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Banking

  • November 19, 2018

    Court Paves Path For Bank-Fraud Probe In Jeweler's Ch. 11

    A Delaware bankruptcy judge on Monday authorized a court-appointed examiner in the Chapter 11 case of Samuels Jewelers to issue subpoenas for documents and interviews in order to investigate an alleged $2 billion Indian bank fraud and its potential connection to the bankruptcy case.

  • November 19, 2018

    Investors Sue Bank OZK For Hiding $46M Lost On Bad Loans

    Investors hit Bank OZK with a proposed securities class action in New York federal court on Monday, after the regional bank was forced to write down nearly $46 million on real estate loans that went south.

  • November 19, 2018

    High Court Won't Review 9th Circ. BofA Preemption Ruling

    The U.S. Supreme Court declined Monday to review a Ninth Circuit ruling that held a California state mortgage escrow interest law is not preempted by the National Bank Act, turning back Bank of America’s bid to overturn a decision that it said will create “significant uncertainty” about whether other state laws apply to national banks.

  • November 19, 2018

    Spoofing Is Not Fraud, Ex-Merrill Lynch Traders Say

    Two former Merrill Lynch traders who were indicted this summer on allegations that they ran a yearslong scheme to "spoof" the precious metals futures market told an Illinois federal judge on Friday that the government’s case rests on the “fallacy” that spoofing is a form of fraud.

  • November 19, 2018

    SEC's Whistleblower Program Hits Its Stride In 2018

    The momentum behind the U.S. Securities and Exchange Commission's whistleblower program continued to build in 2018, culminating in the agency handing out more awards this year than all other years of the program combined.

  • November 19, 2018

    Wells Fargo Says No Evidence Of CDO Fraud Before Crisis

    Wells Fargo Securities LLC told a New York federal judge on Monday that two years of discovery have failed to produce any evidence that in the runup to the financial crisis it handed control of collateralized debt obligations to a hedge fund that was simultaneously betting against them.

  • November 19, 2018

    SocGen Fined $1.3B Over US Sanctions Violations

    Société Générale SA said Monday that it has agreed to pay $1.34 billion in fines as part of settlements with U.S. federal and state authorities to resolve investigations into its processing of transactions involving Cuba, Iran and other targets of U.S. sanctions.

  • November 19, 2018

    5th Circ. OKs Denial Of Atty Fees Over 'Outrageous' Behavior

    The Fifth Circuit refused to override a lower court’s decision denying attorneys' fees in a suit against a debt collector, ruling that even though the Fair Debt Collection Practices Act typically required such fees to be awarded, the attorneys’ “outrageous” conduct made this case an exception.

  • November 19, 2018

    2nd Circ. Affirms Barclays' Win In Suit Over $2.5B Offering

    The Second Circuit on Monday affirmed Barclays PLC's 2017 victory in a long-running securities class action over a $2.5 billion notes offering in April 2008, agreeing with the lower court's finding that the bank did not make misstatements or omit information it was legally obligated to disclose.

  • November 19, 2018

    4 Cos. Eye December IPOs With New Filings Totaling $350M

    Four companies spanning a wide range of industries — from biotechnology and transportation companies to a plant-based meat startup and cryptocurrency bank — filed initial public offerings on Friday that are preliminarily estimated to total $350 million and could price before the year’s end.

  • November 19, 2018

    Visa, AmEx, MasterCard Face Brazil Antitrust Probe

    Brazil’s competition authority is investigating major credit card networks Visa Inc., American Express Co. and MasterCard Inc., as well as a domestic card brand, Elo, for possible antitrust violations arising from a rule mandating the exchange of information between payment facilitators and acquiring banks.

  • November 19, 2018

    Cboe Tries To Keep Lid On Discovery In VIX Manipulation MDL

    Cboe Global Markets Inc. is urging an Illinois federal court to deny Chicago Board Options Exchange investors a head start on discovery in multidistrict litigation over alleged manipulation of its volatility index, arguing that their discovery bid goes beyond their claim to need the names of traders who manipulated the index.

  • November 19, 2018

    Air Charter Founder Launches New Retrial Bid In Fraud Case

    The co-founder of a defunct public air charter operator launched her second bid for a new trial in the government's case alleging she and others stole millions of dollars that passengers prepaid for flights, citing "exculpatory documents" that have materialized since she was convicted by a jury.

  • November 19, 2018

    'Inveterate Con Man' Gets 12 Yrs For $4.4M Bank Loan Scam

    A Manhattan federal judge hit a convicted fraudster with 12 years in prison Monday for tricking an affiliate of the Industrial and Commercial Bank of China into sending him $4.4 million for an oil and gas venture that turned out to be bogus, calling him an "inveterate con man."

  • November 19, 2018

    Nasdaq Wants Fish & Richardson DQ'd From Patent Fight

    A Nasdaq unit has urged the Patent Trial and Appeal Board to disqualify Fish & Richardson PC from Miami International Holdings Inc.'s challenge of a patent that is related to a lawsuit involving patents the law firm prosecuted for Nasdaq, calling the firm’s attempt to downplay its role in the proceedings “too cute by half.”

  • November 19, 2018

    Trenk DiPasquale Wins Fees Bid, Must Defend Interest Rate

    A New Jersey state appeals court ruled Monday that Trenk DiPasquale Della Fera & Sodono PC was entitled to unpaid legal fees from a construction business for underlying litigation but not additional attorneys’ fees for the firm’s collection efforts, saying a trial court must reexamine the interest awarded on the outstanding bills.

  • November 19, 2018

    2 US Banks Tied To Danske Money-Laundering, Ex-Head Says

    Two U.S. banks helped process around €200 billion ($230 billion) of suspicious payments through Danske Bank’s small Estonia branch, the whistleblower at the center of the scandal said Monday.

  • November 16, 2018

    Ex-Morgan Stanley Exec Fights Arbitration Of Bias Claims

    A former Morgan Stanley executive urged a New Jersey federal judge Friday to certify her opinion last month forcing arbitration of his claims he was fired because of past alcohol and drug abuse, a move needed for him to appeal the ruling to the Third Circuit.

  • November 16, 2018

    AFT Files Adversary Case In Puerto Rico Bankruptcy

    Two U.S. labor unions have hit Puerto Rico's government and its federally appointed oversight board with a lawsuit for failing to put the pension deposits for tens of thousands of public employees into proper accounts and instead “stashing” the money in non-interest bearing accounts at a scandal-plagued bank.

  • November 16, 2018

    SEC Provides ‘Path To Compliance’ For Unregistered ICOs

    The U.S. Securities and Exchange Commission settled two actions involving initial coin offerings Friday by levying its first fines against unregistered ICOs and requiring the companies to properly register the tokens as securities, outlining what the regulator later referred to as “a path to compliance with the federal securities laws going forward.”

Expert Analysis

  • The Legacy Of Madoff, A Decade Later

    Mark Kornfeld

    Despite lessons from Bernie Madoff's Ponzi scheme that was revealed 10 years ago, financial fraud continues to thrive. Negative history repeats itself on what seems like a daily basis, say attorneys with Quarles & Brady LLP.

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • Spoofing Charges Don't Readily Translate To Private Actions

    Laura Brookover

    Private plaintiffs have filed putative class actions in Chicago and New York on the heels of government enforcement efforts against spoofing. But actions like these are largely untested, and two threshold hurdles for these new cases are apparent, says Laura Brookover of Covington & Burling LLP.

  • Prospects For Tax Policy In The 116th Congress

    Evan Migdail

    Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.

  • Opinion

    Concerns About CFPB Trial Disclosure Policy Are Misplaced

    Eric Mogilnicki

    Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • AI's Role In Financial Services: Some Early Lessons

    Eamonn Moran

    The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • 5 Common Misconceptions About SEC Investigations

    Daniel Hawke

    Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.