Banking

  • February 6, 2018

    Cooley Fintech Leader Leaves To Join Bitcoin Wallet Startup

    Digital currency lawyer Marco Santori is leaving Cooley LLP, where he is a partner and leads the firm's fintech practice, to help lead bitcoin wallet startup Blockchain as its president and chief legal officer, the company announced Monday.

  • February 6, 2018

    CFPB's Suit Should Be Tossed, Debt Settlement Co. Says

    Freedom Debt Relief LLC on Monday sought to torpedo a Consumer Financial Protection Bureau suit that accuses the company of having misled customers about its debt settlement services, telling a California federal court that the consumer financial watchdog’s allegations don’t show anything the company did or said was actually deceptive or harmful.

  • February 6, 2018

    Citigroup Gets 'Boys' Club' Bias Suit Sent To Arbitration

    A former Citigroup financial adviser must arbitrate claims that she was illegally demoted because of the bank’s alleged “boys’ club” culture and fired for reporting a supervisor’s improper demands for stock tips, a New York federal judge ruled Tuesday.

  • February 6, 2018

    FCC Robocall Stance Stops ‘Important Messages,’ Banks Say

    Banking and other trade groups, including the U.S. Chamber of Commerce, have pressed the Federal Communications Commission to tighten its definition of autodialers, which the groups said interferes with their ability to reach out to consumers “with important messages.”

  • February 6, 2018

    ID Screener Spurned By Navy Gets Ch. 11 Plan Confirmed

    The bankrupt subsidiaries of identity screening company Fortior Solutions secured court approval Tuesday to move forward with a Chapter 11 plan that reduces most of their $58 million in funded debt and gives secured lenders a larger ownership stake in the operating parent organization.

  • February 6, 2018

    Regulating Cryptocurrencies Proving Tough, Watchdogs Say

    U.S. financial markets watchdogs are struggling and may seek Congress’ help to bridge the regulatory gaps currently keeping them from protecting investors amid the growing frenzy around cryptocurrencies, the nation’s two top securities regulators said Tuesday.

  • February 6, 2018

    Class Gets Quick Win Against Midland Credit In FDCPA Suit

    An Illinois federal court on Monday handed a win to the debtors suing Midland Credit Management in a Fair Debt Collection Practices Act class action, saying the collection agency’s letters didn’t warn debtors that partial payments would restart the statute of limitations on their debts. 

  • February 6, 2018

    Ill. Judge Lied Repeatedly In $1.4M Scheme, Gov't Says

    Cook County, Illinois, Circuit Judge Jessica Arong O'Brien lied over and over as she applied for loans related to her two Chicago income properties, conning lenders out of more than $300,000, prosecutors said at the start of Judge O'Brien's fraud trial Tuesday.

  • February 6, 2018

    Mnuchin Says Pot Banking Guidance Intact Until Replacement

    U.S. Treasury Secretary Steven Mnuchin on Tuesday said he does not want to withdraw guidance allowing banks to serve marijuana businesses without having a replacement in place, despite a reversal of Obama-era Justice Department policies easing enforcement of federal marijuana laws in states where the drug is legal.

  • February 5, 2018

    Puerto Rico Oversight Board Defends $1.3B PREPA Loan Bid

    Puerto Rico’s government and the federally appointed board overseeing its historic debt restructuring are fighting hard to get a $1.3 billion emergency loan approved for the island’s beleaguered electric utility, blasting creditor objections to the plan as petty and legally unsound.

  • February 5, 2018

    Walter Investment To See Lower Cash Projections, CEO's Exit

    Walter Investment Management Corp. CEO Anthony Renzi is stepping away from the bankrupt mortgage lender and servicer at some point this year, the company announced Friday, the same day it said it will likely end 2018 with $50 million less than predicted in its confirmed Chapter 11 plan.

  • February 5, 2018

    Ex-UBS Trader Wants Feds' Fraud, Spoofing Counts Tossed

    A former UBS trader accused of scheming to manipulate the precious metals market through a trading tactic known as “spoofing” told a Connecticut federal court on Monday that prosecutors had asked a Connecticut grand jury to sign off on the seven counts he’s now facing in a criminal case despite knowing six of them couldn’t be tried in that district.

  • February 5, 2018

    Fed’s Wells Fargo Punishment Puts Pressure On Powell

    Now that the Federal Reserve has imposed stiff growth restrictions on Wells Fargo & Co. for its fraudulent account scandal and other consumer harms, all eyes will turn to the central bank’s new chairman to see how he carries through on the hefty penalties.

  • February 5, 2018

    RMBS Investors Lose Class Cert. Bid In Suit Against HSBC

    A New York federal judge has declined to certify two proposed classes of investors in suits accusing HSBC Bank USA NA of bungling its duties as trustee to more than 200 residential mortgage-backed securities trusts, ruling that would-be class members face too many individual questions around standing and statutes of limitations to warrant class treatment.

  • February 5, 2018

    BofA Fraud Report An 'Ambush,' Ex-Worker Tells Jury

    A former Bank of America client manager told a California federal jury Monday the bank “ambushed” her when it fired her and listed her with a fraud reporting agency, testifying during the second day of a blacklisting and defamation trial that she was never told the bank was investigating her for fraud.

  • February 5, 2018

    IberiaBank Sues For Coverage Of $11.7M FCA Deal

    IberiaBank has hit Travelers and Illinois Union with a suit in Louisiana federal court to force the insurers to cover an $11.7 million False Claims Act settlement the bank reached with the federal government last year over its mortgage lending practices.

  • February 5, 2018

    Wells Fargo Denied New Trial In $1.25B Tax 'Sham' Case

    A Minnesota federal judge on Monday denied Wells Fargo & Co.’s request for a new trial in a case over a $1.25 billion transaction deemed a tax "sham" by the Internal Revenue Service, saying it could not consider new arguments by the financial institution.

  • February 5, 2018

    DOD Forming Cryptocurrency Guide For Background Checks

    The Defense Security Service said Monday it is working with other U.S. Department of Defense offices to develop guidance on whether cryptocurrency ownership must be disclosed in applications for federal security clearances, following a number of inquiries from the industry.

  • February 5, 2018

    Hacking Suspect Lauri Love Wins Appeal Of US Extradition

    A U.K. high court ruled Monday that Lauri Love, a British student charged with a series of hacks into U.S. government websites, will not be extradited, citing the risk that the accused hacker would kill himself if he were to face trial in America.

  • February 2, 2018

    Feds Say Hedge Funder Lied About Credentials, Criminal Past

    A New York hedge fund manager illegally raised at least $4 million from investors by lying about his professional background, allegedly saying he once worked in top positions at both Goldman Sachs and Bear Stearns, and by concealing an extensive criminal history, federal prosecutors said Friday in a complaint unsealed in Manhattan federal court.

Expert Analysis

  • New Magnitsky Sanctions Expand Enforcement Authority

    Michael Zolandz

    New sanctions under the 2016 Global Magnitsky Human Rights Accountability Act not only provide the U.S. government with a new instrument to take action in response to conduct that might violate the Foreign Corrupt Practices Act or the U.S. anti-money laundering laws, but also expand the scope of U.S. extraterritorial enforcement, say partners with Dentons.

  • A Big Year For US IPOs By Chinese Companies

    Fang Liu

    The U.S. capital markets produced 24 initial public offerings by China-based companies in 2017, making it the most active IPO year for Chinese companies in about seven years. Here, members of Mei & Mark LLP and Weitian Group LLC discuss two distinctive trends that emerged last year.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • OFAC Enforcement Trends In 2017: Exporters On Notice

    Sean Kane

    One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.

  • 3 Enforcement Priorities For State AGs In 2018

    Joe Jacquot

    State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.

  • Indirect Purchaser Cases In 2017: Key Appeals Court Rulings

    Chris Micheletti

    As with 2016, there were no major U.S. Supreme Court decisions impacting indirect purchaser claims in 2017. Unlike 2016, however, several circuit court decisions addressed important issues such as ascertainability, 23(b)(3) predominance, and indirect versus direct purchaser status, say Chris Micheletti and Christina Tabacco of Zelle LLP.

  • 5 Pressing Issues Facing The SEC In 2018

    Britt Biles

    The U.S. Securities and Exchange Commission will grapple with a great deal of unfinished business this year. In fact, these issues will dwarf the natural changes that the SEC will undergo as it continues to transition to new leadership, says Britt Biles of Stein Mitchell Cipollone Beato & Missner LLP.

  • The Broader Implications Of Sessions’ Marijuana Move

    Markus Funk

    Beyond what it heralds for the marijuana industry, Jeff Sessions’ memo on marijuana enforcement signals a new era of increasingly decentralized federal prosecutorial power, say attorneys with Perkins Coie LLP, including former Colorado Chief Justice Michael Bender.

  • Inside France's 1st Deferred Prosecution Agreement

    Keith Krakaur

    France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.