Banking

  • September 27, 2021

    Big Firms' Compliance Costs Nearly Doubled Since COVID

    Spending on financial crime compliance by the nation's major financial institutions is expected to shoot up to an average of $27.8 million in 2021, nearly double the 2019 figures collected in prepandemic times, according to a new report that surveyed 115 U.S.-based compliance professionals.

  • September 24, 2021

    Cannabis Bill Roundup: House OKs SAFE Act In Defense Bill

    The U.S. House of Representatives once again passed cannabis banking legislation, this time as part of a must-pass defense package, while Mississippi lawmakers announced that they had a deal for legalizing medical marijuana. Here are the major developments in cannabis reform policy from the past week.

  • September 24, 2021

    China Bans All Crypto Transactions In Broad Clampdown

    China declared all cryptocurrency transactions in the country illegal Friday, marking its harshest crackdown yet on the burgeoning industry.

  • September 24, 2021

    CFPB Nabs $20M Penalty Against Mortgage Lender Exec

    A California federal judge has ordered an executive of mortgage lender Monster Loans to pay a $20 million civil penalty to the Consumer Financial Protection Bureau, which accused him of illegally accessing credit reports for allegedly predatory student debt refinancing companies.

  • September 24, 2021

    Crypto Exchange Blacklisting To Test US Sanctions' Teeth

    The U.S. Department of the Treasury's unprecedented blacklisting of a cryptocurrency platform accused of helping cybercriminals convert funds into real-world currency will test its ability to sway ransomware actors' behavior, as officials sharpen their pitch for victims to report attacks.

  • September 24, 2021

    SEC Says $100M Auto-Loan Securitization Was Fraudulent

    The U.S. Securities and Exchange Commission has filed suit against two former executives of an Illinois-based automobile finance company for allegedly misleading investors about the subprime automobile loans that backed a $100 million offering by the company.

  • September 24, 2021

    Robinhood Taps Crypto CCO, And Other Top People Moves

    Robinhood Markets Inc. has hired an ex-counsel with Ripple and Blockchain.com as the new chief compliance officer of its cryptocurrency trading unit, while an ex-J.P. Morgan attorney landed at a New York-based private equity firm and Swedbank launched a search to replace its retiring compliance chief. 

  • September 24, 2021

    Huawei CFO Admits Duping HSBC On Iran Dealings

    Huawei Chief Financial Officer Meng Wanzhou on Friday entered into a deferred prosecution agreement with U.S. authorities and admitted to deceiving global lender HSBC about Huawei's business dealings with Iran.

  • September 24, 2021

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

    This past week in London has seen two energy drink giants lock horns, Standard Chartered sued by the state of Wisconsin and IBM take aim at a Swiss software company. Law360 looks at these and other new claims in the U.K. 

  • September 24, 2021

    Trump Org Ordered To Comply With NY AG's Subpoenas

    A New York state court ordered the Trump Organization to comply with state attorney general subpoenas for information related to former President Donald Trump as part of a civil probe over whether he inflated the value of his assets.

  • September 23, 2021

    BofA Defeats Maryland Escrow Interest Suit

    A Baltimore federal judge freed Bank of America from a proposed consumer class action that sought to hold it liable for millions of dollars in escrow interest allegedly owed to Maryland mortgage borrowers, handing the bank a notable win in a case that's paralleled national litigation.

  • September 23, 2021

    Schwab Clients Urge Cert. Over Trades Routed Through UBS

    Charles Schwab clients urged a California federal judge Thursday to grant them class status in their securities lawsuit accusing the financial services giant of violating its duty to get them the "best execution" on trade orders by intentionally concealing an agreement routing trade orders through UBS Securities LLC.

  • September 23, 2021

    SEC Letter Raises Climate Reporting Bar Before Rules Drop

    The U.S. Securities and Exchange Commission has begun rolling out letters nudging public companies to bolster their disclosures related to climate-related risks in SEC filings, an apparent effort to set a higher bar for business in anticipation of the agency's long-awaited rulemaking on the matter.

  • September 23, 2021

    CashCall Still Owes $200M After Landmark Liu, 9th Circ. Told

    The Consumer Financial Protection Bureau told the Ninth Circuit during oral arguments Thursday that a recent U.S. Supreme Court decision that held disgorgement awards can't exceed a defendant's net profits doesn't affect whether CashCall Inc. should pay over $200 million in restitution for deceptively collecting on illegal payday loans.

  • September 23, 2021

    Money Transfer Firm Remitly Leads Trio Of Fintech IPOs

    A trio of financial technology companies started trading Thursday led by a $523 million initial public offering from Remitly, which offers a mobile app for remittances and financial services.

  • September 23, 2021

    Attys Want $23M In Fees For Wells Fargo Auto Loan Fees Suit

    Attorneys representing a class of Wells Fargo customers that sued over certain fees tied to auto loans asked a California federal judge Wednesday for $23.1 million in fees and $260,000 in litigation reimbursements for their role in securing a nearly $500 million settlement for the consumers.

  • September 23, 2021

    JPMorgan To Pay Treasury Futures Investors $16M For Spoofs

    JPMorgan Chase and a proposed class of investors have reached a $15.7 million settlement over allegations of harm from a yearslong scheme by the bank's traders to manipulate the U.S. Treasury futures market.

  • September 23, 2021

    Objector Rips Wells Fargo Consultants' $95.7M Wage Deal

    An objector urged a California federal judge Thursday to throw out Wells Fargo's aggregated $95.7 million deal to resolve multiple class actions claiming it stiffed thousands of mortgage consultants' wages, arguing that the deal unfairly claws back $25.7 million already awarded to some class members and dilutes their recovery.

  • September 23, 2021

    Biden Picks Ex-Davis Polk Atty, Law Prof For OCC Chief

    President Joe Biden has tapped a former Davis Polk & Wardwell LLP lawyer turned academic to head up the Office of the Comptroller of the Currency in a move that could position the national bank regulator for a continued shift toward crypto-skepticism.

  • September 23, 2021

    Ex-MoFo Investment Management Chair Joins Stradley Ronon

    Stradley Ronon Stevens & Young added Morrison & Foerster LLP's former investment management chair as a Washington, D.C.-based partner and the new chair of its fintech practice, the firm announced.

  • September 23, 2021

    Slaughter And May Picks Woman To Be 1st Managing Partner

    London-based Slaughter and May has chosen an experienced female litigator to be its first-ever managing partner, the firm said Wednesday, joining a bevy of law firms in the U.S. and U.K. that have recently named women for top leadership roles.

  • September 23, 2021

    EU Warns 4 Member Countries Over Tax Infractions

    The European Union's executive body flagged four member countries Thursday for violations of EU tax law in areas including anti-avoidance rules, taxes on automobiles and value-added tax.

  • September 23, 2021

    3 Firms Build $1.15B Valley National-Leumi Banking Merger

    Wachtell Lipton-led Valley National Bancorp will pay about $1.15 billion for the U.S. business of Israel-based Bank Leumi, advised by Davis Polk and Meitar, the companies said Thursday, in a transaction that will result in a single entity with roughly $49.4 billion of assets under management.

  • September 22, 2021

    Fed 'Closely Monitoring' Wells Fargo's Cleanup, Powell Says

    Federal Reserve Chair Jerome Powell said Wednesday that Wells Fargo could face further supervisory action if it doesn't satisfactorily fix the problems that led the central bank to slap a $2 trillion asset cap on the bank.

  • September 22, 2021

    NY Law Firm Slams Intuit Over QuickBooks Transaction Fees

    A New York law firm hit Intuit with a proposed class action in California federal court Tuesday, arguing that Intuit's cloud-based accounting service, QuickBooks, breached its agreement with users when it charged additional fees for bank transfer payments despite explicitly saying it would not do so.

Expert Analysis

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Awaiting High Court Answer On Post-Cyan Discovery Issue

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    The U.S. Supreme Court’s forthcoming decision in Pivotal Software v. Tran next term may clarify a question begat by the court’s 2018 Cyan decision — whether the Private Securities Litigation Reform Act’s automatic discovery stay provision applies in state courts — and thereby lessen the burden on parties litigating amid the ambiguity, says Liz Cassady at Steptoe & Johnson.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • FINRA Shows Subtle Shift On Evaluating Best Execution

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    McGuireWoods’ Elizabeth Hogan and Alexander Madrid analyze the Financial Industry Regulatory Authority's recent notice on best execution and payment for order flow, identifying an isolated focus on price that pivots from prior guidance emphasizing a more holistic approach.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

  • Credit-Sensitive Rates Could Allay Libor Transition Hurdles

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    Adopting a Libor replacement requires careful understanding of the Secured Overnight Financing Rate's performance issues, comprehensive price term negotiation, and consideration of alternative benchmarks — like Ameribor — whose base rate and credit spread advantages come in contrast to U.S. banking officials' recent critiques of credit-sensitive rates, says Jeffrey Armstrong at Berkeley Research.

  • 3 Keys To Winning Your Next Oral Argument

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    To leverage the unique opportunity oral arguments provide to talk directly to judges and contribute to their decision making, attorneys must mind the three hallmarks of persuasiveness: projecting credibility, exuding likability and gaining the listener's trust, says Daniel Karon at Karon LLC.

  • Don't Expect 2008-Style Suits After Next Housing Crash

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    As pandemic-related supply and demand issues have led to a massive surge in housing prices, market corrections are sure to follow, and the legal fights that emerge will probably differ from the 2008 subprime mortgage crisis in key ways, says Eric Madsen at Berkeley Research Group.

  • Keys To Efficient And Accurate Doc Review For E-Discovery

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    Attorneys involved in e-discovery can review information accurately and cost-effectively by understanding the data in a document collection and identifying its key pitfalls, drafting comprehensive review guidelines, and preparing ahead, says John Wertelet at Eckert Seamans.

  • Series

    Embracing ESG: Raytheon GC Talks Climate Change

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    Now that the climate crisis is seen as an existential threat, the stakes couldn't be higher — or the challenges more daunting — for the general counsel, who must enlist all parts of the company for support while providing both a legal and ethical road map on how to respond, says Frank Jimenez at Raytheon.

  • Q2 Stock Drop Stats Buoy High Court's Goldman Ruling

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    Nearly 40% of stock drop claims filed in the second quarter of 2021 lacked indirect price impact, underscoring the importance of the U.S. Supreme Court’s recent Goldman Sachs decision that effectively institutes a data-driven control to limit meritless securities class action litigation, say analysts at SAR.

  • An Early Look At What State AGs Want From ESG Disclosures

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    As companies anticipate compliance obligations for the U.S. Securities and Exchange Commission's upcoming environmental, social and governance disclosure rules, they must also consider that certain state attorneys general recently explained their expectations on climate-related financial risk and are already acting on them, say Jonathan Brightbill and Jennie Porter at Winston & Strawn.

  • Mass. Ruling A Cautionary Tale For Attorneys Changing Firms

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    The Massachusetts high court's recent ruling in Governo v. Bergeron, that lawyers could be held liable for unfair competition with a former firm, highlights important considerations for departing attorneys soliciting clients to come with them, say Mariana Korsunsky and Gary Ronan at Goulston & Storrs.

  • What To Expect From SEC's Insider Trading Reforms

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    With the U.S. Securities and Exchange Commission and Congress contemplating reforms to a rule requiring corporate insiders to disclose plans to trade company holdings, attorneys at King & Spalding explore likely changes to increase transparency and eliminate perceived opportunities to game the system.

  • Plaintiff Takeaways From High Court's Goldman Ruling

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    The defense bar has claimed victory following the U.S. Supreme Court’s recent decision in Goldman Sachs v. Arkansas Teacher Retirement System, but the ruling provides plaintiffs with valuable insight for securities fraud class certification battles moving forward, say Marc Gross and Jeremy Lieberman at Pomerantz.

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