Banking

  • July 20, 2017

    Libor Trader Ruling Creates Cross-Border Hurdle For DOJ

    In overturning two traders' convictions for rigging a global financial benchmark, the Second Circuit handed the U.S. Department of Justice a major defeat that cross-border practitioners say creates an obstacle in joint U.S. enforcement cases.

  • July 20, 2017

    Kirkland & Ellis Lands Another Former SEC Official

    Kirkland & Ellis LLP has hired another veteran from the U.S. Securities and Exchange Commission, this time adding a new partner to its investment funds group who last served as branch chief of the agency’s Private Funds Branch.

  • July 20, 2017

    Citigroup Says Litigation Demand Failure Dooms Case

    Attorneys for Citigroup Inc. told a Delaware judge on Thursday that a derivative suit should be tossed because the investors who brought it did not adequately show that the company’s board of directors acted in bad faith when presented with information about Citigroup subsidiaries' illegal acts.

  • July 20, 2017

    GOP Bill Would Change Bank Risk Designation Process

    A Republican bill introduced Wednesday in the U.S. House of Representatives would allow regulators to put banks under heightened supervision and capital rules based on the risks the banks pose to the financial system, rather on than their size, as is done now.

  • July 20, 2017

    Rising Star: Simpson Thacher's Jessica Tuchinsky

    Simpson Thacher & Bartlett LLP's Jessica Tuchinsky has cultivated an expertise in helping leading financial institutions finance multibillion-dollar transactions, including Dow Chemical Co.’s $5 billion spinoff in 2015, earning her a spot as one of five banking practitioners under 40 to be honored by Law360 as Rising Stars.

  • July 20, 2017

    HFF Closes $127M Luxury Colo. Apartment Community Deal

    Holliday Fenoglio Fowler LP on Wednesday announced that it closed the sale of a $127.4 million luxury Denver-area apartment community to a group of institutional investors led by JPMorgan Asset Management.

  • July 20, 2017

    4th Credit Suisse Banker Cops Plea In Tax Evasion Case

    The fourth defendant among eight Swiss bankers and advisers who were accused of helping Americans hide their money from the IRS pled guilty to defrauding the government and could face up to five years in prison.

  • July 20, 2017

    Ingenico Drops $1.74B On Rival Payment Firm Bambora

    French payment services company Ingenico Group said Thursday it will pay €1.5 billion ($1.74 billion) to acquire Swedish rival Bambora from private equity owner Nordic Capital Funds, in another major tie-up between payment providers in July.

  • July 20, 2017

    Republicans Move To Nullify CFPB’s New Arbitration Rule

    Congressional Republicans on Thursday made their first move to eliminate a Consumer Financial Protection Bureau rule that stops companies from putting class action bans in their arbitration clauses and makes it easier for consumers to sue banks, credit card firms, payday lenders and other service providers.

  • July 19, 2017

    Wells Fargo Advisors Seek Delay Of $3.5M Wage Deal

    A group of Wells Fargo Advisors LLC employees sought Tuesday in Illinois federal court to intervene in a $3.5 million settlement between the megabank and a proposed class of its workers, saying they are party to different arbitration litigation with the bank and that the deal will directly impact them and their cases.

  • July 19, 2017

    Trump Banking Noms To Get Senate Hearing Next Week

    The Senate banking committee on Wednesday said it would hold confirmation hearings next week for nominees to fill two key bank regulatory positions and hasten the pace of the Trump administration’s planned rollback of bank rules.

  • July 19, 2017

    Arconic Didn't Disclose Panel Sales Risks In IPO Docs: Suit

    Arconic Inc. was hit with another shareholder suit in New York federal court on Tuesday over its disclosures related to its sales and marketing of flammable exterior cladding panels that reportedly contributed to the rapid spread of the deadly June 14 blaze at London's Grenfell Tower.

  • July 19, 2017

    Madoff Trustee Gets 2nd Crack At 2nd Circ. RBS Case Appeal

    A New York bankruptcy judge unwound his own decision refusing to let the Bernie Madoff bankruptcy trustee take an RBS clawback case dismissal to the Second Circuit, finding Wednesday that because the judge issued his decision too late, he hadn’t had the jurisdiction to make it.

  • July 19, 2017

    Fla. Court Misconstrued FINRA Code, Trusts Tell 11th Circ.

    Two offshore trusts have asked the Eleventh Circuit to let them pursue a $100 million Financial Industry Regulatory Authority arbitration against Canadian brokerage Pictet Overseas Inc., saying the Florida federal court that blocked their claims misinterpreted FINRA's code when determining whether the trusts could be considered customers of the firm.

  • July 19, 2017

    Brit Charged In $37M Bitcoin, Office Co. Scam Skips Court

    A British man on the lam from the FBI and the U.S. Securities and Exchange Commission who stands accused of raising $37 million from investors in fraudulent schemes involving a bitcoin trading company and a co-working startup on Wednesday skipped a hearing on the New York federal civil case, surprising no one.

  • July 19, 2017

    Oil CEO Wants Evidence From 'Overbroad' Warrant Nixed

    An oil and gas entrepreneur charged with bank and visa fraud along with a separate charge of criminal contempt asked a New York federal judge on Wednesday to suppress any evidence found by investigators on his electronic devices because the warrant authorizing their seizure was overbroad and without a time limit.

  • July 19, 2017

    Class Seeks Quick Win Against Midland Credit In FDCPA Suit

    A certified class pushed an Illinois federal court on Tuesday to rule that Midland Credit Management violated the Fair Debt Collection Practices Act by misleading debtors into thinking it could enforce the collection of debts that were legally time-barred.

  • July 19, 2017

    Rising Star: Weil's Heather A. Viets

    Weil Gotshal & Manges LLP’s Heather A. Viets has become a go-to attorney for Barclays PLC and other global financial giants when they enter into complex, multibillion-dollar loans and financing agreements, earning her a spot as one of five banking law practitioners under 40 honored by Law360 as Rising Stars.

  • July 19, 2017

    Acting OCC Chief Backs Fintech Charter Efforts

    The acting head of a key U.S. bank regulator backed his predecessor’s efforts to establish special national banking charters for so-called fintech firms on Wednesday, keeping alive a fight with state regulators who have opposed the move.

  • July 19, 2017

    Coinbase User Allowed To Challenge IRS Records Request

    A California federal judge Tuesday allowed a John Doe Coinbase user to join a challenge against an IRS summons that seeks customer names and other information from the virtual currency exchange company, slamming the government’s arguments as nonsensical and ruling that the anonymous individual has a protected interest at stake.

Expert Analysis

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • ALJ Appointments Issue Now Primed For High Court Review

    Justin Shur

    The fact that the U.S. Securities and Exchange Commission's administrative law judges now lack the authority to preside over proceedings in some regions of the country but not others, and given the recent D.C. Circuit deadlock on the issue, the U.S. Supreme Court is overwhelmingly likely to resolve the conflict, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • How Mobile Apps Can Benefit Your Practice

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    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    Defendants May Come To Regret This High Court 'Victory'

    Mark Rosen

    Although the wisdom of the U.S. Supreme Court’s decision in ANZ Securities is certainly subject to debate, commentary suggesting that the ruling is the death knell for securities class actions goes too far. A recent Law360 guest article ignores the securities litigation procedures mandated by Congress as well as the trend away from early class certification in these cases, says Mark Rosen of Barrack Rodos & Bacine.

  • Get Ready For The UK's New Unexplained Wealth Order

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    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Survey And Real-World Data: A Winning Combination

    Peter Simon

    Courts increasingly require empirical proof in cases where the impact of particular behavior, claims or statements on consumer perceptions or choices is a central focus. Primary survey data and real-world data can each offer strong evidence on its own, but substantial synergies can be obtained when the two are used together, say members of Analysis Group Inc.

  • Petrobras Does Little To Clarify Class Ascertainability

    Jonah Knobler

    In Petrobras, the Second Circuit purported to “clarify” its leading ascertainability decision, Brecher v. Republic of Argentina. In reality, however, it essentially rewrote Brecher, stretching it beyond recognition to revamp the law of ascertainability in the circuit, says Jonah Knobler of Patterson Belknap Webb & Tyler LLP.

  • 2nd Circ. Reins In Judicial Oversight Of DPAs

    John Wood

    The Second Circuit's HSBC decision on Wednesday gave some comfort to those concerned about the possibility of public access to corporate monitors’ reports created pursuant to a deferred prosecution agreement. But the court did even more than that and curtailed judicial oversight of DPAs generally, says John Wood, a partner at Hughes Hubbard & Reed LLP and former U.S. attorney for the Western District of Missouri.

  • Where AI Meets Cybersecurity And The Legal Profession

    Randy Sabett

    Artificial intelligence and machine learning will continue to be a major focus for the legal community, whether as an isolated topic, as it intersects with cybersecurity, or within the legal profession itself. Each of these raises unique concerns for attorneys, says Randy Sabett, vice chair of Cooley LLP's privacy and data protection practice group.