Banking

  • September 16, 2022

    Puerto Rico Tries To Claw Back Bond Payments To Banks

    Financial institutions involved in Puerto Rican bonds are facing a renewed press in federal court to pay back more than $486 million collected from the island's government with the restart of a suit claiming they profited from bonds that never should have been issued.

  • September 16, 2022

    TransUnion Hit With $18M Verdict In Source Code Dispute

    A Cleveland federal jury on Friday said TransUnion LLC should pay $18.3 million to a Northeast Ohio startup that claimed the credit reporting giant held its source code hostage after terminating a business agreement, allegedly preventing the startup from making money with its idea elsewhere.

  • September 16, 2022

    Prof Says Tax Rap In China-Ties Case Doesn't Merit Prison

    An Illinois math professor convicted of concealing a Chinese bank account should serve no prison time because he immediately took steps to fix the issue and fully repaid taxes he owed to the IRS, he said in a filing ahead of his sentencing Monday.

  • September 16, 2022

    Ex-Morgan Stanley Rep Cops To Using Client Cash For Tesla

    A former Morgan Stanley financial adviser has pled guilty to pilfering $7 million from investors through a decadelong Ponzi scheme and spending the ill-gotten gains on a slew of luxury goods, including a Tesla, federal prosecutors in North Carolina said.

  • September 16, 2022

    OCC Fines PNC Bank $2.6M Over Flood Insurance Errors

    The Office of the Comptroller of the Currency has fined PNC Bank NA more than $2.6 million for allegedly failing to "force-place" flood insurance on homeowners in a timely manner, in violation of the Flood Disaster Protection Act.

  • September 16, 2022

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

    The past week in London has seen the London Metal Exchange face fresh legal action over its nickel trading halt, Amnesty International sue its own arts organization over trademark licensing, and a Dutch transport technology company begin legal proceedings against Vivarail over a contract working on London Underground trains. Here, Law360 looks at these and other new claims in the U.K.

  • September 16, 2022

    Denmark Wins $1.3B Verdict Against British Trader In Dubai

    Denmark has won a civil judgment in Dubai against a British trader that will require him to pay the equivalent of approximately $1.3 billion to Denmark's tax authority, a person familiar with the court verdict told Law360 on Friday.

  • September 15, 2022

    2nd Circ. Sides With BofA In NY Escrow Interest Fight

    The Second Circuit ruled Thursday that Bank of America NA did not have to follow a New York state law requiring lenders to pay certain interest on mortgage escrow accounts, holding that the requirement is federally preempted for national banks.

  • September 15, 2022

    Tribe Urges Justices To Weigh Immunity In Bankruptcy Cases

    The Lac du Flambeau Band of Lake Superior Chippewa Indians has urged the U.S. Supreme Court to overturn a First Circuit ruling that Native American tribes aren't exempt from federal law blocking suits against debtors who have filed for bankruptcy, saying the high court must resolve a circuit split over whether the federal Bankruptcy Code deprives tribes and their businesses of their sovereign immunity.

  • September 15, 2022

    Ukrainian Courts OK'd Loans In Laundering Case, Judge Told

    Two men accused of helping launder money stolen from a Ukrainian bank told a Florida federal judge that courts in Ukraine have already found the transactions were aboveboard, even as U.S. prosecutors argue the foreign judgments simply aim to frustrate their civil forfeiture case.

  • September 15, 2022

    Sanctions Will 'Fly' In Cannabis Bank Discovery Dispute

    A California federal judge is not happy with the way a cannabis industry banking firm has been behaving during discovery in a dispute accusing it of withholding funds from a client, and he has told Pacific Banking Corp. that "sanctions are going to fly."

  • September 15, 2022

    CFTC Head Calls Crypto Bill First Piece In A Regulatory Puzzle

    U.S. Commodity Futures Trading Commission Chairman Rostin Behnam told U.S. senators during a Thursday committee hearing that a bill to grant the agency broad oversight over the cryptocurrency industry is an important first step in building a larger regulatory regime for digital assets.

  • September 15, 2022

    SEC's Gensler Suggests Crypto Rules Could Be Years Away

    U.S. Securities and Exchange Commission Chair Gary Gensler indicated Thursday that the crypto market could be waiting years for an industrywide rulemaking process, saying the agency's preference of working with individual market participants mirrors the decadelong process that brought another budding industry into compliance.

  • September 15, 2022

    Full 6th Circ. Won't Rehear Bank Exec's FDIC Penalty Dispute

    A former bank CEO and the interest groups backing him couldn't get an en banc rehearing at the Sixth Circuit, which declined Thursday to hear arguments saying a three-judge panel mistakenly upheld the executive's removal by the Federal Deposit Insurance Corp.

  • September 15, 2022

    Silence Dooms Rise In Post-Judgment Interest, 3rd Circ. Says

    A split Third Circuit panel said Thursday that a New Jersey federal court properly tallied post-judgment interest in a dispute between a bank and a residential mortgage lender at the federal statutory rate since a consent judgment did not reflect a previously agreed-upon higher rate.

  • September 15, 2022

    DOJ Money Laundering Chief Joins MoFo In DC

    A top attorney in the U.S. Department of Justice's division focused on prosecuting money laundering crime, violations of the Bank Secrecy Act and other financial violations has joined Morrison Foerster LLP in its D.C. office, the firm announced Thursday.

  • September 15, 2022

    Davis Wright Tremaine Adds Financial Services Attorney

    Davis Wright Tremaine LLP has added a financial services attorney with almost two decades of experience in the field, the firm announced Wednesday.

  • September 15, 2022

    Forex Exec Gets 1 Year For Defrauding NY Korean Community

    A foreign exchange company executive convicted of defrauding more than $800,000 mostly from Korean-American victims in New York was sentenced to one year in prison Thursday and ordered to pay restitution.

  • September 15, 2022

    Ex-Bracewell Finance Pro Joins Locke Lord In Dallas

    Locke Lord LLP's most recent partner addition in Dallas brings substantial experience handling public finance deals in Texas.

  • September 15, 2022

    Hogan Lovells Adds DLA Piper Finance Atty In London

    Hogan Lovells has hired a banking and capital markets lawyer from DLA Piper to bolster the firm's corporate and finance practice group, it said Wednesday.

  • September 15, 2022

    CFPB Eyes Rules, Oversight For Buy-Now Pay-Later Market

    The Consumer Financial Protection Bureau said Thursday that it will look to tighten regulation of buy-now, pay-later products after a monthslong inquiry by the agency found key risks to consumers of the booming, billion-dollar alternative to credit cards.

  • September 14, 2022

    CFPB's Chopra Casts Doubt On New Arbitration Reform Push

    Consumer Financial Protection Bureau Director Rohit Chopra on Wednesday signaled concerns about mandatory arbitration clauses in banks' consumer contracts, although he threw cold water on prospects for near-term rulemaking on the issue.

  • September 14, 2022

    US Indicts 3 Iranians In Massive Hacking, Ransom Scheme

    The U.S. Department of Justice unsealed an indictment Wednesday charging three Iranian nationals with carrying out cyberattacks on hundreds of victims, including a New Jersey town, electric utility companies in Indiana and Mississippi, and a state bar association.

  • September 14, 2022

    Debevoise-Led AIG Spinoff Hits $1.68B In 2022's Biggest IPO

    AIG spinoff Corebridge Financial Inc. announced a nearly $1.7 billion initial public offering Wednesday, led by Debevoise & Plimpton LLP with underwriters counsel Cleary Gottlieb Steen & Hamilton, which, although priced at the low end of its projected range, still represents the largest IPO in a largely dormant 2022 market.

  • September 14, 2022

    DOJ Fines Bank In 'First-Ever' FCA Settlement Over PPP Loan

    The U.S. Department of Justice said it had reached an $18,000 settlement with a regional bank over allegations that the bank improperly processed a Paycheck Protection Program loan for an ineligible customer, marking the first settlement with a PPP lender under the False Claims Act.

Expert Analysis

  • A Close Look At The Decentralized Effort To Tax Digital Assets

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    Clarity on taxation is one of the biggest hurdles to mass adoption of cryptocurrency, and although digital asset innovation has consistently outpaced worldwide government regulation, recent efforts in the U.S. and elsewhere hint at an emerging standard, says Joshua Smeltzer at Gray Reed.

  • Tips For Handling Audio Data In E-Discovery Post-Pandemic

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    The rise of remote meetings during the COVID-19 pandemic has boosted the volume and importance of audio data in e-discovery — so organizations in highly regulated industries must collect and process that data, and establish complex strategies to manage their audio records, says Jack Bullen at FTI Consulting.

  • How Congress Is Reshaping Its Role In Economic Sanctions

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    The recent bipartisan reauthorization of the Global Magnitsky Human Rights Accountability Act exemplifies a trend that sees Congress asserting itself in what is traditionally an area of presidential authority, adding complexity to the sanctions landscape, say attorneys at Debevoise.

  • Crypto Bill Would Put Energy Use Of Digital Assets In Context

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    A bill recently introduced in the U.S. Senate that would mandate collection of data about the energy usage of cryptocurrency could facilitate a better understanding of bitcoin mining's impact on the electric grid, and contextualize it relative to the energy demands of other activities, says Miguel Suazo at Husch Blackwell.

  • Strategies For Effectively Marketing Law Firm ESG Practices

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    As law firms increasingly launch stand-alone environmental, social and corporate governance practices amid rising client demands, they should consider new marketing and client development practices that illuminate their capabilities as well their own sustainability and ethics-related initiatives, says Elle Walch at Ball Janik.

  • Agreement Among Litigants Key To Using E-Discovery Tech

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    Parties are increasingly using e-discovery technologies to control costs, but as a New York federal court order in Actos Antitrust Litigation shows, a well-drafted, negotiated protocol allows them to address potential objections prior to use and helps protect against later claims of incomplete production, say attorneys at McGuireWoods.

  • Notes On Social Equity From A Former Cannabis Regulator

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    Duane Morris’ Matthew McCarthy, former lead prosecutor in regulatory enforcement actions at the Maryland Medical Cannabis Commission, shares observations on the multifaceted efforts by government and the cannabis business community to build a more equitable industry and foster diverse ownership, highlighting the role of data reporting and community outreach.

  • Checking In On DOJ's Promised White Collar Crackdown

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    Though U.S. Department of Justice white collar prosecutions have not surged as expected after its October 2021 pivot to corporate enforcement, the DOJ's emphasis on C-suite accountability and new scrutiny of more industries are signs that companies are entering a more demanding era of enforcement, says Ilan Graff at Fried Frank.

  • Opinion

    Law School Admissions Shouldn't Hinge On Test Scores

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    The American Bar Association recently granted law schools some latitude on which tests it can consider in admissions decisions, but its continued emphasis on test scores harms student diversity and is an obstacle to holistic admissions strategies, says Aaron Taylor at AccessLex.

  • Tracking Class Certification Changes, 1 Year After TransUnion

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    In the year since the U.S. Supreme Court's TransUnion v. Ramirez decision, defense lawyers have invoked it as support for denying class certification or decertifying classes — but an analysis suggests that the main impact of the ruling has simply been closer scrutiny of class definitions by district courts, say James Morsch and Jonathan Singer at Saul Ewing.

  • How FTC Proposal Would Tighten Rules On Auto Finance

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    A rule recently proposed by the Federal Trade Commission would substantially and immediately transform how car dealers interact with customers in the automotive financing process — and while its effects on the automotive lending market could take longer to be felt, they would still be significant, say attorneys at Morgan Lewis.

  • Embracing Revenue Operations For Strong Law Firm Growth

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    The concept of revenue operations — a management strategy commonly used in high-growth sectors that involves integrating all departments to address and fulfill client needs — can help law firms develop their own growth strategies, including strengthening client relationships, says Dave Southern, a business development and marketing professional.

  • Make Room For Serendipity In Your Legal Job Search

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    Landing your dream legal job gets easier when you cultivate serendipity — which involves expanding and deepening your network, while being flexible, authentic and engaged with the world around you, says Anna Sanders at VOYLegal.

  • 5 Tips For Meeting DOJ's New CCO Certification Requirements

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    In light of new U.S. Department of Justice requirements that chief executive and compliance officers certify the effectiveness of their companies' ethics and compliance programs, these executives should keep several considerations in mind to avoid undue personal liability, say advisers at StoneTurn.

  • Ethics Considerations For Attorneys Joining Nonprofit Boards

    Excerpt from Practical Guidance
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    Many charitable organizations offer attorneys board positions to benefit from their specialized legal knowledge, but there are ethical considerations and liability dangers that demand lawyers set boundaries about their roles and responsibilities, says Patrick Sturm at LexisNexis.

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