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Banking

  • November 6, 2018

    JPMorgan Says Not To Certify 'Lawyer-Driven' 401(k) Suit

    JPMorgan Chase has urged a New York federal judge not to certify a proposed class of several hundred thousand 401(k) plan participants alleging that the bank mismanaged their retirement savings, saying that the named plaintiffs were satisfied with the plan until they were contacted by lawyers through Facebook ads.

  • November 6, 2018

    Deutsche Bank Says Bid To Amend RMBS Suit Too Late

    Deutsche Bank National Trust Co. told a New York federal judge on Monday that the National Credit Union Administration Board should not be allowed to amend its suit over a number of residential mortgage-backed securities trusts, saying it is too late to fix standing issues.

  • November 6, 2018

    Blockchain Biz Bitfury Closes $80M Private Placement

    Full-service blockchain technology company The Bitfury Group on Tuesday said it has closed an $80 million private placement that was led by Korelya Capital, the European growth-capital firm backed by Korean digital giant Naver Group, among others.

  • November 5, 2018

    NYC Art Consultant Dodges Prison Time For Tax Scheme

    A Manhattan art consultant who copped to enlisting a Swiss banking whiz to help her hide a nearly $4 million inheritance from the IRS was sentenced Monday to four years of probation, including eight months of home confinement, over the objections of prosecutors who called for at least a nominal stint in prison.

  • November 5, 2018

    Heartland Must Face Suit Over Non-Solicitation Agreement

    A former Heartland Payment Systems Inc. salesman can sue the payment processing company to escape an agreement blocking him from dealing with its customers even though he hasn’t broken the pact and doesn’t plan to, a New Jersey federal judge said Monday.

  • November 5, 2018

    PE Firm Says Co. Can't Pay $6.4M Award, Pulls Request

    A private equity firm has given up its fight in New York federal court to confirm a $6.4 million costs award issued after a tribunal rejected a Mauritius investment company's breach of contract allegations, saying that the latter company doesn't have the money to pay up.

  • November 5, 2018

    Wells Fargo Seeks To Ax Auto Insurance Stock-Drop Suit

    Wells Fargo urged a California federal judge Friday to toss a proposed class action accusing the bank of having kept investors in the dark about its alleged foisting of unnecessary insurance on some auto loan customers, arguing that no duty to disclose the issue sooner has been shown and that the bank's statements about its transparency efforts were “corporate puffery.”

  • November 5, 2018

    BakerHostetler Snags 2 Katten Muchin Commercial Litigators

    BakerHostetler has boosted its New York office with the addition of two Katten Muchin Rosenman LLP trial attorneys who have worked together for more than two decades in areas including real estate, hospitality, media and financial services.

  • November 5, 2018

    Funds Fight Chinese Bank's Venue Bid In SIBOR Rigging Suit

    Sonterra Capital Master Fund Ltd. and FrontPoint Asian Event Driven Fund LP have urged a New York federal court to reject a Chinese bank's arguments that it is not subject to U.S. jurisdiction and its interlocutory appeal in a suit accusing it and other banks of rigging a key Southeast Asian interest rate.

  • November 5, 2018

    Ex-CEO Says 1 Global Notes Not Securities In $287M SEC Suit

    The former CEO of 1 Global Capital LLC told a Florida federal judge on Friday that the U.S. Securities and Exchange Commission’s $287 million fraud lawsuit against him is unfounded because the notes his company issued to small businesses were not securities subject to the agency’s jurisdiction.

  • November 5, 2018

    CFTC Makes Higher Threshold For Swap Dealers Permanent

    The U.S. Commodity Futures Trading Commission on Monday approved a rule making permanent the $8 billion trading threshold governing which swap dealers must register with the agency, opting against previous plans for a lower threshold that would have regulated more firms.

  • November 5, 2018

    DLA Piper Hires 2 Entertainment Finance Pros In Los Angeles

    Two former Greenberg Traurig LLP shareholders with decades of experience in representing film, television and music producers as well as financial companies in media transactional work have joined DLA Piper in Los Angeles.

  • November 5, 2018

    Chinese NGO Head Can't Suppress FISA Evidence At Trial

    A New York federal judge has refused to suppress evidence collected under the Foreign Intelligence Surveillance Act in the trial of the head of a Chinese nongovernmental organization who is accused of bribery, finding that the U.S. government’s electronic surveillance information was gathered legally.

  • November 5, 2018

    2nd Circ. Nixes Ex-JPM Analyst's Insider Trading Conviction

    The Second Circuit reversed former JPMorgan Chase & Co. analyst Sean Stewart's insider trading conviction on Monday, saying the trial judge improperly blocked conflicting statements from Stewart's father, who prosecutors had on tape saying that Stewart handed him stock tips on a “silver platter.”

  • November 5, 2018

    Investor Blasts 'Rotten' RBS At Euribor Swaps Trial

    RBS was a “rotten bank” that acted dishonestly when it sold swaps tied to Euribor while one of its traders was involved in a conspiracy to rig the interest rate benchmark, a lawyer for a Spanish investment vehicle said Monday at the close of a trial in London.

  • November 2, 2018

    Rajaratnam Tells 2nd Circ. $93M SEC Fine A Bridge Too Far

    An attorney for convicted Galleon Group LLC founder Raj Rajaratnam urged the Second Circuit to reconsider his $92.8 million civil penalty for insider trading, telling the appeals court that U.S. District Judge Jed Rakoff failed to properly take into account the severe criminal penalties he incurred.

  • November 2, 2018

    CFPB Ducks Injunction Bid Over FOIA Request For Zillow Suit

    A D.C. federal judge has declined to order the Consumer Financial Protection Bureau to accelerate processing of a Freedom of Information Act request filed by a lawyer seeking to bolster a securities fraud class action complaint against Zillow, unconvinced that an imminent deadline for beefing up those pleadings warranted such a measure.

  • November 2, 2018

    Stress Tests Show Big UK Banks At Back Of EU Pack

    Stress test results released Friday by the European Banking Authority show that Europe’s biggest banks have enough high-quality capital to weather a severe hypothetical economic downturn without dipping below regulatory minimums, though Barclays and Lloyds were left with some of the thinnest cushions.

  • November 2, 2018

    4 Things To Know About The 1MDB Cases

    Federal prosecutors in New York revealed long-awaited charges against a Malaysian financier and two former Goldman Sachs bankers over their alleged part in a multibillion-dollar fraud on Malaysia's sovereign wealth fund, leaving open questions about the bank's exposure. Here are four things to know about the charges.

  • November 2, 2018

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

    The last week has seen a private equity firm sue a major U.K. pub operator, an Iranian shipper take on dozens of insurers and a breach of contract claim against Merrill Lynch. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • 5.5 Ways To Remove GILTI From Your State Tax Base

    Zal Kumar

    In many states, the lack of specific guidance addressing the inclusion of global intangible low-taxed income, or GILTI, is causing concern that GILTI will be includible in the state tax base. Attorneys from Mayer Brown LLP highlight several possible avenues for removing GILTI from the state tax base.

  • Trends In FINRA's 2018 Disciplinary Actions

    Brian Rubin

    According to recent Financial Industry Regulatory Authority reports, there was an increase in fines and a decrease in the number of disciplinary actions during the first half of 2018 compared to the same period in 2017. Regardless of how 2018 finishes, however, FINRA’s actions show that firms should consider concentrating on issues as classic as apple pie, say Brian Rubin and Adam Pollet of Eversheds Sutherland.

  • How US And EU Sanctions Clash With Russian Antitrust Laws

    Stefan Weber

    U.S. and EU sanctions on Russia are forcing many international companies to carefully evaluate and restructure their contractual relationships with Russian counterparties. In this process, Russian antitrust law provides obstacles that may be difficult to overcome in some situations, say attorneys with Noerr Consulting AG.

  • 6th Circ. Encourages Insureds To Be Open With Insurers

    Matthew Beato

    The Sixth Circuit's recent decision in First Horizon v. Houston reinforces the importance of providing timely and complete notice to insurance carriers, and will discourage insureds from disguising crucial facts about claims, says Matthew Beato of Wiley Rein LLP.

  • CFPB Takes A Big Step Toward Better Consumer Disclosures

    Eric Mogilnicki

    The Consumer Financial Protection Bureau's previous trial disclosure program offered those experimenting with new types of consumer disclosures limited protection from liability. The bureau’s new policy announced last month seeks to replace this regulatory quicksand, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Dismissing FCA Cases: The Granston Memo In Action

    Jeffrey Belkin

    In January, the Granston memo advised U.S. Department of Justice attorneys that, in tandem with their decisions to decline intervention in False Claims Act qui tam suits, they should consider proactively seeking dismissal. Since then, only a small number of cases have explored this form of dismissal, and the results have been mixed, say Jeffrey Belkin and Michael Mortorano of Alston & Bird LLP.

  • SEC Case Brings Rarely Used Cyber Rules Into Limelight

    Erica Williams

    The U.S. Securities and Exchange Commission's settlement this week with Voya Financial Advisors represents the first SEC action involving the Identity Theft Red Flags Rule and only its third action involving the Safeguards Rule. The case provides a critical data point in evaluating how the SEC plans to enforce these two rules going forward, say Erica Williams and Sunil Shenoi of Kirkland & Ellis LLP.

  • How Corporate Reputation Risk Is Exacerbating D&O Liability

    Nir Kossovsky

    At a time when the materiality of corporate reputation risk is widely recognized, but institutional safeguards against that risk are not, what are the implications for directors and officers? The current state of play is not comforting, says Nir Kossovsky of Steel City Re.

  • The Principles Guiding FINRA Enforcement

    John Sikora

    Recent remarks by the head of enforcement at the Financial Industry Regulatory Authority offer valuable clues to regulated entities as to how FINRA decides whether to bring an enforcement action. This can be useful in guiding effective responses to FINRA actions, say attorneys with Latham & Watkins LLP.

  • US' Secondary China Sanctions Signal New Risks For Cos.

    Ama Adams

    Last week, the U.S. government imposed broad sanctions on a component of the Chinese military — the first time that the U.S. has exercised its authority to impose secondary sanctions against non-U.S. parties for transactions occurring outside of the United States. This signals an era of expanded risks for U.S. and non-U.S. companies alike, say attorneys at Ropes & Gray LLP.