Banking

  • May 23, 2018

    ​​​​​​​UBS Sues Theater Cos. To End Row Over Missing Funds

    UBS sued two Off-Broadway production companies Tuesday in New York federal court as it sought to end an arbitration proceeding they had brought against the bank stemming from an underlying dispute involving $3.5 million in missing funds.

  • May 23, 2018

    OCC Encourages Banks To Get Into Small-Dollar Credit

    The Office of the Comptroller of the Currency said Wednesday that it’s now encouraging the banks it oversees to get into the business of making short-term, small-dollar loans to consumers, a $90 billion market that the agency had previously steered banks away from.

  • May 23, 2018

    Objectors Chafe At 18% Fee Request In $2.3B Forex Deal

    Major questions still dog the path to final approval of a $2.3 billion settlement of forex-rate-rigging claims by 15 major banks, a hearing Wednesday revealed, as a New York federal judge asked plaintiffs’ counsel for more data to support an 18 percent fee request and delved into the proper treatment of ERISA claims.

  • May 23, 2018

    Akin Gump Partner To Testify At Manafort Trial

    Attorneys for Special Counsel Robert Mueller confirmed Wednesday in D.C. district court that they intend to call Akin Gump Strauss Hauer & Feld LLP partner Melissa L. Laurenza to testify at the trial of former Trump campaign chairman Paul Manafort.

  • May 23, 2018

    2nd Circ. Won't Review Cert. Denial In HSBC RMBS Suits

    A Second Circuit panel on Tuesday declined to review a New York federal judge’s decision against certifying two proposed classes of investors accusing HSBC Bank USA of failing to properly oversee an array of residential mortgage-backed securitization trusts.  

  • May 23, 2018

    CFTC Urges Markets To Keep Close Eye On Crypto Derivatives

    By urging exchanges to beef up their monitoring of cryptocurrency-based derivatives, lawyers say the U.S. Commodity Futures Trading Commission is seeking greater visibility into the underlying spot markets of virtual currencies in order to better fight market manipulation.

  • May 23, 2018

    PE-Backed Evo Raises $224M After IPO Prices High

    Evo Payments Inc. raised $224 million after pricing its shares at the top end of a projected $14 to $16 range during the private equity-backed payment processor’s initial public offering of 14 million shares on the Nasdaq Stock Exchange Wednesday.

  • May 23, 2018

    Stinson To Enter Texas With Lackey Hershman Merger

    Stinson Leonard Street LLP will enter the Texas market June 1 through a merger with Dallas litigation boutique Lackey Hershman LLP, which represents clients in the private equity, health care, and banking and finance industries, among others, the firms announced Wednesday.

  • May 23, 2018

    Deals Rumor Mill: Careem, Lowe’s, Barclays

    Dubai-based ride-hailing company Careem Networks is looking to raise $500 million, Pershing Square Capital Management has secured a nearly $1 billion stake in home improvement chain Lowe’s, and Barclays isn’t eyeing any potential mergers with its rivals.

  • May 23, 2018

    Wall Street Banks Want Treasury Auction Rigging Suit Tossed

    A group of large Wall Street banks and a trading platform accused of rigging the $13 trillion market for securities sold by the U.S. Treasury Department have asked a New York federal judge to dismiss a lawsuit that alleges the scheme was conducted through two interrelated conspiracies, according to court filings entered Tuesday.

  • May 23, 2018

    Ex-State Street VP Wants Gov't Agreement Nixed From Trial

    Former State Street Corp. Vice President Ross McLellan asked a Massachusetts federal judge Tuesday to exclude the company’s deferred prosecution agreement from his trial, saying the corporate guilty plea was too prejudicial to be used as evidence that he swindled clients.

  • May 23, 2018

    IHeartMedia Gets OK To Secure Citibank Loan, Notes

    A Texas bankruptcy court Tuesday granted bankrupt radio giant iHeartMedia Inc. permission to secure its pre-Chapter 11 debt to priority noteholders and Citibank.

  • May 23, 2018

    CFPB Fights Think Finance's 'Meritless' Dismissal Bid

    The Consumer Financial Protection Bureau on Tuesday defended its suit alleging Think Finance duped borrowers and used sham tribal payday lenders to collect money it was not owed, telling a Montana federal judge that other courts have already approved substantially identical claims and calling the company's April dismissal motion "meritless."

  • May 23, 2018

    Judge Chides Counsel Over 'Lack Of Candor' In Swaps Suit

    Investors can’t revive part of their suit accusing a slew of dealers of bullying competition in the interest rate swaps market, a New York federal judge said Wednesday, largely dismantling the putative class’ attempt to file a third amended complaint and rebuking its counsel for keeping the intended request under wraps.

  • May 23, 2018

    Mass. Loan Officer Gets 6 Months For Short-Selling Homes

    A Massachusetts loan officer on Wednesday was sentenced by a federal judge to six months behind bars after admitting to taking part in what prosecutors dubbed a "sweeping conspiracy" to defraud banks and mortgage companies by short-selling houses.

  • May 22, 2018

    Homeowners Say JPMorgan Forecloses Without Proper Notice

    A class action bumped up to federal court on Tuesday claimed JPMorgan Chase & Co. has foreclosed on “hundreds” of houses after homeowners missed three mortgage payments without attempting to confer with the owners as required by federal regulation.

  • May 22, 2018

    NY Lawmakers Tap Interim AG Underwood To Finish Term

    Acting New York Attorney General Barbara D. Underwood was tapped Tuesday by the state legislature to serve out the remainder of Eric Schneiderman’s term after he resigned earlier this month amid allegations of physical abuse by four women.

  • May 22, 2018

    CFPB Gets $21M Default Win In Debt-Relief Services Suit

    A Maryland federal judge on Tuesday handed the Consumer Financial Protection Bureau a win by default in its suit over a “debt validation” program that was allegedly marketed with false claims of government affiliation, slapping the no-show defendants with a nearly $21 million judgment.

  • May 22, 2018

    SEC's Clayton Urges ICO Issuers To Reach Out To Agency

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday encouraged all issuers of digital tokens to reach out to the agency he oversees with questions regarding whether their initial coin offerings are securities subject to SEC regulation.

  • May 22, 2018

    JPMorgan Brass Beat Derivative Suit Over Bank's RMBS Biz

    A shareholder derivative suit accusing a number of JPMorgan directors of having failed to properly oversee the bank’s subprime residential mortgage-backed securities business in the run-up to the financial crisis is too similar to another already-dismissed case to proceed, a New York federal judge said Monday.

Expert Analysis

  • Adding Pakistan To 'Gray List' Has Important Consequences

    Michael Casey

    Next month, Pakistan will be added back to the Financial Action Task Force’s “gray list” due to the country’s failure to adequately address terrorist financing activities within its borders. This action could result in western financial institutions and companies re-evaluating their business dealings in Pakistan and with Pakistani banks and counterparties, say attorneys with Kirkland & Ellis LLP.

  • Introducing The Legal Industry To Millennial Business Owners

    Yaima Seigley

    ​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.

  • US Law As Trade War Weapon

    Hdeel Abdelhady

    The United States effectively forced Chinese smartphone manufacturer ZTE to cease major operations this month, after the U.S. Department of Commerce blocked its access to vital U.S.-made components. The case puts into focus the Trump administration’s use of sanctions, anti-corruption and anti-money laundering laws as trade war weapons against economic rivals, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Relief From CFPB’s Auto Guidance May Be Short-Lived

    Dowse Rustin IV

    In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • Industry-Friendly OCC Regulations May Be On The Horizon

    David Freeman

    The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.