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Banking

  • September 25, 2018

    Citibank Settles Case Over Macy’s Card Bankruptcies For $5M

    Citibank will pay $5 million to settle a case with the U.S. Trustee Program over bankruptcy cases involving more than 71,000 Macy’s brand credit card accounts, according to a proposed consent order filed Monday.

  • September 25, 2018

    Denmark Doubles Capital Buffers Amid Danske Bank Risk

    The Danish government doubled capital requirements for banks on Tuesday amid signs of growing risk in the market, including the possibility of fallout from the Danske Bank money laundering scandal.

  • September 25, 2018

    EU Sets Up Payments Facility To Finance Trade With Iran

    The European Union's top three economies, backed by China and Russia, announced Tuesday they are creating a financial payments vehicle to allow trading with Iran to continue after the Trump administration announced it was withdrawing from the Iranian nuclear deal and reimposing sanctions on Tehran.

  • September 24, 2018

    Ex-Deutsche Trader Dishes On Bank's Libor Self-Dealing

    A former Deutsche Bank money market trader on Monday told a Manhattan federal jury he would routinely make London Interbank Offered Rate submissions with the goal of aiding the bank’s derivative traders, a practice he now admits was wrong.

  • September 24, 2018

    Banks' Guilty Pleas Fair Game In Forex Traders' October Trial

    Federal prosecutors set to try three former currency traders for fixing exchange rates received a New York federal judge’s blessing Monday to tell jurors that the men’s former employers — including Barclays, JPMorgan and Citicorp — have themselves pled guilty to such price-fixing.

  • September 24, 2018

    Trusts Can't Revive $101.8M Arbitration Claim At 11th Circ.

    The Eleventh Circuit on Monday agreed with a lower court's interpretation of the Financial Industry Regulatory Authority's code when it ruled that two offshore trusts could not pursue a $101.8 million arbitration against Canadian brokerage Pictet Overseas Inc.

  • September 24, 2018

    Group Eyes Quick Win In DC Student Loan Servicer Regs Suit

    A student loan servicing trade group has asked a D.C. federal judge for a quick win in its lawsuit that seeks to block the District of Columbia’s recent moves to license and regulate loan servicers operating there, pushing back against the city’s bid to torpedo the case altogether.

  • September 24, 2018

    Cryptocurrency Creators Say 'Nano' Coin Is Not A Security

    The company that created the cryptocurrency Nano asked a New York federal judge on Friday to dismiss a proposed class action alleging that it steered coin buyers toward an Italian exchange that lost hundreds of millions of dollars' worth of the digital currency to hackers, saying the tokens are not securities subject to securities law.

  • September 24, 2018

    PR Firm Ex-CFO Admits Skimming But Disputes By How Much

    The former chief financial officer for an international marketing and public relations firm pled guilty to an embezzlement scheme that prosecutors say cost the four companies he worked for more than $3.8 million, even as he took issue with many of the specific allegations laid out during a hearing Monday in Massachusetts federal court.

  • September 24, 2018

    3rd Circ. Revives FDCPA Suit Over IRS Reporting Language

    A statement in debt collection letters saying forgiveness of the debt may be reported to the IRS could constitute a violation of the Fair Debt Collection Practices Act because the debts in question were too small to be reported, the Third Circuit in a precedential opinion ruled on Monday in reviving a potential class action against Midland Credit Management Inc.

  • September 24, 2018

    Ex-Barclays CEOs Escape Claims In Dark Pool Case

    A New York federal judge on Friday dismissed the former CEOs of Barclays PLC from a class action alleging shares of the bank were artificially inflated by misrepresentations about the safety and transparency of its dark pool, citing a lack of evidence about the executives’ involvement.

  • September 24, 2018

    Seyfarth Escapes Illegal Tax Shelter RICO Suit

    An Illinois federal judge has dismissed a Racketeer Influenced and Corrupt Organizations Act suit accusing Seyfarth Shaw LLP of selling a client an illegal tax shelter, saying that the man had failed to establish that the alleged fraud was part of the firm’s usual way of doing business or that it was an ongoing practice.

  • September 24, 2018

    Deutsche Bank Ordered To Accept Outside AML Controller

    Germany’s financial regulator said Monday that it has ordered Deutsche Bank AG to accept third-party supervision to ensure it complies with controls against money laundering and terrorism financing.

  • September 23, 2018

    Financial Secrecy In US, EU More Harmful Than Havens: Report

    Tax havens blacklisted by the European Union enable only 1 percent of the financial-secrecy services that threaten EU countries, while one-third comes from financial centers within the 28-nation bloc, an advocacy group asserted in a new study.

  • September 21, 2018

    Online Fundraisers Fraught With Criminal, Civil Risks

    Civil litigation, potential criminal charges and uncertain access for beneficiaries are among the risks of the relatively new concept known as crowdfunding, as highlighted by the the viral story chronicling the legal battle between a homeless veteran and a New Jersey couple. Here are three things attorneys should tell their clients about do-it-yourself fundraisers.

  • September 21, 2018

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

    The last week has seen a London no dealing desk sue Merrill Lynch for breach of fiduciary duty, more competition claims against Visa and MasterCard and a German shipper bring a suit against Axa and other insurers.

  • September 21, 2018

    QBE Gets 2nd Chance At Force-Placed-Insurance Coverage

    A New York state appeals court revived a suit by insurer QBE against other insurers over coverage for sprawling underlying litigation over lender-placed homeowners' insurance, saying a contract was misread to grant summary judgment.

  • September 21, 2018

    15 Firms To Lead IPOs Exceeding $1.1B Amid Peak Season

    Fifteen law firms will guide initial public offerings from 13 companies that are expected to raise more than $1.1 billion during the week of Sept. 24, a busy lineup dominated by technology and life sciences firms going public during a sweet spot on the annual IPO calendar.

  • September 21, 2018

    Ex-Cocoa Trading Co. Exec Gets 3 Months For $352M Fraud

    U.S. District Judge Jed S. Rakoff on Friday hit a former Transmar Commodity Group Ltd. finance executive with a three-month sentence for his role in a $352 million fraud that bankrupted the cocoa trader and damaged banks, crediting his effort to cooperate but saying the size of the caper required a prison term.

  • September 21, 2018

    Schwab, Ameritrade Say Goldman Can't Ditch IPO Deal

    Charles Schwab Corp. and TD Ameritrade Inc. have accused Goldman Sachs Group Inc. of unfairly trying to terminate an agreement allowing the brokerages to share Goldman securities offerings with their own customers, according to a complaint filed in New York state court Thursday.

Expert Analysis

  • 3rd Circ. Deepens Uncertainty Over FINRA Arbitration

    David Cinotti

    The Third Circuit's decision last month in Reading Health System v. Bear Stearns adds to a circuit split on whether a contractual forum-selection clause supersedes or waives Financial Industry Regulatory Authority arbitration. However, U.S. Supreme Court review of the issue might be premature, says David Cinotti of Pashman Stein Walder Hayden PC.

  • Series

    Judging A Book: Block Reviews 'Tough Cases'

    Judge Frederic Block

    In a new, extraordinary book, "Tough Cases: Judges Tell the Stories of Some of the Hardest Decisions They’ve Ever Made," 13 of my judicial brethren have courageously and dramatically humanized the judicial process, says U.S. District Judge Frederic Block of the Eastern District of New York.

  • Election Interference Sanctions Expand Compliance Risks

    Nicole Erb

    President Donald Trump issued an executive order this month authorizing new sanctions against parties determined to have interfered in U.S. elections. In the event more sanctions are imposed, the number of sanctions targets could increase significantly, placing additional importance on screening of transaction parties and their ownership structures, say attorneys at White & Case LLP.

  • 8 Innovative Ways To Empower Jurors

    Christopher Campbell

    Much time and attention have been focused on improving lawyers' abilities to communicate with and persuade juries in complex trials. But it is equally important to equip and prepare jurors to become better students in the courtroom, say attorneys with DLA Piper and Litstrat Inc.

  • Cloud Computing Clearly The Future For Small Firms

    Holly Urban

    While in-house technology investments on the scale and complexity needed to compete with large firms remain cost prohibitive for small and midsize law firms, cloud-based services offer significant cost savings and productivity gains with little to no capital investment, says Holly Urban of Effortless Legal LLC.

  • Benefits Of New Federal Savings Association Designation

    Joan Guilfoyle

    The Office of the Comptroller of the Currency recently proposed regulations to implement the “covered federal savings association” designation introduced by the Economic Growth, Regulatory Relief, and Consumer Protection Act. For many eligible institutions, opting for this designation will make a great deal of sense, says Joan Guilfoyle of Jones Walker LLP.

  • Leveraging Today's Lateral Associate Market

    Darin Morgan

    With the Milbank/Cravath pay scale once again equalizing compensation at many Am Law 100 firms, there is even more pressure for firms to differentiate themselves to top lateral associate candidates. This presents strategic considerations for both law firms and lateral candidates throughout the recruitment process, says Darin Morgan of Major Lindsey & Africa.

  • Opinion

    What I Learned As Lehman's Bankruptcy Lawyer

    Andrew Rossman

    I have spent nearly 10 years fighting in court for the rights of Lehman Brothers’ creditors. This arduous legal journey has yielded insights into weaknesses in our financial system and bankruptcy laws that could allow catastrophic losses to happen again, says Andrew Rossman of Quinn Emanuel Urquhart & Sullivan LLP.

  • A Closer Look At Proposed Regs For Nonbank Loan Servicers

    Laurence Platt

    A recently introduced bill that would create a new authority over mortgage loan servicers that handle loans for Fannie Mae and Freddie Mac likely has no chance of passage in the short term. But these entities should keep an eye on the potential federal extension of so-called safety and soundness principles, say Laurence Platt and Michael McElroy of Mayer Brown LLP.

  • Q&A

    Back To School: Stanford's Jeff Fisher Talks Supreme Court

    Jeffrey Fisher

    In this series featuring law school luminaries, Stanford Law School professor Jeffrey Fisher discusses his motivation for teaching, arguing before the U.S. Supreme Court and what the court might look like if Judge Brett Kavanaugh is confirmed.