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Banking

  • August 21, 2018

    Realtors Charged With Defrauding Lenders In Kickback Case

    Prosecutors have accused a couple behind a Minnesota real estate firm of taking payments from contractors to send work repairing foreclosed homes their way, according to an indictment unsealed Monday charging the pair with defrauding Fannie Mae, Freddie Mac and other property owners.

  • August 21, 2018

    Puerto Rico Board Blames Short-Sighted Fixes For Debt Crisis

    The government of Puerto Rico contributed to the island’s crippling debt crisis by implementing short-term fixes instead of long-term solutions, and did not attempt to evade a constitutional debt limit, according to a 600-page report released by the federal board charged with rehabilitating Puerto Rico's finances.

  • August 21, 2018

    17 AGs Say HUD Shouldn't Change Disparate Impact Rule

    A coalition of state attorneys general has urged the U.S. Department of Housing and Urban Development to leave alone its Obama-era rule on disparate impact liability under the Fair Housing Act, saying it’s already consistent with U.S. Supreme Court precedent.

  • August 21, 2018

    Troutman Sanders Adds Hogan Lovells Finance Specialist

    Troutman Sanders LLP bolstered its financial institutions practice Monday, adding a partner with 20 years' experience at Hogan Lovells.

  • August 21, 2018

    FHFA Chief Wanted Sexual Favors For Pay Hike, Official Says

    A Federal Housing Finance Agency official on Monday alleged in D.C. federal court that agency director Melvin Watt demanded sexual favors in exchange for boosting her pay to match that of the man whose job she’d taken.

  • August 21, 2018

    Ex-Lehman Worker's Retaliation Suit 1 Day Late: 1st Circ.

    The First Circuit on Monday agreed to dismiss a tardy retaliation lawsuit filed against Lehman Brothers Inc. by a communications specialist who claimed she was fired in 2008 from the company's former Neuberger Berman unit for reporting that the subsidiary was falsifying information ahead of its bankruptcy.

  • August 21, 2018

    Manafort Found Guilty On Tax And Bank Fraud Charges

    A Virginia federal jury on Tuesday convicted former Trump campaign chairman Paul Manafort on some charges of filing false tax returns and lying to banks in order to secure tens of millions of dollars in loans, but deadlocked on most.

  • August 21, 2018

    Signature Bank Loans $113M For Manhattan Properties

    Signature Bank has loaned $113 million to New York real estate firm Comjem Associates Ltd. for various properties in Manhattan through five separate transactions, according to records made public in New York on Tuesday.

  • August 21, 2018

    BofA Escapes Investment Adviser’s Antitrust Suit

    A Florida federal judge handed a victory to Bank of America Corp. Monday in an investment adviser's antitrust suit alleging the bank tied the use of an affiliate to a loan contract, finding the adviser had brought those claims in earlier litigation and that his new suit was filed too late.

  • August 21, 2018

    Booz Allen Wins $1B DHS Cybersecurity Contract

    Booz Allen Hamilton said Tuesday the U.S. Department of Homeland Security has awarded it a $1.03 billion contract to serve as the main cybersecurity contractor for six government agencies. 

  • August 21, 2018

    ADR Holders Seek Initial OK On $15M Deal With Citigroup

    A class of Citigroup Inc.-sponsored American depositary receipts holders on Monday asked a New York federal judge for preliminary approval of a $14.75 million settlement with the bank over its alleged manipulation of the foreign exchange rate when providing dividends to ADR holders.

  • August 21, 2018

    Ex-Trump Atty Cohen Pleads Guilty To Tax, Campaign Charges

    Attorney Michael Cohen, President Donald Trump's former personal counselor and longtime political champion, entered a guilty plea in New York federal court on Tuesday, admitting to tax and campaign finance charges after an investigation by the Manhattan U.S. attorney's office.

  • August 21, 2018

    Manafort Jury Isn't Allowed Hung Option, For Now

    A Virginia federal judge refused on Tuesday to give the jurors considering the fate of former Donald Trump campaign manager Paul Manafort the option of a hung verdict form after they asked what they should do if they cannot reach consensus on any individual count.

  • August 21, 2018

    Financial Services Atty Joins Dykema In Chicago

    A banking and financial services attorney from Chapman and Cutler LLP has been tapped to join Dykema Gossett PLLC as a member in its financial industry group, Dykema has announced.

  • August 21, 2018

    DLA Piper Lands Corporate Law Pro In Mexico City

    DLA Piper has further expanded its Mexico City office with the addition of a corporate law jack-of-all-trades and former Diaz de Rivera & Mangino SC managing partner who counts private equity, mergers and acquisitions, capital markets, banking and foreign investment among his specialties, the firm said.

  • August 20, 2018

    GOP Sens. Press Fed To Pare Regs For Less Risky Banks

    Seven Republican senators urged the Federal Reserve on Friday to press forward with paring back regulations for bigger banks that are not systemically risky, saying that they are concerned about some of the recent comments from Fed leadership about the implementation of the banking regulatory reform bill that was signed into law earlier this year.

  • August 20, 2018

    Brink's Gets Ax Of FCA Suit Alleging Penny-Swapping Scheme

    An Ohio federal judge on Monday tossed a False Claims Act suit accusing armored carrier company Brink’s of a coin-swapping scheme involving copper-rich pennies belonging to the Federal Reserve Bank of Cleveland, finding in part that regional Fed banks don’t count as the government as far as the False Claims Act is concerned.

  • August 20, 2018

    Ex-Congressional Aide Says Trump Tweets Moot Sentence

    A former information technology aide to Rep. Debbie Wasserman Schultz, D-Fla., who agreed to a plea deal over fraud charges asked a D.C. federal court Monday to be sentenced to time served, saying President Donald Trump’s Twitter outbursts have led to "deranged, politically driven" attacks.

  • August 20, 2018

    Chancery Class Says 'Phantom' Rights Benefited Ebix CEO

    Phantom approvals and disclosure failures propped up a potential $825 million in allegedly backdated stock appreciation rights provided to the CEO of software company Ebix Inc., a class attorney asserted Monday during the opening of a three-day Delaware Chancery Court trial challenging the benefit.

  • August 20, 2018

    Pacific Drilling Says Majority Shareholder OK'd Ch. 11 Plan

    Pacific Drilling SA announced Monday it has secured the approval of its majority shareholder for a Chapter 11 restructuring plan, putting the company on track to shed $3 billion in debt after more than a year of talks.

Expert Analysis

  • Policing Bad Claims In Consolidated Litigation: Part 1

    Danielle Bagwell

    With the proliferation of consolidated litigation, courts have lamented the lack of scrutiny often given to individual cases in these proceedings. Recent federal court decisions demonstrate an increased willingness to police meritless claims by assessing whether counsel’s pre-suit investigation was adequate, say Danielle Bagwell and Anne Gruner of Duane Morris LLP.

  • 'High Availability' — A Key Term In Law Firm IT Strategy

    Jeff Norris

    While most law firm executives and partners may instinctively want to tune out terms like "high availability" and "disaster recovery" — concepts that IT managers usually worry about — there are five reasons you should lean in and wrestle with the vocabulary, say Jeff Norris of Managed Technology Services LLC and Greg Inge of information security consulting firm CQR.

  • The 'Post-Fact' Jury In The 'Fake News' Era

    Ross Laguzza

    The "fake news" phenomenon is ever more prominent in the political arena — but not in the jury box. At a trial, jurors don’t have to rely on the media or any other source to tell them the facts and issues, since they have a front-row seat to the action, says Ross Laguzza, a consultant at R&D Strategic Solutions LLC.

  • DOJ's New Policy On FCA Dismissals Highlights Circuit Split

    Nicholas Peterson

    A January memo suggested the U.S. Department of Justice may now be more willing to dismiss False Claims Act qui tam actions over the objections of relators. Defendants should familiarize themselves with an outstanding circuit split over the extent of the government’s dismissal authority, say Nicholas Peterson and Madeline Cohen of Wiley Rein LLP.

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.