Banking

  • June 28, 2019

    The Sharpest Dissents Of The Supreme Court Term

    The dozens of dissents the U.S. Supreme Court issued this term outpaced those in the prior term, and their tone is growing harsher as justices vie for control of a court that is still reeling from the retirement of swing Justice Anthony Kennedy.

  • June 28, 2019

    Investors Want Bond Price-Fix Suit Against Banks To Proceed

    Investors said they provided a “remarkable degree of direct evidence” to support allegations that Citigroup, Goldman Sachs, JPMorgan and others colluded to fix bond prices for government-sponsored entities, urging a New York federal court on Thursday to keep their claims alive.

  • June 28, 2019

    Time To Settle CFPB Constitutionality 'Is Now,' Justices Told

    A California law firm that lost its constitutional challenge to the Consumer Financial Protection Bureau at the Ninth Circuit has asked the U.S. Supreme Court to take up its case, urging the justices to rule once and for all on the constitutionality of the consumer financial watchdog's design.

  • June 28, 2019

    7th Circ. Revives Claims Against Student Loan Servicer

    A Seventh Circuit panel has revived a proposed class action brought by student borrowers who accuse a loan servicer of misleading them about repayment options, ruling that the students’ state law claims are not necessarily preempted by federal law.

  • June 28, 2019

    Deals Rumor Mill: Morgan Stanley, Dr. Martens, BASF

    Morgan Stanley is likely going to earn regulators’ approval of its move to take control of its Chinese securities joint venture, Dr. Martens’ private equity owner is considering options including an initial public offering, and Standard Industries is one of the companies gunning for BASF’s construction chemicals unit.

  • June 28, 2019

    Sotomayor, Breyer Vie For Chattiest High Court Justice

    On the U.S. Supreme Court's famously "hot" bench, Justice Sonia Sotomayor stood out once again as the most active questioner this term, speaking up more often than any of her colleagues.

  • June 28, 2019

    Attys Seek $68M Award In Wells Fargo Fake Account Suit

    Lieff Cabraser and Saxena White attorneys representing Wells Fargo investors in their derivative suit over fake accounts have asked a California federal court for a $68 million cut of the $240 million settlement they negotiated to resolve the claims.

  • June 28, 2019

    High Court Will Weigh Dispute Over Bank’s $4M Tax Refund

    The U.S. Supreme Court on Friday agreed to review a suit over whether a folded Colorado bank should receive a $4.1 million tax refund in a dispute with its bankrupt parent company.

  • June 28, 2019

    The Funniest Moments Of The Supreme Court Term

    While general audiences may have a hard time finding the humor, there were several moments of legal levity in the Supreme Court this term that made the justices and the courtroom laugh.

  • June 28, 2019

    High Court To Hear Retirees' Challenge To US Bank ERISA Win

    The U.S. Supreme Court on Friday added a third ERISA case to its docket for next term, agreeing to wade into a battle between retirees and U.S. Bank that hinges on whether workers can sue over the mismanagement of their retirement savings when their pension plan is fully funded.

  • June 28, 2019

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

    The past week has seen an investor sue financial law specialists Jirehouse, Lloyds Bank file a claim against the trustees of its pensions system and a number of luxury London hotels hit Visa and Mastercard with competition claims. Here, Law360 looks at those and other new claims in the U.K.

  • June 27, 2019

    The New 'Roberts Court' Finds Its Footing

    Chief Justice John Roberts is presiding over the most conservative Supreme Court in years. But as the 2018 term showed, the reality is more complicated and the new majority is far weaker than expected.

  • June 27, 2019

    Ex-Banca IMI Securities Exec Pleads Guilty To Bid Rigging

    The former head of Banca IMI Securities Corp.'s securities lending desk on Thursday copped to submitting rigged bids to borrow prerelease American depositary receipts, according to the U.S. Department of Justice.

  • June 27, 2019

    Fed Satisfied With 'Virtually All' Big Banks' Capital Planning

    The Federal Reserve Board said Thursday that all the big banks included in its second round of stress testing made it through more or less satisfactorily, though JPMorgan and Capital One needed do-overs on their capital plans while Credit Suisse must still do some tightening up.

  • June 27, 2019

    Breaking Down The Vote: High Court Term In Review

    A new junior justice. A growing number of dissents. Tough talk on overturning precedent. Unusual lineups in 5-4 rulings. This term left court watchers wondering: “What’s next?”

  • June 27, 2019

    FDIC Streamlining Big-Bank Oversight With New Unit Launch

    The Federal Deposit Insurance Corp. said Thursday that it is combining its supervision and resolution functions for bigger, more complex banks into a new unit within the agency, a reorganization that could yield efficiencies for both the regulator and the industry.

  • June 27, 2019

    US Bank's Bid To Quash ERISA Suit Denied

    U.S. Bank's parent company must face a proposed Employee Retirement Income Security Act class action accusing it of shortchanging early retirees, a Minnesota federal judge ruled Thursday, saying the ex-workers had the right to bring their case in federal court.

  • June 27, 2019

    Mortgage Co. Can't Escape Ex-Workers' Sex Harassment Suit

    A Maryland federal judge on Thursday denied a mortgage lender's bid to escape a sexual harassment suit from two female former junior loan officers who claim they were told to wear skimpy clothing and that one of them was asked to perform sexual favors so her career could advance.

  • June 27, 2019

    The Firms That Won Big At The Supreme Court

    Arguing one Supreme Court case is no mean feat, and only a handful of law firms tackled at least three during the latest high court term. Here’s a look at those high-profile battles, and which firms emerged victorious once the dust settled.

  • June 27, 2019

    Ex-Equifax Exec Gets 4 Months For Trading On Data Breach

    A former Equifax executive was sentenced to four months in prison Thursday for cashing in stock options as he helped the company deal with a massive breach of consumers’ personal information in 2017.

  • June 27, 2019

    Indian Man Charged With Drug Smuggling, Money Laundering

    A Pennsylvania grand jury has indicted a Mumbai, India-based businessman on charges of smuggling drugs into the United States and laundering money, the U.S. attorney's office in Pittsburgh announced Thursday.

  • June 27, 2019

    State Street Settles SEC's Overcharging Claims For $88M

    State Street Bank and Trust Co. reached an $88 million settlement with the U.S. Securities and Exchange Commission on Thursday for allegedly overcharging clients $170 million for the costs of financial transactions.

  • June 27, 2019

    Banks Oppose Class Cert. In Interest Rate Swaps Suit

    Major banks including Bank of America Corp. and Credit Suisse AG said a New York federal court shouldn't certify a class of investors alleging that the financial institutions prevented them from trading interest rate swaps on rival platforms, saying in part the certification bid ignores limitations from a dismissal order.

  • June 27, 2019

    Synchrony Financial Tries To Duck Suit Over Walmart Fallout

    Retail credit card provider Synchrony Financial urged a Connecticut federal court to toss a proposed class action questioning the company's underwriting practices that led to the end of Synchrony's 20-year relationship with Walmart, arguing that its investors were "fictionalizing" instances of securities fraud.

  • June 27, 2019

    Deals Rumor Mill: DraftKings, Nissan, Blackstone

    DraftKings is reportedly close to snapping up SBTech, Nissan Motor Co. is in talks about managing Didi Chuxing’s ride-hailing services, and Blackstone is about to close its debut infrastructure fund at upward of $12 billion.

Expert Analysis

  • New FinCEN Action Is A Warning To P2P Crypto Exchangers

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    The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.

  • Opinion

    Post-Lucia, It’s Deja Vu With The SEC

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    Given last year's U.S. Supreme Court ruling that the U.S. Securities and Exchange Commission administrative law judge who tried Raymond Lucia's case had not been constitutionally appointed, Lucia should not be facing an SEC ALJ again on remand, says Joel Nolette of Mintz.

  • 5 Tips For Lawyers Entering The Cannabis Industry

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    As the cannabis industry continues to grow, it will need more legal professionals to help navigate the turbulent business landscape, but lawyers should understand the industry's unique limitations and characteristics before diving in, says Sabas Carrillo of consulting firm Adnant.

  • CFPB’s Proposed Payday Rule Rescission Reshapes UDAAPs

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    Though the Consumer Financial Protection Bureau's proposal to rescind portions of a 2017 payday lending rule covers much ground, three aspects focusing on unfair, deceptive, or abusive acts or practices have potential application outside of payday lending, say Jason Tompkins and Jonathan Hoffmann of Balch & Bingham.

  • New Chancery Guidance On Books And Records Law

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    The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.

  • Justices Could Trigger Sea Change For Tender Offer Suits

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    U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.

  • Opinion

    Jury Trials Are In Decline For Good Reason

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    A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.

  • Series

    Why I Became A Lawyer: A Circuitous Path To The Law

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    Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.

  • Getting Compliance Right When There Are No Regulations

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    Recent enforcement actions and agency guidance illustrate how the federal government sets expectations for corporate compliance internal controls, even when no formal regulations have been issued. But companies must know where to find the relevant information, says Jo Ritcey-Donohue of JRD Law.

  • Employer Considerations When Using Garden Leave Clauses

    Excerpt from Lexis Practice Advisor
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    Garden leave — when a departing employee remains on company payroll and cannot compete with the employer — is an attractive alternative to regular noncompetes. Elisaveta Dolghih of Lewis Brisbois discusses the advantages and disadvantages of garden leave provisions and provides drafting best practices.

  • Despite TurnKey, SEC Will Try To Regulate Most Digital Assets

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    A careful reading of the U.S. Securities and Exchange Commission's new digital assets framework suggests that the TurnKey no-action letter — issued on the same day — is a rare exception to the SEC's general approach, say Deborah Meshulam and Benjamin Klein of DLA Piper.

  • Series

    Judging A Book: Conrad Reviews 'The Jury Crisis'

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    In "The Jury Crisis," jury consultant and social psychologist Drury Sherrod spotlights the vanishing jury trial, providing a fascinating canary-in-the-coal-mine warning for lawyers, litigants and society at large, says U.S. District Judge Robert Conrad of the Western District of North Carolina.

  • How Warren Bill Would Change Liability For Corporate Execs

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    If the criminal penalties in the Corporate Executive Accountability Act — recently proposed by Sen. Elizabeth Warren, D-Mass. — ever became law, they would usher in sweeping implications for the way big companies approach their legal compliance efforts, say Stephen Cheng and Noah Smith of The Volkov Law Group.

  • DOL's Overtime Rules: What To Expect For High-Paid Workers

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    Proposed updates to the U.S. Department of Labor's overtime rules require that employees earning between $100,000 and $147,414 meet stricter standards to qualify for exemption. Stephen Bronars and Deborah Foster of Edgeworth Economics discuss jobs that may be affected and why the threshold will likely continue to grow.

  • Cannabis Banking Bill Is Promising, But Limited In Scope

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    If passed, the Secure and Fair Enforcement Banking Act would ease pressures on banks that service cannabis-related businesses, but it would not protect other enterprises that interact with the cannabis industry, say Claudia Springer and Meghan Byrnes of Reed Smith.

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