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Banking

  • August 6, 2018

    HSBC To Pay US Regulators $765M To Settle Loans Probe

    HSBC Holdings PLC has agreed to pay U.S. regulators $765 million to settle an investigation by the U.S. Department of Justice into its selling of controversial mortgage securities in the years before the financial crisis, the bank revealed in half-year results on Monday.

  • August 3, 2018

    US Bank Sued Over Out-Of-Network ATM, Overdraft Fees

    U.S. Bank NA has been hit in San Diego federal court with a proposed class action accusing it of bilking customers out of millions of dollars with allegedly improper out-of-network ATM fees and overdraft fees.

  • August 3, 2018

    Madoff Investor's $3.4M Deal Not Covered, 2nd Circ. Told

    Two Chubb Ltd. insurers on Thursday urged the Second Circuit to affirm that they don’t have to cover a nearly $3.4 million settlement that a victim of Bernard L. Madoff’s Ponzi scheme paid to resolve a clawback action brought by the Madoff bankruptcy trustee, saying a lower court properly held that the action didn’t trigger their policies’ personal injury coverage.

  • August 3, 2018

    DHS Hub To Offer Cybersecurity Boost, But Cos. Still Exposed

    The U.S. Department of Homeland Security's recent decision to open a center dedicated to tackling cyberthreats directed at critical infrastructure is likely to help expand vital communication channels between the public and private sectors, but lingering concerns over liability protections could limit the initiative's ultimate effectiveness, attorneys say.

  • August 3, 2018

    Rising Star: Sullivan & Cromwell's Stephen Salley

    Stephen Salley of Sullivan & Cromwell LLP has advised NorthStar Asset Management in a three-way merger that created one of the largest real estate investment trusts in the country and guided American Express in major co-branded credit card portfolio deals, earning him a spot as one of five banking attorneys under age 40 honored by Law360 as Rising Stars.

  • August 3, 2018

    DC Circ. Slams DOJ’s 'Blanket Refusals' In Atty's FOIA Row

    A panel for the D.C. Circuit on Friday criticized the Department of Justice’s Office of Professional Responsibility for its “blanket refusals” to provide a jailed attorney documents relating to the alleged misconduct of the former federal prosecutor who convicted him, saying the office didn’t justify all of its Freedom of Information Act exclusions.

  • August 3, 2018

    Chase's Bias Win Axed Over Arbitrator's Disclosure Failure

    A California state appeals court has wiped out JPMorgan Chase's arbitration win in a worker's race bias suit, saying the arbitrator violated ethics rules by failing to mention her work in several other cases involving the company's law firm, Seyfarth Shaw LLP.

  • August 3, 2018

    Forex Traders Want Pleas, Spoofing Claims Kept Out Of Trial

    Three London-based foreign currency exchange traders urged a Manhattan federal judge to block prosecutors from bringing up a group of large banks’ guilty pleas to manipulating the forex market, or any accusations of “spoofing” from their upcoming trial.

  • August 3, 2018

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

    The last week has seen a Russian businessman's telecom company forge ahead with a commercial fraud claim against Russia's VTB bank, ED&F Man Capital Markets sue a rival brokerage and U.K. insurer RSA initiate the court process to transfer policies to its new Luxembourg unit. Here, Law360 looks at those and other new claims in the U.K.

  • August 3, 2018

    Manafort's Former Accountant Details Tax-Dodge Scheme

    A former accountant for Paul Manafort on Friday said in Virginia federal court that she helped the onetime Trump campaign chairman reduce his tax burden by improperly reclassifying $900,000 in income received by his consulting firm from a Cyprus-based company as loans on his 2014 tax returns.

  • August 3, 2018

    Think Finance Can't Dodge CFPB Suit, Judge Says

    A Montana federal judge on Friday rejected Think Finance LLC's bid to end a Consumer Financial Protection Bureau suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying the CFPB’s structure is legal and tribal leaders don’t have to be joined to the suit.

  • August 3, 2018

    JPMorgan's Damages Bill Cut From $4B To $7M In Estate Row

    A Texas probate judge chopped a $4 billion judgment against JPMorgan Chase & Co. to $7 million in a case alleging the bank had maliciously mishandled the inheritance of a deceased American Airlines executive.

  • August 3, 2018

    Morgan Lewis Nabs Finance Pro For New York Office

    Morgan Lewis & Bockius LLP has added a finance partner with nearly 20 years of experience to its New York office, according to the firm.

  • August 3, 2018

    City National Bank Agrees To Pay $33M To End Ponzi Claims

    The receiver overseeing a company accused of operating a $123 million Ponzi scheme involving fraudulent ATM sales has urged a California federal court to approve a $33 million settlement resolving claims against the company’s bank, City National Bank.

  • August 3, 2018

    Wells Fargo Beats ERISA Suit At 8th Circ.

    The Eighth Circuit on Friday upheld a Minnesota federal judge’s decision to toss a proposed Employee Retirement Income Security Act class action accusing Wells Fargo of improperly steering workers’ retirement savings toward its own products instead of better options.

  • August 2, 2018

    Sens. Unveil Wide-Ranging Russia Sanctions Bill

    A bipartisan group of six senators on Thursday introduced a bill to impose new sanctions on Russia’s energy sector as well as numerous political figures and oligarchs, citing Moscow’s continued attempts to meddle in U.S. elections through cybersecurity breaches.

  • August 2, 2018

    Manafort's Bookkeeper IDs Bogus Financial Statements

    The former bookkeeper for Trump campaign chairman Paul Manafort testified Thursday about the political consultant’s financial reversals in the mid-2010s, culminating in an apparent attempt to use bogus documents to secure bank loans in 2016.

  • August 2, 2018

    Labaton Bid To DQ Judge In $75M Fee Fight A Risky Move

    Labaton Sucharow LLP's failed attempt to have the First Circuit remove the judge presiding over a messy $75 million fee fight in State Street's fraud case highlights the dangers of a rare and risky play with a high chance of backfiring and further frustrating a judge the firm already believes to be biased, experts say.

  • August 2, 2018

    Uber's Spot In $22M BofA Fee Deal Not Unusual, Court Told

    Bank of America and account holders who claim they were improperly charged overdraft fees on Uber trips paid for by debit card defended their $22 million proposed class action settlement, telling a New York federal judge that the liability release Uber would get in the deal isn’t problematic.

  • August 2, 2018

    2nd Circ. Backs Toss Of RMBS Suit Against US Bank, BofA

    A Second Circuit panel ruled Thursday that the National Credit Union Administration lacks standing to bring claims against residential mortgage-backed securities trustees U.S. Bank and Bank of America on behalf of 10 trusts that the agency created and filled with RMBS and other distressed assets from five failed credit unions.

Expert Analysis

  • A Midyear Review Of State Attorney General Enforcement

    Joe Jacquot

    While appealing to voters this election season, attorney general candidates will inevitably target industries with promises of using their state enforcement powers. AGs are also increasingly defining themselves publicly by reacting to the federal government, whether by filing a lawsuit against the president or opposing congressional acts, says Joe Jacquot of Foley & Lardner LLP.

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

    Erin Fonté

    Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.

  • Limiting Law Firms' Professional Liability Risks: Part 2

    Stuart Pattison

    With law firms increasingly exposed to professional liability risks associated with their corporate client relationships, firms must craft well-structured client engagement letters to help protect against malpractice claims. Two key elements of an engagement letter are how it defines the scope of engagement and how it handles conflicts of interest, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • Series

    From Lawmaker To Lawyer: Prioritizing Is Always Key

    Joe Lieberman

    Today, members of Congress often seem able to blame colleagues of the other party for not getting anything done for their constituents. In law practice, you can’t really blame a bad result for your clients on the lawyers on the other side, says former Sen. Joe Lieberman, D-Conn., of Kasowitz Benson Torres LLP.

  • ICOs As Exempt Securities Offerings: An Economic Analysis

    Simona Mola

    Assuming that initial coin offerings are securities offerings, issuers must register them with the U.S. Securities and Exchange Commission unless they rely on an exemption from registration. Among the available exemptions from registration, three look well-suited for ICOs, say members of Bates White LLC and Quinn Emanuel Urquhart & Sullivan LLP.

  • Limiting Law Firms' Professional Liability Risks: Part 1

    Stuart Pattison

    Corporate law departments are increasingly demanding more concessions from outside legal counsel, and presenting engagement letters that open the door to greater professional and cyber liability exposure for law firms — often beyond the scope of their insurance coverage. Firms must add their own language to engagement letters to limit liability, say Stuart Pattison and John Muller of Sompo International Holdings Ltd.

  • SEC Administrative Proceedings After Lucia

    Daniel Walfish

    Because of the U.S. Supreme Court’s decision in Lucia, the U.S. Securities and Exchange Commission will have to redo a series of administrative cases, potentially straining resources and possibly prompting the agency to tap new administrative law judges, says Daniel Walfish of Walfish & Fissell LLP.

  • Series

    From Lawmaker To Lawyer: How Congress Affected My Career

    Yvonne B. Burke

    Being a former member of Congress put me in an advantageous position when I approached law firms in the late '70s, at a time when there were few female lawyers, and even fewer African-American lawyers, in major law firms, says former Rep. Yvonne B. Burke, D-Calif., a director of Amtrak.

  • Are OCC's Reserve-Based Lending Guidelines Enforceable?

    Buddy Clark

    Following the Government Accountability Office's determination that the Interagency Guidance on Leveraged Lending did not comply with the Congressional Review Act, it would appear that the binding nature of the Office of the Comptroller of the Currency's handbook for oil and gas reserve-based loans should be similarly questioned, says Buddy Clark of Haynes and Boone LLP.

  • Moving From The Duplicative Fines Of The Financial Crisis

    Neil Bloomfield

    Recent announcements from the U.S. Department of Justice, the U.S. Securities and Exchange Commission and federal banking agencies reveal a new approach to coordination among regulators. The penalties coming out of the next round of multiregulator investigations may look significantly different, say Neil Bloomfield and Kristen Kenley of Moore & Van Allen PLLC.