contract between the tribe and the bank didn’t allow the fees award.

  • February 8, 2018

    PE Firm Bids $820M To Ramp Up Stake In Swedish Bank

    Private equity firm Nordic Capital and financial company Sampo announced a proposed cash offer on Thursday to purchase the outstanding shares of Swedish bank Nordax Group for 6.66 billion Swedish kronor ($820 million), solidifying themselves as the bank's largest shareholders.

  • February 8, 2018

    Credit Suisse Fined $5M By Hong Kong Securities Regulator

    Hong Kong’s Securities and Futures Commission has fined three Credit Suisse entities a total of HK$39.3 million ($5 million) for various internal control failures, the agency said Thursday.

  • February 8, 2018

    On 4th Try, Mortgage Debt Collection Class Survives

    A Pennsylvania federal judge on Wednesday refused to toss a class claim against the last remaining defendant in an eight-year litigation from homeowners suing over foreclosure fees that allegedly were improperly assessed despite renegotiated mortgages, saying the debt collector isn’t precluded from similar claims settled by its associates.

Expert Analysis

  • Lessons From President Trump's Failed Judicial Nominations

    Arun Rao

    On Tuesday, the Trump administration announced 12 new judicial nominations. We will soon discover whether these candidates learned from the mistakes of the three nominees forced to withdraw in December after bipartisan concerns arose over their qualifications, says Arun Rao, executive VP of Investigative Group International.

  • When Attorneys Get Ensnared In FCPA Misconduct

    Louis Ramos

    The prosecutions of veteran lawyers at two multinational corporations — Keppel and PetroTiger — offer a sobering truth: Those responsible for protecting their companies from corruption-related risks can be held criminally accountable for their lapses in judgment. Recently unsealed court documents shed light on potential pitfalls for both legal and compliance professionals, say Louis Ramos and Benjamin Klein of DLA Piper.

  • In New York, A Trust Beneficiary Has Powerful Rights

    Thomas Wiegand

    New York law gives beneficiaries powerful tools to investigate and combat corporate trustees’ wrongdoing, as seen in two recent state court decisions. Nobody should assume that a prior release is the end of the story, say Thomas Wiegand and Justin Ellis of MoloLamken LLP.

  • The Challenges Of Marijuana Banking Just Got Bigger

    Elizabeth Khalil

    A series of issuances from the U.S. Department of Justice during the Obama era provided the basis for the only federal guidance on banking services for the marijuana sector. With Attorney General Jeff Sessions' recent rescission of these DOJ memos, the future of the banking guidance is now unclear, says Elizabeth Khalil of Dykema Gossett PLLC.

  • How To Control Data As Technology Complicates E-Discovery

    Peter Ostrega

    While technology is making certain aspects of e-discovery faster and easier, it is also creating new challenges as quickly as we can provide solutions. The good news is that there are concrete steps businesses can take to address those challenges, says Peter Ostrega of Consilio LLC.

  • Rebutting Presumption Of Reliance: Lessons From 2nd Circ.

    Brad Karp

    The Second Circuit's decision in Arkansas Teachers v. Goldman Sachs reminds district judges that the opportunity to introduce evidence in opposition to class certification and rebut the fraud-on-the-market presumption of reliance needs to be a meaningful one, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • How The Cybersecurity Legal Landscape Changed In 2017

    Jonathan Kolodner

    Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches, fast-moving regulatory developments around the globe, and record-breaking settlements by companies, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • The Rise And Fall Of Statistical Sampling In RMBS Cases

    Amanda Lawrence

    In the early days of the residential mortgage-backed securities and repurchase litigation that followed the 2008 crisis, plaintiffs’ strategy of proving their allegations through statistical sampling was highly successful. However, in recent years, a new trend has emerged, say attorneys with Buckley Sandler LLP.

  • What To Do With Performance Bonds When Projects Default

    Gary Strong high rez.jpg

    Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.

  • Fraud Section Under New Management: Takeaways From 2017

    Kevin Muhlendorf

    The U.S. Department of Justice’s "Fraud Section Year in Review" report provides a useful overview of what the Criminal Division’s largest litigating section accomplished in 2017, comparisons to years past, and important hints at what the future holds for individuals and entities whose activities come within the Fraud Section’s broad reach, say Kevin Muhlendorf and Madeline Cohen of Wiley Rein LLP.