Banking

  • July 24, 2020

    Coronavirus Q&A: RSP's Real Estate Leader

    In this edition of Coronavirus Q&A, Robbins Salomon & Patt Ltd.'s real estate leader discusses the hurdles to reopening in Chicago and the challenges borrowers will face as 90-day forbearance periods expire.

  • July 24, 2020

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

    The past week in London has seen Hermes and other retailers hit MasterCard with an antitrust suit, a packaged baked goods maker sue BNP Paribas and two fintechs go to court. Here, Law360 looks at those and other new claims in the U.K.

  • July 23, 2020

    NCUA Gets Some RMBS Claims Past US Bank's Dismissal Bid

    A New York federal judge ruled Thursday that the National Credit Union Administration Board has adequately pled some of its breach of contract claims against U.S. Bank over its role as trustee for crisis-era residential mortgage-backed securities trusts.

  • July 23, 2020

    Huawei Judge Denies Expanded Doc Share With Fugitive CFO

    The New York federal judge overseeing a case accusing Huawei of Iran sanctions violations, bank fraud and other charges on Thursday refused to expand what discovery from the case the Chinese telecommunications giant can share with its fugitive chief financial officer, who is fighting her extradition to the U.S. from Canada.

  • July 23, 2020

    CFTC Scales Back Oversight of Cross-Border Swaps Trading

    Federal derivatives regulators on Thursday largely ceded their authority to regulate overseas trading by foreign affiliates of U.S. banks, a hotly contested move that resolves years of uncertainty over how the government polices a risky corner of the global financial system.

  • July 23, 2020

    CFPB Settles With Foreclosure Relief Services Co. For $3M

    A Texas-based foreclosure relief services company and its CEO must shell out over $3 million to settle the Consumer Financial Protection Bureau's claims of abusive conduct and charging illegal advance fees for their services, a California federal judge ruled.

  • July 23, 2020

    Coronavirus Litigation: The Week In Review

    Geico is facing a lawsuit from drivers over allegedly excessive COVID-19 premiums, Florida's largest teachers union is suing state officials to block the "reckless and unsafe" reopening of schools next month and Celebrity Cruises has settled a class action alleging it failed to protect its workers during the coronavirus pandemic. 

  • July 23, 2020

    Data Analytics Biz Quantexa Raises $64.7M To Boost Growth

    Intelligence software company Quantexa said Thursday it raised $64.7 million in a Series C funding round that the analytics company will use to spur growth.

  • July 23, 2020

    GOP Virus Aid Plan Stalls Despite Deal On PPP, Taxes, Checks

    Senate Republicans left town Thursday without unveiling their proposal for a new pandemic relief bill, as disagreements among senators and the White House persisted despite broad agreement on issues such as more forgivable small business loans, a liability shield for employers and another round of direct payments to most Americans.

  • July 23, 2020

    SC Attys Want CFPB's Pension Loan Suit Tossed Post-Seila

    Two South Carolina lawyers accused of illegally exploiting disabled veterans' pensions through high-interest loans asked a federal judge Wednesday to toss the Consumer Financial Protection Bureau lawsuit against it in light of the U.S. Supreme Court's recent decision that the bureau's leadership structure was unconstitutional.

  • July 23, 2020

    PennyMac Steering Black Knight Dispute Toward Arbitration

    PennyMac Loan Services says mortgage servicing software provider Black Knight Inc. is trying to push their bitter legal dispute into yet another court despite clear-cut rulings that their dueling trade secrets and antitrust claims belong in arbitration.

  • July 23, 2020

    Colombia Auctioning $366M Real Estate Portfolio Via US Co.

    The government of Colombia is auctioning off a $366 million real estate portfolio in what is the country's largest real estate offering in more than a decade, according to an announcement on Thursday from debt marketplace DebtX, which has been hired to sell the assets.

  • July 23, 2020

    FDIC Head Says Banks Facing 'Marathon' With Pandemic

    The head of the Federal Deposit Insurance Corp. said Wednesday that banks could need regulatory flexibility for months as they contend with the COVID-19 crisis and its impact on customers, cautioning that the pandemic isn't a sprint but a marathon.

  • July 23, 2020

    Carlton Fields Nabs Baker Donelson Trial Vet In Atlanta

    Carlton Fields PA has nabbed a high-stakes corporate defense trial attorney from Baker Donelson Bearman Caldwell & Berkowitz PC in Atlanta who plans to expand a team of lawyers typically called at the last minute before trial.

  • July 23, 2020

    AMC Fights Investor Cert. Bid In Securities Class Action

    AMC Entertainment Holdings has asked a New York federal judge not to certify a proposed class of investors suing the company for securities fraud for allegedly hiding negative details of its purchase of three movie theater companies leading up to and after a $618 million secondary public offering.

  • July 23, 2020

    JPMorgan Chase Cuts Deal To End Fraud Investigator OT Row

    JPMorgan Chase Bank NA and one of its fraud investigators asked a Florida federal judge Wednesday to approve a $495,000 deal to end a collective action claiming the bank misclassified her and her colleagues and denied them the overtime pay they deserved.

  • July 23, 2020

    Judge Scolds Gibson Dunn, Co-Counsel For 'Nonsensical' Jab

    A Texas federal judge chastised Gibson Dunn & Crutcher LLP and the firm's co-counsel Wednesday for calling his reasoning "nonsensical" in a legal brief and warned the firms that future such comments would warrant sanctions.

  • July 23, 2020

    Fidelity Says Ex-VP Fled To Merrill Lynch With Trade Secrets

    A former executive at Fidelity Brokerage Services LLC took clients and a trove of trade secrets with him when he jumped ship for Merrill Lynch, a move that could cost Fidelity $356 million in lost business, according to a lawsuit filed in Georgia federal court.

  • July 23, 2020

    Real Estate Firm IMH Hits Ch. 11 To Become JP Morgan Unit

    Real estate holding company IMH Financial Corp. sought Chapter 11 protection in Delaware Thursday, after weeks of talks on a proposed restructuring of its nearly $129 million debt that will leave the company a private holding of JPMorgan Chase.

  • July 22, 2020

    Early Appeal Denied In Investors Bancorp Stock Award Suit

    A Delaware vice chancellor has refused a bid by Investors Bancorp for a midcase state Supreme Court appeal following the rejection of a motion to dismiss class challenges to hefty stock awards for two of the New Jersey-based bank's top officers.

  • July 22, 2020

    Goldman Sachs Compliance Pro Joins US Olympics As CCO

    A former federal prosecutor turned high-ranking Goldman Sachs compliance officer has joined the U.S. Olympic & Paralympic Committee as its first chief ethics and compliance officer, a role that the scandal-wracked organization says will help it "respond more quickly and decisively when issues occur."

  • July 22, 2020

    Chase Owes Accountant Fees For PPP Work, Suit Says

    Accounting firm M&M Consulting Group LLC on Wednesday accused JPMorgan Chase Bank NA and First Republic Bank of stiffing it and other firms on fees owed for their work assisting with Paycheck Protection Program lending, the latest in a wave of similar class action litigation against banks.

  • July 22, 2020

    Atty Sanctioned After Missing Hearing, Blaming Technology

    A New York federal judge on Wednesday sanctioned counsel representing law firm Krentsel & Guzman LLP in its $10 million negligence suit against JPMorgan Chase NA after the attorney claimed "technological difficulties" caused her to miss a teleconference.

  • July 22, 2020

    4th Circ. Affirms Investors Can't Arbitrate Tribal Lender Claims

    The Fourth Circuit has published two opinions in favor of a group of Virginia loan borrowers, finding a district court was right to reject efforts by tribal payday lender investors to compel arbitration in the face of racketeering claims.

  • July 22, 2020

    Crypto Exchange, Execs Pay $1.7M In Wash Trading Scandal

    Three top executives with Canadian cryptocurrency exchange Coinsquare, including its chief compliance officer, have resigned as part of a nearly CA$2.3 million ($1.7 million) settlement agreement with Ontario securities regulators tied to a market manipulation scandal that included illegal retaliation against an internal whistleblower.

Expert Analysis

  • 20 Years Later, E-Sign Act's Transformative Impact Continues

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    The Electronic Signatures in Global and National Commerce Act — signed into law on June 30, 2000 — has been the legal foundation for the electronic execution of trusted, enforceable digital contracts, and has enabled the lending economy to thrive despite the COVID-19 pandemic, says Stephen Bisbee at eOriginal.

  • Keeping Data-Breach Reports Confidential After Capital One

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    Despite a Virginia federal court's recent order that Capital One turn over its digital forensics report in the bank's data breach suit, companies that take certain precautions may nevertheless use their current cybersecurity providers to produce privileged post-breach reports, says cybersecurity consultant John Reed Stark.

  • A Legal Guide To What Happens Next In US Atty Berman Saga

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    Although the next moves following the dramatic ouster of Geoffrey Berman as U.S. attorney for the Southern District of New York, and the status of Audrey Strauss as acting U.S. attorney, are largely circumscribed by the Federal Vacancies Reform Act, open questions remain, says Daniel Levy at McKool Smith.

  • Mass. Court Deadline Tolling Will Cause Problems For Years

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    While Massachusetts' 106-day tolling period for all civil statutes of limitations ends Tuesday, the pandemic-related pause will complicate calculation of limitations periods and have ripple effects in many jurisdictions for years to come, says Christian Stephens at Eckert Seamans.

  • 10 Tips For A Successful Remote Arbitration Hearing

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    As I learned after completing a recent international arbitration remotely, with advance planning a video hearing can replicate the in-person experience surprisingly well, and may actually be superior in certain respects, says Kate Shih at Quinn Emanuel.

  • High Court's SEC Enforcement Ruling Has Tax Consequences

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    In light of the U.S. Supreme Court's recent decision in Liu v. Securities and Exchange Commission, taxpayers whose pre-Tax Cuts and Jobs Act disgorgement deductions were rejected should consider contesting the Internal Revenue Service's determination, say attorneys at Chamberlain Hrdlicka.

  • Opinion

    To Achieve Diversity, Law Firms Must Reinvent Hiring Process

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    If law firms are truly serious about making meaningful change in terms of diversity, they must adopt a demographically neutral, unbiased hiring equation that looks at personality traits with greater import than grades and class rank, says Thomas Latino at Florida State University College of Law.

  • Virus, Regs Highlight Need For Model State Whistleblower Law

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    The North American Securities Administrators Association's recently proposed model state whistleblower law could be a timely weapon against securities misconduct in light of the new and unique opportunities COVID-19 presents for fraudsters, and certain federal registration exemptions that may soon be relaxed, says attorney Patrick McCloskey.

  • What Hong Kong Policy Shift Means For US Finance Cos.

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    Now that the U.S. no longer considers Hong Kong autonomous from China, stateside financial services companies should monitor public company audit reporting, non-U.S. futures and swaps trading, and international capital reporting, say Matthew Kluchenek and Matthew Bisanz at Mayer Brown.

  • Cybersecurity Steps For Law Firms Amid Heightened Risks

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    With large swaths of the population indoors and primarily online, cybercriminals will be able to exploit law firms more easily now than ever before, but some basic precautions can help, says Joel Wallenstrom at Wickr.

  • Madoff Recovery's Next Steps After Justices' Petition Pass

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    The U.S. Supreme Court’s recent refusal to review a Second Circuit decision allowing recovery of funds Bernie Madoff transferred outside the U.S. leaves open the question of whether the clawback initiative’s claims will survive given the strict pleading and proof standards that have evolved over the last 12 years of litigation, say attorneys at Quarles & Brady.

  • Borrower Insights For Maximizing PPP Loan Forgiveness

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    Mike Miller and Kathryn Hesman at Moore & Van Allen explore the permitted forgivable uses of Paycheck Protection Program funds for entity borrowers, the process of applying for loan forgiveness, and best practices for maximizing that forgiveness.

  • Congress Could Still Pass Cannabis Legislation In 2020

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    While the odds are admittedly against pro-cannabis legislation moving forward in Congress this year, the latest pandemic relief bill currently pending in the Senate might offer an unexpected opportunity for progress, say attorneys at King & Spalding.

  • Opinion

    High Court Should Review Goldman's Maintenance Theory

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    Now that the full Second Circuit has denied rehearing in Arkansas Teacher Retirement System v. Goldman Sachs, the U.S. Supreme Court should review the flawed theory that misstatements can affect stock prices simply by maintaining preexisting inflation, say attorneys at Gibson Dunn.

  • What New Syria Sanctions Mean For US Companies

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    The novel aspect of the U.S. sanctions against Syria under the Caesar Syria Civilian Protection Act is treatment of the Russian government as a sanctioned entity, so businesses should assess their compliance risk and expect similar legislation in the future, says Jeremy Paner at Ferrari & Associates.

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