Banking

  • May 28, 2020

    Seattle Fed. Courts May Not Hold Trials Until 2021, Judge Says

    A Seattle federal judge made an educated guess this week that civil and criminal jury trials in the Western District of Washington will likely not resume until at least 2021 due to the spread of the deadly coronavirus.

  • May 28, 2020

    PPP Loan Flexibility Passes House; Disclosure Falls Short

    A nearly unanimous House on Thursday approved a bill that would give more time and flexibility to businesses that receive forgivable loans through the Paycheck Protection Program, but Republicans defeated a proposal for public disclosure of all loans over $2 million.

  • May 28, 2020

    Banks May Avoid Prosecutors' PPP Fraud Wrath, For Now

    With Paycheck Protection Program fraud cases popping up across the country like spring flowers, thousands of lenders that have participated in the coronavirus relief loan program could be forgiven for worrying the crackdown is coming for them too. But experts say banks can rest easy, at least for now, with the primary focus still on borrower fraud.

  • May 28, 2020

    N. Korea's Secret Foreign Banks Laundered $2.5B, DOJ Says

    The U.S. Department of Justice accused 28 North Korean bankers of helping launder more than $2.5 billion out of the sanctioned country in a scheme that involved setting up secret branches of a state-owned bank in foreign countries, according to an indictment unsealed in D.C. federal court Thursday.

  • May 28, 2020

    Coronavirus Litigation: The Week In Review

    A BigLaw firm and the NBA face lawsuits over allegedly delinquent rent payments, House Republicans are suing Speaker Nancy Pelosi over proxy voting amid the ongoing pandemic and Enterprise Rent-A-Car employees say the company should have warned them that mass layoffs were on the horizon. 

  • May 28, 2020

    Pa. Mall Lender Says COVID-19 No Escape From Rent Seizure

    The loan servicer for a Pittsburgh-area shopping center said a major tenant's rent reduction was a valid trigger for diverting all the tenants' rents toward its debt repayment and said the mall couldn't cite the COVID-19 pandemic to get an emergency injunction, according to filings in federal court Thursday.

  • May 28, 2020

    Hong Kong Policy Shift Could Usher In Trade Firestorm

    The Trump administration's declaration that Hong Kong is no longer autonomous from China has opened the door for a wave of potential new trade and investment restrictions that could severely curtail American companies' ability to do business in the region.

  • May 28, 2020

    Pulling Up Stakes: Sidley Austin, Baker McKenzie, Orrick

    In Law360's latest roundup of deal-makers on the move, Sidley Austin nabbed Shearman & Sterling's former head of global leveraged finance and private capital; Baker McKenzie added a banking and finance pro in Hong Kong; and Orrick picked up an M&A and private equity partner in Paris.

  • May 28, 2020

    Deals Rumor Mill: Jio Platforms, Volkswagen, Amazon

    Mubadala and Twitter are separately considering $1 billion investments in Jio Platforms, Volkswagen is on the verge of buying stakes in two Chinese electric vehicle companies and Amazon might purchase self-driving technology startup Zoox. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • May 28, 2020

    SEC Seeks $2.5M From Ponzi Scheme Operator

    The U.S. Securities and Exchange Commission asked a Utah federal judge Wednesday to grant a $2.5 million default judgment against the incarcerated owner of an online advertising business following a 2017 injunction against the alleged international Ponzi scheme.

  • May 28, 2020

    Venezuelan Prez Question Made Priority In $1B Gold Dispute

    The English courts need to determine whom the U.K. government formally recognizes as president of Venezuela before hearing any bid for forcing the release of €930 million ($1 billion) worth of the country's gold from the Bank of England's vaults, a London judge ruled Thursday.

  • May 28, 2020

    Feds Say 'Brazen' Ex-Goldman Banker Deserves 3 Years

    Federal prosecutors on Wednesday contended that a former Goldman Sachs banker had played a critical role in an insider trading plot and should spend three years in federal prison, the global pandemic notwithstanding, but added that he shouldn't have to start that sentence until it was safe to do so.

  • May 27, 2020

    Request To Extradite Huawei Exec Clears Key Benchmark

    A Canadian court on Wednesday removed a key barrier for the potential extradition to the U.S. of Huawei top executive Meng Wanzhou to face charges in New York stemming from a purported scheme to deceive banks about Huawei's operations in Iran.

  • May 27, 2020

    Capital One Ordered To Release Report Of Massive Data Heist

    Capital One Financial Corp. has been ordered to disclose a cybersecurity firm's forensic analysis of its massive 2019 data breach, after a Virginia federal court that is hearing consumer litigation stemming from the breach rejected an argument that the report is protected by attorney-client privilege.

  • May 27, 2020

    Latham And Fenwick Steer Coinbase's Acquisition Of Tagomi

    Fenwick & West LLP-advised Coinbase announced on Wednesday the acquisition of crypto-focused prime brokerage platform Tagomi with a team from Latham & Watkins in its corner, as the well-known cryptocurrency exchange seeks to bolster its offerings to institutional clients.

  • May 27, 2020

    Judge Urges Sides To Settle PNC Bank Sex Assault Case

    A New Jersey state judge on Wednesday urged PNC Bank and a former employee to try to strike a deal amid their competing bids for new trials in the ex-worker's suit against the financial institution over being attacked by a customer, saying the matter "should be settled."

  • May 27, 2020

    Gov't Can Depose Manafort's Banker And Obtain Assets Docs

    Federal prosecutors attempting to seize assets from former Trump campaign boss Paul Manafort have been cleared to obtain testimony from an ex-bank executive accused of attempting to bribe the onetime chairman with $16 million in risky loans in exchange for a job in the administration.

  • May 27, 2020

    SEC Confronts Fraud Amid 'Spike' In COVID-19 Tips

    The U.S. Securities and Exchange Commission is fielding a "spike" in COVID-19-related tips, complaints and referrals, or TCRs, many of which are leading to new investigations that the commission will look to probe in short order, an agency official said Wednesday.

  • May 27, 2020

    Hong Kong Not Autonomous From China, State Dept. Says

    The U.S. Department of State has found that Hong Kong is no longer autonomous from China and should not be treated as though it is, a decision that could have sweeping implications for U.S. trade and diplomacy in the region.

  • May 27, 2020

    Atty Accused Of Bankruptcy Fraud, Duping Clients Out Of $1M

    A Florida attorney has been charged with defrauding clients out of $1.3 million as part of a scheme involving property owners facing foreclosure and bankruptcy, federal prosecutors announced on Wednesday.

  • May 27, 2020

    CFPB Says Chicago Was 'Hotbed' Of Fifth Third Misconduct

    The Consumer Financial Protection Bureau says its unauthorized accounts lawsuit against Fifth Third Bank NA should remain in Chicago instead of being moved to Ohio because the Windy City has been a "hotbed of unscrupulous conduct" by the bank's employees.

  • May 27, 2020

    2nd Circ. Keen To Untangle $1.7B Iran Terror Asset Fight

    A Second Circuit panel looked ready Wednesday to quickly send families of U.S. soldiers killed in an Iran-backed bombing back to a Manhattan federal judge to collect $1.68 billion of Iranian assets held by European banking giant Clearstream, after Congress specifically authorized them to do so.

  • May 27, 2020

    Weil-Led Co. Prices Year's Second-Largest Blank-Check IPO

    Weil-led Foley Trasimene Acquisition Corp. debuted in public markets Wednesday after pricing a $900 million initial public offering that could fund the acquisition of a fintech business, marking this year's second-largest IPO by a blank-check company.

  • May 27, 2020

    Ex-JPMorgan Trader Wants Separate Trial In Spoofing Case

    One of four suspects in a market manipulation scheme run out of the precious metals department at JPMorgan Chase & Co. urged an Illinois federal judge Tuesday to let him have his own trial, arguing that a joint trial with his co-defendants would prejudice the jury against him.

  • May 27, 2020

    Chase Customers Try To Seal $2.5M Crypto Fee Settlement

    Chase credit card holders on Tuesday asked a Manhattan federal judge to approve their proposed $2.5 million settlement with the bank, which would end claims they were unfairly charged cash-advance fees when they used their cards to buy cryptocurrency.

Expert Analysis

  • Opinion

    Don't Cancel Your Summer Associate Programs

    Author Photo

    While pulling off an effective summer associate program this year will be no easy feat, law firms' investments in their future attorneys should be considered necessary even during this difficult time, says Summer Eberhard at Major Lindsey.

  • Calif. Justices' Ruling Marks Turning Point For Jury Trial Right

    Author Photo

    The California Supreme Court’s holding that unfair competition and false advertising claims don’t need to be tried by a jury in Nationwide Biweekly v. Superior Court creates a framework for analyzing causes of action under other state laws that could steer courts to similar conclusions, says Patrick Hammon at McManis Faulkner.

  • Pandemic Elevates Cos.' Compliance Risks In Latin America

    Author Photo

    While Latin American governments respond to pandemic-related financial needs, multinational companies face elevated compliance risks from increased interaction with government officials, and new enforcement policies related to the misappropriation of funds, expedited government contracting, increased transparency and monitoring, and international cooperation, say attorneys at K&L Gates.

  • 5 Ways To Reduce Post-Pandemic Legal Malpractice Exposure

    Author Photo

    History suggests that legal malpractice claims will rise following the current economic downturn, and while a certain percentage of the claims will be unavoidable, there are prophylactic steps that law firms can take, says John Johnson at Cozen O'Connor.

  • Opinion

    Garnishment Must Be Clarified In Pandemic Relief Laws

    Author Photo

    In its haste to enact COVID-19 relief legislation, Congress overlooked exempting federal stimulus payments from garnishment by private creditors — an omission that is causing additional financial pain for individuals and small businesses, and difficulty for banks, say John Culhane and Lori Sommerfield at Ballard Spahr.

  • Justices' SEC Disgorgement Ruling May Shape FCPA Matters

    Author Photo

    The U.S. Supreme Court’s upcoming opinion in Liu v. U.S. Securities and Exchange Commission may call into question when Foreign Corrupt Practices Act settlements should be subject to disgorgement, say Matthew Rutter and Neal Hochberg at Charles River Associates.

  • What OFAC Means By A Risk-Based Approach To Compliance

    Author Photo

    Even though the Office of Foreign Assets Control has acknowledged COVID-19 challenges, the agency still expects companies to take a risk-based approach to sanctions compliance by routinely updating programs that reflect their individual business models, customer bases and geographic operations, say Mario Mancuso and Abigail Cotterill at Kirkland & Ellis.

  • COVID-19, Contango And Energy's New Economic Reality

    Excerpt from Lexis Practice Advisor
    Author Photo

    During the current pandemic, counsel for energy companies must be prepared for the market condition known as contango — where short-term and long-term energy prices operate differently — and with pressure from banks providing reserve-based lending facilities, says Cameron Kinvig at Lexis Practice Advisor.

  • Opinion

    Credibility Concerns About Virtual Arbitration Are Unfounded

    Author Photo

    Concerns that videoconferenced arbitration hearings compromise an arbitrator's ability to reliably resolve credibility contests are based on mistaken perceptions of how many cases actually turn on credibility, what credibility means in the legal world, and how arbitrators make credibility determinations, says Wayne Brazil at JAMS.

  • Traps For The Unwary In Class Actions Targeting PPP Lenders

    Author Photo

    Recent class actions challenging how lenders prioritized Paycheck Protection Program applications or alleging failure to pay agent fees to those facilitating loan applications may be based on the flimsiest of legal theories, however risks still exist, as we saw earlier this month in a Michigan federal court decision, say Richard Gottlieb and Brett Natarelli at Manatt.

  • Human Rights Are Becoming A Compliance Issue

    Author Photo

    A recent commitment from the European Union's commissioner for justice to introduce rules for mandatory corporate human rights due diligence next year may signal the arrival of this issue as a global business imperative, making it as fundamental as anti-corruption diligence, say attorneys at Paul Hastings.

  • How CFTC's Agricultural Enforcement May Evolve Amid Crisis

    Author Photo

    The U.S. Commodity Futures Trading Commission recently singled out agricultural commodities market manipulation as an area of focus, potentially representing a return to the agency’s core mission that could shape enforcement during the current crisis, say attorneys at Latham.

  • Federal Program Bribery Law May Reach PPP Loan Recipients

    Author Photo

    Public and private entities receiving funds under the Paycheck Protection Program, and others engaged in business transactions with them, should be aware of potential criminal liability under the federal program theft and bribery statute — as the U.S. Supreme Court ruled in 2000 regarding Medicare, say attorneys at Winston & Strawn.

  • 10 Ways Financial Cos. Can Avoid Payment Relief Pitfalls

    Author Photo

    Federal and state regulators remain vigilant about the ways in which financial institutions are offering payment relief to consumers, and for many companies, simply having a robust compliance program may not do the trick, says Vaishali Rao at Hinshaw & Culbertson.

  • A Lawyer's Guide To Client Service Continuity Planning

    Author Photo

    Ensuring uninterrupted client service and compliance with ethical obligations in a time when attorneys are more likely to fall ill means taking six basic — yet often ignored — steps to build some redundancy and internal communication into legal practice, say attorneys at Axinn.

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!