Banking

  • September 14, 2022

    DOJ Fines Bank In 'First-Ever' FCA Settlement Over PPP Loan

    The U.S. Department of Justice said it had reached an $18,000 settlement with a regional bank over allegations that the bank improperly processed a Paycheck Protection Program loan for an ineligible customer, marking the first settlement with a PPP lender under the False Claims Act.

  • September 14, 2022

    Real Estate Rumors: UBS, Picus, Buzz Oates

    UBS reportedly could fetch as much as $125 million with the sale of a New York rental building, Picus Capital is said to be leasing 6,520 square feet in New York and Buzz Oates reportedly hopes to build a 107,612-square-foot biotech facility in California.

  • September 14, 2022

    New Exchange Seeks SEC's Nod To Serve 'Green' Investors

    Green Exchange PBC on Wednesday said it has begun discussions with the U.S. Securities and Exchange Commission to register a new equities exchange that would link environmentally-focused investors and public companies.

  • September 14, 2022

    SEC Pushes Stronger Clearing Rules For US Treasuries

    The U.S. Securities and Exchange Commission on Wednesday unanimously proposed new rules that would require more Treasury market transactions to undergo central clearing, purportedly to improve transparency and protect investors from market shocks.

  • September 14, 2022

    9th Circ. Upholds Schwab Charitable's Win In Donor Fee Suit

    The Ninth Circuit Wednesday affirmed dismissal of a putative class action accusing Schwab Charitable of mismanaging gifts to donor-advised funds in exchange for tax breaks, finding the plaintiff lacked standing because he didn't say whether he planned to contribute more to make up for the alleged mismanagement.

  • September 14, 2022

    FDIC, Bank Beat Ex-CEO's Bid For $1.6M Exit Payout

    A Florida federal judge tossed a former bank executive's suit challenging the Federal Deposit Insurance Corp.'s decision to block $1.6 million in deferred compensation after he was terminated from a financially troubled institution, ruling regulators didn't abuse their discretion when they determined the payout was prohibited.

  • September 14, 2022

    Fintech Sees M&A Surge In 2022 Despite Ongoing Value Shifts

    Global fintech M&A activity in the first half of 2022 jumped by nearly half compared with the same period last year, driven by a surge of deals in the payments, crypto and blockchain, and banking and lending sectors, according to a report released Wednesday.

  • September 14, 2022

    8th Circ. Shuts Down Ponzi Scheme Suit Against JPMorgan

    The Eighth Circuit has affirmed a lower court's dismissal of a long-running suit accusing JPMorgan Chase & Co. and other entities of failing to curtail businessman Thomas Petters' $3.7 billion Ponzi scheme, finding among other things that the investment firm plaintiff's claims actually belonged to the bankruptcy trustees.

  • September 14, 2022

    Allen & Overy Settles $1M Fee Fight With Crypto Exec

    Allen & Overy LLP has reached a settlement with the founder of a defunct cryptocurrency company over dueling allegations from the law firm that it was shorted almost $1 million and from the executive that the firm inflated its fees and charged for services it didn't provide.

  • September 14, 2022

    Ex-FINRA, DOJ Tax Attorney Joins Carlton Fields In Miami

    Carlton Fields added an of counsel to its Miami office with a diverse tax background, including serving as a federal tax prosecutor, a Financial Industry Regulatory Authority attorney and even a certified public accountant.

  • September 14, 2022

    Law Firm Gets Arbitration In Pot Co.'s Loan Fraud Suit

    A New York federal judge has granted CKR Law LLP's bid to arbitrate claims by an Ohio cannabis cultivator alleging that the firm was part of a loan fraud scheme, finding that the arbitration agreement they signed is valid and enforceable.

  • September 13, 2022

    College Chain Operator Can't Sink CFPB Investigative Demand

    A Utah federal judge said Tuesday that the operator of several now-shuttered colleges must cooperate with a federal Consumer Financial Protection Bureau investigative demand tied to its private student lending, rejecting the nonprofit's constitutional challenge to the agency's budgetary independence.

  • September 13, 2022

    Ex-Fugees Artist Can't Nix 1MDB-Linked Illegal Lobbying Case

    Ex-Fugees member Prakazrel Michel lost his bid to nix charges relating to the 1Malaysia Development Bhd. political embezzlement scandal after a D.C. federal judge on Tuesday rejected contentions that Michel was singled out in a crowd of co-conspirators by pointing to a lack of evidence to infer discriminatory motivation by prosecutors.

  • September 13, 2022

    Credit Suisse Investor Denied Lead Of Russian Oligarch Suit

    A federal judge in Brooklyn has rejected an investor's request to represent the proposed class in a suit accusing Credit Suisse of misleading investors about its allegedly risky practices regarding Russian oligarchs, finding that the investor's "extremely modest stake" in the action wouldn't give him enough of an incentive to proactively manage the suit.

  • September 13, 2022

    SEC Hits 4 Firms In First-Ever Muni Bond Disclosure Cases

    The U.S. Securities and Exchange Commission on Tuesday filed suit against Oppenheimer & Co. Inc. and announced settlements with three other firms over what the agency said were its first-ever enforcement actions against underwriters that allegedly skirted certain municipal bond disclosure requirements.

  • September 13, 2022

    Big Banks Slam Class Cert. Nod In Stock Loan Antitrust Suit

    Major banks including JPMorgan and Goldman Sachs have slammed a federal magistrate judge's recommendation for the partial certification of a proposed class of investors accusing them of colluding to kill competition in the stock loan market, arguing the judge "abrogated the court's responsibility to rigorously analyze the evidence."

  • September 13, 2022

    Treasury Says Tornado Cash Users Can Apply To Get Crypto

    Crypto investors who started but didn't complete transactions involving the Tornado Cash platform before it was sanctioned by the U.S. Department of the Treasury last month can request licenses to complete their dealings, the department said in guidance released Tuesday.

  • September 13, 2022

    Pa. Justices Mull Adopting 'Aiding And Abetting' Tort

    The Supreme Court of Pennsylvania seemed open Tuesday to adopting "aiding and abetting" as a potential civil claim under state law, with the justices focusing their questions on how much knowledge of an underlying scheme or tort a defendant would need to have to be liable for abetting it.

  • September 13, 2022

    Feds Seek 1 Year For Math Prof. Hiding Chinese Bank Account

    Federal prosecutors are seeking a one-year prison sentence for an Illinois math professor who was convicted of concealing a Chinese bank account from the Internal Revenue Service, arguing Tuesday that such a sentence is supported by his "repeated, deceptive conduct."

  • September 13, 2022

    Locke Lord Hires Project Finance Pro From Dorsey & Whitney

    Locke Lord LLP added an attorney from Dorsey & Whitney LLP as a partner in the real estate and finance practice group and renewable energy section at its New York office, the firm announced this week.

  • September 13, 2022

    NY Banker Cops To Moving $1B Without AML Safeguards

    A New York banker pled guilty on Tuesday to helping to bring over $1 billion in foreign wealth to a small, unsophisticated credit union without setting up safeguards to protect against money laundering, as required by law.

  • September 13, 2022

    Wells Fargo Reaches $94M Deal In COVID-19 Forbearance Suit

    Wells Fargo reached a $94 million settlement in a class action accusing the lender of sending the mortgages of struggling borrowers into forbearance, damaging their credit during the COVID-19 pandemic.

  • September 13, 2022

    Hunton Adds M&A Partner To Houston Office From DLA Piper

    Hunton Andrews Kurth LLP has bolstered its corporate transactions practice with a partner who joined from DLA Piper in Houston.

  • September 13, 2022

    PNC, Ex-Workers Want 65K-Member ERISA Class Approved

    PNC and three former workers who accused the company of flouting ERISA by letting employee retirement plan participants pay excessive record-keeping and administrative fees jointly asked a Pennsylvania federal judge Tuesday to certify the 65,000-member class action.

  • September 13, 2022

    UBS Boosts Returns To Shareholders After Failed Deal

    Swiss bank UBS Group AG said Tuesday it plans to further increase its $5 billion share buyback program and boost its dividend by 10% after its planned $1.4 billion acquisition of automated wealth manager Wealthfront fell through.

Expert Analysis

  • Gov't Agencies Face Diverse Fallout From 5th Circ. SEC Case

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    The recent Fifth Circuit decision in Jarkesy v. U.S. Securities and Exchange Commission will likely have a limited effect on the SEC’s enforcement program, but could portend a very significant impact for other agencies, especially those relying on administrative machinery to impose money penalties, say Daniel Walfish and Rachel Penski Fissell at Walfish & Fissell.

  • NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

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    PMW Management's Chapter 11 filing, which recently received extra time to submit a restructuring plan, highlights courts' increasing skepticism of bankruptcy blocking provisions and favoritism toward leaving bankruptcy restructuring plans in the hands of the debtor, say Jeff Marwil and Ashley Weringa at Proskauer.

  • 5th Circ. Ruling Signals Judicial Shift On SEC Admin Process

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    The Fifth Circuit’s decision in Jarkesy v. U.S. Securities and Exchange Commission signals a growing discomfort in the judiciary with the SEC's administrative process, and those dealing with enforcement actions should bring their constitutional challenges early and often, say Benjamin Daniels and Trevor Bradley at Robinson & Cole.

  • Bankruptcy Case Is Reminder On Collateral Ownership Issue

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    The recent Northern District of Oklahoma bankruptcy ruling in Rudick shows why it is critical that a practitioner understands who owns its client's proposed collateral, especially if the collateral is material to the underwriting and credit profile of a loan, say attorneys at Troutman Pepper.

  • Advising A Cannabis Business Amid Patchwork Of Regs

    Excerpt from Practical Guidance
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    As the cannabis industry continues to grow, so does its widely varied patchwork of local, state and federal regulation, and practitioners should familiarize themselves with the specific rules on tax, real estate, intellectual property and banking applicable in the jurisdictions where their clients operate, say Patrick Hines and Fallon Martin at Hodgson Russ.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Determining Interest Rate Floors With Transition To SOFR

    Excerpt from Practical Guidance
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    As commercial loans shift from Libor to Secured Overnight Financing Rate term rates, counsel should review existing credit agreements and any amendments, and pay close attention to whether any floors are transitioned or become applicable as a result of an agreement's transition, says Ann Dziuba at LexisNexis.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • SEC Crypto Unit Expansion Is A Warning To Industry

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    The U.S. Securities and Exchange Commission’s recent decision to expand its Crypto Assets and Cyber Unit is a clear signal that federal regulators may increase enforcement against those violating securities laws in the digital asset space, say attorneys at BakerHostetler.

  • A Robust Tool For Defending Against Illinois Biometric Suits

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    Many defendants in class actions brought under the Illinois Biometric Information Privacy Act may be able to avail themselves of the law's financial institution exemption, which, as two recent cases demonstrate, covers a range of entities beyond traditional banks — but parties must be able to establish their entitlement to this defense, says David Oberly at Squire Patton.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • 2 Years Since Liu, Disgorgement Case Law Is Favoring SEC

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    In the two years since the U.S. Supreme Court’s decision in Liu v. the U.S. Securities and Exchange Commission, circuit courts have weighed in to answer the decision's open questions, and recent cases suggest that courts are unwilling to disrupt disgorgement orders, even where the awards would not survive Liu scrutiny, say attorneys at Ropes & Gray.

  • Latest SPAC Trends Point To Risk Of Negative Outcomes

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    Interest in initial public offerings of special purpose acquisition companies has reached its apex, and in the second half of this year we anticipate sustained levels of SPAC shareholder redemptions, increased liquidations for those unable to consummate an initial business combination and increased litigation risk, say attorneys at The Brattle Group.

  • An Early Step Toward Regulation Of Carbon Offset Market

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    A recent convening held by the Commodity Futures Trading Commission highlighted a need for greater transparency in voluntary carbon markets and for standardization of what constitutes a good or high-quality carbon offset, as well as the CFTC's potential role in regulating the market, say Levi McAllister and Pamela Tsang Wu at Morgan Lewis.

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