Banking

  • February 24, 2017

    RBS Pitched Into Deep 2016 Loss By £5.9B Legal Bill

    Royal Bank of Scotland PLC said Friday that legal costs and regulatory fines soared to £5.9 billion ($7.4 billion) in 2016 from £3.6 billion a year earlier, pushing the British lender into a deeper loss for the year as it continued to struggle with the price of past misconduct.

  • February 23, 2017

    Capital One's Anti-Money Laundering Program Under Scrutiny

    Capital One Financial Corp. is under investigation by New York and federal prosecutors over check casher clients of its commercial banking business and its anti-money laundering program, the company told investors in its annual report Thursday.

  • February 23, 2017

    Judge Won't Toss Venezuelan Agency Suit Against Ex-Counsel

    A Florida federal judge denied Diaz Reus & Targ LLP's bid to dismiss a suit by Venezuela's deposit insurance agency, which claims the firm improperly held on to $22 million in disbursements from the Lehman Bros. bankruptcy and has continued to withhold $6.9 million in fees.

  • February 23, 2017

    Vague Terms Kill Banks’ Lehman Claims Over 600K Mortgages

    Banks that were left holding hundreds of thousands of dud mortgages when Lehman Brothers Holdings Inc. collapsed in 2008 had their bankruptcy claims related to most of those mortgages expunged by a New York federal judge on Wednesday, with the court saying the banks had effectively abandoned them.

  • February 23, 2017

    Protected Doc Use Flagged In Merrill Bid To Block Arbitration

    A federal judge in Delaware pressed an attorney for jailed businesswoman Gigi Jordan on Thursday on use of confidential documents from past court actions to launch an arbitration demand against Merrill Lynch Pierce Fenner & Smith Inc., during arguments on a Merrill bid for a preliminary injunction to block the move.

  • February 23, 2017

    Romanian Citizen Gets 5 Years In $5M ATM Skimming Scheme

    A New Jersey federal judge sentenced a Romanian man Thursday to nearly five years in prison for his role in a scheme to steal bank account information from thousands of customers and withdraw at least $5 million by installing secret card-reading devices and pinhole cameras on ATMs, federal authorities said.

  • February 23, 2017

    Ex-Goldman VP Takes Code Theft Case To NY High Court

    Former Goldman Sachs & Co. programmer Sergey Aleynikov on Wednesday asked New York’s highest court to review his conviction for purported theft of source code for the financial giant’s high-speed trading platform, saying he is being held responsible under a 50-year-old law for conduct it wasn’t intended to punish.

  • February 23, 2017

    Former IMF Head Sentenced To 4.5 Years For Embezzlement

    Former IMF Managing Director Rodrigo Rato was sentenced by a Spanish court on Thursday to four-and-a-half years in prison for his role in widespread embezzlement by employees at a national lending bank.

  • February 23, 2017

    K&L Gates Snags Partner From Squire Patton Boggs

    K&L Gates LLP announced Wednesday that it had hired a partner with a range of experience that includes structuring credit facilities and counseling clients in oil and gas transactions in the firm’s Dallas office, where he will seek to use the firm’s global resources to expand his energy-focused practice.

  • February 23, 2017

    Holland & Knight Protests DQ Bid To Judge’s ‘Dismay’

    A New York federal judge scolded Holland & Knight LLP for a letter it submitted in a case pitting First NBC Bank against ethanol distributor Murex LLC, saying the unsolicited filing contesting a bid to disqualify the firm did not reflect well on it and that its attorneys had "abused the court's courtesy."

  • February 23, 2017

    Tilton, Patriarch Fail To Shake $45M Fraud Suit

    A New York state appeals court on Thursday affirmed a decision that left a fraud claim by a German bank in play against Lynn Tilton and her investment firm Patriarch Partners LLC, saying early signs that the funds in question were not what they appeared didn’t start the clock on the statute of limitations.

  • February 23, 2017

    Jury Rejects Sexual Harassment Case Against Citizens Bank

    A Massachusetts federal jury on Thursday rejected claims that a Citizens Bank manager sexually harassed a female employee and that the bank retaliated against her when she complained, returning a defense verdict in less than a day after a three-week trial, according to the bank.

  • February 23, 2017

    Faruqi Beats Ex-Partner's Suit Over Client Commissions

    Faruqi & Faruqi LLP beat a former partner’s suit alleging the firm didn’t pay her for work for a client she brought in when a New York federal judge ruled Thursday her oral agreement with the firm principals at a 2007 dinner wasn’t enforceable under state law.

  • February 23, 2017

    Firms Fight Over $2M Probe Of Overbilling $75M Fee Pot

    Divisions have sprung up among plaintiffs' firms that planned to share a $75 million fee award as part of a settlement between State Street Corp. and foreign exchange traders in the wake of a $2 million billing probe the court proposed after three firms said they accidentally overstated the value of their work, documents filed Wednesday in Massachusetts federal court show.

  • February 23, 2017

    Canadian Securities Watchdog Launches Regulatory Sandbox

    Canadian securities regulators on Thursday launched a so-called regulatory sandbox, allowing companies that use innovative technologies and capital-raising techniques to experiment under fewer regulations, spreading an idea that has gained momentum across Europe and Asia.

  • February 23, 2017

    FinCEN To Keep Watching Shell Cos.' Big Real Estate Deals

    Title insurance companies will have to keep disclosing the real buyers behind shell companies that pay cash for luxury homes in several major cities, after the Financial Crimes Enforcement Network extended the requirement by six months on Thursday.

  • February 23, 2017

    Deals Rumor Mill: Siemens, Allfunds Bank, Siam Commercial

    Siemens' $4.5 billion acquisition of Mentor Graphics will be approved by the European Commission without concessions; numerous suitors are vying to buy Allfunds Bank, worth nearly €2 billion; and Siam Commercial Bank hopes to receive at least $3 billion through the sale of its life insurance business.

  • February 23, 2017

    European Bank Capital Raising Soars To Start 2017

    European banks have raised more than twice the capital they did at this time last year, according to new data released Thursday, and the amount is bound to surge higher, assuming a $13.8 billion rights offering from Italian financial giant UniCredit goes through as expected in the coming days.

  • February 22, 2017

    NY AG's Fraud Powers Face Political Pressure

    Former American International Group Inc. CEO Maurice "Hank" Greenberg was just the latest to criticize New York's Martin Act when he called the securities fraud law a "very dangerous weapon," but experts said the new Republican administration may find the time is ripe to curtail the powers of a liberal state attorney general.

  • February 22, 2017

    Latham Scores Skadden, Paul Hastings Trial Partners In LA

    Latham & Watkins LLP is bolstering its litigation team in the Los Angeles area, adding a pair of trial lawyers from Skadden Arps Slate Meagher & Flom LLP and Paul Hastings LLP with experience in securities disputes and other high-stakes trials for diverse clients including private equity firms, financial institutions and public companies and their executives, the firm said Wednesday.

Expert Analysis

  • What Lawyers Can Learn From Kellyanne Conway

    Michelle Samuels

    Presidential adviser Kellyanne Conway's TV appearances provide some examples of what lawyers should and shouldn't do when speaking to the media, says Michelle Samuels, a vice president of public relations at Jaffe.

  • How States Might Challenge The OCC's Fintech Charter

    Brian G. Barrett

    Some state banking regulators see the Office of the Comptroller of the Currency's plan to create a new charter for financial technology companies as a direct threat to their existing authority. Litigation challenging the preemptive effect of the fintech charter would likely involve an interpretation of the limitations on the OCC’s statutory preemptive power, say attorneys with Eversheds Sutherland (US) LLP.

  • Financial Services In The 1st Month Of Trump Presidency

    Matthew Cutts

    In the first 30 days of his administration, President Donald Trump issued more than two dozen executive orders, memoranda and proclamations, several of which significantly impact the financial services industry. In addition, policymakers are turning their time and attention to reforming the nation’s financial services laws, with a “Choice Act 2.0” likely to be introduced soon, say Matthew Cutts and James Sivon of Squire Patton Boggs LLP.

  • The Mistakes Lawyers Make When Copying And Pasting

    Robert D. Lang

    We all recognize that cutting or copying text from earlier works and pasting it into new documents saves attorneys time. However, with this increase in speed comes an increased risk of making, or not catching, errors, says Robert Lang of D’Amato & Lynch LLP.

  • Opinion

    Calif. Court Gets Automatic Funding Disclosure Right

    Matthew D. Harrison

    Detractors of litigation funding have strained to characterize a recent decision from a California federal court as significant headway in their crusade against the litigation funding industry. However, in truth, this is a victory for both the industry and those in need of capital to bring meritorious claims against wrongdoers in an often prohibitively expensive legal system, say Matthew Harrison and Priya G. Pai of Bentham IMF.

  • Benefits Of Bringing Fraudulent Conveyance Actions In NY

    Dale A. Schreiber

    In the forthcoming Trumpian era of expected higher inflation and interest rates, insolvencies of highly leveraged public companies and large privately held concerns will likely increase exponentially. In scenarios involving limited liability entities organized or with principal places of business in New York, the New York Fraudulent Conveyance Act offers a uniquely creditor-friendly tool, say Dale Schreiber and Margaret Dale of Pro... (continued)

  • Health Care Deal Predictions From '17 JP Morgan Conference

    Amber McGraw Walsh

    Not surprisingly, many different views emerged at this year's J.P. Morgan Healthcare Conference on the future state of the Affordable Care Act and what it would mean for investors. After a long and seemingly endless cycle of election analysis, we’re happy to report some deal trends and predictions of our own, say attorneys with McGuireWoods LLP.

  • 2-For-1 Executive Order Leaves OMB To Work Out Details

    Laurence Platt

    While President Donald Trump’s recent executive order reducing regulations may seem appealing in its simplicity, the White House has provided agencies with little guidance on its implementation, instructing them to call the Office of Management and Budget with questions. Yet the OMB's ability to provide answers will be impaired by a lack of clear legal standards, say Laurence Platt and Joy Tsai of Mayer Brown LLP.

  • Anti-Money Laundering Expectations Under Trump

    Michael A. Mancusi

    We do not anticipate the new administration will ease anti-money laundering enforcement. In fact, it is more likely that enforcement of the Bank Secrecy Act is an area of supervision that will increase in the coming years, say attorneys with Arnold & Porter Kaye Scholer LLP.

  • Waive Goodbye: How Trump Might Attack The Iran Deal

    Anthony Rapa

    On the campaign trail, candidate Donald Trump attacked the Joint Comprehensive Plan of Action agreement regarding Iran’s nuclear program. But he suggested that rather than tearing the deal up, he would seek to improve it. One possible approach would be to engage in brinksmanship related to the statutory sanctions waivers President Obama issued in implementing the deal, says Anthony Rapa of Steptoe & Johnson LLP.