Banking

  • July 2, 2019

    Hauschild Atty Slams SFO For Ignoring Banker's Trading Data

    The Serious Fraud Office failed to examine the trading records of a former Deutsche Bank executive accused of conspiring to rig interest rates, his attorney told a jury in London on Tuesday, criticizing prosecutors for “plucking their theory out of thin air.”

  • July 1, 2019

    At Sentencing, Ex-CEO Argues $100M Fraud Didn't Sink Bank

    With a potential life sentence at stake, a convicted former medical device company executive and prosecutors sparred over testimony Monday on the connection between a $100 million loan fraud scheme he orchestrated and the collapse of one of Puerto Rico's largest banks.

  • July 1, 2019

    9th Circ. Revives Fired Wells Fargo Worker's Disability Suit

    A portfolio manager who claims Wells Fargo Bank NA illegally fired her over a medical disability will get another chance to prove her case after the Ninth Circuit said Friday that a lower court had been wrong to find she hadn't mounted sufficiently convincing evidence.

  • July 1, 2019

    Borrowers Fight Bid To Stay 2nd Circ.'s Payday Loan Mandate

    Consumers leading litigation accusing a tribe-owned lender of charging exorbitant interest rates urged the Second Circuit on Friday not to hold off on enforcing its decision allowing the claims to proceed until the U.S. Supreme Court decides whether to review the case, saying the justices likely won't be interested.

  • July 1, 2019

    MoneyGram Can't Blame $125M Fine On Software: Investors

    Investors suing MoneyGram over a $125 million fine urged an Illinois federal court Monday not to throw out their proposed securities class action accusing the money transfer company of lying about its anti-fraud compliance, saying the company's argument that its misconduct reflected software kinks doesn’t hold water.

  • July 1, 2019

    3rd Circ. Scraps ‘Sweeping’ Order Banning Ex-CEO's Book

    The Third Circuit on Monday vacated an injunction that blocked a banking tycoon from distributing his business book, finding that although TD Bank owns the exclusive rights to some of his life story and business philosophy, the lower court's "sweeping conclusions" would justify an injunction in every copyright case.

  • July 1, 2019

    5 Companies File $825M In IPOs, Setting Up July Flurry

    Five companies — a venture-backed health care platform, a property and casualty insurer and three blank check companies — filed with the U.S. Securities and Exchange Commission late Friday seeking to raise $825 million in total, setting the stage for a busy, late July.

  • July 1, 2019

    NY Firm Hit With Suit Over Debt Collection Practices

    Forster & Garbus LLP is violating a federal consumer protection law through the language it uses in collection letters, a putative class action filed in New Jersey federal court claims.

  • July 1, 2019

    Ex-JPMorgan Trader's Subpoena Should Be Axed, Feds Say

    Federal prosecutors have urged a New York federal court to quash the subpoena of a potential cooperating government witness in its case against a former JPMorgan foreign exchange trader who was indicted in an antitrust conspiracy last year, arguing that the request is "classic impeachment material."

  • July 1, 2019

    Blame The 2018 Crash, Not Us, Cryptocurrency Co. Says

    Cryptocurrency platform Xtrade and its executives outlined the basis for their anticipated motion to dismiss a case brought by investors in New York federal court seeking millions in compensation for the alleged botched rollout of a crypto trading platform, saying rather than accusing the company of fraud, they should blame the 2018 cryptocurrency crash.

  • July 1, 2019

    Trade Lawyers Square Off Over Currency CVD Proposal

    The U.S. Department of Commerce’s proposal to set duties on imports benefiting from undervalued foreign currency has touched off fierce debate among the trade bar with attorneys for U.S. producers advocating for the rule change and respondent-side counsel warning of its perils.

  • July 1, 2019

    Hong Kong Insurer FWD Inks $3B Deal For Life Insurance Biz

    Hong Kong-based insurer FWD Group Management Holdings Ltd. on Monday agreed to buy the life insurance business of Thailand’s Siam Commercial Bank Public Co. Ltd. for roughly 92.7 billion baht ($3 billion), in what the companies say is the largest ever life insurance deal in Southeast Asia.

  • July 1, 2019

    Crypto Fraudster Gets 7 Years For $1.5M Binary Options Plot

    A New York federal judge sentenced the operator of a binary options company to more than seven years in prison Monday for a $1.5 million scheme to defraud investors in the business and its cryptocurrency.

  • July 1, 2019

    Investment Adviser To Pay SEC $1.3M To End Conflict Claims

    A Massachusetts investment adviser agreed Monday to pay the U.S. Securities and Exchange Commission $1.3 million to settle charges that he leveraged $7 million of his clients' money to avoid repaying a personal loan.

  • July 1, 2019

    Central Banks Launch Initiative To Compete In Fintech

    The Bank for International Settlements, a global coalition of central banks, has unveiled an initiative designed to increase collaboration on financial technology initiatives amid the growing interest in digital currencies and other technological advances around the world.

  • July 1, 2019

    2nd Circ. Says Hedge Fund Ownership Row Must Stay Put

    The Second Circuit ruled that Weston Capital Advisors Inc. can't turn to the Delaware Chancery Court in a battle over the makeup of the hedge fund's board, ripping Weston's "defiance" of court directives to give back millions of dollars to an Indonesian bank. 

  • July 1, 2019

    15 Minutes With Ripple's General Counsel

    As a lawyer, Stu Alderoty has gravitated toward complex issues in need of a resolution. Following that path, he recently moved to San Francisco to become the general counsel of blockchain solutions provider Ripple. Here, he shares how blockchain technology is transforming the financial services industry and how the company will continue to build momentum in that space.

  • July 1, 2019

    Ex-Barclays Trader Takes Conviction To European Court

    A former Barclays PLC trader has asked a European court to overturn an eight-year prison sentence handed down in London in 2018 for rigging a key European benchmark interest rate, his lawyer said Monday.

  • July 1, 2019

    Fraud Went On Under Deutsche Bank Exec's Nose, SFO Says

    A former Deutsche Bank executive accused of plotting to rig a key interest rate benchmark was “literally surrounded by fraud” allegedly perpetrated by members of his team, a prosecutor for the Serious Fraud Office told a London jury Monday.

  • July 1, 2019

    Squire Patton Boggs Lures Former Ashurst Managing Partner

    Squire Patton Boggs LLP announced that it has poached a former managing partner of Ashurst LLP to join its financial services team in London, bringing expertise in banking and finance law.

  • June 28, 2019

    Bitcoin 'Inventor' Can't Access Coins Requested In $10B Suit

    The Australian computer scientist who claims to have invented bitcoin told a Florida federal court Friday he cannot comply with a court order to produce a list of his bitcoin holdings in a $10.2 billion lawsuit against him.

  • June 28, 2019

    High Court Census Ruling Could Escalate Rule Challenges

    When a slim U.S. Supreme Court majority blocked the Trump administration from adding a citizenship question to the census because the government hadn't been forthcoming, the justices gave litigants an irresistible precedent to cite in future policy fights with federal agencies, experts said.

  • June 28, 2019

    Conservative Justices Cross Over To Create Unusual Lineups

    Members of the conservative majority on the U.S. Supreme Court had some surprises for court watchers this term, with one of the newer — and generally most conservative — justices becoming a particularly strange bedfellow to liberals.

  • June 28, 2019

    The Biggest Securities Decisions Of 2019: Midyear Report

    So far this year, the U.S. Supreme Court has broadened the scope of liability for the spread of false information about investments and put off deciding whether private plaintiffs are able to bring lawsuits alleging false statements and related to tender offers. Here, Law360 examines those rulings and other developments from the first half of 2019.

  • June 28, 2019

    Warren Probes JPMorgan's Return To Cardholder Arbitration

    Two Democratic lawmakers, including Sen. Elizabeth Warren, want to know why JPMorgan Chase brought back a policy of forcing its millions of credit card users to arbitrate any disputes, saying the plan would exploit customers.

Expert Analysis

  • Defending Against Home Equity Loan Foreclosure In Texas

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    The Texas Supreme Court and Fifth Circuit will eventually resolve whether Texas criteria for attaching liens to homesteads are affirmative defenses against home equity loan foreclosures. But until such clarity exists, borrowers should continue to assert these defenses, says Niles Illich of Scott H. Palmer PC.

  • NJ Fiduciary Rule Would Add To Investment Firms' Burdens

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    A recently proposed New Jersey rule instituting a uniform fiduciary standard for broker-dealers and investment advisers registered in the state could impose significant changes to investment firms' relationships with their customers, say David Libowsky and Daniel Strashun of Bressler Amery.

  • Missing Elements From New Cannabis Banking Bill

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    As the Secure and Fair Enforcement Banking Act progresses through Congress, it will be interesting to see whether it will be amended to address all financial services providers that do business with cannabis companies, and whether the bill can maintain bipartisan support in the process, say attorneys at Mayer Brown.

  • Compliance Certifications Jack Up Sanctions Violation Costs

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    The U.S. Department of the Treasury’s Office of Foreign Assets Control has recently increased the real cost of sanctions violation settlements by requiring annual compliance certifications. This alters the cost-benefit analysis of implementing robust sanctions compliance programs at nonfinancial institutions, says Jeremy Paner of Holland & Hart.

  • SEC Fine Shows Bad Data Can Put The 'Risk' In Model Risk

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    Prosper Funding's recent $3 million settlement with the U.S. Securities and Exchange Commission suggests that companies may face Securities Act Claims even for inadvertent performance data errors if their code is out of date or poorly understood by staff, say attorneys at Mayer Brown.

  • Q&A

    A Chat With Cleary Chief Talent Officer Hy Pomerance

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview management from top law firms about the increasingly competitive business environment. Here, Amanda Brady and Dustin Laws talk with Hy Pomerance, chief talent officer of Cleary.

  • Rebuttal

    Forced Arbitration Is A Far Worse 'Product' Than Jury Trials

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    Jury trials are not dying because arbitration is a “better product,” as alleged in a recent Law360 guest article, but because corporations have rigged the system through forced arbitration to ensure they cannot be held accountable before a judge or jury, say attorneys at Hagens Berman.

  • Guest Feature

    Preet Bharara On The Human Factor In The Justice System

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    A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.

  • How Cos. With Cuba Ties Can Fight Helms-Burton Act Suits

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    Last week, the Trump administration announced it would activate Title III of the Helms-Burton Act, allowing individuals whose property was confiscated by the Cuban government to bring claims in U.S. courts against anyone deriving economic benefit from the property. But companies operating in Cuba have some defenses against such suits, say attorneys and advisers with Akerman.

  • Emulex Highlights Greater Scrutiny Of Issues At High Court

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    A brief review of the procedural history of Emulex v. Varjabedian, and the circumstances giving rise to the U.S. Supreme Court’s abrupt dismissal of the case Tuesday, may provide useful insights for future petitioners seeking the court’s review, say attorneys with Labaton Sucharow.

  • The M&A Aftermath Of High Court's Emulex Punt

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    The U.S. Supreme Court's decision Tuesday to dismiss Emulex v. Varjabedian leaves behind a great deal of confusion in the federal securities laws governing corporate mergers and acquisitions, and there are at least three important consequences, says Lyle Roberts of Shearman & Sterling.

  • In SEC's Remediation Model, Hard Choices For ICO Issuers

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    Recent guidance from the U.S. Securities and Exchange Commission may help issuers avoid having their future initial coin offerings categorized as unregistered securities offerings. But for past ICOs, issuers must rely on the SEC's remediation process, and should consider two key questions before proceeding, says Kayvan Sadeghi of Schiff Hardin.

  • A Step Toward Consistent State Laws For Crypto Cos.

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    The Conference of State Bank Supervisors' recently announced suggestions to harmonize state law frameworks for nonbank fintech companies could be particularly beneficial to cryptocurrency companies, for whom the applicable regulatory landscape is especially uncertain, say attorneys at Cleary Gottlieb.

  • Rebuttal

    Jury Trials, Though In Decline, Are Well Worth Preserving

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    In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.

  • A Broader View Of The US Supreme Court Bar

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    During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.

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