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Banking

  • November 14, 2018

    For CFTC, 2018 Was One Of The 'Most Vigorous' In Its History

    The U.S. Commodity Futures Trading Commission broke new ground in its enforcement this past year, with the largest number of market manipulation cases ever brought and the most cases involving parallel criminal charges, the agency announced on Wednesday.

  • November 14, 2018

    Sanctions Sought In Alleged Cryptocurrency Pyramid Scheme

    An Alabama man accused of promoting a cryptocurrency investment pyramid scheme faced questioning in Florida federal court Wednesday about his involvement with similar businesses as the Federal Trade Commission pushed for sanctions over his alleged failure to follow a court order to produce and preserve certain documents.

  • November 14, 2018

    Puerto Rico Sales Tax Plan Lacks Details, Stakeholders Say

    The outline of a plan to restructure nearly $18 billion in debt owed by the Puerto Rico Sales Tax Financing Corp., or COFINA, is missing vital information, some stakeholders said this week, saying more details are needed on how funds will be distributed and how pending lawsuits will affect the process.

  • November 14, 2018

    KKR, Macquarie Say Auction-Rigging Claims Merit Dismissal

    KKR & Co. Inc. and the Australian investment bank Macquarie told a New York state appeals panel on Wednesday that a lower court erred by failing to dismiss claims that they rigged an auction for 11 Texas apartment complexes, saying their accuser did not follow auction rules.

  • November 14, 2018

    FDIC Puts Out Call For Information On Small-Dollar Lending

    The Federal Deposit Insurance Corp. said Wednesday that it's looking for input on how to encourage banks to offer small-dollar loans, a move that could lay the groundwork for a more substantive thawing in the agency's attitude toward this type of credit.

  • November 14, 2018

    3rd Circ. Won't Revive Stock-Drop Suit Against Ocwen Affiliate

    The Third Circuit on Wednesday affirmed the dismissal of a securities fraud class action against an Ocwen Financial Corp. affiliate whose stock tumbled following its parent company's regulatory troubles stemming from the housing crisis in the mid-2000s, ruling in a precedential decision that the suing funds didn't plausibly allege the fraud cost investors billions.

  • November 14, 2018

    Ex-BofA VP Spared Long Sentence For Nonprofit Kickbacks

    The one-year prison term U.S. District Judge Allison D. Burroughs imposed Wednesday on a former Bank of America executive who embezzled $2.7 million by hoodwinking nonprofits was not the sentence she originally had planned.

  • November 14, 2018

    BofA Sheds Pa. Firm's Claims Over Account Phishing Scheme

    A federal judge has rejected claims that Bank of America Corp. breached its contract with a Philadelphia-area law firm by failing to stop a half-a-million-dollar wire transfer initiated after a partner fell victim to a phishing scheme.

  • November 14, 2018

    Chancery Suit Seeks $150M In Student Loan Trust Damages

    Holders of $1.5 billion in notes secured by part of investor Donald Uderitz's $15 billion National Collegiate student loan trust empire have sued in Delaware Chancery Court for control of the assets and $150 million or more in damages for losses and litigation expenses.

  • November 14, 2018

    3rd Circ. Urged To Back Ruling In $377M Foreign Income Row

    The Internal Revenue Service urged the Third Circuit on Wednesday to uphold a U.S. Tax Court decision finding an additional $377 million in taxable income for a U.S. shareholder, saying that loan guarantees from offshore subsidiaries trigger a requirement to include the subsidiaries’ earnings.

  • November 14, 2018

    DLA Piper Adds Gómez-Acebo Arbitration Atty In Spain

    DLA Piper has nabbed a partner from Gómez-Acebo & Pombo to serve as the head of its litigation and arbitration team in Spain, bringing his experience in guiding financial institutions and other clients through civil and criminal litigation, international arbitration, and administrative actions.

  • November 14, 2018

    No More Bank Rule Rollbacks From House, Rep. Waters Says

    The likely next chair of the House Financial Services Committee, Rep. Maxine Waters, D-Calif., warned Wednesday that the days of post-crisis bank rule rollbacks are numbered and pressed the Federal Reserve’s point man for supervision to promise not to weaken capital standards for the largest banks.

  • November 14, 2018

    Ex-State Street Exec Gets 6 Mos. For Role In Fraud Scheme

    Despite a passionate plea to avoid serving time behind bars 5,000 miles away from his home, a former State Street Corp. executive was sentenced to six months in federal prison Wednesday for his role in a scheme to tack on millions of dollars in hidden fees to unsuspecting international clients.

  • November 14, 2018

    Payment Processor Gets Nod For Revised $7.5M TCPA Deal

    Payment processor Total Merchant Services Inc. will shell out $7.5 million to settle a proposed class action accusing it of making over 235,000 telemarketing calls that violated the Telephone Consumer Protection Act, in a deal preliminarily approved by a California federal judge.

  • November 14, 2018

    MoneyGram Investor Sues After $125M FTC Fraud Deal

    A MoneyGram International investor lodged a proposed securities class action in Illinois federal court Wednesday accusing the money transfer company of lying about its anti-fraud compliance, leading to overinflated stock prices that sunk after a $125 million settlement with the FTC was revealed.

  • November 14, 2018

    UBS Says FDIC's Competition Claim Over Libor Is Too Late

    UBS AG urged a London judge on Wednesday to strike out a claim from the U.S. Federal Deposit Insurance Corp. that alleges it colluded with other banks to suppress a key interest rate benchmark, arguing the FDIC waited too long to file the suit.

  • November 14, 2018

    In Leap To Plaintiffs Boutique, Munger Vet Makes Rare Move

    It's uncommon for attorneys to jump from the world of defending corporations in bet-the-company litigation to pursuing those same suits, but former Munger Tolles & Olson LLP partner Marc Dworsky has made that 180-degree turn and says he's thrilled with the decision.

  • November 13, 2018

    NJ Firm Can Drop Client In Insurance Fraud Suit

    A law firm was allowed to withdraw as counsel for a New Jersey homeowner Tuesday in an insurance fraud suit brought by mortgage lender Wilmington Savings Fund Society FSB, after a federal judge determined the defendant has not been responsive with her attorneys or paid her legal bills.

  • November 13, 2018

    Quicken Loans, Marketing Firm Shed Wiretap Class Claims

    A New Jersey federal judge has tossed most of a proposed class action alleging online marketing company NaviStone Inc. unlawfully intercepted keystrokes and mouse clicks by users of Quicken Loans Inc.'s website, ruling that the customer-tracking software was legal under federal privacy law because both Quicken Loans and NaviStone consented to the interception.

  • November 13, 2018

    OCC, FDIC Try To Shut Down Lenders' 'Choke Point' Suit

    The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have urged a D.C. federal judge to grant them quick wins in a lawsuit over their alleged roles in Operation Choke Point, arguing the payday lenders behind the suit haven't backed up their due process claims against them.

Expert Analysis

  • 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.

  • What To Expect From New Democratic Investigation Efforts

    Reginald Brown

    The new Democratic House majority is expected to direct much of its attention to executive branch oversight and accountability. Companies and their legal counsel should be prepared for a dramatically changed collateral environment as investigations cover a wide range of topics, say attorneys at WilmerHale.

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Opinion

    An Opportunity To Slow The Rise Of Securities Class Actions

    Joshua Briones

    A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.

  • Iran Sanctions Reimposed: 5 Key Questions

    Mario Mancuso

    With this week's reimposition of the final tranche of U.S. sanctions against Iran, foreign subsidiaries of U.S. companies must ensure they have concluded all Iran-related business. The addition of more Iranian individuals and entities to the specially designated nationals list means additional compliance risks, say attorneys with Kirkland & Ellis LLP.

  • Opinion

    Time To Reclaim Wellness For All Lawyers

    Leesa Klepper

    The decision last month by Baker McKenzie’s global chairman to step down due to exhaustion indicates that the legal profession needs to mount a broader wellness effort to address long hours, high stress, frequent travel and the daily demands of practice, says Leesa Klepper, director of Thrivewell Coaching.