Banking

  • September 20, 2021

    Coinbase Backs Off Lending Program After SEC Pressure

    Coinbase has quietly canceled the launch of its upcoming lending product just over a week after saying it faced an enforcement threat from the U.S. Securities and Exchange Commission over concerns that the program would implicate securities laws.

  • September 20, 2021

    JPMorgan's Sanctions Bid 'Abuse' Of Legal Process, Atty Says

    An attorney urged a Florida federal judge Friday to deny JPMorgan's motion for sanctions against him in a suit accusing the bank of fraudulent trust administration and defrauding the court, arguing the sanctions bid is at best "ignorant" and at worst an attempt to "cudgel him" into accepting the fraud.

  • September 20, 2021

    Payroll Financing Firm Flexible Funding Hits Ch. 11 In Texas

    California payroll financing company Flexible Funding Ltd. has filed for Chapter 11 protection in a Texas bankruptcy court alongside its trucking factoring service, claiming $96 million in secured debt.

  • September 17, 2021

    Pandemic IG Eyes Borrowers, Lenders On Fraud Deep-Dive

    The federal watchdog tasked with overseeing billions of dollars in pandemic relief spending tells Law360 that his office is staffed up, buckling down and determined to root out fraud. "We will do our job aggressively."

  • September 17, 2021

    Supreme Court May Weigh In On Discovery Question After All

    The U.S. Supreme Court will be asked to scrutinize a Second Circuit decision granting a petition seeking evidence for use in arbitration against Lithuania, giving the justices another chance to weigh in on a controversial statute that allows federal courts to order discovery for certain foreign proceedings.

  • September 17, 2021

    Ala. Judge Sends Loan Suit Against Tribal Co. To Arbitration

    An Alabama federal judge has shipped to arbitration a woman's proposed class action claiming an Oglala Sioux Tribe-owned company charged excessive interest for online loans, saying her own win against the company didn't allow her to pursue her broader claims in federal court.

  • September 17, 2021

    IPO Lockup Periods Begin To Loosen Amid Market Pressure

    More companies are relaxing lockup rules following their initial public offerings, making it easier for shareholders to sell stock without waiting six months after going public as changing market dynamics and competition from IPO alternatives begin to reshape conventional practices.

  • September 17, 2021

    Treasury Hits Alleged Terrorist Operatives With Sanctions

    The U.S. Department of the Treasury unveiled a raft of new sanctions on Friday against an international network of individuals and businesses that have allegedly laundered tens of millions of dollars for Hezbollah and Iran's Islamic Revolutionary Guard Corps-Quds Force.

  • September 17, 2021

    3rd Circ. Preview: Antitrust, Defamation Suits Kick Off Fall

    The Third Circuit will begin autumn by weighing antitrust matters involving Merck Sharp & Dohme Corp.'s bid to arbitrate claims that doctors overpaid for rotavirus vaccines and an airport restaurant subleasing company's resistance to a Pepsi-only sales rule.

  • September 17, 2021

    RBC Unit To Pay SEC $863K Over Muni Bond 'Flippers' Claims

    RBC Capital Markets LLC has agreed to pay the U.S. Securities and Exchange Commission $863,000 to resolve claims related to its dealings with unregistered brokers known as "flippers" who resold municipal bonds at a profit, while two top traders also reached related settlements with the agency.

  • September 17, 2021

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

    This past week in London has seen Malawian farming families file a new claim against U.K. tobacco companies, an Italian region in a new lawsuit over derivatives contracts, and the energy regulator take action against a failed power company. Here, Law360 looks at those and other new claims in the U.K. 

  • September 16, 2021

    Strip Clubs' Bid For 2nd PPP Loans Hits Setback At 7th Circ.

    The Seventh Circuit dealt a blow Wednesday to a group of strip clubs that sued the federal government for access to the Paycheck Protection Program's second round of relief, staying a lower-court order that had opened the door to eligibility.

  • September 16, 2021

    Split 9th Circ. Axes Ruling, Forces Certified Class To Arbitrate

    The Ninth Circuit in a split published opinion on Thursday reversed a California federal judge's ruling that tribe-linked lenders were wrongly denied their request to arbitrate borrower claims and that an arbitrator should decide whether arbitration clauses are enforceable.

  • September 16, 2021

    Investor Class Certified In TD Ameritrade Contract Action

    A Missouri federal judge has granted class certification to a group of consumers who sued TD Ameritrade, alleging that a brokerage firm it acquired in 2017 improperly issued substitute payments rather than dividends to customers, which deprived them of a lower tax rate.

  • September 16, 2021

    Ex-Speaker Hastert Settles Suit Over Child Abuse Payouts

    Former U.S. House Speaker Dennis Hastert and an unidentified man who alleged that Hastert sexually abused him as a teenager have reached a settlement days before his claims that the Illinois Republican failed to pay him $1.8 million in promised hush money were set to go to trial.

  • September 16, 2021

    SEC Settles With Calif. School District Over $28M Bond Sale

    The U.S. Securities and Exchange Commission said Thursday that a San Diego County school district and its former chief financial officer have agreed to settle claims that they lied to investors in a $28 million municipal bond offering.

  • September 16, 2021

    Ashfords Guides UK Payment Tech Biz In $160M Funding

    Payment technology company Form3 said Thursday it raised $160 million in a funding round with guidance from Ashfords LLP, as the U.K.-based company looks to expand globally.

  • September 16, 2021

    Fed To Review Trading Rules For Officials After Backlash

    The Federal Reserve said Thursday it will examine and make potential changes to the ethics rules governing the financial holdings and activities of its senior officials, a move that follows scrutiny surrounding investments made by the presidents of its Boston and Dallas regional banks.

  • September 16, 2021

    PE-Backed Identity Software Co. Leads 2 IPOs Totaling $528M

    Private equity-backed security identity firm ForgeRock Inc. and mortgage insurer Enact Holdings Inc. went public Thursday after raising a combined $528 million from initial public offerings assisted by five law firms total, continuing a wave of recent IPOs.

  • September 16, 2021

    Treasury Sanctions 'La Patrona' Over Colombian Drug Ring

    The U.S. Treasury Department sanctioned alleged Colombian drug trafficker Zulma Maria Musso Torres and two of her associated businesses Thursday, blocking their U.S. assets and walling them off from American commerce in the latest push against global drug cartels.

  • September 16, 2021

    Reed Smith Nabs Ex-FDIC, Jones Day Atty As Banking Partner

    Reed Smith LLP has announced that a bank regulatory lawyer who has held positions at Freddie Mac, the Federal Deposit Insurance Corp. and the U.S. Department of the Treasury has joined the firm as a partner in its financial industry group in Washington, D.C.

  • September 16, 2021

    MVP: Quinn Emanuel's Robert Loigman

    Robert S. Loigman of Quinn Emanuel Urquhart & Sullivan LLP is representing 10 investment managers against Citibank NA's attempts to claw back hundreds of millions of dollars it mistakenly wired to Revlon Inc. lenders last summer, earning him a spot among Law360's 2021 Banking MVPs.

  • September 16, 2021

    3 Firms Shape First Interstate's $2B Great Western Bank Buy

    The company behind First Interstate Bank said Thursday it's snapping up Great Western Bancorp Inc. in an all-stock deal valued at $2 billion that was guided by three law firms.

  • September 15, 2021

    Reality TV Star Gets 17 Years For Ponzi Scheme, PPP Fraud

    A Georgia federal judge on Wednesday sentenced a reality television personality who starred in "Love & Hip Hop: Atlanta" to over 17 years in prison for his role in a Ponzi scheme and for related fraud charges after he used a Paycheck Protection Program loan to help fund his lavish lifestyle.

  • September 15, 2021

    House Dems Seek To Make Fed Curb Fossil Fuel Funding

    House Democrats on Wednesday introduced a bill that would require the Federal Reserve to force the country's largest banks to stop funding fossil fuel projects by 2030.

Expert Analysis

  • Opinion

    Justices' FHFA Ruling Is Small Step In A Dangerous Direction

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    The U.S. Supreme Court's ruling this week in Collins — stripping the Federal Housing Finance Agency director of removal protections — fails to consider the dangerous possibility that a president with complete control over the executive branch could dictate policies undermining the rule of law, and democracy itself, says David Driesen at Syracuse University.

  • Central Bank-Backed Crypto Requires Regulatory Framework

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    As countries roll out central bank-backed digital currencies, establishing global uniformity in financial and intellectual property regulations will be crucial to prevent fraud, deceptive practices and general confusion, says Ali Dhanani at Baker Botts.

  • Biden Sanctions Reinforce Trump-Era Foreign Policy

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    Five months in, the Biden administration has continued and expanded Trump-era sanctions policies, which is particularly relevant against the backdrop of the evolving relationship between the U.S. and China, and creates a framework for robust enforcement from the Office of Foreign Assets Control in the years ahead, say attorneys at Ropes & Gray.

  • Lordstown Shows How Projections Can Invite SPAC Litigation

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    The recent securities class action against Lordstown Motors, and recent U.S. Securities and Exchange Commission guidance, reveal how misleading projections may produce a perfect storm of securities litigation around newly public companies after a special purpose acquisition company merger, say Stephen Ascher and Jeremy Ershow at Jenner & Block.

  • Will SPAC Restatement Wave Trigger Shareholder Litigation?

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    Nearly 500 special purpose acquisition companies have made financial restatements after the U.S. Securities and Exchange Commission in April called on SPACs to reclassify certain warrants as liabilities, triggering at least one securities class action — against Virgin Galactic Holdings — and raising the question of whether further litigation will follow, say consultants at Cornerstone Research.

  • Navigating Inadvertent Attorney-Client Privilege Waivers

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    Spencer Fane’s Deena Duffy offers tips for identifying accidental privilege waivers based on local and federal rules, and for interpreting recent case law when such rules are unclear.

  • How SPACs Should Respond To Increasing Scrutiny

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    Special purpose acquisition companies, facing a higher potential of litigation and greater government scrutiny, should consider risk mitigation measures at both the initial public offering and business combination stage, including those related to potential conflicts of interest, the corporate opportunity doctrine and founders shares, say Jeffrey Steinfeld and James Smith at Winston & Strawn.

  • Ch. 7 Lessons From Evander Kane Bankruptcy

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    The bankruptcy court recently denied a dismissal motion in NHL player Evander Kane's bankruptcy case, presenting considerations on the nature of consumer versus nonconsumer debt, and bringing up interesting policy issues around availability of Chapter 7 to different types of debtors, say Alphamorlai Kebeh and Zev Shechtman at Danning Gill.

  • Goldman Ruling Is A Boon For Class Action Defendants

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    In a broad win for class action defendants, the U.S. Supreme Court’s ruling Monday in Goldman Sachs v. Arkansas Teacher Retirement System could serve as a mandate to courts to consider all relevant evidence at the class certification stage, even if the same evidence is also relevant to a merits question, say attorneys at Skadden.

  • Attorneys Beware: Zoom Depositions Are Likely Inadmissible

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    As legal proceedings have moved online in light of the pandemic, lawyers may mistakenly believe that recorded Zoom video depositions can be entered as evidence, but without certain safeguards, the testimony is unlikely to be accepted by courts, says Phillip Zisook at Schoenberg Finkel.

  • Opinion

    Justices Should Acknowledge ESG's Importance To Investors

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    In Goldman Sachs v. Arkansas Teacher Retirement System, the U.S. Supreme Court should reject Goldman's argument that its commitments to act with integrity were immaterial, and recognize the increasing weight of environmental, social and governance issues in investors' decision making, say attorneys at Motley Rice.

  • What Crypto Holders Can Learn From Early-2000s Tax Scandal

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    The Internal Revenue Service’s recent push to gather information about cryptocurrency accounts is similar to its Swiss bank account investigations of the early 2000s, which should prompt taxpayers to consider voluntarily disclosing transactions before they are individually targeted for enforcement, say Timothy Wagner and Thomas Barnard at Baker Donelson.

  • Cos. Can Expect Tougher Climate Risk Disclosure Mandates

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    Recent developments in Congress and at the U.S. Securities and Exchange Commission that point toward an expansion of corporate climate risk disclosure requirements beyond securities filings are a clear signal to publicly traded companies that they must further integrate climate considerations into strategic planning at all levels, say attorneys at Akin Gump.

  • Opinion

    NJ Fed. Court Should Ditch Litigation Funding Disclosure Plan

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    The District of New Jersey's wide-reaching proposal to require automatic disclosure of third-party litigation finance poses several problems for attorneys and litigants alike and should be nipped in the bud, say Sarah Williams and Marlon Becerra at Validity Finance.

  • How To Assess Price Volatility Changes In SPAC Class Actions

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    Adjusting for changing volatility over a special purpose acquisition company's life cycle, as well as changes in marketwide volatility, is crucial for proper evaluation of market efficiency, loss causation and damages claims in securities class actions, say Alok Khare and Erica Rose at FTI Consulting.

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