Banking

  • May 10, 2018

    Debevoise Leads Axa Equitable In Year's Largest IPO

    Axa Equitable Holdings Inc., the U.S. division of French insurance and asset management firm Axa SA, debuted on public markets Thursday, raising $2.75 billion in the U.S.’ largest initial public offering this year, with guidance from Debevoise & Plimpton LLP.

  • May 10, 2018

    RBS Says US Deal Opens Way To Dividends, Gov't Stock Sales

    The Royal Bank of Scotland said Thursday its $4.9 billion misconduct settlement with U.S. authorities clears the way for the U.K. government to begin selling off its RBS stock holding and raises hopes that the bank will resume paying a dividend after a 10-year hiatus.

  • May 9, 2018

    Mulvaney Targets CFPB's Student Lending Office In Reorg

    Consumer Financial Protection Bureau Acting Director Mick Mulvaney said Wednesday that an agency office that’s been involved in investigating student loan abuses is being merged into another office focused on educating consumers, a move that consumer advocates are comparing to “shuttering the fire department in the middle of a three-alarm fire.”

  • May 9, 2018

    RBS, DOJ Near $4.9B Deal Over Potential RMBS Civil Claims

    The Royal Bank of Scotland has reached a tentative deal with the U.S. Department of Justice, reportedly worth $4.9 billion, to settle potential civil claims over the bank’s structuring and sale of residential mortgage-backed securities before the financial crisis, the agency confirmed Wednesday.

  • May 9, 2018

    Treasury Watchdog To Probe Release Of Cohen Funds Info

    A lawyer for the U.S. Department of the Treasury’s internal watchdog said Wednesday that he would look into a possible leak of confidential banking records related to President Donald Trump’s longtime personal lawyer Michael Cohen.

  • May 9, 2018

    Dems Ask Trump To Pull Kirkland Partner's DOJ Nomination

    U.S. Senate Judiciary Committee Democrats on Wednesday called on President Donald Trump to withdraw his controversial nomination of Kirkland & Ellis LLP’s Brian Benczkowski to lead the Department of Justice’s criminal division over his representation of a bank with ties to Russian President Vladimir Putin.

  • May 9, 2018

    Calif. Wells Fargo Consultants Win $97M In Rest Break Suit

    A California federal judge on Wednesday awarded $97.28 million to a class of 4,481 Golden State-based Wells Fargo & Co. home mortgage consultants who weren't paid for rest breaks, rejecting the bank's arguments that it shouldn't have to pay more than $24.5 million for the labor violations.

  • May 9, 2018

    The US Has Exited The Iran Deal. What Happens Now?

    The Trump administration’s decision to pull out of a historic nuclear disarmament deal with Iran will have serious ramifications for global geopolitics and national security, but the move will in the near term have its most pointed effect on companies doing or considering business in Iran.

  • May 9, 2018

    Taking On Gun Lobby Could Backfire For NY Bank Agency

    New York’s top financial regulator has turned heads with its recent focus on the National Rifle Association’s ties to state banks and insurers, with experts saying a foray into the contentious gun control debate could backfire on the agency and the firms it regulates.

  • May 9, 2018

    PTAB Denies Review For Secure Mobile Payments Patent

    The Patent Trial and Appeal Board has denied a challenge by a dining rewards app developer over a rival's patent covering technology for secure mobile payments, saying it agreed with a district court’s patentability analysis “in every respect.”

  • May 9, 2018

    SEC Penalizes Paralegal In School District Muni Bond Fraud

    A Texas paralegal with limited experience in municipal bond offerings accepted hefty fees from a school district while holding himself out as a well-versed adviser, in violation of securities laws, the U.S. Securities and Exchange Commission said on Wednesday, ordering him and his advisory firm to pay more than $500,000 in disgorgement and civil penalties.

  • May 9, 2018

    Hedge Fund Fights $2.5M Settlement In Petters Ponzi Scheme

    Hedge fund Ritchie Capital Management told a Minnesota federal judge Tuesday the district court's lack of jurisdiction to approve a $2.5 million settlement between J.P. Morgan Chase & Co. and the receivership over the assets of fraudster Thomas Petters was one of several reasons to block the deal.

  • May 9, 2018

    3rd Circ. Upholds TD Bank Win In Currency Conversion Suit

    The Third Circuit on Tuesday upheld a win for TD Bank NA in a proposed class action alleging the bank charged an embedded fee when converting foreign currency, ruling nothing in its customer agreement specified which formula the bank would use and that the suit did not present any evidence the formula was intentionally withheld.

  • May 9, 2018

    VC-Backed Biotech, Louisiana Bank Price IPOs Raising $209M

    A venture-backed biotechnology startup and a private equity-backed Louisiana community bank saw shares debut Wednesday after raising a combined $209 million in initial public offerings that priced at the middle of their prospective ranges, kicking off a week with five scheduled IPOs.

  • May 8, 2018

    Split 7th Circ. Kicks Ex-Brokers' FINRA Suit To State Court

    A split Seventh Circuit panel on Tuesday vacated an Illinois federal court's dismissal of a suit against FINRA brought by two metals brokers fired from Jefferies & Co., finding the case should be remanded to state court because the suit presents no issue of federal law.

  • May 8, 2018

    FINRA Sanctions Fifth Third $6M On Variable Annuity Claims

    The Financial Industry Regulatory Authority on Tuesday ordered Fifth Third Securities Inc. to pay $6 million to settle claims about the way it has run its retail variable annuities business, including complying with the terms of an earlier settlement with the regulator over similar issues.

  • May 8, 2018

    Construction Firm Sued Over Unpaid Texas Apartment Bonds

    Surety and insurance provider The Guarantee Co. of North America USA slapped a Houston-area construction firm with a lawsuit in Texas federal court Tuesday, claiming it owes millions of dollars after failing to meet certain obligations under bonds associated with a residential building project.

  • May 8, 2018

    Bank Defends $1M Fee Award In Tribal Embezzlement Row

    A bank that the Paskenta Band of Nomlaki Indians accused of helping former tribal leaders carry out a wide-reaching, multimillion-dollar embezzlement scheme pushed back Monday at the tribe’s Ninth Circuit appeal of a lower court order granting the bank more than $1 million in attorneys’ fees.  

  • May 8, 2018

    Credit Union CEO's ATM 'Tests' Part of $7M Fraud, Feds Say

    The CEO of a New York City credit union billed millions of dollars for fake dental and insurance costs, and once claimed he was only testing the company’s ATMs when he withdrew thousands of dollars from them, prosecutors said Tuesday in charging him with perpetuating a $7 million fraud scheme.

  • May 8, 2018

    Bank Exec's Bias Complaints Got Her Fired, Suit Says

    A former top executive at China Merchants Bank claims she was illegally fired for raising internal concerns about the bank engaging in discriminatory practices, including limiting its participation in a Harlem real estate deal because of the area's African-American population, according to a New York federal court suit filed Tuesday.

Expert Analysis

  • What To Expect From The 2nd Criminal Spoofing Trial

    Jeffrey Brown

    Andre Flotron's upcoming criminal trial and the corresponding civil complaint demonstrate that regulators have the appetite to bring spoofing cases based largely on patterns observed in trade data. This data may be supplemented by the allegedly incriminating testimony of witnesses, say attorneys with Dechert LLP.

  • New Russian Oligarch Sanctions Will Require Prompt Action

    Grant Leach

    Last week, the U.S. Treasury Department's Office of Foreign Assets Control added several Russian oligarchs, political officials and businesses under their control to its Specially Designated Nationals and Blocked Persons List. These sanctions will likely impose serious compliance challenges for both U.S. and non-U.S. persons doing business with Russia, say attorneys with Husch Blackwell LLP.

  • Federal Vs. State: The Fight To Regulate Student Loans

    Joseph Cioffi

    In the absence of federal action, states have generally enjoyed the home-field advantage when it comes to enforcement of student loans, but that could change, say Joseph Cioffi and James Serritella of Davis & Gilbert LLP.

  • FinCEN's Customer Due Diligence Expectations: Some Clarity

    Michael Mancusi

    The Financial Crimes Enforcement Network's publication last week of a wide-ranging set of FAQs indicates that uncertainty as to FinCEN's new customer due diligence requirements is indeed widespread. Financial institutions should review and incorporate this guidance into their onboarding and due diligence procedures, say attorneys with Arnold & Porter.

  • Congressional Forecast: April

    Layth Elhassani

    As Congress returns to Washington for a three-week work period, President Donald Trump continues announcing new policy and personnel decisions. But with midterms looming, Congress is unlikely to make progress on legislation requiring compromise and bipartisanship, say Layth Elhassani and Kaitlyn McClure of Covington & Burling LLP.

  • Series

    Dissolving Practice: Partner Agreement Clauses That Can Help

    ​​​​​Leslie Corwin

    Given the competing public policies of protecting clients’ right to counsel of their choice, lawyer mobility, and the fiduciary duty partners owe to a dissolved firm, it behooves law firms to carefully review their partnership agreements to make sure they adequately spell out what happens in the unfortunate event that the law firm chooses to wind down, say ​​​​​Leslie Corwin and Rachel Sims of Blank Rome LLP.

  • A 9th Circ. Warning For Game Apps With Micro-Transactions

    Christopher Queenin

    Courts that have addressed virtual game currencies have found that developers do not run afoul of state gambling laws so long as the virtual currencies have no transferable monetary value outside of the game. But the Ninth Circuit disagreed last month in Kater v. Churchill Downs, says Christopher Queenin of Nixon Peabody LLP.

  • Series

    Dissolving Practice: The Unfinished Business Doctrine

    Thomas Rutledge

    There has been, of late, significant dispute as to the application of the unfinished business doctrine, particularly with respect to hourly rate matters of now-dissolved large law firms. And the California Supreme Court’s recent decision in Heller Ehrman, like others as to similar points, is highly questionable, says Thomas Rutledge of Stoll Keenon Ogden PLLC.

  • Senate Regulatory Relief Bill Would Benefit Community Banks

    Joan Guilfoyle

    The Dodd-Frank rollback bill recently passed by the Senate is not as sweeping as the House’s Financial Choice Act, but for community bankers, there are a number of provisions to like, says Joan Guilfoyle of Jones Walker LLP.

  • Should We Trust The Fiduciary Rule Is Gone?

    Robert Stone

    The U.S. Department of Labor's fiduciary rule has been challenged in court by various organizations on grounds that the agency exceeded its authority in promulgating it. Those challenges culminated in a recent decision by the Fifth Circuit to vacate the rule in U.S. Chamber of Commerce v. DOL, say Robert Stone and Shannon Smith of Katten Muchin Rosenman LLP.