Banking

  • May 4, 2018

    PNC Sees Privacy Violation Claim Axed In Data Sharing Row

    A New Jersey federal judge on Friday reversed his decision to allow a staffing services company to move forward with its claim that PNC Bank invaded its privacy by unlawfully sharing its private information with the Royal Bank of Canada after the plaintiffs’ recent statements upended his understanding of the case.

  • May 4, 2018

    5th Circ. Backs Toss Of Rep's Bias Claim Against Fannie Mae

    The Fifth Circuit has affirmed a lower court’s dismissal of a Fannie Mae sales representative’s race discrimination claim, finding no proof she was treated differently than colleagues who were not African-American and no evidence she was not trained any less in company policies than anyone else.

  • May 4, 2018

    SEC Sues Over $3.8M In Insider Trades On Smithfield Merger

    The U.S. Securities and Exchange Commission accused a Thai national of using insider knowledge of Smithfield Foods Inc.'s 2013 sale to a Chinese food company to reap $3.8 million in trading profits in a complaint filed in Illinois federal court Friday.

  • May 4, 2018

    Hunton Guides Suntrust's $120M Loan To Boston Properties

    Hunton Andrews Kurth LLP represented Suntrust Bank in connection with its $120 million loan to real estate investment trust Boston Properties Inc. for a property on Madison Avenue in New York City, according to records made public Friday.

  • May 4, 2018

    Pa. Atty Blabbed About Confidential Depo, KeyBank Says

    KeyBank NA urged a Pennsylvania federal judge on Friday to sanction a lawyer with McCullough Eisenberg LLC, alleging that the attorney emailed confidential information from a deposition to more than a hundred bankruptcy attorneys operating in the state seeking input on a case.

  • May 4, 2018

    Perkins Coie, Bracewell Accused Of Botching Trading IP Deal

    Electron Trading LLC has filed a legal malpractice suit against Perkins Coie LLP and Bracewell LLP for allegedly mishandling an agreement for Morgan Stanley to license an electronic trading system that Electron developed and costing it millions of dollars.

  • May 4, 2018

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

    The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.

  • May 4, 2018

    Pa. Disbars Ex-ICE Atty Who Stole Immigrants' IDs

    A former top attorney at U.S. Immigration and Customs Enforcement’s Seattle branch was disbarred with his consent in Pennsylvania on Friday, several months after pleading guilty in his home state to charges that he stole the identities of seven immigrants and attempted to use that information to defraud major financial institutions.

  • May 4, 2018

    California Card Club Agrees To Pay $5M FinCEN Penalty

    The Financial Crimes Enforcement Network said that Artichoke Joe's Casino, a Bay Area card club, has agreed to pay a $5 million fine for its willful violations of the U.S. Banking Secrecy Act that included a lax approach toward loan sharking, potential money laundering and other criminal activity since 2009.

  • May 4, 2018

    5 Firms To Steer IPOs Exceeding $3.9B, Led By Axa Unit

    Five firms will guide initial public offerings projected to surpass $3.9 billion during the week of May 7, led by Axa Equitable Holdings Inc., the U.S. division of French insurance and asset management firm Axa SA, which could price the biggest U.S. IPO since 2014.

  • May 4, 2018

    Mass. Atty Says Case Was Lost Before He Went AWOL

    A Massachusetts attorney argued against his own skills as a lawyer and asked the state appellate court on Friday to let him off the hook for disappearing in the middle of a foreclosure case because his client would have lost her home even if he had done his job.

  • May 4, 2018

    5th Circ. Affirms Stanford Ponzi Victims' FINRA Loss

    The Fifth Circuit on Friday affirmed a lower court’s ruling confirming a Financial Industry Regulatory Authority arbitral panel’s award that cleared financial services provider Pershing LLC of liability for $80 million in damages sustained by victims of R. Allen Stanford’s Ponzi scheme.

  • May 4, 2018

    Can Mueller Make Manafort 'Sing'? A Va. Judge Isn't So Sure

    The Virginia federal judge overseeing a financial crimes case against former Trump campaign chairman Paul Manafort asked for the unredacted version of an August memo outlining the scope of Special Counsel Robert Mueller's investigation, saying Friday he believes the goal of the charges is to get Manafort to “sing.”

  • May 4, 2018

    Wells Fargo Inks $480M Deal In Account Scandal Investor Row

    Wells Fargo & Co. has agreed to pay $480 million to resolve a consolidated securities class action in California federal court alleging fraud and insider trading by the bank’s top brass over its yearslong illegal creation of up to 3.5 million unauthorized customer accounts, the bank said Friday.

  • May 4, 2018

    7th Circ. Axes Fannie Mae, Freddie Mac Shareholder Suit

    Two Fannie Mae and Freddie Mac shareholders who accused the Federal Housing Finance Agency and the U.S. Department of the Treasury of siphoning the companies’ profits into government coffers can’t revive their claims, the Seventh Circuit said on Thursday, finding that the two agencies had the statutory authority to do so.

  • May 4, 2018

    Clayton Shifts SEC Focus To Retail Investors In First Year

    U.S. Securities and Exchange Commission Chairman Jay Clayton’s clear initiative to protect retail investors since taking the helm of the Wall Street regulator one year ago this week is widely viewed as a positive shift in direction, but has also raised concerns the agency may lose focus on potential misconduct by big financial institutions given its limited resources.

  • May 4, 2018

    Another Ex-State Street VP Charged With Bilking Insurer

    A former vice president for State Street Corp. was arrested Friday and charged in Massachusetts federal court with conspiring with another, already indicted former company executive to secretly pump up commissions, defrauding an insurance company out of $800,000.

  • May 4, 2018

    Cybersecurity Firm Carbon Black Tops 8 IPOs Totaling $733M

    Shares of venture-backed startup Carbon Black Inc. rallied Friday after the cybersecurity software firm raised $152 million in an initial public offering that priced at the top of its upwardly revised range, capping a week that saw eight IPOs raise a total of $733 million.

  • May 4, 2018

    GE Says Subprime Mortgage Unit May Face Ch. 11

    In a U.S. Securities Exchange Commission filing this week, General Electric Co. said its subprime mortgage unit may be heading into Chapter 11 if it is found liable in pending legal action over defective loans.

  • May 4, 2018

    9 Financial Firms Accused Of Fixing Mexican Bond Prices

    A pair of New York City-area pension funds filed a putative class action on Thursday accusing nine major financial institutions of conspiring to fix the prices of Mexican government bonds in a decade-long scheme that was uncovered by Mexican authorities last year.

Expert Analysis

  • FBARs: A Changing Landscape

    James Mastracchio

    This video from James Mastracchio and Susan Seabrook of Eversheds Sutherland LLP discusses the changes to the rules impacting FBAR filing obligations and the impact of the changes on potential penalties.

  • 50 Years After MLK's Death, Housing Segregation Persists

    Rigel Oliveri

    On the 50th anniversary of Martin Luther King Jr.'s assassination, which likely influenced passage of the Fair Housing Act, segregation levels have decreased but still remain high. As a result, fair housing lawyers have turned their attention to the structural and economic forces that limit housing opportunities, says Rigel Oliveri of the University of Missouri.

  • How Senate Bill Would Change Compliance For Midsize Banks

    Christopher Allen

    The U.S. Senate last month passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which makes modest reforms to the Dodd-Frank Act. Here, attorneys with Arnold & Porter look at the bill's notable provisions for community and midsized banks and the prospects for enactment.

  • A Notable Footnote In High Court Merit Management Decision

    Elliot Moskowitz

    The U.S. Supreme Court’s ruling in Merit Management v. FTI Consulting has been characterized as a narrowing of the Section 546(e) safe harbor, given the court’s holding that a transfer is not protected from avoidance merely because the funds passed through a “financial institution.” However, a footnote in the decision could mean that the safe harbor remains applicable to additional participants in securities transactions, say Elliot Moskowitz and Tina Hwa Joe of Davis Polk & Wardwell LLP.

  • The SEC Cyber Unit's First 6 Months, And What’s Ahead

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    The first six months of the U.S. Securities and Exchange Commission's cyber unit have been marked by actions both in long-standing areas of SEC enforcement and emerging technologies and activities. Looking ahead, there are signs that the SEC may also seek to bring enforcement actions in an area that has been less publicized, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Mueller's Innovative Use Of Money Laundering Statute

    Solomon Wisenberg

    The U.S. special counsel, Robert Mueller, has shown a willingness to use the money laundering statute in unique ways to further the investigation into links between the Trump campaign and the Russian government, say Solomon Wisenberg and Graham Billings of Nelson Mullins Riley & Scarborough LLP.

  • The Justices' Divergent Views On Class Action Tolling

    Steven Molo

    China Agritech v. Resh is an important U.S. Supreme Court case that will have significant repercussions for class actions of all kinds. During oral arguments, many of the justices' questions focused on the plaintiff diligence prerequisite for equitable tolling, say Steven Molo and Michelle Parthum of MoloLamken.

  • Prosecutors Should Be Wary Of Overreach After Marinello

    Stephen Cook

    The U.S. Supreme Court's rejection of the government’s broad interpretation of a criminal tax obstruction statute in Marinello may have implications for special counsel Robert Mueller’s indictments and the case involving alleged leaks from the Public Company Accounting Oversight Board, say attorneys with Brown Rudnick LLP.

  • Opinion

    BigLaw Doesn't Have A Diversity Problem

    Marlen Whitley

    Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.

  • Credit Unions Face Website Accessibility Claims Under ADA

    Nancy Rigby

    Credit unions have seen a wave of litigation claiming their websites are inaccessible to blind or low-vision plaintiffs, allegedly in violation of the Americans with Disabilities Act. While two credit unions recently succeeded in defending against such claims, it does not appear they are going away anytime soon, says Nancy Rigby of Weinberg Wheeler Hudgins Gunn & Dial LLC.