Banking

  • January 18, 2018

    Citi Investors Say New Info Supports Fraud Case's Revival

    Attorneys for shareholders who sued Citigroup Inc. directors over alleged years of mismanagement and fraud at the company told the Delaware Chancery Court late Wednesday that new evidence warrants reopening the recently dismissed case, while they separately fired up an appeal.

  • January 18, 2018

    RMBS Trusts Seek To Hone $1.2B Credit Suisse Trial

    The trustee for four pools of toxic residential mortgage-backed securities that allegedly caused $1.2 billion in losses at the hands of Credit Suisse asked a New York state judge on Thursday to streamline two cases against two units of the bank for trial, saying key terms from the underlying contracts should be defined in advance of trial.

  • January 18, 2018

    Tax Court Backs Treasury Regs In $377M Foreign Income Suit

    The U.S. Tax Court on Thursday upheld regulations issued by the U.S. Department of the Treasury governing income from a controlled foreign corporation, saying an affiliate of commodities trader Susquehanna International Group LLP owes taxes on some $377 million in income.

  • January 18, 2018

    Atty Fees For Berkshire Bank CEO's Son Concern Libor Judge

    A Manhattan judge expressed unease Thursday over the failure of Berkshire Bank to disclose that the son of its CEO Moses Krausz is a lawyer with a direct stake in the lender's effort to lead a class targeting four megabanks for allegedly rigging the global London Interbank Offered Rate.

  • January 18, 2018

    Jones Day Nabs Finance Partner From Ashurst's NY Office

    An attorney who specializes in representing lenders and borrowers on risky leveraged loans at Ashurst LLP’s New York office has moved to Jones Day, her new firm said Monday.

  • January 18, 2018

    Cybersecurity Remains Top Risk For Banks, OCC Says

    Cyberattacks and anti-money laundering compliance remain among the biggest threats that the U.S. banking sector faces in a relatively strong economy and rising interest rate environment, the Office of the Comptroller of the Currency said on Thursday.

  • January 18, 2018

    Banking Group Of The Year: Quinn Emanuel

    Quinn Emanuel Urquhart & Sullivan LLP continued making its mark in 2017 as one of the leading firms to challenge Wall Street banks in the aftermath of 2008’s financial crisis, winning big for country and countryman alike to earn a place among Law360’s Banking Groups of the Year.

  • January 18, 2018

    CFIUS Changes Could Harm Export Regime, Panel Says

    Proposed changes to the Committee on Foreign Investment in the United States could be beneficial to U.S. national security, but lawmakers should be careful not to unintentionally stifle outbound investment, a panel of experts told the Senate Committee on Banking, Housing and Urban Affairs on Thursday.

  • January 18, 2018

    Mega Bank Fined $29M For Anti-Money Laundering Violations

    The U.S. Federal Reserve Board on Wednesday said that Taiwan-based bank Mega International Commercial Bank Co. Ltd. has been assessed a $29 million penalty for anti-money laundering violations and ordered to make improvements to its anti-money laundering oversight and controls.

  • January 18, 2018

    CFPB Agrees To Dismiss Tribal Payday Loan Suit

    The Consumer Financial Protection Bureau told a Kansas federal judge on Thursday that it wanted to ax its own suit against lenders owned by a California tribe over allegedly abusive loans.

  • January 18, 2018

    Mulvaney Says CFPB Has Enough Money

    The Consumer Financial Protection Bureau’s disputed acting director on Wednesday told the Federal Reserve that the bureau needs no additional funding to continue its operations for the second quarter of fiscal year 2018, saying that he intends to spend down the bureau’s existing reserves.

  • January 17, 2018

    'Let Customers Hang Themselves,' RBS Group Memo Says

    RBS faced continued heat Wednesday over its controversial global restructuring group for troubled borrowers as U.K. lawmakers released a colorful 2009 tip sheet counseling that "sometimes you need to let customers hang themselves."

  • January 17, 2018

    Ex-Ill. Judge Must Face Mortgage Fraud Charges: Court

    A former Illinois county judge's efforts to escape criminal fraud charges failed again Tuesday when a federal court rejected her argument that the grand jury testimony was perjured and declined to dismiss the indictment.

  • January 17, 2018

    NY AG Asks Court To Force Debt Collector To Hand Over Docs

    The New York Attorney General’s Office on Wednesday asked a New York federal court to force a debt collection company and its owner to turn over financial documents, business records and other information that the agency is seeking in its suit alleging the defendants were part of a multimillion-dollar illegal debt collection scheme.

  • January 17, 2018

    Goldman Sachs Exec's Ex-Aide Accused Of $1.2M Wine Theft

    The FBI arrested the ex-personal assistant of Goldman Sachs’ co-President David Solomon in Los Angeles Tuesday for allegedly stealing $1.2 million of rare wine from his former boss, according to a release from the U.S. Attorney for the Southern District of New York.

  • January 17, 2018

    Greenberg Finance Co-Chair Joins Sidley's Chicago Office

    Sidley Austin LLP has added Andrew Cardonick, who formerly helped lead Greenberg Traurig LLP's finance practice, to its global finance practice as a partner in Chicago, the firm announced Wednesday.

  • January 17, 2018

    CFTC Chair Picks Ex-BigLaw Atty For Senior Counsel

    Commodity Futures Trading Commission chairman J. Christopher Giancarlo said Wednesday that Maggie E. Sklar, a high-ranking CFTC attorney who previously worked at three prominent law firms, would serve as his senior counsel.

  • January 17, 2018

    JG Wentworth Ch. 11 Plan Approved Over Trustee Objection

    The Chapter 11 plan of structured settlement financing company J.G. Wentworth Co. received court approval Wednesday in Delaware over the objection of the U.S. trustee to third-party releases in the plan.

  • January 17, 2018

    Treasury Official Says FinCEN Reviewing Marijuana Guidance

    A top official at the U.S. Department of the Treasury said Wednesday its financial intelligence unit is reviewing guidance that allowed banks to serve marijuana businesses, after the U.S. Department of Justice reversed Obama-era policies on enforcing federal marijuana laws in states that legalized the drug.

  • January 17, 2018

    US Bank Workers Can’t Get Class Cert. After Using Bad Data

    A California appeals court on Wednesday affirmed a lower court ruling denying class certification in a long-running suit alleging that US Bank NA misclassified a group of banking officers as overtime-exempt outside salespeople, agreeing that the workers’ claims rest on unreliable data.

Expert Analysis

  • 6 E-Discovery Predictions For 2018

    Erich Potter

    Erich Potter, discovery counsel with Oles Morrison Rinker & Baker LLP, discusses six ways e-discovery will continue to excite and confound in 2018.

  • Hotel Malware Attack Raises Unusual Insurance Questions

    Jan Larson

    A Florida district court is poised to decide several interesting questions in St. Paul v. Rosen, offering policyholders guidance on the extent to which traditional insurance policies can protect them from data breaches and on whether policyholders' corporate affiliates can look to their policies for protection, say Jan Larson and Alex Langlinais of Jenner & Block LLP.

  • White House Deregulation Push Is Just Getting Started

    Jane Luxton

    The Trump administration's recently released unified agenda indicates an even greater pace of deregulatory action in 2017 than was called for in the president's "two-for-one" executive order. But parties interested in particular future regulatory reforms must develop a strategy for aligning with the relevant agency’s priorities, say attorneys with Clark Hill PLC.

  • 6 Roles To Embrace In An Evolving Legal Industry

    Rob MacAdam

    Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.

  • New Magnitsky Sanctions Expand Enforcement Authority

    Michael Zolandz

    New sanctions under the 2016 Global Magnitsky Human Rights Accountability Act not only provide the U.S. government with a new instrument to take action in response to conduct that might violate the Foreign Corrupt Practices Act or the U.S. anti-money laundering laws, but also expand the scope of U.S. extraterritorial enforcement, say partners with Dentons.

  • A Big Year For US IPOs By Chinese Companies

    Fang Liu

    The U.S. capital markets produced 24 initial public offerings by China-based companies in 2017, making it the most active IPO year for Chinese companies in about seven years. Here, members of Mei & Mark LLP and Weitian Group LLC discuss two distinctive trends that emerged last year.

  • Opinion

    This Year, Let’s Invest In Lawyer Resiliency

    krishtel.photo.jpg

    Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.

  • 5 Legal Technology Predictions For 2018

    Jeff Ton

    While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.

  • OFAC Enforcement Trends In 2017: Exporters On Notice

    Sean Kane

    One probable reason for the recent shift in focus by the Office of Foreign Assets Control toward export-related transactions is that the agency’s enforcement efforts targeting big banks have worked. With fewer cases to bring against them, OFAC seems to be moving on to new weak spots in enforcement, say Sean Kane and Susie Park of Hughes Hubbard & Reed LLP.

  • 3 Enforcement Priorities For State AGs In 2018

    Joe Jacquot

    State attorney general campaigns will be in full swing with 31 elections this year. In addition to three top substantive areas, campaign issues themselves will influence how state attorneys general prioritize enforcement, says Joe Jacquot, former chief deputy attorney general of Florida, now with Foley & Lardner LLP.