Banking

  • April 24, 2017

    Texas Court Hits Debt Collector With $2M Penalty In FTC Suit

    A Texas federal judge has ordered the president of a debt collection service that was sued by the Federal Trade Commission to pay $2 million for violating the Fair Debt Collection Practices Act by falsely threatening debtors with lawsuits and other punitive measures, the FTC announced Monday. 

  • April 24, 2017

    Mortgage Servicer Tricked Customers, CFPB Says At Trial

    The Consumer Financial Protection Bureau told a California federal judge at the beginning of a bench trial Monday that Nationwide Biweekly Administration Inc. violated consumer protection laws by suggesting it was affiliated with homeowners’ mortgage providers and hiding its fee structure in deceptive mailers and sales calls.

  • April 24, 2017

    MetLife Wants SIFI Appeal Paused Amid Trump Order

    MetLife Inc., hoping it could be the first beneficiary of an executive order to review regulations for large financial institutions, on Monday asked the D.C. Circuit to pause the appeal of a ruling that freed the insurer from some of those very regulations.

  • April 24, 2017

    Trial Over Assets Linked To $1.5B GM Loan Gets Underway

    A General Motors trust and hundreds of lenders from which it seeks to recover transfers related to a $1.5 billion term loan commenced a New York bankruptcy court trial Monday to determine the nature and value of the lenders' security interests in assets at a number of the carmaker's U.S. facilities.

  • April 24, 2017

    Feds Tells DC Circ. Tanzanian Bank Faces No 'Death Sentence'

    A federal regulator asked the D.C. Circuit on Friday to allow its administrative sanctions against Tanzania-based FBME Bank Ltd. to take hold while the bank appeals the punishment, but FBME on Monday said it would be "wiped out" and forced to surrender if the rule goes into effect.

  • April 24, 2017

    NY High Court Takes Up Goldman Code Theft Case

    New York’s highest court has agreed to take up the long-running case of former Goldman Sachs & Co. programmer Sergey Aleynikov, who was twice convicted for theft of the financial giant’s source code, though courts have split over whether he actually committed a crime.

  • April 24, 2017

    Judge Seeks Info On Giuliani, Mukasey In Sanctions Case

    A New York federal judge on Monday told lawyers for a Turkish businessman and a banking executive accused of cloaking millions of dollars in transactions on behalf of Iran to gather more information about the roles played by Rudy Giuliani of Greenberg Traurig LLP and Michael Mukasey of Debevoise & Plimpton LLP on the defense team.

  • April 24, 2017

    Master Rejects UBS Bid To Ax Some US Bank Loan Claims

    A special master appointed to help resolve U.S. Bank NA’s claims that a UBS AG unit breached its duty to repurchase some 9,300 residential mortgages that didn’t measure up to warranties rejected the Swiss bank’s bid to assert victory over several types of disputed loans Friday in New York federal court.

  • April 24, 2017

    Wells Fargo Ditches Restrictions Over 'Living Will' Issues

    Federal regulators removed restrictions that barred Wells Fargo & Co. from opening international branches or purchasing nonbank firms, saying in a letter Monday that the bank had fixed deficiencies in its "living will," a plan that details how to take it apart during a crisis.

  • April 24, 2017

    Fla. House Bill Adds Bitcoin To Anti-Money Laundering Law

    Legislation was advanced to the floor of the Florida House of Representatives on Monday that would add bitcoin and other virtual currency to the state's money laundering statute, a move requested by Miami's top prosecutor after a criminal case was dismissed as a result of the law's definitions.

  • April 24, 2017

    Tilton's ALJ Fight 'Misses The Mark,' SEC Tells High Court

    Private equity magnate Lynn Tilton missed the mark when petitioning the U.S. Supreme Court to hear her constitutional challenge against the U.S. Securities and Exchange Commission’s administrative law judges, the agency argued on Friday, saying the issue must first be heard in its in-house court.

  • April 24, 2017

    Askeladden Wins PTAB Review Of User Authentication Patent

    The Patent Trial and Appeal Board on Monday agreed to review a patent related to user authentication technology that Bank of America Corp. and other financial institutions were previously accused of infringing, following an America Invents Act challenge from Askeladden LLC.

  • April 24, 2017

    High Court Won't Hear Microcap Dealer's FINRA Challenge

    The U.S. Supreme Court on Monday declined to review a Fourth Circuit decision that microcap broker-dealer Scottsdale Capital Advisors Corp. must challenge the Financial Industry Regulatory Authority’s power before the agency and the U.S. Securities and Exchange Commission instead of in federal court. 

  • April 24, 2017

    TD Bank's $2.8M Canada Tax Row Sent Back To Tax Dept.

    British Columbia’s tax commissioner must reconsider TD Bank’s effort to secure a $2.8 million tax refund, an appeals panel ruled Friday, finding the commissioner erred in concluding she lacked discretion to grant the bank a one-day extension for filing its return.

  • April 24, 2017

    British Taxpayers Recoup $26B Spent On Lloyds Bailout

    The British government on Friday said that it has recovered all £20.4 billion ($26 billion) it spent rescuing Lloyds Banking Group PLC from collapse during the financial crisis, meaning taxpayers have broken even after footing cost of the bailout.

  • April 24, 2017

    High Court Won’t Review Chesapeake’s $438M Bond Bill

    The U.S. Supreme Court on Monday declined to review a Second Circuit panel’s ruling that affirmed a $438 million judgment in favor of Bank of New York Mellon Corp. over a bond dispute in which Chesapeake Energy Corp. was found to have effectively breached its contract.

  • April 24, 2017

    Supreme Court Refuses Credit-Card Holder Antitrust Appeal

    The U.S. Supreme Court on Monday declined to review a decision siding with JPMorgan Chase, Bank of America and other big banks over allegations by credit-card holders that they schemed to fix so-called interchange fees that are charged each time the cards are used.

  • April 24, 2017

    Dentons Real Estate Chair Sees Care, Creativity From Lenders

    Facing uncertainty about future regulations, real estate lenders are finding creative ways to get deals done now while minimizing risk later, including keeping assets on the books for shorter periods of time, David Hall, co-chair of Dentons' U.S. real estate practice, told Law360 in a recent wide-ranging interview.

  • April 21, 2017

    Debt Agency Can't Thwart Class Cert. In Unfair-Collection Suit

    An Illinois federal judge on Friday granted class certification to a woman suing a debt collection agency she says illegally failed to disclose key information in collection letters, tossing arguments by Midland Credit Management that the woman lacked standing.

  • April 21, 2017

    Top Securities Plaintiffs’ Firms Brought In $7.23B In 2016

    Plaintiffs’ law firms were hard at work representing institutional investors and individual shareholders in 2016, with the top 50 firms raking in a combined $7.23 billion in class action settlements over the course of the year, according to a new report released Thursday.

Expert Analysis

  • Litigation Finance, Big Data And The Limits Of AI

    Christopher Bogart

    Theoretically, both better data and its better use should be able to improve results in litigation, and thus help litigation financiers allocate more capital to meritorious matters. However, while big data and artificial intelligence are intriguing additions to the litigation toolkit, they are far from turning litigation finance on its head, says Christopher Bogart, CEO of Burford Capital LLC.

  • Series

    Counsel To Counsel: Mama Said There'll Be Days Like This

    Peter J. Engstrom

    It's no longer enough for law firms simply to provide expert legal advice — we are expected to mirror clients' legal, ethics and social commitments and promises. For law firm GCs, the resulting job demands seem to grow exponentially, says Peter Engstrom, general counsel of Baker McKenzie.

  • Textualism Takes Center Stage In CalPERS V. ANZ Securities

    Joel Rothman

    Arguments before the U.S. Supreme Court this week in California Public Employee Retirement System v. ANZ Securities were notable for CalPERS’ focus on appealing to the court’s textualists. The case was argued on Justice Gorsuch’s first day on the bench by two of the court’s most well-credentialed advocates, say attorneys with Mintz Levin.

  • Series

    Counsel To Counsel: A Law Firm GC's Data Protection Duties

    Thomas W. White

    Increasingly, we see companies in all industries seeking to perform various levels of due diligence on our information security defenses. We received three times as many diligence requests from clients and prospective clients in 2016 as we did in 2015. Some clients even conduct their own penetration tests, says Thomas White, general counsel of WilmerHale.

  • Class Cert. Challenges For Meal Period Premium Claims

    Sandra Rappaport

    A California federal court's recent decision in Nicole Torres v. Wells Fargo shows that employees seeking to certify classes based on improper calculation of rest or meal break premiums — or even based on the failure to have been paid a premium at all — will have a hard time when it comes to certification, says Sandra Rappaport of Hanson Bridgett LLP.

  • British Virgin Islands Aligns With Global Standards

    Rachael McDonald

    The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.

  • Series

    Counsel To Counsel: Evaluating Positional Conflicts

    Nicholas A. Gravante Jr.

    What happens when attorneys come to their general counsel’s office with knowledge of a potential positional conflict? While the inquiry will depend on the rules governing the particular jurisdiction, there are a few general questions to consider from both business and legal ethics perspectives, say general counsel Nicholas A. Gravante Jr. and deputy general counsel Ilana R. Miller of Boies Schiller Flexner LLP.

  • Series

    Counsel To Counsel: 5 Challenges For A Law Firm GC

    John Koski

    Regardless of where we live and practice, regardless of whether trade deals succeed or fail, and regardless of whether the movement of people or capital is easy or difficult, our clients will still have needs or problems far away from home, says John Koski, global chief legal officer at Dentons.

  • The Credit Card Surcharge Fight Isn’t Over Yet

    Andrew C. Glass

    Rather than rule on whether a New York statute restricting credit card surcharges violates the First Amendment, the U.S. Supreme Court in Expressions Hair Design v. Schneiderman remanded the matter to the Second Circuit. Nevertheless, the court’s decision has the potential for broader impact and has already affected cases challenging surcharge laws in other states, say attorneys with K&L Gates LLP.

  • Data Portability Issues In US Foreshadow Challenges In EU

    Chris Hydak

    While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.