Banking

  • September 29, 2021

    Senior DOJ Official Daniel Kahn To Rejoin Davis Polk

    Daniel Kahn, the acting deputy assistant attorney general of the Justice Department's Criminal Division, who supervised the fraud and appellate sections, will return to Davis Polk & Wardwell LLP as a partner in its white collar defense and investigations practice, the firm announced Wednesday.

  • September 29, 2021

    CFTC Fines SocGen $1.5M Over Swap Dealer Disclosures

    Société Générale SA will pay the U.S. Commodity Futures Trading Commission $1.5 million to resolve claims that it failed to comply with reporting requirements for certain swap transactions.

  • September 29, 2021

    NFLer's Ex-Roommate Convicted In Insider Trading Scheme

    A former roommate and "personal assistant" to NFL linebacker Mychal Kendricks was convicted Wednesday for his role in an insider trading scheme with the player and an ex-Goldman Sachs analyst, the government said.

  • September 29, 2021

    Ex-Melrose CEO Gets Nearly 4 Years In Corrupt Payout Case

    A Manhattan federal judge hit former Melrose Credit Union CEO Alan Kaufman with nearly four years in prison Wednesday for taking unlawful gratuities from one of the lender's biggest clients, telling the defendant he has shown no remorse for his "reprehensible" conduct.

  • September 29, 2021

    SEC Accuses Former Goldman Analyst Of Insider Trading

    The U.S. Securities and Exchange Commission says it has obtained an emergency order to freeze the assets of a former Goldman Sachs compliance analyst who allegedly made almost half a million dollars by trading on confidential information.

  • September 29, 2021

    Mesabi Fee Fight Belongs In Bankruptcy Court, 3rd Circ. Told

    A Minnesota mining company implored the Third Circuit on Wednesday to find that a Delaware bankruptcy court has jurisdiction over its fight against a financial adviser's fee bid, arguing Wednesday that the matter arose directly from its predecessor's Chapter 11 case.

  • September 29, 2021

    Silver Mining Co. Hits JPMorgan With Spoofing RICO Suit

    A Mexican mining company has filed a racketeering suit against JPMorgan Chase claiming the investment bank manipulated silver prices using a tactic known as spoofing, which caused the closure of the company's silver mine.

  • September 29, 2021

    Calif. Tribe Seizes Ex-Leader's Assets in $2.7M Fraud Case

    A federal judge has allowed the Paskenta Band of Nomlaki Indians to seize California properties of its former economic development director, who now awaits sentencing for using the tribe's money to buy himself luxury vacations, homes and vehicles.

  • September 29, 2021

    PNC Bank Says Excess Insurers Must Pay $106M Jury Verdict

    PNC Bank said in a lawsuit filed Wednesday in Pennsylvania federal court that five excess insurers breached policies that require them to cover a $106 million verdict in a suit involving a Ponzi-like life insurance scheme.

  • September 28, 2021

    Full 9th Circ. Hands Wells Fargo Win In Oakland Loan Suit

    The full Ninth Circuit granted a win Monday to Wells Fargo in Oakland's suit alleging predatory loan practices aimed at minorities hurt tax revenue, reversing a lower court's decision to preserve claims and holding the California city's purported injuries are too far downstream from violations of the Fair Housing Act.

  • September 28, 2021

    CFTC Fines Citi, 2 Others Over Swap Reporting Failures

    The Commodity Futures Trading Commission hit a handful of swap industry players — including Citibank NA and Mizuho Capital Markets LLC — with fines totaling over $3.1 million for a range of reporting, disclosure and supervisory violations. 

  • September 28, 2021

    Bank, Fla. Law Firms Beat Loan Foreclosure RICO Suit

    A pair of Florida law firms and the bank they represented in foreclosure proceedings have escaped claims that they schemed to forge loan documents and steal debtors' properties.

  • September 28, 2021

    Visa, Mastercard Swipe Fee MDL Gets Class Certification

    A New York judge has partially granted class action status in multidistrict litigation accusing Visa, Mastercard and several U.S. banks of jointly maintaining a series of anti-competitive rules that cause merchants to pay high transaction fees.

  • September 28, 2021

    Banc Of California Derivative Shareholder Deal Gets First OK

    A California federal judge granted preliminary approval Monday to a proposed settlement between Banc of California investors and former and current directors of the company, in a suit that stemmed from an online post alleging a web of improper relationships between a Los Angeles financier and convicted fraudster Jason Galanis, and the bank's then-current senior managers.

  • September 28, 2021

    Kirkland Snags Ex-Sidley Securities Practice Co-Chair

    A former co-chair of Sidley Austin LLP's securities enforcement practice has moved to Kirkland & Ellis LLP, becoming one of the latest ex-federal attorneys to join the firm's government, regulatory and internal investigations group, Kirkland announced Tuesday.

  • September 28, 2021

    CFTC's Berkovitz To Reunite With Gensler As Top SEC Lawyer

    The U.S. Securities and Exchange Commission said Tuesday that it has hired Dan Berkovitz, a U.S. Commodity Futures Trading Commission member who served as the agency's general counsel when it was chaired by Gary Gensler, as its top legal officer.

  • September 28, 2021

    Ex-Treasury Dept. GC Tapped As Citi's Top Atty

    Citigroup Inc. has hired former U.S. Treasury Department general counsel Brent McIntosh as its new top attorney and corporate secretary.

  • September 28, 2021

    Warren Won't Back 'Dangerous' Powell For 2nd Term At Fed

    Sen. Elizabeth Warren said Tuesday that she opposes reappointing Federal Reserve Chair Jerome Powell to another term at the central bank's helm, arguing that his support for loosening big bank rules during the Trump administration shows he is too "dangerous" to be kept in place.

  • September 27, 2021

    Biden OCC Pick Could Boost Enforcement, Fintech Scrutiny

    President Joe Biden's pick for the top job at the Office of the Comptroller of the Currency has slammed Wall Street's support for Trump-era deregulation as thinly veiled greed, suggested requiring government approval for novel financial instruments and argued for "ending banking as we know it." To what extent will that guide her if she's confirmed?

  • September 27, 2021

    Wells Fargo Dodges Claim Of Fraudulently 'Corrected' Loans

    A federal judge has tossed a Florida couple's proposed class action accusing Wells Fargo of fraudulently changing the maturity dates on mortgages securing home equity loans, concluding they did not claim adequate injury and criticizing them for not seeking to amend their case in a timely fashion.

  • September 27, 2021

    US Hits Wells Fargo With $37M Fine For Client Overcharges

    Wells Fargo Bank will pay the U.S. government a $37.3 million fine to resolve claims that the bank illegally overcharged hundreds of commercial customers who used its foreign exchange services, according to a settlement struck Monday. 

  • September 27, 2021

    Ex-CEO Of NJ Bank Enters Guilty Plea In Fraud Scheme

    The onetime head of the now-defunct First State Bank has pled guilty to one count of conspiring to create sham documents as part of a scheme to deceive regulators and the bank about its financial health, for which he faces a fine and a maximum sentence of five years in prison.

  • September 27, 2021

    TD Bank Must Face Claims It Opened Accounts, Seized Funds

    TD Bank fell short in trying to erase class claims that it opened accounts in customers' names without their permission and seized funds and fees, with a New Jersey federal judge on Monday issuing a novel holding that such conduct may be unlawful under the Electronic Fund Transfer Act.

  • September 27, 2021

    MoFo Nabs Another Fintech Partner From Reed Smith

    A former co-chair of Reed Smith LLP's financial technology practice has moved to Morrison & Foerster LLP, reuniting with an ex-Reed Smith fintech partner who joined Morrison & Foerster over the summer, the firm announced Monday.

  • September 27, 2021

    McGuireWoods Faces DQ Bid In BofA Foreclosure Bias Fight

    A homeowner who asserts that Bank of America NA and others have discriminated against him because he is Black is urging a Georgia federal court to disqualify McGuireWoods LLP from representing the financial giant in the case, as the firm is also a defendant.

Expert Analysis

  • Prospects Look Strong For UK Class Actions

    Author Photo

    Class actions have become more commonplace in the U.K. and elsewhere in Europe amid high returns, and the trend is expected to continue in areas as diverse as competition, environmental, data privacy and securities, with some busy years ahead, say Edward Coulson and Rachel Ziegler at BCLP.

  • Avoiding Unauthorized Practice Of Law In Remote Work

    Author Photo

    The COVID-19 pandemic has forced many lawyers to telecommute, potentially from home jurisdictions where they are not admitted, raising questions about compliance with states’ unauthorized practice of law mandates — but attorneys can look to rules, advisory opinions and case law for clarity, say Lauren Snyder and Amy Richardson at Harris Wiltshire.

  • What To Expect Under New SEC Enforcement Director Grewal

    Author Photo

    Newly appointed U.S. Securities and Exchange Commission Director of Enforcement Gurbir Grewal’s record as a public servant provides insight into the SEC’s likely priorities for the coming year, and firms should expect him to work closely with Chair Gary Gensler in pursuing an aggressive enforcement agenda, say attorneys at Ropes & Gray.

  • Will You Be Ready If Your Class Action Goes To Trial?

    Author Photo

    Despite conventional wisdom, class actions sometimes do go to trial — as TransUnion v. Ramirez, decided last month by the U.S. Supreme Court, illustrates — so attorneys must prepare by studying past class action trials, focusing on how the courts and lawyers approached procedural and evidentiary questions, says Ross Weiner at Risk Settlements.

  • HUD's Disparate Impact Proposal Shows New Gov't Priorities

    Author Photo

    A recent U.S. Department of Housing and Urban Development proposal to streamline the disparate impacts test for assessing Fair Housing Act discrimination is indicative of the government's increasing focus on consumer rights and equal treatment under the law, say attorneys at Arnold & Porter.

  • Law Firms, Know Who's Responsible For Your Cloud Security

    Author Photo

    Lawyers generally know that files go into the cloud and that the files are then secured and protected, but it's necessary for firms to take a closer look at their cloud supply chain and then come up with a responsibility matrix that helps mitigate any potential risks or weaknesses, says Martin Ward at iManage.

  • Benefits For Law Firms Venturing Into New Services

    Author Photo

    By offering more services, law firms can deepen and strengthen their client relationships and truly become an extension of their clients' teams while generating new revenue streams, and while there are risks associated with expanding into consulting, they may be worth it, says Lou Ramos at Major Lindsey.

  • How Anti-Corruption Push Affects US Cos. Operating Abroad

    Author Photo

    A recent Biden administration memo, and an anticipated increase in enforcement related to transnational fraud, money laundering and corruption, means that U.S. companies and financial institutions with operations abroad should take concrete steps to stave off U.S. Department of Justice scrutiny, says Andrey Spektor at Bryan Cave.

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

    Author Photo

    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • How Wyoming Is Leading On Cryptocurrency

    Author Photo

    This month, Wyoming became the first state to classify decentralized autonomous organizations as a new form of LLC, which could bring new liability principles and chip away at Delaware's dominance as the corporate capital of the U.S., says Emily DiBenedetto at Shaw Keller.

  • Recent SPAC Settlement Signals SEC Enforcement Wave

    Author Photo

    The U.S. Securities and Exchange Commission's recent settlement with special purpose acquisition company Stable Road — and its sponsor, CEO and proposed merger target — over false representations to investors illustrates the agency's heightened focus on policing SPAC transactions and should prompt participants to ensure adequate due diligence, say attorneys at Pillsbury.

  • 5 Questions On Standing In The Wake Of TransUnion

    Author Photo

    While the U.S. Supreme Court's decision in TransUnion v. Ramirez provided some clarity on the contours of Article III standing, it opens the door to several potential shifts in where and how consumer class actions will be litigated, say attorneys at Troutman Pepper.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

    Author Photo

    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • NFTs May Come With Rewards, But Also Legal Risks

    Author Photo

    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • TransUnion Ruling Limits Standing But Could Hurt Defendants

    Author Photo

    The U.S. Supreme Court's recent decision in TransUnion v. Ramirez could represent a pyrrhic victory for the defense bar by further shifting class standing from a motion-to-dismiss argument to one that is not ripe until summary judgment, which could present a multibillion-dollar problem for defendants in data privacy litigation, say David Saunders and Peter Scheyer at McDermott.

Want to publish in Law360?


Submit an idea
Can't find the article you're looking for? Click here to search the Banking archive.
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!