Banking

  • February 16, 2018

    No Rehearing After DC Circ. Backs Toss Of Chase FCA Suit

    The D.C. Circuit on Friday said it wouldn’t reconsider a ruling affirming the dismissal of a would-be whistleblower’s False Claims Act suit accusing JPMorgan Chase of failing to live up to responsible mortgage lending obligations agreed to under a post-financial crisis settlement.

  • February 16, 2018

    Muni Market Shaken By Puerto Rico Special Revenues Ruling

    Municipal bonds secured by pledged special revenue streams have long been prized as safe bets, but a recent ruling in Puerto Rico’s restructuring cases that payment on those obligations is not required in bankruptcy has riled investors and left legal experts confounded over a largely untested Bankruptcy Code provision.

  • February 16, 2018

    US Hits Back At AmEx In High Court Steering Rules Case

    The U.S. government criticized American Express Co. on Thursday for defending contract provisions that prevent merchants from steering customers to other credit cards, in a closely watched antitrust case before the U.S. Supreme Court.

  • February 16, 2018

    FCC Halts Bitcoin Miner For Cell Network Interference

    The Federal Communications Commission said it has been forced to come down on a New York man whose operation of a bitcoin transaction monitor was interfering with T-Mobile’s cellular network.

  • February 16, 2018

    Newswire Hacker Can’t Beat $30M Securities Fraud Case

    A Brooklyn federal court rejected a former Morgan Stanley fund manager's request to trim his indictment for allegedly scheming to make $30 million by trading on information from stolen press releases, with the judge finding Friday the charges were sufficiently specific.

  • February 16, 2018

    Insurer Says Utah Bank, Finance Co. Can't Duck Award

    Allied World Assurance urged federal courts in Utah and New York on Thursday to confirm an international arbitration award against the Bank of Utah and a finance company valued at $424,392 and argued that the separate cases should not be consolidated.

  • February 16, 2018

    UBS Says CFTC Order Doesn't Goose Gold-Fix Claims

    UBS AG has told a New York federal court that the U.S. Commodity Futures Trading Commission’s consent order fining the Swiss bank $15 million over alleged spoofing does not bolster gold sellers’ claims that UBS was part of a conspiracy to manipulate a benchmark price of gold.

  • February 16, 2018

    SEC Halts Trading In 3 Penny Stocks Tied To Cryptocurrency

    The U.S. Securities and Exchange Commission on Friday suspended trading in three penny-stock companies, questioning the accuracy of recent statements they all made claiming substantial acquisitions in assets tied to cryptocurrency and blockchain technologies.

  • February 16, 2018

    Judge Iffy On Spiking Bank’s $45M Fraud Suit Against Tilton

    A New York state judge expressed uncertainty at a hearing on Friday about whether she could consider a new motion to dismiss a German lender’s $45 million fraud suit against Lynn Tilton and her companies over its investments in two of her funds.

  • February 16, 2018

    Caterpillar's Tax Bill May Reach $2.3B After IRS Audit

    Caterpillar Inc. may owe the Internal Revenue Service $2.3 billion in taxes and penalties following the conclusion of field audits concerning its income tax returns and profits earned by its Swiss affiliate, according to the annual report the company filed Thursday.

  • February 16, 2018

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

    The last week has seen Chubb bring an action against U.S. forestry giant Weyerhaeuser, Russia's Kapital Insurance lodge a claim against more than a dozen insurers and reinsurers, and the Financial Services Compensation Scheme sue Heritage Corporate Trustees for breach of fiduciary duty. Here, Law360 looks at those and other new claims in the U.K.

  • February 16, 2018

    Lawmakers Weigh Publishing RBS Report After FCA Refuses

    The Financial Conduct Authority refused Friday to publish a leaked report on the Royal Bank of Scotland PLC's controversial treatment of troubled small businesses, leaving British lawmakers to decide on Tuesday whether to release the lengthy review of the much-maligned RBS unit. 

  • February 16, 2018

    Global Authority Wants Faster Cross-Border Payment Systems

    Payments systems should be reworked to make greater use of digital currencies to speed up cross-border payments that are currently slower and more costly than they need to be, a global standards setter said in a report Friday.

  • February 15, 2018

    Puerto Rico Electric Co. Denied Bid For Emergency Loan

    Access to electricity in Puerto Rico may be in short-term peril after a New York federal judge on Thursday denied the territory’s insolvent power utility access to $1 billion in emergency financing offered by the island’s central government, finding the superpriority lien attached to the loan unjustified.

  • February 15, 2018

    Ex-ICE Attorney Cops To Stealing Immigrant IDs

    A former top attorney at U.S. Immigration and Customs Enforcement's Seattle branch has pled guilty to charges he stole the identity of seven immigrants and attempted to use that information to defraud several major financial institutions, his attorney announced Thursday.

  • February 15, 2018

    Bank Backs Egyptian Yeast Co. With $52M Loan

    The European Bank for Reconstruction and Development said Thursday that it's supplying an Egyptian yeast producer with a $52 million loan to expand its export business, its first deal with a Chinese-owned company. 

  • February 15, 2018

    Commerce IDs Russian Entities It Says Meddled In Crimea

    The Commerce Department has added 21 entities to its list of those it deems to have undermined Ukraine’s sovereignty following Russia’s 2014 annexation of the European country’s Crimea region, according to a notice set to publish Friday in the Federal Register.

  • February 15, 2018

    2 Long Island Mortgage Co. Execs Cop To $9M Fraud

    Two mortgage executives accused of lying to banks in order to obtain nearly $9 million in short-term loans for Long Island mortgage lender Vanguard Funding LLC admitted in New York federal court on Thursday to conspiring to commit wire and bank fraud, the Brooklyn U.S. Attorney’s Office said.

  • February 15, 2018

    Pa. Auto Leasing Co. Defaulted On $10.7M Loan, Bank Says

    KeyBank NA sued a car rental company in Pennsylvania federal court on Wednesday, accusing Fleetway Leasing Co. and an affiliate of defaulting on $10.7 million in loans and fraudulently inflating their performance numbers.

  • February 15, 2018

    Mass. Regulator Charges Scottrade Over Sales Contests

    The Massachusetts securities regulator on Thursday accused Scottrade Inc. of holding sales contests it knew flouted an internal impartial conduct standard it adopted to comply with the U.S. Department of Labor’s so-called fiduciary rule for retirement account advisers.

Expert Analysis

  • Understanding Texas Mechanic's Liens And Bonds: Part 1

    Excerpt from Lexis Practice Advisor
    David Tolin

    Texas is home to relatively complex statutory frameworks for liens and bonds used to secure payment for services rendered. Statutory and constitutional liens provide powerful remedies for nonpayment, but only if the proper guidelines are strictly observed, says David Tolin of Cokinos Young.

  • A Look At US And EU Fintech Regulatory Frameworks

    Brian Christiansen

    The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Delaware May Be The Right Jurisdiction For 'Smart' Orgs

    Matthew O’Toole

    As distributed ledgers and blockchains emerge as means for processing and recording corporate and commercial transactions, the Delaware LLC may become an attractive organizational form for next-generation "decentralized autonomous organizations," say attorneys with Potter Anderson Corroon LLP.

  • How Emerging Sources Of ESI Will Impact Discovery

    Charles McGee

    Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle LLP.

  • Put The Brakes On Acceleration Bay Litigation Funder Ruling

    David Gallagher

    Last week, the District of Delaware raised eyebrows by ruling that documents provided to a litigation funder and its counsel in connection with their due diligence are categorically not attorney work product. Acceleration Bay v. Activision Blizzard seems to be a case of bad facts making bad law, says David Gallagher, investment manager and legal counsel for Bentham IMF.

  • How Bank Secrecy Act Affects Lending To Foreign Borrowers

    Kevin Kim

    U.S. real estate has become a very attractive investment for overseas investors. For those financial services companies that lend to foreign borrowers, some simple steps added to their underwriting policies can ensure they are not violating the Bank Secrecy Act, says Kevin Kim of Geraci Law Firm.

  • Recent Trends In Structuring Risk Retention Vehicles

    Jason Schwartz

    In the wake of the financial crisis, the U.S. and Europe enacted “risk retention” rules that require sponsors of securitization vehicles to maintain a financial interest in those vehicles. Here, attorneys with Cadwalader Wickersham & Taft LLP look at the “capitalized management vehicle” structure that many collateral managers are using to comply with the rules, and the likely impact of a recent D.C. Circuit ruling.

  • The Impact Of Kokesh So Far, And What's Next: Part 2

    Carmen Lawrence

    Kokesh changed the paradigm for remedies in U.S. Securities and Exchange Commission enforcement actions, but the potential ramifications go well beyond what initially meets the eye. As we are starting to see, Kokesh's full impact will not be limited to disgorgement or the SEC, say attorneys with King & Spalding LLP.

  • Considerations For Attorneys Using Artificial Intelligence

    Ben Allgrove

    Artificial intelligence tools can empower attorneys to work more efficiently, deepen and broaden their areas of expertise, and provide increased value to clients, which in turn can improve legal transparency, dispute resolution and access to justice. But there are some common pitfalls already apparent in the legal industry, say Ben Allgrove and Yoon Chae of Baker McKenzie.

  • Why Blockchain’s Impact On The Retail Sector Is Growing

    Scott Kimpel

    Retail and consumer products companies can no longer afford to ignore blockchain as a passing trend. From tracing the source of a defective item, to verifying products' authenticity, to simplifying international shipping, to streamlining consumer loyalty programs, blockchain is increasingly becoming a valuable tool, say Scott Kimpel and Mayme Beth Donohue of Hunton & Williams LLP.