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Banking

  • October 26, 2018

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

    The last week has seen the owners of a fire-damaged luxury yacht sue more than a dozen insurers, HMRC take on several GE Capital units and Northern Marine lodge a claim against Maersk. Here, Law360 looks at those and other new claims in the U.K.

  • October 26, 2018

    BofA To Settle Out Of Investor Suit Over $665M RMBS Notes

    Bank of America told a New York federal judge that it has tentatively settled breach-of-duty claims alleged by investment vehicles that bought notes worth more than $665 million in residential mortgage-backed securities trusts overseen by the bank and U.S. Bank.

  • October 26, 2018

    Federated Law Group Sued Over Collection Letters Language

    Federated Law Group PLLC was hit in Florida with a proposed class action accusing it of using threatening language in debt collection letters to consumers, in violation of the Fair Debt Collection Practices Act.

  • October 26, 2018

    Investors Need More Info To Name VIX Manipulators In MDL

    Chicago Board Options Exchange investors want a head start on discovery in multidistrict litigation against Cboe Global Markets Inc. for allegedly manipulating its volatility index, arguing in an Illinois federal court brief that they need limited early discovery to identify the traders who actually manipulated the index.

  • October 26, 2018

    Retailers, Lenders Push FCC To Narrow Autodialer Definition

    The Federal Communications Commission should narrow its definition of an automatic telephone dialing system so that companies have more room to call consumers without facing potential class actions, members of the retail and telecom industries recently told the commission.

  • October 26, 2018

    Jersey Files Economic Substance Bill To Avoid EU Blacklist

    The government of the U.K. island dependency of Jersey, responding to a European Union crackdown against offshore tax havens, has filed draft legislation to require local companies to show they’re engaged in matters of “adequate economic substance.”

  • October 26, 2018

    'Cartel' Traders Cleared Of Forex-Rigging

    A Manhattan federal jury on Friday acquitted three former foreign exchange traders for Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co. of forex-rigging charges, rejecting claims they used a chatroom dubbed “the cartel” to suppress competition.

  • October 26, 2018

    SFO Loses Bid To Revive Qatar Charges Against Barclays

    A London court has refused to revive the Serious Fraud Office’s criminal charges against the Barclays Bank PLC for its alleged fundraising in Qatar during the financial crisis as part of a plan to raise its own share capital, the two sides said Friday.

  • October 25, 2018

    Judge Trims Chipotle Breach Row, Slams 'Sloppy Lawyering'

    A Colorado federal judge has axed negligence, trade secrets and a half dozen other claims from a putative class action brought by financial institutions over Chipotle's 2017 data breach, while warning both sides that the court would no longer tolerate "sloppy lawyering" as the trio of remaining claims move forward. 

  • October 25, 2018

    'Cartel' Traders Deny Forex Collusion As Case Heads To Jury

    Attorneys for three former foreign exchange "cartel" traders for Citigroup Inc., JPMorgan Chase & Co. and Barclays PLC on Thursday made their final pleas to jurors weighing criminal forex-rigging accusations, saying there's no evidence of an agreement between them to fix prices in the euro-U.S. dollar spot market.

  • October 25, 2018

    EU Court Rejects Bid To Stop Publication Of Euribor Decision

    A European Union court refused Thursday to prevent the European Commission from publishing its decision to impose €485 million ($520 million) for manipulating a key benchmark interest rate despite protests from Credit Agricole and JPMorgan

  • October 25, 2018

    ERISA Suit Against BB&T Heads To Settlement On Trial’s Eve

    BB&T and a class of 67,000 current and former workers are finalizing a deal that will resolve allegations the company wrongly stuffed its 401(k) plan with company-run investment options to the participants’ detriment in an Employee Retirement Income Security Act suit set for trial in North Carolina federal court.

  • October 25, 2018

    Feds Say Singapore Businessman Evaded N. Korea Sanctions

    The co-owner of a Singapore-based commodities business has been charged with using the U.S. financial system to fund illicit shipments of goods to North Korea and laundering the money made from those transactions.

  • October 25, 2018

    State Bank Supervisors Sue To Block OCC Fintech Charters

    The Conference of State Bank Supervisors renewed its effort Thursday to stop the Office of the Comptroller of the Currency from issuing so-called fintech charters, filing suit against the national bank agency about a month after New York's top banking regulator remounted her own legal challenge to the charter concept.

  • October 25, 2018

    Citigroup Denied Quick Wins On Billion-Dollar Tax Deductions

    The U.S. Court of Federal Claims has denied Citigroup a pair of quick wins against the U.S. involving more than a billion dollars of tax deductions, ruling that a trial is necessary to determine the value of what the bank seeks to deduct.

  • October 25, 2018

    Davis Polk-Led Brazilian Fintech Startup Nabs $1.2B In IPO

    StoneCo Ltd. on Thursday said it raised more than $1.2 billion in its initial public offering after pricing its shares above a projected range that the Brazilian digital payments processor, represented by Davis Polk & Wardwell LLP, set earlier this month.

  • October 25, 2018

    Deutsche Bank, HSBC Seal $340M Deal To Exit Libor MDL

    Deutsche Bank AG and HSBC Inc. won final approval Wednesday of two settlements totaling $340 million that allow them to exit multidistrict litigation accusing numerous banks of manipulating one of the world’s leading benchmarks for interest on short-term loans, the London Interbank Offered Rate.

  • October 25, 2018

    1st Circ. Revives Honda Faulty Loan Notice Case

    The First Circuit has revived a consumer’s proposed class action claiming American Honda Finance Corp. violated Massachusetts consumer protection laws by sending her inadequate loan-deficiency notifications after she fell behind on her car loan payments.

  • October 24, 2018

    Va. Class Action Over Online Loans Won't Fly, Court Told

    A defendant in a suit brought by consumers over an alleged scheme to charge illegally high interest rates through companies affiliated with a Michigan tribe urged a Virginia federal court Tuesday to deny the consumers' bid to certify classes, saying that conducting the suit as a class action would be “unmanageable."

  • October 24, 2018

    Agrokor Sees Creditor Settlement Recognized In US Court

    A New York bankruptcy judge ruled Wednesday that a creditor settlement reached in the foreign restructuring proceedings for Croatian food and beverage giant Agrokor should be enforced in the U.S. even if certain provisions require the modification of English law-governed debt, saying it seems appropriate to extend comity.

Expert Analysis

  • Benefits Of New Federal Savings Association Designation

    Joan Guilfoyle

    The Office of the Comptroller of the Currency recently proposed regulations to implement the “covered federal savings association” designation introduced by the Economic Growth, Regulatory Relief, and Consumer Protection Act. For many eligible institutions, opting for this designation will make a great deal of sense, says Joan Guilfoyle of Jones Walker LLP.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • A Closer Look At Proposed Regs For Nonbank Loan Servicers

    Laurence Platt

    A recently introduced bill that would create a new authority over mortgage loan servicers that handle loans for Fannie Mae and Freddie Mac likely has no chance of passage in the short term. But these entities should keep an eye on the potential federal extension of so-called safety and soundness principles, say Laurence Platt and Michael McElroy of Mayer Brown LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.

  • The Diminishing Role Of Agency Guidance

    David Freeman

    An interagency statement issued by several banking agencies last week — that supervisory guidance does not have the force and effect of law — reflects the current administration’s deregulatory agenda. But ultimately, the agencies’ newly stated position may have little practical impact, say attorneys with Arnold & Porter.

  • Where Have The SEC Enforcement Actions Gone?

    Kurt Wolfe

    There has been a dip in the number of enforcement actions from the U.S. Securities and Exchange Commission during Chairman Jay Clayton’s tenure, but this decline does not tell the whole story. The commission is still bringing a historically high volume of actions — they just happen to be in slightly different areas, says Kurt Wolfe of Troutman Sanders LLP.

  • Florida Courts Are Prepared For A New Wave Of Foreclosures

    Victor Petrescu

    For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Congressional Forecast: September

    Layth Elhassani

    The House and Senate are entering their respective final runs before the November midterm elections. The most pressing items of business are funding the government and the pending Senate confirmation of Brett Kavanaugh to the U.S. Supreme Court. But several lower-profile issues remain as well — including a Republican push for further tax reform, says Layth Elhassani of Covington & Burling LLP.