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Banking

  • June 14, 2019

    Charles Schwab Can't Arbitrate ERISA Claims, 9th Circ. Told

    Charles Schwab Corp. and a retirement plan participant fought before the Ninth Circuit on Friday over the plan's arbitration provisions that purportedly waive rights to collectively sue under the Employee Retirement Income Security Act, with the participant arguing that upholding the waiver would result in a "massive reduction in fiduciary liability."

  • June 14, 2019

    States' Model Payments Law May Ease Entry For Fintechs

    State banking regulators are collaborating on a uniform model payments law that would facilitate compliance with different state rules, and in the absence of federal government action, some attorneys say the effort could benefit fintech companies by providing multistate consistency.

  • June 14, 2019

    Quicken Loans To Shell Out $32.5M To End FHA Loans Suit

    Quicken Loans Inc. has agreed to pay $32.5 million to the federal government to resolve a False Claims Act suit accusing the mortgage lender of falsely certifying Federal Housing Administration loans, a federal mediator announced Friday.

  • June 14, 2019

    Indicted NY Real Estate Mogul Avoids SEC Asset Freeze

    Landlord Robert C. Morgan struck a deal with the U.S. Securities and Exchange Commission on Friday taking a potential asset freeze off the table that he said was hampering his ability to defend himself against allegations of systematic mortgage fraud.

  • June 14, 2019

    CFPB Suit 'Prime Example' Of Bureau Unbound, 2nd Circ. Told

    A litigation funder accused of peddling illegal loans styled as sales of settlement proceeds has urged the Second Circuit to preserve its upset win in a lawsuit brought by the Consumer Financial Protection Bureau and New York attorney general, arguing that the case is a "prime example" of an unconstitutional federal agency run amok.

  • June 14, 2019

    PNC Accused Of Stiffing Call Center Workers On OT

    PNC Bank and its parent company failed to pay call center workers for their overtime hours by making them read work-related emails off the clock and keeping them at work during meal breaks, according to a proposed class action filed Friday in Pennsylvania federal court.

  • June 14, 2019

    BNY Mellon Must Face Pa. Class Suit Alleging Self-Dealing

    A Pennsylvania federal judge on Friday refused to throw out proposed class claims accusing the Bank of New York Mellon NA of engaging in self-dealing by moving money from a trust account into a poorly performing mutual fund operated by a corporate affiliate.

  • June 14, 2019

    ITT Tech Lending Arm To Forgive $168M In Student Loans

    The lending arm of a bankrupt for-profit technology school ITT Technical Institute has agreed to forgive $168 million in student loans to resolve claims it pressured students into high-interest loans that tarnished their credit history, the Consumer Financial Protection Bureau said Friday.

  • June 14, 2019

    Fla. City Tries To Revive Mortgage Suit Against Wells Fargo

    The city of Miami Gardens, Florida, pushed on Friday to revive its Fair Housing Act lawsuit against Wells Fargo over the bank's allegedly discriminatory lending, but an Eleventh Circuit panel seemed skeptical that the city had provided enough evidence of injury to support its claims.

  • June 14, 2019

    Wall Street Lobbyists Slam New Jersey's Fiduciary Duty Plan

    Heavyweight trade associations in the financial services industry on Friday assailed New Jersey’s plan to hold broker-dealers to the same fiduciary duty as investment advisers, the same day Massachusetts launched its own fiduciary initiative with a call for comments.

  • June 14, 2019

    Arent Fox Guides FCP's $118M Philly Apartment Complex Deal

    Real estate investment company FCP has acquired a 286-unit luxury high-rise apartment complex in Philadelphia for $117.9 million in a deal guided by Arent Fox LLP that also includes excess land that can be developed, the company said Friday.

  • June 14, 2019

    EU Financial Transaction Tax Deal Likely By Fall

    The European Union will likely reach a deal on a proposed financial transaction tax by the fall, Germany's finance minister said Friday.

  • June 14, 2019

    Banks Look To Deal Knockout Blow In Bond Price-Fix Suit

    Major banks accused of working together to fix bond prices for government-sponsored entities, including Fannie Mae and Freddie Mac, have urged a New York federal judge to throw out the lawsuit against them, saying investors bringing the suit cannot substantiate their "impossibly broad" conspiracy claims.

  • June 14, 2019

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

    The last week has seen Citibank, ING and a number of other banks sue Sudan and the country's central bank, a London derivatives broker file an appeal against a rival that's accused it of poaching employees and foreign exchange specialists Monex sue two former workers. Here, Law360 looks at those and other new claims in the U.K.

  • June 14, 2019

    China-Owned NY Broker-Dealer Admits To Antitrust Violation

    A broker-dealer owned by the Industrial and Commercial Bank of China Ltd. pled guilty Friday to rigging bids for American depositary receipts, agreeing to pay a $3.26 million fine after a Manhattan federal judge cited its "substantial assistance" in an ongoing antitrust investigation.

  • June 13, 2019

    TD Bank Inks $70M Deal In Overdraft Fee MDL

    TD Bank NA asked a South Carolina federal judge Thursday to approve its deal to pay out $43 million and forgive $27 million in overdraft fees to settle multidistrict litigation alleging the bank hit customers with illegal overdraft charges.

  • June 13, 2019

    SEC Concerned Over Maturity Of Cryptocurrency Markets

    Questions about market maturity are at the root of the U.S. Securities and Exchange Commission's concerns about cryptocurrency, not the nature of the digital currencies themselves, an SEC commissioner said Thursday during a fintech conference in New York.

  • June 13, 2019

    Credit Suisse Asks Appeals Court To Rein In $1B RMBS Trial

    Two Credit Suisse Group AG units on Thursday asked a New York appeals court to undo a lower court’s ruling in favor of the trustee for four pools of toxic residential mortgage-backed securities that allegedly caused over $1 billion in losses, saying it wrongly interpreted a sole remedy provision in the underlying contracts.

  • June 13, 2019

    Judge OKs Lenders' $231M Deal In GM Clawback Suit

    A group of lenders led by JPMorgan will pay $231 million to creditors of General Motors' predecessor to resolve claims stemming from a simple mistake made by a Mayer Brown paralegal years ago, in a deal approved Thursday by a New York bankruptcy court.

  • June 13, 2019

    Chipotle, Customers Seek Approval Of Data Breach Settlement

    Customers asked a Colorado federal court Thursday for preliminary approval of a settlement with Chipotle Mexican Grill Inc. over a 2017 data breach that exposed their names and debit and credit card numbers to hackers, saying proposed class members would receive up to $250 in out-of-pocket reimbursement.

  • June 13, 2019

    NY Regulator Looks To Extend Deutsche Bank Monitorship

    New York’s top financial services regulator isn’t yet satisfied with Deutsche Bank’s progress on strengthening its anti-money laundering compliance programs under a 2017 consent order and is moving to keep an outside monitor at the bank for longer, Law360 confirmed Thursday.

  • June 13, 2019

    DLA Piper Snags Finance Partner From Morrison & Foerster

    DLA Piper added a new finance partner to its Boston office, welcoming an attorney from Morrison & Foerster LLP who aims to grow the finance practice in the Hub for the international firm.

  • June 13, 2019

    Fla. Law Firm Created Negligent Transaction Docs, Suit Says

    A Florida law firm and two of its attorneys cost investment firm L2 Capital LLC $4 million through negligently prepared transactional documents with a digital payment services company, along with more money lost in transactions with other businesses, according to a legal malpractice suit filed in federal court Thursday.

  • June 13, 2019

    SEC Seeks Court Approval Of $1.5M Brokerage Fraud Deal

    The U.S. Securities and Exchange Commission told a Pennsylvania federal court Thursday it reached a roughly $1.5 million deal with the former top brass of now-defunct Global Transition Solutions, urging the court to close the book on the dispute.

  • June 13, 2019

    RD Legal Funding Seeks Exit From NY AG's Usury Suit

    A litigation funder accused of bilking terrorism victims out of their compensation money faced off against the New York attorney general in a Manhattan state courtroom on Thursday, insisting that its agreements were not predatory loans.

Expert Analysis

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • The State Of Article III Standing 3 Years After Spokeo

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    Three years after the U.S. Supreme Court's landmark consumer privacy decision in Spokeo v. Robins, Mary-Christine Sungaila and Marco Pulido at Haynes and Boone examine how courts have applied the opinion, the role of congressional findings in Article III standing cases, and a developing litigation trend.

  • Opinion

    Retailers Should Stay Away From Cryptocurrency

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    A number of big-name retailers are reportedly poised to begin accepting bitcoin and other digital currency, but given cryptocurrency's complete and utter lack of oversight, these companies run a perilous gamut of legal, regulatory, financial, ethical and reputational dangers, says cybersecurity consultant John Reed Stark.

  • What's Ahead For LGBTQ Rights Legislation

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    The U.S. House of Representatives recently passed the Equality Act to amend various civil rights laws for explicit inclusion of sexual orientation and gender identity as protected characteristics. However, critics have raised several concerns and the bill faces tougher odds in the Senate, say Jason Brown and Robert Quackenboss at Hunton.

  • Series

    Why I Became A Lawyer: A Fateful Phone Call

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    When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.

  • Law Firms Can Do Better With Their Mentoring Programs

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    There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.

  • What To Know About New CFPB Investigative Demand Policy

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    The Consumer Financial Protection Bureau recently announced an update to its civil investigative demand process to provide entities with more information about the nature of its investigations, signaling that the CFPB’s new director favors transparency and is attuned to industry concerns, say Tori Shinohara and Ori Lev of Mayer Brown.

  • The Latest Developments In Criminal Cases Against Execs

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    This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.

  • 'Rocket Docket' Justifies Its Name For 11th Straight Year

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    The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.

  • Mass. Foreclosure Ruling Offers Lessons For Lenders

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    A recent Massachusetts appellate decision is a wake-up call for foreclosing lenders to make sure they get the best price and a reminder of gray areas in the rules of the Massachusetts foreclosure game, says Francesco De Vito of Rackemann Sawyer.

  • What Securities Pros Need To Know About SEC Data Analytics

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    The U.S. Securities and Exchange Commission’s data analytics efforts have been repeatedly cited in SEC press releases announcing successful investigations and cases. Understanding the commission's work in this area is essential for compliance professionals at investment advisers and broker-dealers, say Charles Riely and Danielle Muniz of Jenner & Block.

  • China's Amended Investment Law Leaves Some Details Vague

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    China's recently amended Foreign Investment Law promises outside investors a more stable, transparent and predictable investment environment in China. But concerns remain that the law was rushed through to ease trade tensions, and that some of its provisions are not clearly defined, says Yuanyou Yang of Duane Morris.

  • Measuring The Value Of A Law Firm's Social Media Efforts

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    Most legal marketers struggle to show the return on investment of their social media efforts, but establishing and answering several key questions can help demonstrate exactly how social media programs contribute to a law firm's bottom line, say Guy Alvarez of Good2bSocial and communications consultant Tom Orewyler.

  • Do Fines Really Discourage Banks From Breaking The Law?

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    Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.

  • Collateral Descriptions May Need More Specific Drafting

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    For years, courts ruled that collateral descriptions in financing statements just needed to give enough notice to cause subsequent creditors to make further inquiry with the debtor, but there are signs that the “further inquiry doctrine” may not offer secured creditors as much protection as it once did, says Peter Beardsley of Loeb & Loeb.