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Banking

  • July 16, 2018

    Russian Woman Charged With Acting As Foreign Agent

    A Russian citizen and former graduate student at American University was arrested over the weekend on charges she acted at the behest of a high-ranking Kremlin official as a “covert agent” of the Russian government, Justice Department officials announced Monday.

  • July 16, 2018

    Puerto Rico Pension Investors Can Sue US Gov't, Judge Rules

    A federal judge on Friday rebuffed the U.S. government by forcing it to face a lawsuit brought by a group of investors with billions at stake in diverted Puerto Rico public pension contributions, saying the bondholders have a valid constitutional claim against a federal entity.

  • July 16, 2018

    Deals Rumor Mill: Mediaset, Ele.me, Santander

    Mediaset is reportedly planning on partnering with F2i to takeover EI Towers, the food delivery business of e-commerce giant Alibaba wants to pocket as much as $2 billion in new funding, and Banco Santander could see bids for its toxic real estate assets come from Blackstone Group and Cerberus.

  • July 16, 2018

    CFTC Fights Ex-UBS Trader's Bid To Ax Spoofing Suit

    The U.S. Commodity Futures Trading Commission on Friday pushed back on a former UBS AG trader’s bid to dismiss its suit accusing him of a spoofing scheme, telling a Connecticut federal court that the suit’s allegations are plenty detailed and that the statutes he’s alleged to have violated are clear.

  • July 16, 2018

    Executive Order Boosts Fears Of Politically Influenced ALJs

    An executive order signed last week by President Donald Trump eliminating the competitive examination and selection procedures for appointing administrative law judges has heightened concerns that both the ALJ hiring process and decisions made by the judges will be unduly influenced by politics, legal experts said Monday.

  • July 16, 2018

    Banks Seek Toss Of Claims Against Affiliates In Libor MDL

    Bank of America and JPMorgan Chase asked a New York federal court on Friday to dismiss claims against the subsidiaries and affiliates of banks that allegedly conspired to manipulate the London Interbank Offered Rate, saying those affiliates could not have plausibly contributed to the scheme.

  • July 16, 2018

    PayPal, Execs Look To Boot Investors’ Data Breach Suit

    PayPal Holdings Inc. and its top brass dug into a putative shareholder class action on Friday blaming them for a data breach at a newly acquired subsidiary, telling a California federal judge that investors couldn’t show they’d been intentionally misled given the company's transparency about network vulnerabilities.

  • July 16, 2018

    Foreign Banks Want Out Of Canadian Rate-Rigging Suit

    Foreign banks including Deutsche Bank AG, HSBC Bank PLC and the Royal Bank of Canada urged a New York federal court on Friday to dismiss a proposed class action accusing them and their affiliates of conspiring to rig a benchmark interest rate linked to the cost of borrowing Canadian dollars, saying the U.S. lacks jurisdiction.

  • July 13, 2018

    Probe Of Cos. Tied To Alleged Indian Fraudster May Be Pared

    An examiner investigating Indian billionaire Nirav Modi’s ties to bankrupt U.S. jewelry businesses asked a New York bankruptcy judge Thursday to pare down the scope of his investigation, a day before one of the jewelry businesses filed a sale motion following an auction that yielded winning bids totaling $1.3 million.

  • July 13, 2018

    Agrokor Seeks US Court Relief As It Restructures In Croatia

    Croatian food and beverage giant Agrokor asked a New York bankruptcy court on Thursday to recognize its financial restructuring proceedings taking place in Croatia, where the mass enterprise is handing over much of the business to lenders, including two large Russian banks.

  • July 13, 2018

    Debt Collector Needn't Pay Fines In Full Under CFPB Deal

    National Credit Adjusters LLC and its former CEO have agreed to pay reduced monetary penalties totaling $800,000 as part of a deal settling the Consumer Financial Protection Bureau’s claims that they engaged in and assisted with illegal debt collection acts and practices, the CFPB said Friday.

  • July 13, 2018

    Anglo Irish Investor Accuses Liquidators Of Fraud

    A former investor in the failed Anglo Irish Bank urged the Delaware Bankruptcy Court on Friday to withdraw credentials for the bank’s liquidators, accusing them of fraudulently trying to collect on a controversial loan that propped up the bank’s stock price during the 2008 financial crisis.

  • July 13, 2018

    Navient Says Borrower Docs Dispute Is Between CFPB, DOE

    Navient Solutions Inc. said Friday that it's not calling the shots when it comes to borrower records that the Consumer Financial Protection Bureau wants produced for its suit over the company’s student loan servicing practices, telling a Pennsylvania federal judge that the agency’s beef is with the U.S. Department of Education.

  • July 13, 2018

    Novartis Slams Sens.' Report About Michael Cohen Contract

    Swiss pharmaceutical giant Novartis on Friday hit back at the findings of a report from senators that accused the drugmaker of making a false statement about how long the company retained Michael Cohen, the former personal attorney to President Donald Trump.

  • July 13, 2018

    Puerto Rico Fed. Oversight Board Picks Ruled Constitutional

    The federal judge presiding over Puerto Rico's bankruptcy-like cases ruled Friday that the panel of federal advisers charged with rehabilitating the island's financial health are territorial officers who were lawfully appointed without U.S. Senate confirmation, rejecting a hedge fund's constitutional challenge.

  • July 13, 2018

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

    The last week has seen dozens of pension funds and other major institutional investors sue HSBC, the leadership of prestigious U.K. schools take on Scottish Widows and a dispute between two foreign exchange firms. Here, Law360 looks at those and other new claims in the U.K.

  • July 13, 2018

    Real Estate Rumors: Patelco, Beacon College, Sterling Bay

    Patelco Credit Union has reportedly bought a building in California for $55 million, Beacon College Prep is said to have dropped $8.45 million on a Florida charter school and a Sterling Bay venture is reportedly buying office and parking space at a Chicago tower for more than $300 million.

  • July 13, 2018

    Mayer Brown Adds Ex-Jones Day Atty In Finance Expansion

    Mayer Brown LLP's Chicago office has added a former Jones Day banking and finance partner with an expertise in private credit, part of a wave of hirings the firm said are meant to flesh out its global finance practice.

  • July 13, 2018

    BNY Mellon Can't Dodge Fraud Claim Over Countrywide Loan

    A New Jersey appellate court overturned a win for Bank of New York Mellon in a mortgage foreclosure dispute, ruling on Friday that the family of a deceased homeowner had provided enough evidence to argue the Bank of America division had knowingly approved a fraudulent mortgage application.

  • July 13, 2018

    14 Firms To Guide IPOs Exceeding $1.1B As Deals Resume

    Fourteen firms will steer initial public offerings by 10 companies projected to raise $1.1 billion during the week of July 16, led by an estimated $300 million IPO from a private equity-backed energy equipment manufacturer, plus smaller deals by biotechnology firms, banks and a medical marijuana exporter.

Expert Analysis

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • CFPB And The Issue Of Its Legitimacy

    Joann Needleman

    A few months after the D.C. Circuit held in PHH that the structure of the Consumer Financial Protection Bureau is constitutional, the bureau’s future still remains unclear due to a New York federal judge's recent ruling in RD Legal Funding. And the nomination of Judge Brett Kavanaugh to the U.S. Supreme Court moves the constitutionality of the CFPB to the front of the line, say attorneys with Clark Hill PLC.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.

  • Series

    Judging A Book: Hood Reviews 'Lawyering From The Inside Out'

    Judge Denise Hood

    Law professor Nathalie Martin's new book, "Lawyering From the Inside Out: Learning Professional Development Through Mindfulness and Emotional Intelligence," can be of value to any lawyer aiming to achieve greater productivity, relieve the stress of the legal profession and focus on goals, says U.S. District Chief Judge Denise Page Hood of the Eastern District of Michigan.

  • Challenging SEC Authority To Enforce The Bank Secrecy Act

    Bob Loeb

    In the past few years, the U.S. Securities and Exchange Commission has become increasingly active in bringing enforcement actions based on broker-dealers' alleged failures to comply with the Bank Secrecy Act. But the SEC's authority to bring BSA actions has never been established — and is currently being challenged in SEC v. Alpine Securities, say attorneys with Orrick Herrington & Sutcliffe LLP.

  • 3 Top E-Discovery Case Law Lessons Of 2018 (So Far)

    Casey Sullivan

    The blockbuster e-discovery cases, with big sanctions and bigger controversies, have been few and far between this year. But that doesn’t mean the legal questions around e-discovery have been answered. Let’s take a closer look at three cases worthy of our attention, says Casey Sullivan, an attorney at discovery technology provider Logikcull.

  • The 1st Judicial Finding That Digital Tokens Are Securities

    Deborah Meshulam

    A Florida magistrate judge's finding last month that tokens issued and sold by technology startup Centra Tech are investment contracts could serve as a road map for the evaluation of token sales in other cases, say attorneys with DLA Piper.

  • Another Decision In Goldman Code Theft Case

    Jonathan Waisnor

    The Aleynikov case demonstrates that employees who attempt to use the proprietary source code of their former employers without authorization may face not only the risk of civil liability, but also prosecution under local criminal statutes. And they could also face liability under the recently expanded federal Economic Espionage Act, says Jonathan Waisnor of Willkie Farr & Gallagher LLP. 

  • Following The Tax Map To Deduct Loan Commitment Fees

    Mark Leeds

    The deduction for interest as a business expense was substantially limited by last year’s revision of IRC Section 162(c). But last month's IRS chief counsel memo has advised that borrowers in lending transactions can deduct unused commitment fees and provides taxpayers with a road map for structuring transactions to avoid the new limitations, say Mark Leeds and Brennan Young of Mayer Brown LLP.

  • Opinion

    Law Schools Must Take A Stand Against Mandatory Arbitration

    Isabel Finley

    Later this week, Harvard Law students will begin bidding on interview slots with the nation’s top law firms. Our institutions owe it to their students not only to require firms to disclose mandatory arbitration provisions in new associate contracts, but also to bar employers from on-campus recruiting if they require these provisions, says Isabel Finley, a third-year student at Harvard Law School and president of the Harvard Women’s Law Association.