Banking

  • November 25, 2020

    Feds Say NC Atty Used Fraudulent Funds For Plastic Surgery

    A North Carolina attorney has been charged with bank fraud after she and two others allegedly applied for loans and credit cards using Social Security numbers that were not theirs to pay for her plastic surgery and other expenses, according to federal prosecutors.

  • November 25, 2020

    Wells Fargo Loses PTAB Challenge Over Check Deposit IP

    Two United Services Automobile Association mobile check deposit patents have escaped Patent Trial and Appeal Board review unscathed after a determination that challenger Wells Fargo, which a jury said should pay $200 million for infringing one of the patents and a separate patent, didn't show the claims were obvious.

  • November 25, 2020

    200,000-Member ERISA Class Certified In TIAA Lending Beef

    A New York federal judge certified a nationwide class of nearly 8,000 retirement plans covering more than 200,000 participants in a lawsuit alleging the Teachers Insurance and Annuity Association unlawfully profited from its retirement loan program, appointing Berger Montague PC and Schneider Wallace Cottrell Konecky LLP class counsel.

  • November 25, 2020

    Real Estate Rumors: LibreMax, Mattos Family, Morgan Stanley

    LibreMax Capital is reportedly hoping to sell a $78.6 million New York loan it made earlier this year, the Mattos family has reportedly paid $20.45 million for a Florida retail property and Morgan Stanley is said to have provided $180 million in CMBS financing for a New York office property.

  • November 25, 2020

    Danish Gov't Fires Back At Bid To Toss $2.1B Tax Fraud Suit

    Denmark's government urged a Manhattan federal judge not to toss its enhanced $2.1 billion tax refund fraud suit, arguing the claims are timely and that counterclaims should be rejected on the same grounds the court denied an initial dismissal bid.

  • November 25, 2020

    Ex-Credit Suisse Regulatory Head Joins Libra Networks As GC

    The Libra Association has brought aboard a former Credit Suisse managing director and banking regulator to serve as general counsel for its operating subsidiary Libra Networks LLC as the organization pushes forward on its digital currency initiative.

  • November 25, 2020

    Guatemala Pays Teco $37M In Long-Running Power Tariff Suit

    Guatemala has paid $37.4 million to a subsidiary of U.S.-based Teco Energy Inc. to satisfy an arbitral award the country had challenged for seven years in a long-running dispute over electricity tariffs.

  • November 25, 2020

    Qatari Financial Arm Seeks $55M Over 'Flagrant' UAE Bank

    The Qatar Financial Centre Regulatory Authority has asked a New York state court to enforce a 200 million Qatari riyal ($55 million) judgment from its financial court against First Abu Dhabi Bank over its "flagrant and persistent flouting" of an investigation.

  • November 25, 2020

    Manhattan DA Takes Manafort Case To NY's Highest Court

    Manhattan District Attorney Cyrus Vance is moving forward with appealing the dismissal of state fraud charges against former Trump campaign chairman Paul Manafort to New York's highest court, after two lower courts agreed the indictment should be dismissed on double jeopardy grounds.

  • November 25, 2020

    FINRA Fines Wells Fargo Over Time Stamp Issue

    The Financial Industry Regulatory Authority levied a "books and records" fine at a Wells Fargo unit for the second time this month on Wednesday, this time alleging that its representatives failed to enter accurate order receipt times in situations that required manual entry. 

  • November 25, 2020

    Intuit Will Ditch Credit Karma Tax Biz To Save $7.1B Deal

    Intuit will have to sell off Credit Karma's tax business to win the U.S. Department of Justice's blessing for its $7.1 billion acquisition of the credit reporting upstart, the agency revealed Wednesday.

  • November 25, 2020

    Dentons Banking Litigation Group Snags Gianni Origoni Team

    Dentons has hired a new partner and two other attorneys from Italian law firm Gianni Origoni Grippo Cappelli & Partners for its growing litigation and dispute resolution group, saying the team of three will be based in its Milan office.

  • November 24, 2020

    Yellen At Treasury Could Set Stage For More Active FSOC

    The selection of former Federal Reserve Chair Janet Yellen to serve as treasury secretary in the incoming Biden administration could position the Financial Stability Oversight Council to step up its scrutiny of the nonbank sector, a corner of the financial system that is drawing renewed concerns about its potential fragility.

  • November 24, 2020

    CFTC Seeks Default Judgment Of $3.9M Forex Scam

    The U.S. Commodity Futures Trading Commission on Monday asked a federal judge in Atlanta to give it an automatic win in litigation against a bogus forex trader who conned more than 10,000 investors out of a total $3.9 million selling a phony foreign exchange trading software product.

  • November 24, 2020

    NY Judge 'Surprised' By Fee Application In Libor Rigging Case

    A New York federal judge wasn't happy with the amount of hours or law firms on the attorney fee bill she received in the wake of a $187 million deal with JPMorgan and other major financial institutions over claims of interbank rate rigging, but on Tuesday she granted $45 million in fees anyway.

  • November 24, 2020

    Luckin Coffee, Banks Seek Nix Of Shareholder Securities Suit

    Chinese coffeehouse chain Luckin Coffee and its underwriters filed dual motions Monday asking a New York federal judge to dismiss shareholder class action claims that their negligence and misinformation caused the company's stock to plunge following news of hundreds of millions of dollars in fabricated sales.

  • November 24, 2020

    Coinbase Ending Margin Trading Based On CFTC Guidance

    Cryptocurrency exchange Coinbase announced Tuesday that it will disable its margin lending product in response to guidance issued by the U.S. Commodity Futures Trading Commission in March, shuttering the platform less than a year after its launch. 

  • November 24, 2020

    US Hits China With Currency Duties, Breaking New Ground

    The Trump administration announced a 122.5% levy on Chinese twist ties Wednesday, marking the first time it has hit Beijing with duties over allegations of currency manipulation.

  • November 24, 2020

    How Firms Can Prep For A More 'Aggressive' SEC

    With a Joe Biden presidency around the corner and U.S. Securities and Exchange Commission Chairman Jay Clayton officially announcing he'll depart by year-end, industry attorneys believe in-house legal and compliance professionals at financial firms should expect a more aggressive incoming enforcement regime.

  • November 24, 2020

    Ex-BofA Worker Sues Bank Over 'Deficient' COBRA Forms

    A former Bank of America employee hit the banking behemoth Tuesday with a proposed class action in Florida federal court, alleging the bank provided him and other employees with noncompliant, "confusing and piecemeal" COBRA notices in an effort to save money, willfully violating the Employee Retirement Income Security Act.

  • November 24, 2020

    OCC Hits JPMorgan With $250M Fine Over Fiduciary Biz

    The Office of the Comptroller of the Currency said Tuesday that it has imposed a $250 million fine on JPMorgan Chase Bank, citing deficiencies in the bank's internal controls and audit program for its massive fiduciary business.

  • November 23, 2020

    Trade Groups Press Case In CFPB Payday Rule Suit

    Two payday lender trade groups told a Texas federal judge that the Consumer Financial Protection Bureau still hasn't shown why it should be allowed to move forward with the remainder of its 2017 payday lending rule, pressing to bring their more than two-year-old court challenge to a close.

  • November 23, 2020

    CFPB Insists Student Loan Biz And Exec Must Cough Up $53M

    The U.S. Consumer Financial Protection Bureau asked a California district judge on Monday — for a second time — to make a business owner and his firm pay more than $53 million for their role in an alleged $11.8 million student debt relief scheme.

  • November 23, 2020

    DOJ Says Visa Pushing 'Infeasible' Merger Trial Timeline

    The U.S. Department of Justice has blasted Visa and Plaid for pushing an "infeasible" timeline for a trial over their proposed $5.3 billion tie-up that is seven months sooner than the agency's preferred September start date.

  • November 23, 2020

    Ex-Mine Owner Tells DC Circ. Fraud Charges Time-Barred

    The ex-owner of an Afghan marble mining company convicted of fraud and money laundering told the D.C. Circuit on Monday that some of the counts against him were time-barred.

Expert Analysis

  • NY Contract Litigation Indicates Limits Of COVID-19 Defenses

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    Although there has not yet been a decision on the merits, a wave of COVID-19 litigation concerning force majeure, impossibility and frustration of purpose in New York indicates that using pandemic-related excuses to avoid contractual obligations may be limited, says Seth Kruglak at Norton Rose.

  • Ethics Reminders As Employees Move To Or From Gov't

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    Many organizations are making plans for executives to go into government jobs, or for government officials to join a private sector team, but they must understand the many ethics rules that can put a damper on just how valuable the former employee or new hire can be, say Scott Thomas and Jennifer Carrier at Blank Rome.

  • Expect 2021 SEC To Turn Hawkish On Auditor Enforcement

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    President-elect Joe Biden's U.S. Securities and Exchange Commission will almost certainly usher in a reversal of recent years' slow pace of auditor enforcement — just 11 actions this year — back up toward the levels of the Obama administration's Operation Broken Gate, say Charles Smith and Andrew Fuchs at Skadden.

  • Even In Tropical Florida, Courts Can Still Freeze Debtor Assets

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    As Florida continues to draw new residents, those attracted by the assumption that it is a debtor-friendly locale are in for a surprise as the state's courts can, and do, recognize and enforce foreign judgments, asset freezes and injunctions, say John Chapman and Benjamin Taormina at Holland & Knight.

  • A Key To Helping Clients Make Better Decisions During Crisis

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    As the pandemic brings a variety of legal stresses for businesses, lawyers must understand the emotional dynamic of a crisis and the particular energy it produces to effectively fulfill their role as advisers, say Meredith Parfet and Aaron Solomon at Ravenyard Group.

  • Where Data Privacy And CFPB Are Headed Under Biden

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    Data privacy is likely to be a key area of legislative and enforcement focus for President-elect Joe Biden, and consumer financial protection is expected to be an immediate priority due to the economic impact of the pandemic, with the most drastic shift likely to occur at the Consumer Financial Protection Bureau, say attorneys at Gibson Dunn.

  • DOJ's Visa-Plaid Challenge Shows Email Can Imperil A Deal

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    The U.S. Department of Justice used a trove of internal Visa email and other communications to show how the $5.3 billion Plaid merger might limit competition — providing a cautionary tale of how internal documents can endanger a transaction that shows few antitrust concerns on the surface, says Tammy Zhu at Medallia.

  • 6 Best Practices For Banks Serving The Marijuana Industry

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    As more states legalize marijuana, financial institutions with marijuana-related business customers should implement robust and nuanced compliance programs, and those that do not want to serve the industry should have policies in place for determining whether existing customers are engaged in marijuana-related activities, say attorneys at Venable.

  • What To Expect From DOJ Enforcement Under Biden

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    Companies shouldn't fear a rapid uptick in overall corporate enforcement actions by the U.S. Department of Justice under a new Democratic administration, but should anticipate a shift in focus away from immigration cases toward COVID-19-related fraud and civil rights reform, say Sandra Moser and Kenneth Polite at Morgan Lewis.

  • Ethics Considerations For Law Firms Implementing AI

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    Richard Finkelman and Yihua Astle at Berkeley Research Group discuss the ethical and bias concerns law firms must address when implementing artificial intelligence-powered applications for recruiting, conflict identification and client counseling.

  • What Calif.'s New Consumer Debt Law Means For Collectors

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    Brett Watson at Cozen O’Connor explains what California's recently enacted Debt Collection Licensing Act means for debt collectors, including how they should prepare to comply, how the act interacts with existing state laws, and whether to expect forthcoming enforcement actions.

  • Picking The Right Location And Tools For Virtual Courtrooms

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    Attorneys should consider the pros and cons of participating in virtual court proceedings from home versus their law firm offices, and whether they have the right audio, video and team communication tools for their particular setup, say attorneys at Arnold & Porter.

  • Beware Atty Ethics Rules When Reporting COVID-19 Fraud

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    Attorneys considering blowing the whistle on False Claims Act violations by recipients of COVID-19 relief may face a number of ethical constraints on their ability to disclose client information and file qui tam actions, say Breon Peace and Jennifer Kennedy Park at Cleary.

  • Looking For Judicial Activists? Check The Footnotes

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    U.S. Supreme Court nominees typically face intense questioning over potential judicial activism, but a better way to gauge judges' activist tendencies may be to look at the footnotes in their opinions, say Christopher Collier at Hawkins Parnell and Michael Arndt at Rohan Law.

  • Best Practices For Legal Technology Adoption

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    The pandemic has accelerated the need to improve the practice of law through technology, but law firms and in-house legal departments must first ensure they have employee buy-in and well-defined processes for new digital tools, say Dan Broderick at BlackBoiler and Daryl Shetterly at Orrick.

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