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Banking

  • November 16, 2018

    Ex-Morgan Stanley Exec Fights Arbitration Of Bias Claims

    A former Morgan Stanley executive urged a New Jersey federal judge Friday to certify her opinion last month forcing arbitration of his claims he was fired because of past alcohol and drug abuse, a move needed for him to appeal the ruling to the Third Circuit.

  • November 16, 2018

    AFT Files Adversary Case In Puerto Rico Bankruptcy

    Two U.S. labor unions have hit Puerto Rico's government and its federally appointed oversight board with a lawsuit for failing to put the pension deposits for tens of thousands of public employees into proper accounts and instead “stashing” the money in non-interest bearing accounts at a scandal-plagued bank.

  • November 16, 2018

    SEC Provides ‘Path To Compliance’ For Unregistered ICOs

    The U.S. Securities and Exchange Commission settled two actions involving initial coin offerings Friday by levying its first fines against unregistered ICOs and requiring the companies to properly register the tokens as securities, outlining what the regulator later referred to as “a path to compliance with the federal securities laws going forward.”

  • November 16, 2018

    Dem AG Gains May Spur State Financial Services Action

    Democrats have strengthened their presence in state-level law enforcement after flipping the attorney general's office in several state in the midterm elections, gains that some financial services experts say could make for a tougher enforcement landscape for banks and other financial services firms.

  • November 16, 2018

    Fintech Co. Misled IPO Investors, Stock-Drop Suit Says

    Financial technology startup GreenSky Inc. deceived investors by filing a misleading registration statement with the U.S. Securities and Exchange Commission in its initial public offering, shareholders argued in a proposed class action filed in New York state court that said stock prices tumbled after revised guidance was released months later.

  • November 16, 2018

    Credit One Ducks TCPA Suit Over Calling Reassigned Number

    A Minnesota federal judge axed a suit accusing Credit One Bank NA of unlawfully placing 140 debt-collection calls to a phone number it believed belonged to one of its customers, ruling the equipment used to make the calls couldn't be considered an "autodialer" under a recent D.C. Circuit ruling.

  • November 16, 2018

    UK's Approach To Regulating Crypto-Assets Looks 'Measured'

    The U.K. appears ready to move forward on regulating cryptocurrency-related assets, seeking what some attorneys describe as a measured approach that is likely to expand regulation to protect mom-and-pop investors from dicey crypto-backed investments, while trying to avoid dampening innovation in the underlying technology supporting digital assets.

  • November 16, 2018

    Mnuchin Cleared To Seek Funds From Relativity D&O Policy

    U.S. Treasury Secretary Steven Mnuchin should not be hindered by Relativity Media’s Chapter 11 case from seeking $207,000 in reimbursement from a directors and officers insurance policy maintained by the studio, a New York bankruptcy judge ruled Friday, saying the former company co-chairman appears covered by the policy.

  • November 16, 2018

    SEC Fights 1 Global Ex-CEO's Bid To Toss $287M Fraud Suit

    The U.S. Securities and Exchange Commission fired back at the former CEO of 1 Global Capital LLC’s attempt to “escape the consequences of his actions” on Friday, saying his bid to toss a $287 million fraud suit is based on “inaccurate and incomplete facts, incorrect legal standards and infirm legal arguments.”

  • November 16, 2018

    First Citizens Buys Fla.-Based Bank Biscayne In $115M Deal

    First Citizens Bank & Trust Co. on Friday said it will pay $115 million to acquire Biscayne Bancshares Inc., allowing the Raleigh, North Carolina-headquartered bank to add additional depth in the Florida market.

  • November 16, 2018

    Wine Co. Shareholder Can't Avoid $29M Bill, 11th Circ. Told

    An American investor in a Chilean wine company has urged the Eleventh Circuit to affirm a lower court’s decision ordering a controlling shareholder of the venture to cough up $28.7 million, accusing him of playing a “cat-and-mouse game” to avoid paying what he owes.

  • November 16, 2018

    Texas Man Convicted In $36M Drug Resale Scheme

    A Texas federal court jury has convicted a Texas man of tax evasion and money laundering conspiracy for selling used prescription medications to a company that would resell them to pharmacies as new.

  • November 16, 2018

    BofA, Deutsche Bank Say Sibor-Rigging Suit Falls Short

    Bank of America, Deutsche Bank and other financial institutions asked a New York federal court Friday to toss a suit accusing them of conspiring to manipulate the Singapore Interbank Offered Rate, saying the plaintiffs failed to plausibly allege a conspiracy and that their antitrust claims are barred by the statute of limitations.

  • November 16, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a new suit against Credit Suisse over debt investment, Kuwait's social security agency take on Man Group, and Allianz and several food distributors sue one of the world's biggest container shipping companies. Here, Law360 looks at those and other new claims in the U.K.

  • November 16, 2018

    3rd-Party Claims Fall Under CAFA, Biz Groups Tell High Court

    The U.S. Chamber of Commerce and two other business advocacy groups urged the U.S. Supreme Court on Friday to overturn a Fourth Circuit decision remanding class action counterclaims against Home Depot in a state court collection case, arguing that the decision ran afoul of the Class Action Fairness Act.

  • November 16, 2018

    Perkins Coie Snags Digital Currency Partner From SEC

    A former branch chief of the U.S. Securities and Exchange Commission has joined Perkins Coie LLP’s blockchain technology and digital currency industry group in Washington, D.C., as a partner.

  • November 16, 2018

    CFPB, Think Finance Say Settlement Talks Are Underway

    The Consumer Financial Protection Bureau and Think Finance LLC asked a Montana federal judge on Friday to pause discovery in the agency's suit accusing the financial technology company of deceiving borrowers and using sham tribal lenders to collect money it wasn't owed, saying an end to the litigation is in sight.

  • November 16, 2018

    Nissan Lender Sues Dealer For $4.5M In 'Out-Of-Trust' Sales

    Nissan Motor Acceptance Corp. sued a Maryland Acura dealer Thursday for defaulting on $4.5 million worth of financed inventory that served as collateral, and is seeking an order restraining the dealer from selling any more financed cars out from under the lender.

  • November 16, 2018

    FDIC Fights To Keep Libor Manipulation Claim Against UBS

    A group of failed banks suing UBS could not have reasonably known that the lender’s Libor submissions were lower than they should have been in the lead-up to the financial crisis until regulatory findings emerged in 2012, lawyers for the U.S. Federal Deposit Insurance Corp. said at a London court on Friday.

  • November 15, 2018

    Citibank, JPMorgan Chase Ink $21M SIBOR Rigging Suit Deal

    CitiGroup Inc. and JPMorgan Chase & Co. have agreed to pay nearly $21 million to escape a putative class action over an alleged conspiracy to manipulate the Singapore Interbank Offered Rate, the plaintiffs said in a motion to preliminarily approve the deal in New York federal court Thursday.

Expert Analysis

  • Rise Of The CMOs

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    Joshua Peck, incoming marketing director of Hill Wallack LLP, traces the evolution of the chief marketing officer position at law firms and shares insights from three legal marketing pioneers.

  • Spoofing Charges Don't Readily Translate To Private Actions

    Laura Brookover

    Private plaintiffs have filed putative class actions in Chicago and New York on the heels of government enforcement efforts against spoofing. But actions like these are largely untested, and two threshold hurdles for these new cases are apparent, says Laura Brookover of Covington & Burling LLP.

  • Prospects For Tax Policy In The 116th Congress

    Evan Migdail

    Now that the results of the 2018 election are (mostly) in, Evan Migdail and Melissa Gierach at DLA Piper LLP consider what a Democratic House, Republican Senate and Trump administration may be able to accomplish in the way of tax policy during the lame-duck session and the upcoming 116th Congress.

  • Opinion

    Concerns About CFPB Trial Disclosure Policy Are Misplaced

    Eric Mogilnicki

    Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • AI's Role In Financial Services: Some Early Lessons

    Eamonn Moran

    The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • 5 Common Misconceptions About SEC Investigations

    Daniel Hawke

    Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.

  • What To Expect From New Democratic Investigation Efforts

    Reginald Brown

    The new Democratic House majority is expected to direct much of its attention to executive branch oversight and accountability. Companies and their legal counsel should be prepared for a dramatically changed collateral environment as investigations cover a wide range of topics, say attorneys at WilmerHale.