Banking

  • December 03, 2021

    BofA Accepts $1.2M Deal To End Mortgage Title Kickback Suit

    Bank of America has agreed to pay $1.2 million to end a class action suit claiming it participated in a kickback scheme with a mortgage title company in Maryland.

  • December 03, 2021

    JPMorgan Beats 'Frivolous' Suit Claiming Trust Fraud

    A federal judge has tossed a Florida man's suit accusing JPMorgan Chase and an Ohio law firm of fraudulent trust administration and defrauding the court, and ordered him and his attorney to cover the defendants' attorney fees and costs as a sanction for filing the "frivolous" suit.

  • December 03, 2021

    US Lacks Proof Of Vietnam, Taiwan As Currency Manipulators

    The U.S. Department of the Treasury told Congress on Friday that Vietnam and Taiwan met each of the three benchmarks it uses to identify possible currency manipulation but that there was insufficient evidence to formally tag the countries as currency manipulators.

  • December 03, 2021

    Lightspeed's Statements Were Light On Facts, Investors Say

    A proposed class of shareholders is alleging Lightspeed Commerce overstated its customer metrics and financial outlook starting before it went public, claiming in New York federal court Friday that the company's stock price plunged after a short-selling firm revealed alleged misconduct.

  • December 03, 2021

    GOP Senator Decries Gensler's Crypto Stance As Vague

    The Senate Banking Committee's top Republican on Friday expressed frustration that U.S. Securities and Exchange Commission Chair Gary Gensler, when pressed on his views, didn't specify which cryptocurrencies the SEC views as securities.

  • December 03, 2021

    Visa, Mastercard Accused Of Banking Fees Antitrust Scheme

    Visa and Mastercard took part in a price-fixing scheme for interchange fees in order to prevent competition for credit and debit card network services, Halcyon Loan Trading Fund LLC has alleged in New York federal court.

  • December 03, 2021

    Convicted Atty Disbarred In NJ Over Mortgage Fraud Scheme

    The New Jersey Supreme Court has yanked the state law license of an attorney over her criminal convictions for taking part in a roughly $873,000 mortgage fraud scheme where a lender provided loans based on her misrepresentations as the buyers' counsel, rejecting her bid for a suspension.

  • December 03, 2021

    3rd Circ. Preview: BLM Masks, $1.4B Award Fight End 2021

    A Pennsylvania mass transit operator, the commonwealth's banking regulator and the Bolivarian Republic of Venezuela are among the entities in December seeking the Third Circuit's input on such issues as thorny constitutional matters and a $1.4 billion arbitral award battle.

  • December 03, 2021

    Trade Leaders See Proof Of Concept In WTO Services Pact

    World Trade Organization leaders are pointing to a recent deal to soften the regulation of service providers in foreign countries as evidence that the WTO's lagging negotiating can still deliver results.

  • December 03, 2021

    Former SBA General Counsel Joins Womble Bond As Partner

    An attorney who most recently served as general counsel for the U.S. Small Business Administration as it oversaw implementation of economic relief legislation in response to the COVID-19 pandemic has become a partner at Womble Bond Dickinson LLP, the firm announced.

  • December 03, 2021

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

    This past week in London has seen Nintendo take on U.K. internet providers, collapsed TV company Arena take on its directors, and major fashion brands chase MasterCard for swipe fees. Here, Law360 looks at those and other new claims in the U.K.

  • December 02, 2021

    In Farewell, Fed's Quarles Warns Of Risks In Crisis Lending

    Outgoing Federal Reserve Governor Randal Quarles warned Thursday that the central bank's emergency lending response to the pandemic may have set a dangerous precedent for lawmakers looking to fund their pet projects, whether it be to finance new infrastructure or "underwrite the colonization of Mars."

  • December 02, 2021

    Ex-Informant Says Florida Court Can't Hear SEC Suit

    A former government informant has told a Florida federal court it lacks jurisdiction over claims from the U.S. Securities and Exchange Commission that he ran a Bahamas-based broker-dealer designed to evade U.S. day trading regulations, claiming he was not involved with the business while living in the Sunshine State.

  • December 02, 2021

    Tax Accounting Firm Wants Out Of Ponzi Scam Suit

    Three named defendants in a proposed class action suit against Oppenheimer & Co. over an alleged $110 million Ponzi scheme asked a Georgia federal judge on Wednesday to be dismissed from the case, arguing that the suit made "conclusory allegations" about their involvement.

  • December 02, 2021

    SEC Finalizes Rule Aiming To Keep Foreign Issuers In Check

    The U.S. Securities and Exchange Commission finalized disclosure rules Thursday that establish a framework to track and potentially delist foreign issuers that have evaded U.S. auditors or are subject to the "influence" of foreign governments, with Chair Gary Gensler warning that foreign players accessing U.S. markets must "play by our rules."

  • December 02, 2021

    White & Case Adds Direct Lending Pro To Chicago Office

    White & Case LLP has added a debt finance partner from Katten Muchin Rosenman LLP to its office in Chicago who brings with him extensive experience helping clients navigate the world of direct lending.

  • December 02, 2021

    German Court Affirms Intra-EU Arbitration Clause Is Invalid

    Germany's highest court has rejected an investor-state claim brought against Croatia under the country's bilateral investment treaty with Austria, concluding that the claim is invalid under the principles laid out in the seminal Achmea decision.

  • December 02, 2021

    Ex-Panama President's Son Cops To Laundering Bribes

    One of the sons of fomer Panamanian President Ricardo Martinelli on Thursday admitted to laundering tens of millions of dollars in bribes made at the direction of Brazilian construction conglomerate Odebrecht SA.

  • December 02, 2021

    Banking Giants Fined €344M Over EU Forex Cartel

    The European Commission said on Thursday that it has fined four banks a total of €344 million ($390 million) after investigating a cartel in the foreign-exchange spot trading market.

  • December 01, 2021

    Kirkland Adds Prominent DOJ Atty To Antitrust Practice In DC

    Kirkland & Ellis LLP has added a leading U.S. Department of Justice antitrust attorney to its Washington, D.C., office, the firm said Wednesday.

  • December 01, 2021

    Gensler Eye To Eye With Clayton On SEC Role In Crypto Regs

    U.S. Securities and Exchange Commission Chairman Gary Gensler's approach to regulation doesn't often align with that of his predecessor, Jay Clayton, but the pair appeared to agree on Wednesday that Wall Street's top cop has clear-cut authority in the crypto space.

  • December 01, 2021

    NBT Bank To Pay $5.7M In Overdraft Fee Class Action Deal

    A proposed class of NBT Bank NA customers asked a New York federal judge Tuesday for preliminary approval of a $5.7 million settlement that will end a suit accusing the bank of wrongfully applying overdraft fees for bank account transactions.

  • December 01, 2021

    Yellen Sticks By $400B IRS Enforcement Revenue Estimate

    Treasury Secretary Janet Yellen said Wednesday that President Joe Biden's $1.75 trillion domestic agenda would raise more tax revenue from new IRS audits than a CBO estimate, countering criticism from Republican lawmakers who predict higher budget deficits and inflation. 

  • December 01, 2021

    CFPB Plots Crackdown On 'Exploitative' Overdraft Fees

    Consumer Financial Protection Bureau Director Rohit Chopra said Wednesday that his agency plans to crack down on heavy account overdraft fees in consumer banking, citing new research showing what he described as an industry addiction to these fees to make money.

  • December 01, 2021

    Husch Blackwell Grows Virtual Office With Finance Hire

    Husch Blackwell LLP has added a new partner in its financial services group who will be based in its virtual office, the latest in a series of attorneys to join the entirely remote team this year, the firm announced Wednesday.

Expert Analysis

  • Opinion

    Why We're Losing The Battle Against Illicit Finance

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    The recent Pandora Papers investigation highlights how the U.S. Department of the Treasury's anti-money laundering and combating the financing of terrorism framework is failing to address known vulnerabilities in the financial sector that should be replaced with a proactive approach to close loopholes and streamline enforcement, say Kristen Patel at Syracuse University and attorney William Lichtenfels.

  • The Implications Of COP26 For Legal Practitioners

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    Developments at the recent United Nations Climate Change Conference will create both opportunities and risks for lawyers — with many new laws, regulations and industry best practices to track, and a growing pipeline of new energy and infrastructure projects to facilitate, say Caroline May and Charles Winch at Norton Rose.

  • Without Leadership Buy-In, Law Firm DEI Efforts Stand To Fail

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    A law firm's diversity, equity and inclusion strategies need the full attention and support of its top leadership to succeed, and requiring the firm's key decision makers to join the DEI committee can make the difference, says Noble Allen at Hinckley Allen.

  • What 2021 Enforcement Results Say About SEC's Agenda

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    The U.S. Securities and Exchange Commission's recently released enforcement results include a number of expedited actions that, in concert with public statements and broader agency initiatives, reveal a focus on cryptocurrency, special purpose acquisition companies, Regulation Best Interest and cybersecurity, say attorneys at Skadden.

  • Series

    Confronting Origination Credit: Self-Advocacy Tips For Attys

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    Female lawyers and lawyers of color have historically not been privy to the rules of the origination credit game, but they can employ various strategies to increase the chances of receiving the credit they are due, such as enlisting allies for support and tracking inequity patterns, says Marianne Trost at The Women Lawyers Coach.

  • SEC's Alleging An Asset Is A Security Does Not Make It So

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    In Audet v. Fraser, a Connecticut federal jury recently disagreed with the U.S. Securities and Exchange Commission's position that so-called hashlets are investment contracts, showing that the SEC's overreach in classifying digital assets, and the complexity of cryptocurrencies, require further guidance and case law to clarify the limits of federal securities law, say Nick Morgan and Ken Herzinger at Paul Hastings.

  • A Real-World Guide To Staying Discovery In Federal Court

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    Pleas for stay of discovery under the Federal Rules of Civil Procedure are often rejected when motions to dismiss are pending due to a tenacious tangle of case law, imposing financial and administrative burdens on parties, but some unambiguous rules of thumb can be gleaned to maximize the chances of a discovery stay, says Amir Shachmurove at Reed Smith.

  • SEC Warning To Crypto Attys Harkens To Prior Crackdowns

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    U.S. Securities and Exchange Commission Chair Gary Gensler recently admonished fintech lawyers who help clients circumvent federal securities laws, which is a throwback to similar warnings to attorneys during the 2018 initial coin offering bonanza and 1990 savings and loan crisis, suggesting those who control access to crypto investors may face increased scrutiny, says cybersecurity consultant John Reed Stark.

  • 2nd Circ. Madoff Ruling Is A Win For Asset Recovery Trustees

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    In the Bernie Madoff investor clawback case, the Second Circuit recently ruled that the inquiry notice standard for considering a transferee's good faith applies in liquidation proceedings, which means Securities Investor Protection Act trustees can now rely on a lesser standard and may face less difficulty surviving a motion to dismiss, say attorneys at Seward & Kissel.

  • Takeaways And Next Steps After FSOC's Climate Risk Report

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    Attorneys at K&L Gates highlight three key conclusions as well as near-term next moves for stakeholders to watch following the Financial Stability Oversight Council's recent report on climate-related financial risk, noting that its progress and gaps will be critical to understanding federal financial regulators' approach to future policies.

  • 3 Cases Could Influence Electric Vehicle SPAC Litigation

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    Several ongoing lawsuits concerning electric vehicle special purpose acquisition companies could eventually map out liability standards for forward-looking statements on issues such as green energy projections, say attorneys at Quinn Emanuel.

  • Mitigating Inflation's Impact On Commercial Contracts

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    As accelerating inflation threatens to turn many commercial contracts unprofitable for sellers, lessors and lenders, prospects of court relief are slim, but certain contract clauses and revisions can help, says Jonathan Hugg at Schnader Harrison.

  • How DOJ May Beat The White Collar Fraud Clock Post-COVID

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    The U.S. Department of Justice will likely employ creative strategies to try to sidestep the five-year statute of limitations in certain complex white collar matters following widespread delays due to the pandemic, but each method comes with nuances and weaknesses that may allow appropriate challenges from defense counsel, say Michael Harwin at Stearns Weaver and David Chaiken at ChaikenLaw.

  • Heading Into 2022, Fintech Antitrust Strategy Isn't Optional

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    With antitrust regulators expected to continue increased scrutiny of the fintech sector in the new year, strategies to grapple with key data privacy, open access and employment issues represent a crucial part of doing business in 2022, say Thomas Panoff and William McElhaney at Mayer Brown.

  • Heed These Rules, Or Risk Your Argument On Appeal

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    Failing to meet the scattered requirements for appellate preservation can have dire consequences, so litigants must understand the relevant briefing rules, the differences between waiver and forfeiture, and the four components of a pressed argument in order to get their case fully considered on appeal and avoid sanctions or dismissal, says Michael Soyfer at Quinn Emanuel.

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