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Banking

  • January 22, 2019

    Man Accused Of $2B Fraud In Africa Says He's No Flight Risk

    A former lead salesman for Abu Dhabi-based shipbuilder Privinvest on Monday asked a New York federal judge to let him out on bail following his indictment over alleged involvement in a $2 billion bribery and investor fraud scheme, saying a $20 million bail package with 24/7 private security would ensure he shows up in court.

  • January 22, 2019

    UBS Countersues Bloomberg In Data Misuse Row

    UBS AG fired its own breach of contract claim at Bloomberg Finance LP on Friday in a suit that accuses UBS of redistributing proprietary data without authorization, telling a New York federal court that its use of the data was above board and that by “acting arbitrarily and/or irrationally in 2018,” Bloomberg was out of line.

  • January 22, 2019

    FINRA Targets Online Distribution, Compliance As 2019 Focus

    The Financial Industry Regulatory Authority will put a spotlight on online securities distribution platforms and compliance with new rules and disclosure obligations as it looks for the first time toward risk monitoring, the brokerage watchdog said Tuesday in its annual examination letter.

  • January 22, 2019

    Waters Seeks Info On Banks' Shutdown Assistance Efforts

    After state and federal regulators urged banks earlier this month to work with customers affected by the government shutdown, Rep. Maxine Waters, the chair of the House Financial Services Committee, is now asking banking trade groups and credit bureaus to outline how they and their members are heeding that call.

  • January 22, 2019

    Deutsche Whistleblower Claimants Seek To Make SEC Pay

    Two consultants and an anonymous tipster urged the Second Circuit on Tuesday to make the U.S. Securities and Exchange Commission give them a cut of the $55 million fine that Deutsche Bank AG paid to settle claims over risky derivatives, saying the agency was wrong to deny them payouts under its whistleblower program.

  • January 22, 2019

    Citi Issues €1B Inaugural Green Bond To Fund Enviro Goals

    Citigroup Inc. said Tuesday that it has issued its first green bond, which will be used to fund renewable energy and conservation efforts and was issued via €1 billion ($1.1 billion) three-year fixed-rate notes.

  • January 22, 2019

    Justices Urged To OK $10M Fine For Financier’s Tax Evasion

    The government has asked the U.S. Supreme Court to decline to review the Second Circuit’s affirmation of a $10 million fine against a former Morgan Stanley attorney for tax evasion, calling the decision a “reasoned exercise of discretion.”

  • January 22, 2019

    Another Former Wilmington Trust Officer Gets Prison Time

    Former Wilmington Trust Corp. executive Joseph Terranova was sentenced Tuesday to 21 months in prison by a Delaware federal judge, the seventh of the bank’s former officers to get prison time for his role in a securities fraud scheme in which bad loans were hidden from regulators and investors.

  • January 22, 2019

    Advent Int'l Buys 51% Of $1.42B Argentinian Payment Co.

    Advent International Corp. on Tuesday announced plans to acquire just more than half of an Argentinian company specializing in online payment processing, with Baker McKenzie shepherding the 51 percent purchase of the $1.42 billion company.

  • January 22, 2019

    Banking Group Of The Year: Davis Polk

    Davis Polk & Wardwell LLP has long been known as a go-to firm in the banking world, and this year was no exception. The firm earned a spot among Law360's Banking Groups of the Year for the sixth year in a row by guiding the Royal Bank of Scotland through investigations into the "mortgage meltdown" and by extricating Morgan Stanley from a $3.7 billion suit over residential mortgage-backed securities, among other achievements.

  • January 22, 2019

    Hong Kong Fintech Co. Picks LSE Tech For Crypto Platform

    The London Stock Exchange is looking to make a splash in the cryptocurrency market, saying Tuesday that its proprietary trading technology will be used in connection with the digital asset exchange of Hong Kong-based financial technology firm Atom Group.

  • January 22, 2019

    Cadwalader Nabs Fintech Pro From Latham

    A fintech expert and Wall Street vet has joined Cadwalader Wickersham & Taft LLP from Latham & Watkins LLP, bringing clients like Thesys Technologies to continue her work helping to build key financial services projects like the consolidated audit trail database.

  • January 22, 2019

    Attys Awarded $15.5M In Fees After Stanford Ponzi Deal

    A Texas federal judge has awarded fees of nearly $15.5 million to the attorneys representing a court-appointed receiver and a group of investors in their suit against Proskauer Rose LLP over its former partner's participation in R. Allen Stanford's $7 billion Ponzi scheme.

  • January 22, 2019

    Danske Bank Faces Suit In €200B Money Laundering Scandal

    Danske Bank AG is facing the threat of a lawsuit over a €200 billion ($230 billion) money laundering scandal after a litigation funder said Tuesday it intends to back a shareholder action against the Danish lender.

  • January 22, 2019

    EU Antitrust Enforcer Fines Mastercard €570M On Swipe Fees

    The European Commission said Tuesday it has fined Mastercard Inc. €570 million ($648 million) for denying merchants access to payment services outside their home countries in breach of the bloc’s antitrust rules.

  • January 18, 2019

    GAO Calls Fannie, Freddie Reform Proposals Shortsighted

    Federal plans to release Fannie Mae and Freddie Mac from conservatorship have been too shortsighted about the implications of restructuring housing finance, the Government Accountability Office said in a report released Friday.

  • January 18, 2019

    Madoff Investors Can't Evade Clawback By Withdrawing Claim

    A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate.

  • January 18, 2019

    Nationstar Asks Fla. High Court To Revisit Attys' Fees Case

    Nationstar Mortgage asked the Florida Supreme Court for clarification Friday on its recent reversal of a precedent-setting appeals court decision that said a mortgage holder could not invoke an attorneys' fees provision after prevailing in a foreclosure suit because the noteholder failed to establish standing.

  • January 18, 2019

    Arent Fox Nabs Ex-CFPB Enforcement Pro In San Francisco

    A former Consumer Financial Protection Bureau enforcement attorney and go-to expert for financial services litigation has joined Arent Fox LLP's complex litigation practice as a partner at the firm's San Francisco office, the firm said.

  • January 18, 2019

    Oro Negro Ch. 15 Parties Agree To Mediate Rig Fight

    In an effort to streamline dual bankruptcy proceedings for Mexican oil rig company Perforadora Oro Negro in its home country and the U.S., a domestic mediator will join negotiations between the company and its creditors in a jack-up rig seizure dispute, a U.S. bankruptcy judge said.

Expert Analysis

  • Opinion

    Courts Are Getting It Right On Litigation Funding Discovery

    Matthew Harrison

    Earlier this month, a California federal court denied discovery into the identification of third-party funders with a financial interest in the outcome of an underlying patent infringement action. This decision in MLC v. Micron follows a long line of well-reasoned precedent across U.S. federal courts, say Matthew Harrison and Sarah Jacobson of Bentham IMF.

  • Declaratory Judgments Do Not Always Protect NY Debtors

    A. Robert Quirk

    This month, the First Department of New York's Appellate Division revived Avilon v. Leontiev, establishing that a debtor cannot obtain declaratory judgment shielding itself from personal liability to a creditor's associates, and then use that judgment to preclude claims from the creditor, say A. Robert Quirk and Muhammad Faridi of Patterson Belknap Webb & Tyler LLP.

  • International Law In 2018: Key Developments

    Viren Mascarenhas

    2018 was full of important developments in international law, including a new North American trade treaty, significant litigation at the International Court of Justice, and rulings by various bodies related to environmental, human rights and criminal law, say Viren Mascarenhas and Douglass Cassel of King & Spalding LLP.

  • Zhao’s Spoofing Plea Deal Telegraphs More To Come In 2019

    Lanny Breuer

    In late December, the U.S. Department of Justice quietly secured a guilty plea from Jiongsheng Zhao in Illinois federal court — capping off a year of systematic anti-spoofing enforcement, say Lanny Breuer and Laura Brookover of Covington & Burling LLP.

  • Diversity's Next Step: Developing Minority Partners

    Chris King.jpg

    The lack of minority partners comes at a high cost to firms, say attorneys at Lightfoot Franklin & White LLC, as they suggest several practical ways to tackle this problem.

  • Takeaways From NJ Bulletin On Out-Of-Network Health Care

    Cynthia Borrelli

    The New Jersey Department of Banking and Insurance has released a bulletin clarifying its law designed to protect consumers from "hidden" out-of-network health providers, but many questions still remain, say Cynthia Borrelli and Michael Morris of Bressler Amery & Ross PC.

  • A 2019 Field Guide To Calif. Class Actions

    William Stern

    For those navigating the California class action landscape in 2019, it pays to know what happened in 2018. William Stern of Covington & Burling LLP looks back at the most important developments and discusses what to expect going forward.

  • Expect More SEC Cybersecurity Enforcement This Year

    Doug Davison

    The U.S. Securities and Exchange Commission turned its attention to cybersecurity last year, and those efforts will intensify throughout 2019. There are at least four likely areas of enforcement activity, say attorneys with Linklaters LLP.

  • Capital Leases Are Dead, Long Live Finance Leases

    Brad Boericke

    Starting this year, public companies must adopt the Financial Standards Accounting Board's new lease accounting rules, which eliminate the defined term "capital leases." Lenders and borrowers alike will need to consider taking a new approach to drafting credit agreements, says Brad Boericke of Pepper Hamilton LLP.

  • Arbitrators And Mediators Should Reflect Society's Diversity

    James Jenkins

    Alternative dispute resolution providers have made great strides toward diversity, but recent statistics show there is still work to be done. There are certain steps ADR providers can take to actively recruit more women and minority candidates to serve as arbitrators and mediators, says James Jenkins of the American Arbitration Association.