Banking

  • July 22, 2020

    Crypto Exchange, Execs Pay $1.7M In Wash Trading Scandal

    Three top executives with Canadian cryptocurrency exchange Coinsquare, including its chief compliance officer, have resigned as part of a nearly CA$2.3 million ($1.7 million) settlement agreement with Ontario securities regulators tied to a market manipulation scandal that included illegal retaliation against an internal whistleblower.

  • July 22, 2020

    OCC Says Banks Can Offer Crypto Custody Services

    The Office of the Comptroller of the Currency said Wednesday that national banks and federal savings associations are authorized to provide customers with cryptocurrency custody services, saying such activity is "a modern form of traditional bank activities related to custody services."

  • July 22, 2020

    Barclays Taps Exec For New GC As Hoyt Steps Down

    Barclays PLC appointed its corporate secretary as new group general counsel Wednesday to succeed Bob Hoyt, who is stepping down after more than seven years in the role and having helped the lender resolve some of its biggest conduct issues.

  • July 21, 2020

    Senate Dems Question Peirce's Record At SEC Nom Hearing

    Sen. Elizabeth Warren, D-Mass., said Tuesday that she believed "it would be a mistake" to confirm SEC Commissioner Hester Peirce for another term because her record suggested she wasn't willing to take on "powerful interests" like the private equity industry.

  • July 21, 2020

    Pivotal Software Escapes Investors' Stock-Drop Suit

    A California federal judge on Tuesday tossed a proposed class action against cloud platform company Pivotal Software Inc. that had alleged its stock price dropped after the company made deceptive statements about its products and finances.

  • July 21, 2020

    YouTube Says It Can't Be Held Liable For Crypto Scam Vids

    YouTube urged a California federal judge to toss claims that it should have prevented cryptocurrency scammers from impersonating blockchain startup Ripple Labs Inc., arguing that it is mostly protected from liability by federal internet laws.

  • July 21, 2020

    Dodd Says Namesake Bill Saved Economy From Coronavirus

    One of the creators of the Dodd-Frank Act said Tuesday that the sweeping set of regulations enacted a decade ago has allowed the country to stave off a COVID-19-related financial collapse.

  • July 21, 2020

    Swap Regs Still A Work In Progress As Dodd-Frank Turns 10

    Ten years since the Dodd-Frank Act sought to reform the opaque swaps market, experts say regulators have improved transparency and enacted safeguards against speculation that were nonexistent a decade ago, but it's no time to declare victory.

  • July 21, 2020

    PowerPlan Accused Of Phony Threats In $47M Monopoly Suit

    Atlanta-based software company PowerPlan Inc. is unfairly monopolizing the market for utility data management and making false threats to ax competition, according to former employees who say PowerPlan is telling clients of their tax consulting business that they have misappropriated its trade secrets.

  • July 21, 2020

    Effort To Unmask Shell Corp. Owners Added To Defense Bill

    The U.S. House of Representatives has approved a measure meant to unmask the owners of anonymous shell companies, attaching the Corporate Transparency Act to a must-pass defense funding bill.

  • July 21, 2020

    Senate Banking Panel Advances Trump's Latest Fed Nominees

    President Donald Trump came one step closer on Tuesday to filling the remaining two vacancies on the Federal Reserve Board, as the Senate Banking Committee voted to advance his selections of a regional Fed official and a controversial economist for the central bank's governing body.

  • July 21, 2020

    Longfin Consultant's Bid To Change $24M SEC Deal Denied

    A New York federal judge on Tuesday denied the request of a cryptocurrency company consultant to modify a June 2019 settlement with the U.S. Securities and Exchange Commission, saying no facts in the case have changed.

  • July 21, 2020

    Nuveen Faces New Antitrust Suit Over Alleged Preston Hollow Boycott

    Municipal bond venture Preston Hollow Capital LLC continued its pursuit of financial industry giant Nuveen Inc. with a new complaint filed in New York federal court Monday alleging that Nuveen organized an industry-wide boycott that cost Preston Hollow over $100 million.

  • July 21, 2020

    Raydon, Ex-Worker Reach Deal In Suit Over $60.5M ESOP Buy

    Raydon Corp. and Lubbock National Bank have agreed to settle an ERISA class action claiming the defense contractor's current and former workers were ripped off when their employee stock ownership plan purchased $60.5 million in company stock.

  • July 20, 2020

    OCC Proposes Rule To Settle 'True Lender' Question

    The Office of the Comptroller of the Currency proposed a rule Monday to clarify that a bank is the "true lender" of a loan if that institution is named on the loan document at the date of origination or if it funds the loan, as the agency seeks to address ambiguity amid the proliferation of bank partnerships in lending.

  • July 20, 2020

    Sens. Want Assurance That Small Firms Can Reapply For PPP

    Following an easing of the loan forgiveness terms surrounding the Paycheck Protection Program, small businesses and nonprofits must be given assurances that they're allowed to reapply for the much-needed relief, a bipartisan pair of senators urged the U.S. Treasury Department and the Small Business Administration on Monday.

  • July 20, 2020

    9th Circ. Upholds $142M Wells Fargo Fraud Deal

    The Ninth Circuit on Monday upheld a $142 million settlement between Wells Fargo and a class of customers who were charged fees related to unauthorized accounts opened in their names, ruling the lower court did not err in finding the amount reasonable and that the class met all predominance requirements.

  • July 20, 2020

    FDIC Eyes Partnership Program To Ease Fintech Collaboration

    The U.S. Federal Deposit Insurance Corporation is exploring whether it might certify or otherwise assess fintech companies to promote technology adoption at community banks and other financial institutions.

  • July 20, 2020

    UBS To Pay SEC $10M Over Muni Bond 'Flipping' Scheme

    Broker-dealer UBS Financial Services Inc. has agreed to pay the top securities regulator more than $10 million to resolve claims that it allocated municipal bonds intended for retail customers to ineligible "flippers" who resold the bonds at a profit.

  • July 20, 2020

    Capital One Customer Gets Another Shot At Class Cert.

    A New Jersey appeals panel sent a putative class action against Capital One back to the state's trial court Monday to further consider whether the consumers seeking class certification were harmed by the bank's credit card customer agreement.

  • July 20, 2020

    2nd Circ. Upholds Turkish Banker's Conviction

    The Second Circuit upheld a Turkish banker's conviction for evading U.S. sanctions on Iran, saying in a Monday opinion that strong evidence supported the jury verdict, even if one of the government's charging theories missed the mark.

  • July 20, 2020

    Longtime Morgan Stanley Adviser Cops To $6M Fraud

    A former financial adviser pled guilty Monday to misappropriating approximately $6 million from brokerage clients during the 12 years he worked for Morgan Stanley in McLean, Virginia.

  • July 20, 2020

    Expert Witness Sues Levi & Korsinsky For Unpaid Fees

    Securities and consumer litigation law firm Levi & Korsinsky LLP has not paid a financial industry consulting firm for its work as an expert witness in a proposed class action against TD Ameritrade Inc. and has refused to respond to a demand for arbitration, according to a suit filed in Connecticut state court.

  • July 20, 2020

    Student Loan Scammers Must Cough Up $27.6M In FTC Case

    A California federal judge has found for the Federal Trade Commission in its case accusing purported student loan debt relief companies of ripping off clients and ordered the defendants to pay a judgment of nearly $27.6 million.

  • July 20, 2020

    $12.6M Deal In Forex Rigging Suit Gets Initial OK

    A $12.6 million allocation plan between a class of investors and several major banks including JPMorgan Chase & Co., Standard Chartered PLC and Bank of America Corp. got preliminary approval by a New York federal judge to resolve foreign exchange market rigging claims against the financial institutions.

Expert Analysis

  • Opinion

    It's Time For Law Firms To Support Work-From-Home Culture

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    Now that law firms are on board with fully remote work environments, they must develop policies that match in-office culture and align partner and associate expectations, says Summer Eberhard at Major Lindsey.

  • Opinion

    Republicans Keep Confirming Unqualified Judicial Nominees

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    What emerges from the group of 200 federal judges confirmed by the Senate under President Donald Trump is a judiciary stacked with young conservative ideologues, many of whom lack basic judicial qualifications, says Sen. Dianne Feinstein, D-Calif., ranking member of the Senate Judiciary Committee.

  • High Court Missed Chance To Define SEC Enforcement Limits

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    In its decision Monday upholding the practice of collecting disgorgement in Liu v. U.S. Securities and Exchange Commission, the U.S. Supreme Court missed its opportunity to set limitations on the SEC's ability to impose statutory remedies in enforcement actions, and to give the final word on the permissible lifespan of civil enforcement actions​​​​​​​, says David Slovick at Barnes & Thornburg.

  • Tips For Crafting The Perfect Law Firm Alert

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    As lawyers have had more time to write in recent weeks, the number of law firm alerts has increased massively, but a lot of them fail to capture readers and deliver new business, says Richard Torrenzano at The Torrenzano Group.

  • 5 Takeaways From Capital One Breach Report Dispute

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    The recent debate over a federal magistrate judge's ordering Capital One to produce a forensic data breach report reveals steps companies can take to make abundantly clear that a report was created in anticipation of litigation in order to protect privilege, say attorneys at Squire Patton.

  • PPP Fraud Actions Highlight Importance Of Lender Vigilance

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    The U.S. Department of Justice's first wave of enforcement actions against individuals fraudulently seeking Paycheck Protection Program loans demonstrates the key role that financial institutions play in monitoring and reporting suspicious applications, say attorneys at Arnold & Porter.

  • Series

    Judging A Book: Elrod Reviews 'Shortlisted'

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    Renee Knake Jefferson and Hannah Brenner Johnson's new book, "Shortlisted: Women in the Shadows of the Supreme Court," is a service to an overlooked group of nine women who were considered for the U.S. Supreme Court before Justice Sandra Day O'Connor was confirmed, and offers constructive tips for women looking to break through the glass ceiling, says Fifth Circuit Judge Jennifer Elrod.

  • Mandatory State Bars Likely To Remain Intact, For Now

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    A Texas federal judge’s recent holding in McDonald v. Sorrels that mandatory bar memberships do not violate members' constitutional rights indicates that such requirements survive the U.S. Supreme Court's 2018 decision in Janus, but it may mean that the Supreme Court will address the issue in the not-too-distant future, say Majed Nachawati and Misty Farris at Fears Nachawati.

  • Libra, Fedcoin Could Competitively Threaten Payment System

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    Libra's apparent decision to move forward with its launch, along with the Federal Reserve's potential development of Fedcoin, might result in a reshaping of the global payments system that could raise possible anti-competitive concerns, says Marc Martos-Vila at Econ One.

  • The Law Behind The Strange Departure Of US Atty Berman

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    In the wake of this weekend's confusing, contradicting statements regarding the removal of Geoffrey Berman as U.S. attorney for the Southern District of New York, it is useful to ask what law governs here, why the standoff with Attorney General William Barr ended the way it did, and what history teaches us about these circumstances, says Daniel Levy at McKool Smith.

  • M&A Ruling Shows Importance Of Informing Target Boards

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    In Morrison v. Berry, the Delaware Chancery Court's recent dismissal of stockholder claims that advisers aided and abetted a merger target board’s fiduciary breach is a reminder that financial advisers, law firms and M&A buyers should ensure a target board is fully informed, say attorneys at Cleary.

  • 11 Keys To Success At Remote Mediation

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    Attorneys should accept that remote mediation may be their only current option for resolving a dispute and take steps to obtain a fantastic outcome for their clients, including making sure the right people attend the remote mediation and beginning the session with an apology, says Eric Meyer at FisherBroyles.

  • Pandemic Could Bring Student Exodus From Legal Profession

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    A recent survey shows that law and prelaw students have serious concerns about the quality and value of remotely provided legal education, and rapid action from the legal community is necessary to prevent promising young people from leaving in favor of other professions, says Mehran Ebadolahi at TestMax.

  • How To Handle Congressional Queries On COVID-19 Relief

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    Despite their informal nature, congressional inquiries regarding CARES Act implementation should not be taken lightly as these requests may be precursors to more formal and invasive investigations, say attorneys at Baker Donelson.

  • The Privilege Implications Of Using Online Collaboration Tools

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    While few courts have addressed the attorney-client privilege or work-product doctrine in the context of online collaboration tools, existing case law supports five best practices as organizations increasingly use these tools in the COVID-19 era, say Christopher Campbell and Marcus Sandifer at DLA Piper.

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