Banking

  • April 26, 2018

    BREAKING: Trump Taps Judges For 2nd, 4th Circuits

    President Donald Trump announced his choices for vacancies in the Fourth and Second Circuit appellate courts Thursday, as well as courts in Florida, Texas, Tennessee and New Hampshire.

  • April 25, 2018

    SEC's Jackson Decries 'Middle-Market Tax' On IPOs

    U.S. Securities and Exchange Commissioner Robert Jackson decried Wednesday initial public offering fees as effectively a “middle-market tax” that dissuades more small to midsize companies from going public, and called for more robust disclosures explaining the cost of IPOs.

  • April 25, 2018

    Deals Rumor Mill: Eli Lilly, TransUnion, Quality Care

    Advent International and Bain Capital are eying Eli Lilly's animal health business, TransUnion's bid to buy Callcredit from GTCR has backing from $1.4 billion in leveraged loans, and Quality Care Properties received a $2 billion acquisition offer.

  • April 25, 2018

    Mulvaney's Talk To Bankers Spurs Calls For His Resignation

    The top Democrat on the Senate Banking Committee joined with consumer advocates Wednesday in calling on Consumer Financial Protection Bureau acting Director Mick Mulvaney to resign after he told a bank industry gathering this week that, while in Congress, he wouldn’t meet with lobbyists who hadn’t given him campaign contributions.

  • April 25, 2018

    Proskauer Pulls Bid At 5th Circ. To Stay $1.5B Stanford Trial

    Proskauer Rose LLP on Wednesday withdrew a request that the Fifth Circuit pump the brakes on an April 30 trial setting in a $1.5 billion lawsuit brought by the receiver for the R. Allen Stanford Ponzi scheme, just a day after asking the appellate court for a stay of the trial court proceeding.

  • April 25, 2018

    HSBC Bankers Stick Up For Former Exec Ahead Of Sentencing

    More than two dozen current HSBC employees have urged a Brooklyn federal judge to go easy in sentencing their former colleague who was convicted of a foreign currency exchange fraud, a somewhat unusual situation since HSBC itself settled criminal claims over the scheme with the U.S. Department of Justice.

  • April 25, 2018

    $3M JPMorgan Chase Unpaid OT Deal Receives Final OK

    An Illinois federal judge gave the final go-ahead Wednesday to a $3 million settlement reached between JPMorgan Chase and nearly 2,000 mortgage bankers who say the company denied them overtime pay in violation of both state and federal wage laws.

  • April 25, 2018

    FTC Accuses LendingClub Of Deceptive 'No Hidden Fees' Ads

    The Federal Trade Commission sued online lender LendingClub Corp. in California federal court Wednesday for allegedly luring prospective borrowers with promises of "no hidden fees” and then taking a hidden, initial, often $1,000-plus “origination fee” from the loan amount.

  • April 25, 2018

    AXA Seeks 2nd Circ. Rehearing In Annuities Suit

    AXA Equitable Life Insurance Co. asked the Second Circuit on Tuesday for an en banc rehearing on its decision to revive a putative class action after finding the suit's claims of AXA’s alleged deception about variable annuities were not a federal matter, saying the ruling conflicts with U.S. Supreme Court precedent.

  • April 25, 2018

    Think Finance Says CFPB Unconstitutional In Dismissal Bid

    The Consumer Financial Protection Bureau is an unconstitutional agency trying to pin the blame on Think Finance LLC for allegedly improper consumer loans that tribal lenders offered, the financial technology firm told a Montana federal judge Tuesday in seeking to have the case filed against it by the agency thrown out.

  • April 25, 2018

    Wilmington Trust Loan Cover-Up Case Goes To Del. Jury

    A federal jury in Delaware took up criminal charges Wednesday against four Wilmington Trust Corp. executives accused of conspiring to hide hundreds of millions of dollars in bad loans, after a prosecutor said in closing that the case focused on false statements and disclosures.

  • April 25, 2018

    Atty Group Backs School In $6M KPMG Fraud Detection Row

    The Massachusetts Academy of Trial Attorneys and a Boston-area housing authority this week submitted briefs backing a North Shore college in its bid to get the state’s top appellate court to reverse a decision throwing out a suit against Big Four auditor KPMG LLP for failing to catch a $6 million fraudulent loan scheme.

  • April 25, 2018

    Ex-UBS Trader Acquitted Of Spoofing Scheme

    A New Haven federal jury on Wednesday acquitted a former UBS trader accused of scheming to manipulate the precious metals futures market with “spoofing,” a trading tactic that involves the use of allegedly deceptive bids or offers to feign the appearance of supply or demand.

  • April 24, 2018

    Case Against Ex-UBS Trader In Spoofing Trial Heads To Jury

    The trial of a former UBS AG trader accused of scheming to manipulate the precious metals futures market with a trading tactic known as “spoofing” headed to a New Haven federal jury Tuesday after prosecutors wrapped up their case by emphasizing the testimony, trading data and other evidence they’ve presented over the past week.

  • April 24, 2018

    FCA Investigator Disputes Boss' Statements In Libor Case

    An investigator for the U.K. Financial Conduct Authority testified in a marathon hearing in Manhattan federal court Tuesday that his boss at the financial regulator seems to have made a misrepresentation in the case of two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate.

  • April 24, 2018

    Justices' Arab Bank Ruling To Force Alien Tort Suit Rethink

    A decision by the U.S. Supreme Court on Tuesday to find foreign corporations exempt from liability under the Alien Tort Statute is likely to lead to pressure on Congress to pass a law spelling out when non-U.S. companies can be sued for overseas human rights abuses, even if the prospects for such legislation appear dim.

  • April 24, 2018

    'Doubt' Fatal To Wilmington Trust Exec Case, Defense Says

    Missing links, unsupported charges and reasonable doubt riddle the criminal fraud and conspiracy case federal prosecutors laid out against four Wilmington Trust Corp. executives accused of hiding hundreds of millions of dollars in past due loans, defense attorneys argued near the end of a trial in Delaware on Tuesday.

  • April 24, 2018

    3 Firms To Pay $800K More Amid Billable Hour Probe

    Labaton Sucharow LLP, Thornton Law Firm LLP and Lieff Cabraser Heimann & Bernstein LLP will pay up to $800,000 more to cover costs for a probe into whether they inflated billable hours to claim $75 million in fees in a suit against State Street Corp. over its foreign exchange practices, a Massachusetts federal judge ruled Tuesday.

  • April 24, 2018

    Puerto Rico Judge Must Rethink Sharing Of Fiscal Plan Docs

    A Puerto Rican federal judge said Tuesday that the magistrate judge overseeing the investigation into the origins of the island's crippling debt crisis needs to reconsider what information its government can and cannot assert is privileged.

  • April 24, 2018

    Proskauer Asks 5th Circ. To Stay $1.5B Stanford Trial

    Proskauer Rose LLP asked the Fifth Circuit on Tuesday to stay trial in a $1.5 billion suit brought by the receiver for the R. Allen Stanford Ponzi scheme, arguing in the firm’s latest attempt to evade trial that its appeal divests the trial court of jurisdiction.

Expert Analysis

  • Courts Must Soon Tackle Critical Questions About ICOs

    Michael Canty

    A number of class actions have been filed against initial coin offering founders for securities fraud, which means courts will soon begin to grapple with applying the federal securities laws to a new and potentially groundbreaking fundraising mechanism, say Michael Canty and Ross Kamhi of Labaton Sucharow LLP.

  • Calibrating Structural And Decisional Independence For ALJs

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    When the solicitor general agreed with Raymond Lucia's argument that the U.S. Securities and Exchange Commission itself must appoint administrative law judges to conform with the appointments clause, the result in Lucia v. SEC seemed foreseeable. But oral arguments this week suggest that the U.S. Supreme Court justices may be more divided than expected, says professor Harold Krent of IIT Chicago-Kent College of Law.

  • 11th Circ. Decision Deepens An FCA Circuit Split

    Douglas Baruch

    The Eleventh Circuit's False Claims Act decision this month in U.S. v. Cochise results in a clear and stark circuit court split. The issue of whether the extended limitations period may be invoked by relators in declined qui tam actions — and, if so, whose knowledge triggers the clock — is now ripe for resolution by the U.S. Supreme Court, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • The Benefits And Challenges Of Lending To Series LLCs

    Kristin Rylko

    Lenders considering advancing credit to a series limited liability company should be aware that there remains uncertainty surrounding the treatment of a series under state law and the Bankruptcy Code, but that there are techniques available to help mitigate the risks, say attorneys with Mayer Brown LLP.

  • Crypto Set To Drive Demand For Traditional Services: Part 2

    Izzy Nelken

    There is speculation that smart contracts may enable technology to replace the practice of law. However, disputes will almost certainly arise as a result of the innate characteristics of smart contracts, requiring seasoned legal representation, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • Crypto Set To Drive Demand For Traditional Services: Part 1

    Collin Starkweather

    The widespread adoption and increasing regulation of virtual currencies and related technologies will give rise to the need for individuals with expertise in traditional fields, such as financial services and tax, say Collin Starkweather, a principal at Charles River Associates, and Izzy Nelken, a member of the Chicago Board Options Exchange's product development committee.

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the Constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.