Banking

  • July 20, 2020

    Justices Won't Fast-Track Trump's House Subpoena Case

    The U.S. Supreme Court on Monday declined to expedite its decision to deny immediate enforcement of House committees' subpoenas for President Donald Trump's financial information, meaning lower-court proceedings in the case will not resume until August at the earliest.

  • July 17, 2020

    9th Circ. Reverses Convictions Over Witness Impeachment

    The Ninth Circuit on Friday reversed the mortgage fraud convictions of two men in a case where late revelations of a witness' earlier deal with the government caused the district court to urge the defendants to appeal.

  • July 17, 2020

    Top Payment Cos. Embrace Innovation With Fintech Buys

    This year has seen two notable fintech infrastructure companies, Plaid and Finicity, gobbled up by the world's leading payments behemoths, highlighting the importance of under-the-hood financial technology and signaling a continuing trend of established financial institutions embracing fintech.

  • July 17, 2020

    Cannabis Bill Roundup: Mo. Medical Pot Regime Takes Shape

    Missouri enacted legislation to keep products from its nascent medical marijuana program out of the hands of minors, while a California bill to help banks run checks on cannabis clients took a step forward in the Senate. Here, Law360 takes stock of recent developments in cannabis legislation.

  • July 17, 2020

    FTC's $46.8M Fine For Payment Platform Gets Judge's OK

    A Florida federal judge has handed down an order finalizing a $46.8 million fine from the Federal Trade Commission against a company that processed payments for a fraudulent business coaching and investment scheme.

  • July 17, 2020

    Trump Administration Open To Forgiving All Small PPP Loans

    U.S. Treasury Secretary Steven Mnuchin told House lawmakers on Friday that automatically forgiving smaller Paycheck Protection Program loans could be a good idea, and said the Trump administration is interested in giving some businesses the option of going back for more loan money.  

  • July 17, 2020

    Navient Trashes CFPB's Bid To Win Student Loan Suit

    Student loan servicer Navient Corp. has told a Pennsylvania federal court that the Consumer Financial Protection Bureau lacks evidence to support allegations in a suit accusing Navient of borrower mistreatment and asked the court to reject the bureau's "truly extraordinary" bid for summary judgment.

  • July 17, 2020

    4 Considerations For CMBS Loans As Default Rates Soar

    As 90-day forbearance periods on mortgage payments are ending amid the continued COVID-19 pandemic, more commercial mortgage-backed securities borrowers are defaulting on their loans, and experts say keeping a few points in mind can go a long way as borrowers and servicers try to find the best way forward.

  • July 17, 2020

    Sanctions Verdict Nixed After Feds' Conduct Questioned

    A New York federal judge on Friday vacated the guilty verdict of an Iranian businessman accused of violating U.S. sanctions and axed the indictment against him, citing no opposition from prosecutors who've acknowledged disclosure and evidence issues in the case.

  • July 17, 2020

    7th Circ. Upholds Sentences In Gas Station Flipping Scheme

    The Seventh Circuit has affirmed the punishment doled out to two men who falsified tax and bank loan documents as a part of a scheme to flip Illinois gas stations for massive profits and defraud a bank and the Small Business Administration.

  • July 17, 2020

    BoA Faces Class Suit Alleging It Botched Bankruptcy Reports

    A Bank of America NA consumer has filed a proposed class action over claims the bank inaccurately listed him as having filed for bankruptcy and refused to correct his credit report.

  • July 17, 2020

    Trade Financier Charged In NY, Denies $100M Fraud Rap

    A New Jersey man who co-founded trade financing firm International Investment Group denied Manhattan fraud charges on Friday after the feds arrested him for an alleged $100 million scheme to inflate loan asset values and create fake loans to make his balance sheet look better.

  • July 17, 2020

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

    The past week in London has seen Ukrainian and Russian lenders file separate fraud claims against their former owners, stationary bike maker Peloton sue a rival over intellectual property, and a group of insurers file a cargo dispute against shipping giant Maersk. Here, Law360 looks at those and other new claims in the U.K.

  • July 16, 2020

    NY Judge Gives Initial OK To $95.5M SSA Bond Settlement

    A Manhattan federal judge has given initial approval to an allocation plan for $95.5 million in settlements that investors reached with Deutsche Bank, Bank of America and HSBC in a suit alleging the banks rigged the market for bonds issued by foreign governments.

  • July 16, 2020

    Robinhood Users Tweak Counsel Bid To Add Female Attys

    Two law firms hoping to lead a securities action against stock trading application Robinhood have reconfigured their class counsel proposal after a California federal judge rejected their initial bid for including only men.

  • July 16, 2020

    2nd Circ. Halts Goldman Class Action For High Court Appeal

    The Second Circuit pressed pause Thursday on a hotly watched securities class action against Goldman Sachs Group Inc. while the bank puts its class certification challenge before the U.S. Supreme Court.

  • July 16, 2020

    NY Firm Says CFPB Is 'Frankenstein's Monster' To Be Stopped

    A New York law firm battling a Consumer Financial Protection Bureau investigative demand told a federal judge the agency remains unconstitutionally structured after its recent trip to the U.S. Supreme Court and is now a "Frankenstein's monster" that should not be allowed to continue terrorizing the firm.

  • July 16, 2020

    UBS Can't Shield French Clients' Tax Data, Swiss Court Says

    A Swiss court rejected UBS Group's bid to block the transfer to France of client data that the banking giant says could undermine its appeal of a €4.5 billion ($5.1 billion) penalty for helping French clients avoid taxes.

  • July 16, 2020

    Rising Star: Weil's Justin D. Lee

    Weil Gotshal & Manges LLP's Justin Lee has advised the arrangers on Fox's proposed acquisition of Sky Broadcasting, guided Goldman Sachs on a multibillion-dollar acquisition financing deal during market turmoil in the early days of the pandemic and carved out a niche working with European borrowers accessing U.S. markets, earning a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.

  • July 16, 2020

    SEC Says Adviser Invested $666M For Unqualified Buyers

    The U.S. Securities and Exchange Commission hit a Colorado-based investment adviser with a $200,000 fine Thursday for allegedly placing more than $666 million of client money into securities the investors didn't qualify for over a nearly seven-year period.

  • July 16, 2020

    Deutsche Bank, DZ Bank Must Hand Over Docs In Foreign Suit

    An investor can seek limited discovery from Deutsche Bank AG and DZ Bank in his German lawsuit over the banks' alleged market manipulation that rendered his $3.4 million investment in silver certificate options worthless, a New York federal judge ruled Wednesday.

  • July 15, 2020

    CFPB Accuses Chicago Mortgage Lender Of Redlining

    The Consumer Financial Protection Bureau on Wednesday filed a complaint in Illinois federal court accusing a Chicago-area mortgage lender of redlining and disparaging majority-Black neighborhoods in infomercial commentary, marking the agency's first new fair lending-related enforcement action in more than a year. 

  • July 15, 2020

    Deutsche Bank Investors Sue Over Epstein Relationship

    A group of Deutsche Bank AG investors filed a suit in New Jersey federal court Wednesday that blames the German financial giant for a stock price slide spurred by recent revelations about the bank's failure to appropriately manage its dealings with alleged bad actors such as millionaire sex offender Jeffrey Epstein.

  • July 15, 2020

    Turkish Bank Wants Judge Off Sanctions Case Over Remarks

    Turkey's Halkbank asked a Manhattan federal judge to recuse himself from handling the case alleging the bank violated U.S. sanctions on Iran, saying his past remarks suggest he already thinks the bank is guilty.

  • July 15, 2020

    Goodwin Slams Ill. County's Sanctions Bid Over Witnesses

    Bank of America and its Goodwin Procter LLP lawyers urged an Illinois federal judge Tuesday to deny a sanctions bid by Cook County in a lending practices lawsuit, saying the law firm's communications with witnesses were proper and the county is trying to seek the same relief already denied when it sought to disqualify the firm last year.

Expert Analysis

  • Auditor Takeaways From Financial Regulators' Virus Guidance

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    Given their role as gatekeepers, auditors have as much to gain as issuers do from bearing in mind recent guidance from the U.S. Securities and Exchange Commission and Public Company Accounting Oversight Board on the COVID-19 downturn's potential to expose financial misconduct and increase enforcement referrals, say attorneys at Foley & Lardner.

  • Opinion

    Amend Bankruptcy Code To Add Oversight For CBA Changes

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    The Bankruptcy Code should require examiner oversight of motions to amend collective bargaining agreements as companies filing for bankruptcy amid the pandemic may seek to place a disproportionate burden of their restructuring costs on employees, says Kenneth Rosen, chairman of Lowenstein Sandler's bankruptcy practice.

  • How COVID-19 Will Transform Real Estate Loan Docs: Part 2

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    Borrowers and lenders will need to revisit construction loans and other loans with future funding components, as well as nonrecourse carveouts, due to circumstances caused by COVID-19, say Frederick Klein and Skyler Anderson at DLA Piper.

  • Confronting Mental Distress In The Legal Profession

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    Even before the pandemic, troubling data about mental distress among lawyers pointed to a profession in crisis, but addressing the challenge requires a better understanding of the causes, says Jonathan Prokup at Cigna Corp.

  • Banks May Need To Update Policies To Fight COVID-19 Fraud

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    While many financial institutions are already stretched thin navigating the small business loan programs under the CARES Act, their compliance load has grown further as the Financial Crimes Enforcement Network essentially deputized banks to detect fraud schemes connected to the COVID-19 pandemic, say Jennifer Achilles and Alejo Cabranes at Reed Smith.

  • China's Relaxed Financial Sector May Aid Foreign Investors

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    Liza Mark and Han Liang at Haynes and Boone explore the Chinese government's recent laws and regulations relaxing restrictions on foreign ownership, which could provide greater market access and investment opportunities to foreign players.

  • Justices' Cert Snub Perpetuates Commodities Act Uncertainty

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    The U.S. Supreme Court's decision Monday not to review Atlantic Trading v. BP means that we will have to wait for another matter to address the Second Circuit's interpretation of tests designed to determine when a Commodity Exchange Act trade occurred domestically, says Katherine Cooper at Murphy & McGonigle.

  • What's Missing From The PPP Flexibility Act

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    The Paycheck Protection Program Flexibility Act broadens critical exceptions and safe harbors for employers who must balance reopening with workplace safety, but falls short by failing to clarify and correct two important provisions of the program, says Christina Strasser at Williams Parker.

  • How COVID-19 Will Transform Real Estate Loan Docs: Part 1

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    Several key provisions can be expected to appear in real estate loan documents as a result of COVID-19, requiring borrowers and lenders to address financial tests, leasing covenants and additional indebtedness moving forward, say Frederick Klein and Skyler Anderson at DLA Piper.

  • Opinion

    Litigation Finance Investments Are Not Risk-Free Loans

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    The Ninth Circuit's certification order last week in Fast Trak v. Sax presents an important opportunity for the New York high court to affirm the consensus among courts — litigation finance transactions are not loans subject to usury laws, say Wendie Childress and William Marra at Validity Finance.

  • Opinion

    How White Privilege Helped Me Succeed In BigLaw

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    The white, male power structure has eased the path for lawyers like me for far too long, and we should now be responsible for dismantling this systemic bias within the legal industry, says Scott McLaughlin at Eversheds Sutherland.

  • BEA Data Collection Challenges Amid Pandemic Closures

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    In light of the difficulty of collecting economic data during the pandemic, entities that own at least 10% of a foreign business should consider Bureau of Economic Analysis reporting requirements with fresh eyes, says Amy D’Agostino at D'Agostino Law.

  • March Trading Halts May Complicate Securities Class Actions

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    Trading restrictions used to mitigate COVID-19 market volatility in March may have had the unintended consequence of hampering price discovery, which could in turn impede market efficiency analysis in securities class actions, say consultants at Cornerstone Research.

  • The COVID-19 Arguments Cos. Are Making In M&A Litigation

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    Five recently filed cases in Delaware Chancery Court provide some initial context for understanding how buyers and sellers are responding to the COVID-19 crisis's impact on previously agreed-upon strategic transactions, say attorneys at WilmerHale.

  • Steps For Commercial Real Estate Lenders As Biz Resumes

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    Despite the country's gradual reopening, commercial real estate lenders should not be surprised if borrowers cannot resume making regular payments anytime soon, and should consider their financial lifelines and opportunities for cooperation, says Katherine Amador at Berger Singerman.

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