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Banking

  • August 8, 2018

    Deutsche Bank RMBS Suit Should Not Get Cert., Judge Says

    A New York federal magistrate judge said Tuesday that a residential mortgage-backed securities suit facing Deutsche Bank National Trust Co. and an affiliate should not be allowed to proceed as a class action and that claims for more than half the RMBS trusts at issue ought to be dismissed.

  • August 8, 2018

    Real Estate Rumors: Rockpoint, Schwartz Sladkus, Deutsche

    A Rockpoint venture has reportedly bought a Florida development site from BlackRock for $19.51 million, Schwartz Sladkus Reich Greenberg Atlas is said to be leasing 33,115 square feet in New York, and a Deutsche Bank real estate investment trust has reportedly sold five Florida warehouses for $15.8 million.

  • August 8, 2018

    Borrowers Balk At Bid To Pause Suit Against Tribal Lender

    A proposed class of Virginia residents alleging that an online lending company worked to use its connection to a Michigan tribe to protect itself against accusations it charged unduly high loan interest rates said a Virginia federal court should refuse one defendant’s request to halt the case while other defendants push an appeal.

  • August 8, 2018

    US Plans Sanctions On Russia Over Nerve Agent Attack

    The U.S. State Department said Wednesday that it plans to sanction Moscow for using chemical or biological weapons in violation of international law or against its own nationals, following the attempted assassination of former Russian spy Sergei Skripal and his daughter Yulia.

  • August 8, 2018

    SEC Told Proposed Broker Standards Fall Short

    Financial professionals, investor groups and 17 attorneys general asked the U.S. Securities and Exchange Commission to clarify and strengthen its proposal to require brokers to prioritize their clients over themselves, according to public comments submitted before an Aug. 7 deadline.

  • August 8, 2018

    Indian Bank Raises Fraud Concern In Samuels' Del. Ch. 11

    India’s second-largest national bank confirmed its interest Wednesday in the day-old Delaware Chapter 11 of Samuels Jewelers Inc., citing ongoing probes of jewelry chain fraudsters in India and the bankruptcy of a jewelry retailer in New York with ties similar to Samuels’.

  • August 8, 2018

    Online Tribal Lenders Hit With Va. Proposed Class Action

    Two online lenders have been hit with a proposed class action from Virginia consumers alleging a scheme in which the tribally linked lenders were used as a front to avoid state usury laws.

  • August 8, 2018

    CFPB, Payday Groups Again Denied Stay Of Payday Rule

    A Texas federal judge has again turned down a request from the Consumer Financial Protection Bureau and two payday lender trade groups to stay the August 2019 compliance date of the agency’s so-called payday rule, which puts restrictions on payday and other small-dollar lenders.

  • August 8, 2018

    Junk Fax Class Certified In North American Bancard Suit

    An Illinois federal judge certified a class of fax recipients who say they got unsolicited transmissions from credit card services company North American Bancard on Tuesday, calling the company’s claims it has evidence of consent “little more than red herrings.”

  • August 8, 2018

    Nine West Creditors Seek Lenders' Info On 2014 Takeover

    Unsecured creditors of Nine West Holdings Inc. have asked the bankruptcy court to allow them to expand their probe into Sycamore Partners' 2014 takeover of the women's shoe and apparel company, saying they need to subpoena additional lenders.

  • August 8, 2018

    SEC Delays Action On Cboe Proposal To List Bitcoin ETF

    The U.S. Securities and Exchange Commission on Tuesday delayed a decision on whether to approve a closely watched proposal by Cboe BZX Exchange Inc. to list what would be the first bitcoin-based exchange-traded fund, saying it needs more time to consider the proposal.

  • August 8, 2018

    10th Circ. Says IRS Can Tap Into Tax Fraudster's USAA Funds

    The Internal Revenue Service may garnish a fraudster’s USAA bank account right away instead of waiting for alternative payment methods when restitution is “due immediately,” the Tenth Circuit has ruled.

  • August 8, 2018

    Virginia Data Center Project Lands $214M Loan

    Drinker Biddle & Reath LLP represented Manufacturers & Traders Trust Co. in connection with its nearly $214 million construction loan for a 238,000-square-foot data center project in Virginia, the law firm told Law360 on Wednesday.

  • August 8, 2018

    9th Circ. Affirms Emirates Bank's Trade Secrets Trial Win

    The Ninth Circuit on Tuesday upheld a jury verdict in favor of banking giant Emirates NBD Bank PJSC, finding that financial technology firm InfoSpan Inc. had not shown that the jury was prejudiced or that it was not properly instructed during the trial over claims the bank stole InfoSpan's cellphone-based payment system.

  • August 8, 2018

    Foley Hoag Adds Ex-Ropes & Gray Finance Practice Head

    Foley Hoag LLP said it has added the former head of Ropes & Gray LLP’s finance practice as a partner in its business department and co-chair of the debt finance practice in the firm’s Boston office.

  • August 8, 2018

    Wells Fargo Must Face Pa. Wiretap Suit Over Recorded Calls

    A Pennsylvania federal judge ruled there was enough support to advance a Pittsburgh-area man’s allegations that Wells Fargo Bank invaded his privacy with debt-collection calls and violated the state’s wiretap laws by recording the conversations even after he had denied his consent.

  • August 7, 2018

    JP Morgan Can't Duck FINRA Arbitration, 3rd Circ. Says

    A Third Circuit panel ruled Tuesday that J.P. Morgan Securities must arbitrate a Pennsylvania health system’s claims over several pre-2008 auction rate securities offerings, finding the system hadn’t waived its right to arbitration before the Financial Industry Regulatory Authority by signing on to agreements with clauses pegging New York’s Southern District as the forum for any disputes.

  • August 7, 2018

    Ex-ConvergEx Exec Could See No Jail Time After Plea

    A former ConvergEx Group LLC executive who questioned corporate defense attorneys’ role in the government's criminal investigation into his trading practices pled guilty to one count of conspiracy on Tuesday under an arrangement that puts a no-jail sentence on the table.

  • August 7, 2018

    AmEx Says Letter In Customer's FDCPA Suit Is The Real Deal

    American Express asked a Florida federal court Tuesday to intervene in a cardholder's putative class action that it says erroneously claims debt collector Firstsource Advantage sent her a letter offering to settle her credit card debt for less while masquerading as American Express.

  • August 7, 2018

    In Manafort Trial: 'The Secret Life Of Rick Gates’

    Paul Manafort's attorney hammered the "secret life" of his client's former business partner Tuesday by bringing up Rick Gates’ marital and financial indiscretions in an attempt to undermine Gates' credibility in front of the Virginia federal jury hearing a bank and tax fraud case against President Donald Trump's former campaign manager.

Expert Analysis

  • CFPB And The Issue Of Its Legitimacy

    Joann Needleman

    A few months after the D.C. Circuit held in PHH that the structure of the Consumer Financial Protection Bureau is constitutional, the bureau’s future remains unclear due to a New York federal judge's ruling in RD Legal Funding. And the nomination of Judge Brett Kavanaugh to the U.S. Supreme Court moves the constitutionality of the CFPB to the front of the line, say attorneys with Clark Hill PLC.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • 3 Top E-Discovery Case Law Lessons Of 2018 (So Far)

    Casey Sullivan

    The blockbuster e-discovery cases, with big sanctions and bigger controversies, have been few and far between this year. But that doesn’t mean the legal questions around e-discovery have been answered. Let’s take a closer look at three cases worthy of our attention, says Casey Sullivan, an attorney at discovery technology provider Logikcull.

  • The 1st Judicial Finding That Digital Tokens Are Securities

    Deborah Meshulam

    A Florida magistrate judge's finding last month that tokens issued and sold by technology startup Centra Tech are investment contracts could serve as a road map for the evaluation of token sales in other cases, say attorneys with DLA Piper.

  • Another Decision In Goldman Code Theft Case

    Jonathan Waisnor

    The Aleynikov case demonstrates that employees who attempt to use the proprietary source code of their former employers without authorization may face not only the risk of civil liability, but also prosecution under local criminal statutes. And they could also face liability under the recently expanded federal Economic Espionage Act, says Jonathan Waisnor of Willkie Farr & Gallagher LLP. 

  • Following The Tax Map To Deduct Loan Commitment Fees

    Mark Leeds

    The deduction for interest as a business expense was substantially limited by last year’s revision of IRC Section 162(c). But last month's IRS chief counsel memo has advised that borrowers in lending transactions can deduct unused commitment fees and provides taxpayers with a road map for structuring transactions to avoid the new limitations, say Mark Leeds and Brennan Young of Mayer Brown LLP.

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.

  • New Bill Addresses Systemic Risk In Cannabis Banking

    Lance Boldrey

    The newly introduced STATES Act would alleviate most of the issues that financial institutions face in providing services to marijuana-related businesses, say attorneys with Dykema Gossett PLLC.