Banking

  • May 7, 2018

    UK Forex Traders Must Face Rate-Rigging Charges In US

    Three London-based traders can't duck criminal charges in New York for allegedly scheming to manipulate foreign exchange benchmarks, a Manhattan federal judge said Friday, finding federal prosecutors had adequately tied the traders' activity to the U.S.

  • May 7, 2018

    Gibson Dunn Hires Real Estate Finance Pro From Dechert

    Gibson Dunn & Crutcher LLP announced Friday it has hired a real estate finance partner from Dechert LLP who has represented lenders, including banks and insurance companies, in various phases of loans secured by commercial real estate.

  • May 4, 2018

    Law360 Reveals Titans Of The Plaintiffs Bar

    They’ve gone up against big-name companies while advocating for plaintiffs ranging from grieving family members to shareholders and consumers in some of the biggest and most well-known cases of the past year.

  • May 4, 2018

    PNC Sees Privacy Violation Claim Axed In Data Sharing Row

    A New Jersey federal judge on Friday reversed his decision to allow a staffing services company to move forward with its claim that PNC Bank invaded its privacy by unlawfully sharing its private information with the Royal Bank of Canada after the plaintiffs’ recent statements upended his understanding of the case.

  • May 4, 2018

    5th Circ. Backs Toss Of Rep's Bias Claim Against Fannie Mae

    The Fifth Circuit has affirmed a lower court’s dismissal of a Fannie Mae sales representative’s race discrimination claim, finding no proof she was treated differently than colleagues who were not African-American and no evidence she was not trained any less in company policies than anyone else.

  • May 4, 2018

    SEC Sues Over $3.8M In Insider Trades On Smithfield Merger

    The U.S. Securities and Exchange Commission accused a Thai national of using insider knowledge of Smithfield Foods Inc.'s 2013 sale to a Chinese food company to reap $3.8 million in trading profits in a complaint filed in Illinois federal court Friday.

  • May 4, 2018

    Hunton Guides Suntrust's $120M Loan To Boston Properties

    Hunton Andrews Kurth LLP represented Suntrust Bank in connection with its $120 million loan to real estate investment trust Boston Properties Inc. for a property on Madison Avenue in New York City, according to records made public Friday.

  • May 4, 2018

    Pa. Atty Blabbed About Confidential Depo, KeyBank Says

    KeyBank NA urged a Pennsylvania federal judge on Friday to sanction a lawyer with McCullough Eisenberg LLC, alleging that the attorney emailed confidential information from a deposition to more than a hundred bankruptcy attorneys operating in the state seeking input on a case.

  • May 4, 2018

    Perkins Coie, Bracewell Accused Of Botching Trading IP Deal

    Electron Trading LLC has filed a legal malpractice suit against Perkins Coie LLP and Bracewell LLP for allegedly mishandling an agreement for Morgan Stanley to license an electronic trading system that Electron developed and costing it millions of dollars.

  • May 4, 2018

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

    The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.

  • May 4, 2018

    Pa. Disbars Ex-ICE Atty Who Stole Immigrants' IDs

    A former top attorney at U.S. Immigration and Customs Enforcement’s Seattle branch was disbarred with his consent in Pennsylvania on Friday, several months after pleading guilty in his home state to charges that he stole the identities of seven immigrants and attempted to use that information to defraud major financial institutions.

  • May 4, 2018

    California Card Club Agrees To Pay $5M FinCEN Penalty

    The Financial Crimes Enforcement Network said that Artichoke Joe's Casino, a Bay Area card club, has agreed to pay a $5 million fine for its willful violations of the U.S. Banking Secrecy Act that included a lax approach toward loan sharking, potential money laundering and other criminal activity since 2009.

  • May 4, 2018

    5 Firms To Steer IPOs Exceeding $3.9B, Led By Axa Unit

    Five firms will guide initial public offerings projected to surpass $3.9 billion during the week of May 7, led by Axa Equitable Holdings Inc., the U.S. division of French insurance and asset management firm Axa SA, which could price the biggest U.S. IPO since 2014.

  • May 4, 2018

    Mass. Atty Says Case Was Lost Before He Went AWOL

    A Massachusetts attorney argued against his own skills as a lawyer and asked the state appellate court on Friday to let him off the hook for disappearing in the middle of a foreclosure case because his client would have lost her home even if he had done his job.

  • May 4, 2018

    5th Circ. Affirms Stanford Ponzi Victims' FINRA Loss

    The Fifth Circuit on Friday affirmed a lower court’s ruling confirming a Financial Industry Regulatory Authority arbitral panel’s award that cleared financial services provider Pershing LLC of liability for $80 million in damages sustained by victims of R. Allen Stanford’s Ponzi scheme.

  • May 4, 2018

    Can Mueller Make Manafort 'Sing'? A Va. Judge Isn't So Sure

    The Virginia federal judge overseeing a financial crimes case against former Trump campaign chairman Paul Manafort asked for the unredacted version of an August memo outlining the scope of Special Counsel Robert Mueller's investigation, saying Friday he believes the goal of the charges is to get Manafort to “sing.”

  • May 4, 2018

    Wells Fargo Inks $480M Deal In Account Scandal Investor Row

    Wells Fargo & Co. has agreed to pay $480 million to resolve a consolidated securities class action in California federal court alleging fraud and insider trading by the bank’s top brass over its yearslong illegal creation of up to 3.5 million unauthorized customer accounts, the bank said Friday.

  • May 4, 2018

    7th Circ. Axes Fannie Mae, Freddie Mac Shareholder Suit

    Two Fannie Mae and Freddie Mac shareholders who accused the Federal Housing Finance Agency and the U.S. Department of the Treasury of siphoning the companies’ profits into government coffers can’t revive their claims, the Seventh Circuit said on Thursday, finding that the two agencies had the statutory authority to do so.

  • May 4, 2018

    Clayton Shifts SEC Focus To Retail Investors In First Year

    U.S. Securities and Exchange Commission Chairman Jay Clayton’s clear initiative to protect retail investors since taking the helm of the Wall Street regulator one year ago this week is widely viewed as a positive shift in direction, but has also raised concerns the agency may lose focus on potential misconduct by big financial institutions given its limited resources.

  • May 4, 2018

    Another Ex-State Street VP Charged With Bilking Insurer

    A former vice president for State Street Corp. was arrested Friday and charged in Massachusetts federal court with conspiring with another, already indicted former company executive to secretly pump up commissions, defrauding an insurance company out of $800,000.

Expert Analysis

  • Credit Unions Face Website Accessibility Claims Under ADA

    Nancy Rigby

    Credit unions have seen a wave of litigation claiming their websites are inaccessible to blind or low-vision plaintiffs, allegedly in violation of the Americans with Disabilities Act. While two credit unions recently succeeded in defending against such claims, it does not appear they are going away anytime soon, says Nancy Rigby of Weinberg Wheeler Hudgins Gunn & Dial LLC.

  • Opinion

    Roman J. Israel, Esquire, Meet Donald J. Trump, POTUS

    Kevin Curnin

    Despite the Trump administration's desire to shut down the Legal Services Corp., thankfully the budget that Congress passed and the president signed into law last week has restored $410 million of funding to the legal aid organization. An unlikely brief for preserving LSC may be found in the quirky Denzel Washington film "Roman J. Israel, Esq.," says Kevin Curnin, immediate past president of the Association of Pro Bono Counsel.

  • Keys To Corporate Social Responsibility Compliance: Part 4

    Michael Littenberg

    Over the last few years, there has been a significant increase in litigation and investigations related to corporate social responsibility issues. Activity has increased not only in the United States at the federal, state and local level, but also in several other countries. Proceedings and investigations have involved many different statutes and theories of liability, say attorneys with Ropes & Gray LLP.

  • Series

    After Cyan: A 'Problem' That Does Not Exist

    Adam Pulver

    Contrary to the hyperbole advanced by the defense bar, state courts are not flooded with frivolous securities lawsuits. And if there is a spike after the U.S. Supreme Court’s decision in Cyan v. Beaver County, there are likely other factors to blame, says Adam Pulver of the Public Citizen Litigation Group.

  • Opinion

    We Need A Cybersecurity Framework For Law Firms

    Shaun Jamison

    In order to enable lawyers to best meet cybersecurity challenges, state bars should pass rules that adopt a cybersecurity framework to be developed by a national committee, says Shaun Jamison, associate dean of faculty and professor at Purdue University's Concord Law School.

  • Keys To Corporate Social Responsibility Compliance: Part 3

    Michael Littenberg

    As the quantity and quality of corporate social responsibility disclosure increases, there is also movement toward greater comparability. Larger companies should benchmark their disclosures against global peers and evolving global standards, since over time, enhancements in foreign disclosure practices are likely to drive disclosures by many U.S. companies, say attorneys with Ropes & Gray LLP.

  • Series

    After Cyan: Potential Trends In Section 11 Litigation

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    The U.S. Supreme Court's clear signal in Cyan v. Beaver County that Section 11 claims filed in state court can remain in state court causes the litigation chess game to evolve to a new phase. A reasonable hypothesis is that Section 11 filings in state court will increase nationwide and not just in California, say members of Stanford Law School and Cornerstone Research.

  • Equity Partnership Isn’t What It Used To Be

    Jeff Liebster

    To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.

  • Complying With 2 New AML Rules As Deadlines Approach

    Walter Mix

    Two landmark anti-money laundering rules — the federal beneficial ownership rule and New York’s transaction monitoring rule — have compliance deadlines coming up in the next few weeks. A variety of events may impact a financial institution’s ability to comply, says Walter Mix of Berkeley Research Group.

  • Keys To Corporate Social Responsibility Compliance: Part 2

    Michael Littenberg

    Increasingly, corporate social responsibility must be on the radar screen of in-house counsel. Investors are paying more attention to environmental, social and governance issues, and a growing number of shareholder proposals on these subjects should be expected, say attorneys with Ropes & Gray LLP.