Banking

  • July 3, 2019

    UBS Can't Revive Bid For $20M Coverage Of Debt Bond Suits

    The First Circuit on Wednesday upheld a lower court’s ruling that UBS AG units cannot tap into $20 million in insurance coverage to defray costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market.

  • July 3, 2019

    CFPB Supervision Is Still Bustling In The Kraninger Era

    Halfway into its first year under the leadership of Director Kathy Kraninger, the Consumer Financial Protection Bureau continues to exhibit a lighter touch in public enforcement but remains active behind the scenes in supervision, financial services attorneys say.

  • July 3, 2019

    Student Debt Cos. Must Face NY's Predatory Practices Suit

    A Manhattan federal judge won't let a web of connected student debt companies ditch a lawsuit from New York's attorney general that accuses the companies of lying to borrowers and obtaining fees for relief services that can be done for free.

  • July 3, 2019

    Tesla, Banks Want Out Of $1.8B Bond Offering Fraud Suit

    Tesla Inc. and its founder Elon Musk said a pension fund's proposed class action alleging the company and major investment banks misled investors on a $1.8 billion bond offering is a "weaker" copycat of a virtually identical suit the California federal court already tossed and should've never been filed.

  • July 3, 2019

    Madden Fallout Lingers, Leading To Uncertainty In Fintech

    A 2015 circuit court decision upending an age-old legal doctrine governing the validity of loan interest rates has inspired a drive to correct what many consider a mistake with particular implications for fintech lenders, whether through the courts or through Congress.

  • July 3, 2019

    Ex-Goldman Sachs Trader Must Arbitrate Retaliation Claims

    A former Goldman Sachs senior managing director who says the investment bank retaliated against him for refusing to take the blame for its alleged failure to vet a European businessman with a "checkered past" must pursue his claims in arbitration, a Manhattan federal judge has ruled.

  • July 3, 2019

    The Top Antitrust Conduct Cases Of 2019: Midyear Report

    The world’s dominant chipmaker saw part of its business model deemed illegal, the Federal Trade Commission added a new kind of generic drug patent settlement to the list of banned deals, and the European Commission slapped Google and Mastercard with more than $2 billion in fines. Here, Law360 looks at some of the biggest antitrust cases in the first half of 2019 and what they mean for the future.

  • July 3, 2019

    The Top 7 Privacy And Cybersecurity Rulings So Far In 2019

    From Equifax's ill-advised cybersecurity boasts to a dispute over thumbprints taken at Six Flags to circuit courts’ split on standing in data breach cases, it's been a busy six months in privacy and cybersecurity law. Here are seven rulings you need to know as we head into the year's second half.

  • July 3, 2019

    FCA Says It Will Take A Long Look At Facebook's Libra

    One of the U.K.’s most senior regulators has warned Facebook that its plans for a global cryptocurrency will face intense scrutiny from governments around the world, and said technology companies will be prevented from cutting corners when they introduce innovations to financial markets.

  • July 2, 2019

    Trump Announces New Federal Reserve Board Nominees

    President Donald Trump on Tuesday announced two new nominees to fill vacant seats on the Federal Reserve Board of Governors after his previous nominees dropped out in the face of pressure from opponents in Congress.

  • July 2, 2019

    'Extraordinary' $100M Fraud Gets Ex-Pharma CEO 30 Years

    A former medical device company executive will likely spend the rest of his life in prison after receiving a 30-year sentence Tuesday in Florida federal court for orchestrating a $100 million loan fraud scheme that federal prosecutors said triggered the collapse of one of Puerto Rico's largest banks.

  • July 2, 2019

    House Dems Call For Facebook To Put Libra Plans On Pause

    House Financial Services Committee Democrats urged Facebook on Tuesday to agree to halt its Libra cryptocurrency project until further study can be given to its policy implications, warning that steaming ahead would risk “a new Swiss-based financial system that is too big to fail.”

  • July 2, 2019

    25 State AGs Urge CFPB Not To Roll Back Overdraft Rule

    Attorneys general representing half the states in the nation signed on to a Monday letter urging the Consumer Financial Protection Bureau not to alter its overdraft rule, as the agency carries out a mandatory 10-year review of the regulation due to be completed this November.

  • July 2, 2019

    Ditech Wins Approval For $52M Bid Protections In Ch. 11 Sale

    A New York bankruptcy judge on Tuesday approved more than $52 million in bid protections for the stalking horse bidders for Ditech Holding Corp.’s mortgage origination and servicing businesses after consumers and the U.S. Trustee said the company had satisfied their objections.

  • July 2, 2019

    Investors Fight Exchanges' Appeal Bid In 'Flash Boys' Suits

    The pension funds behind litigation inspired by the high-frequency trading exposé "Flash Boys" asked a New York federal judge on Monday not to send their latest dismissal phase victory up to the Second Circuit.

  • July 2, 2019

    Deals Rumor Mill: AB InBev, Deutsche Bank, Majestic Wine

    AB InBev wants to raise as much as $9.8 billion in an initial public offering of its Asia-Pacific unit, Deutsche Bank is mulling shedding some of its equities unit, and Fortress Investment Group is close to inking a deal to buy Majestic Wine’s stores.

  • July 2, 2019

    Cuomo Wants NY To Probe Facebook Housing Advertisers

    New York Democratic Gov. Andrew Cuomo on Monday announced plans for the state’s Department of Financial Services to investigate advertisers that allegedly prevent certain protected groups from seeing their housing ads on Facebook.

  • July 2, 2019

    After Guilty Plea, Fraudster Launched New Scam, Feds Say

    A Massachusetts man who was convicted earlier this year of money laundering has been charged with operating a similar scheme after his plea, according to a federal criminal complaint unsealed Monday.

  • July 2, 2019

    Credit Union Settles Suit Over 'Misleading' Overdraft Policy

    New England's largest credit union settled a proposed class action by customers who say its overdraft policies are unclear, according to a brief filing Tuesday in Massachusetts federal court.

  • July 2, 2019

    Lloyds, Rabobank Settle Swiss Libor Rigging Probe

    Lenders Lloyds Bank PLC and Rabobank inked a settlement Tuesday with Switzerland's competition watchdog, ending a longstanding probe into manipulation of a key benchmark interest rate even as the investigation into other major lenders continues.

  • July 2, 2019

    Ex-DOJ Money Laundering Expert Joins Squire Patton Boggs

    Squire Patton Boggs LLP has added another former official from the U.S. Department of Justice to its government investigations and white collar practice, this time tapping a former deputy chief of the DOJ's Money Laundering and Asset Recovery Section.

  • July 2, 2019

    Disbarred Pa. Lawyer Kept Clients' $10K Settlement, Suit Says

    A former attorney with Dell Moser Lane & Loughney LLC kept the funds from a family’s 2016 settlement of a repossession case with a western Pennsylvania township, preventing his clients from using that money to pay off another party in the repossession suit, according to a complaint filed Tuesday in state court.

  • July 2, 2019

    Pennsylvania Bank Boosts Maryland Presence With $60M Deal

    ACNB Corp., the parent company of a Pennsylvania community bank, said Tuesday it has agreed to acquire Maryland's Frederick County Bancorp in a deal valued at $60 million that was guided by Bybel Rutledge LLP and Buckley LLP and gives the unit 34 community banks.

  • July 2, 2019

    Brazilian Bank To Pay $14.5M To End Investor Suit Over Bribes

    Investors in Brazilian bank Banco Bradesco SA asked a New York federal court on Monday to give the initial green light to a $14.5 million cash settlement to end a stock-drop suit against the bank for allegedly artificially inflating its securities prices by hiding a tax bribery scheme.

  • July 2, 2019

    Fake Mont. Cattle Rancher Cops To Fraud, Will Repay $43M

    A Montana man told a Manhattan federal judge Tuesday he lied about his family's assets, including falsely claiming to own cattle and a ranch, to borrow $43 million from lender Third Eye Capital Corp.

Expert Analysis

  • Getting Out Of Legal Project Management Debt

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    If a client does not demand the application of project management techniques at the start of a matter, or a law firm does not routinely apply them, it is highly likely that additional, avoidable work — legal project management debt — will materialize throughout the matter, says Anthony Widdop of Shearman & Sterling.

  • Traders At Risk Of DOJ Wire Fraud Charges For Spoofing

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    In U.S. v. Vorley, the U.S. Department of Justice has charged two commodities traders with wire fraud, based on an alleged spoofing scheme. The DOJ's approach could greatly expand potential criminal liability for spoofing activity, say attorneys at Mayer Brown.

  • 5 Key Points From Fed's Bank Control Proposal

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    The Federal Reserve's proposal to revise its board of governors' historically ad hoc approach to determining when a company has a controlling influence over a bank will likely bring increased transparency, predictability and simplicity to the process, say attorneys at Troutman Sanders.

  • OFCCP Affirmative Action Compliance May Be Changing

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    Based on recent comments from Office of Federal Contract Compliance Programs Director Craig Leen and the agency's directive 2018-07, we anticipate expansion of the agency's current verification efforts for contractor affirmative action plans, say David Sharrer and Amanda Bowman of DCI Consulting.

  • 6 Ways To Keep Your Jury From Zoning Out

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    Science suggests that at least some jurors pay attention to less than 65% of the evidence during a trial due to "task-unrelated thoughts," but there are steps attorneys can take to present information in a more engaging, cognition-friendly fashion, say Dennis Stolle and Dennis Devine of Barnes & Thornburg.

  • Defending Securities Act Claims In Texas State Court: Part 3

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    Litigating federal Securities Act class actions in Texas state courts is still a new frontier in the wake of the U.S. Supreme Court's 2018 Cyan decision. In the final part of this series, attorneys at Haynes and Boone discuss class certification defenses and obtaining early summary judgments.

  • Pitfalls To Avoid As Cannabis M&A Takes Off

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    Although 2019 is shaping up to be a banner year for mergers and acquisitions in the cannabis industry, parties must be mindful of the particular challenges of these deals, such as often contradictory regulatory regimes, significant stock price volatility and inflated valuation metrics, says John Bessonette of Kramer Levin.

  • Wash. Companies Should Brace For New Law's Major Tax Hit

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    After the extensive legislation passed in Washington state last week, virtually every industry will see major tax increases through changes to the business and occupation tax and the real estate excise tax, say Brett Durbin and Scott Edwards of Lane Powell.

  • 5 Myths In Legal Crisis Communications

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    Having worked at a boutique law firm, a crisis communications agency and in BigLaw, I have identified a number of common misconceptions across these disparate business models when it comes to crisis and litigation communications, says Robert Gemmill of Hogan Lovells.

  • Defending Securities Act Claims In Texas State Court: Part 2

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    After last year's U.S. Supreme Court ruling in Cyan, defendants are more likely to face federal Securities Act class actions in Texas state courts. Knowledge of Texas procedures can help defendants challenge a state court's jurisdiction and understand how best to handle parallel proceedings, say attorneys at Haynes and Boone.

  • Defending Securities Act Claims In Texas State Court: Part 1

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    The U.S. Supreme Court's ruling in Cyan last year allowed plaintiffs to pursue class actions under the federal Securities Act in state courts. Texas has notoriously unusual procedures for obtaining early pretrial wins in securities litigation, but there are opportunities for knowledgeable practitioners, say attorneys at Haynes and Boone.

  • An Overview Of The Debate Over Litigation Finance Disclosure

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    In light of a New York federal court's recent decision in Benitez v. Lopez, which joins a growing body of case law denying forced disclosure of commercial litigation finance, Stephanie Spangler of Norris McLaughlin and Dai Wai Chin Feman of Parabellum Capital break down the arguments commonly raised for and against disclosure.

  • Ch. 7 Ruling Protects Banks From Debtor-Account Dilemma

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    A New York federal court's decision last month in Weidenbenner confirms that banks may address their customers’ bankruptcies with policies that are protective of bank interests and the bankruptcy estates, without risking a violation of the automatic stay, say Steven Wilamowsky and Bryan Jacobson of Chapman and Cutler.

  • Franchising In The Cannabis Industry Begins To Light Up

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    This month, ONE Cannabis will become the first cannabis company to gain recognition from a mainstream franchising audience, and other new franchisers are sure to follow, provided that they can overcome the extra regulatory obstacles and other challenges that cannabis retailers face, says Rochelle Spandorf of Davis Wright.

  • How To Identify And Deal With Narcissists In Law

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    Given that a large swath of the legal profession may display some narcissistic tendencies, it is important for lawyers to know how to address the narcissist in the room — and it may be you, says Jennifer Gibbs of Zelle.

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