Banking

  • May 22, 2018

    Homeowners Say JPMorgan Forecloses Without Proper Notice

    A class action bumped up to federal court on Tuesday claimed JPMorgan Chase & Co. has foreclosed on “hundreds” of houses after homeowners missed three mortgage payments without attempting to confer with the owners as required by federal regulation.

  • May 22, 2018

    NY Lawmakers Tap Interim AG Underwood To Finish Term

    Acting New York Attorney General Barbara D. Underwood was tapped Tuesday by the state legislature to serve out the remainder of Eric Schneiderman’s term after he resigned earlier this month amid allegations of physical abuse by four women.

  • May 22, 2018

    CFPB Gets $21M Default Win In Debt-Relief Services Suit

    A Maryland federal judge on Tuesday handed the Consumer Financial Protection Bureau a win by default in its suit over a “debt validation” program that was allegedly marketed with false claims of government affiliation, slapping the no-show defendants with a nearly $21 million judgment.

  • May 22, 2018

    SEC's Clayton Urges ICO Issuers To Reach Out To Agency

    U.S. Securities and Exchange Commission Chairman Jay Clayton on Tuesday encouraged all issuers of digital tokens to reach out to the agency he oversees with questions regarding whether their initial coin offerings are securities subject to SEC regulation.

  • May 22, 2018

    JPMorgan Brass Beat Derivative Suit Over Bank's RMBS Biz

    A shareholder derivative suit accusing a number of JPMorgan directors of having failed to properly oversee the bank’s subprime residential mortgage-backed securities business in the run-up to the financial crisis is too similar to another already-dismissed case to proceed, a New York federal judge said Monday.

  • May 22, 2018

    Blank Check Co. Run By Ex-NYSE President Files $400M IPO

    Far Point Acquisition Corp., a blank check company backed by hedge fund Third Point LLC and run by former NYSE Group President Tom Farley, filed an initial public offering Tuesday to raise $400 million in order to acquire a fintech business.

  • May 22, 2018

    Citco's UBS Docs Privileged In Pension Fund Row, Judge Says

    Citco Group Ltd. can keep confidential certain communications with UBS AG sought by several pension funds that have accused Citco and others of making misrepresentations about a $100 million investment in an insolvent investment vehicle, a Louisiana federal judge ruled Monday, finding that the documents warranted attorney-client privilege.

  • May 22, 2018

    House Sends Dodd-Frank Banking Rule Rollback To Trump

    The U.S. House of Representatives on Tuesday passed a major rollback of Dodd-Frank rules, sending a package of financial industry changes that backers say cut costly and burdensome regulations to President Donald Trump, who has indicated his support for the measure.

  • May 22, 2018

    Convicted Judge Says Mortgage Fraud Case On Shaky Ground

    An Illinois state judge convicted earlier this year in a $1.4 million mortgage fraud scheme appeared in court on Tuesday to reset the date of her sentencing while she argues that the government had not proved she intended to commit fraud.

  • May 22, 2018

    Emirates NBD Snaps Up DenizBank For $3.1B

    Banking giant Emirates NBD has inked a $3.1 billion deal to buy an almost complete stake in Turkish private bank DenizBank AS held by state-owned Sberbank of Russia, the banks said Tuesday.

  • May 22, 2018

    NJ Mortgage Officer Gets 18 Months For $6M Fraud Scheme

    A New Jersey federal judge on Tuesday imposed an 18-month prison sentence on a man for his role in a $6 million mortgage scheme that led to several property loan defaults and exposed public and private lenders to millions of dollars in potential losses, U.S. Attorney Craig Carpenito announced.

  • May 21, 2018

    Justices To Review Scope Of Immunity For Int'l Orgs

    The U.S. Supreme Court has agreed to review a D.C. Circuit decision holding that international organizations enjoy even more immunity from lawsuits than do foreign governments, taking up a case Monday from a group of Indian nationals suing the International Finance Corp. over a power plant project they say has wreaked havoc on the surrounding environment.

  • May 21, 2018

    What's Next For The Payday Lending Rule

    Lawmakers may have run out of time to use the Congressional Review Act to overturn the Consumer Financial Protection Bureau’s controversial restrictions on issuers of payday, title and other forms of short-term, high-interest loans, but that doesn’t mean the agency’s so-called payday lending rule is in the clear.

  • May 21, 2018

    Litvak Is No Rescue For Ex-Nomura RMBS Trader, Feds Say

    Prosecutors on Friday ripped a renewed bid in Connecticut federal court for a new trial from a former Nomura Securities International Inc. residential mortgage-backed securities trader found guilty of conspiracy, saying the Second Circuit's recent reversal of ex-Jefferies Group trader Jesse Litvak's conviction has no bearing on this case.

  • May 21, 2018

    Bank Fraudster Gets 2 Years In Prison For Criminal Contempt

    A purported oil and gas entrepreneur found guilty of criminal contempt for refusing to repay a bank that won a $5 million judgment against him, and later convicted of bank fraud by a second jury, was sentenced Monday to two years in prison by a Manhattan federal judge in the contempt matter.

  • May 21, 2018

    Creditor Wants IBRC Ch. 15 Left Open For $12.6M Claim

    An Irish-American businessman has asked the Delaware bankruptcy court overseeing Irish Bank Resolution Corp.’s Chapter 15 proceedings to let him subpoena the debtor for documents, claiming the government-run “bad bank” cheated him out of $12.6 million.

  • May 21, 2018

    Deals Rumor Mill: Ansaldo STS, Meezan Bank, Kuwait Energy

    Hitachi Automotive hopes to buy Elliott Management’s stake in Italian rail-signaling business Ansaldo STS, U.S. and European institutional investors are in talks to buy small stakes in Pakistan’s Meezan Bank, and Kuwait Energy is mulling the sale of an oil and gas field in southern Iraq.

  • May 21, 2018

    CFTC Partners With States, Gives Crypto Derivative Guidance

    The U.S. Commodity Futures Trading Commission is entering an agreement with state regulators aimed at slashing red tape and increasing coordination and has put out new guidance on how exchanges should handle cryptocurrency derivatives, the agency's head said on Monday.

  • May 21, 2018

    Accused ICO Fraudsters Deny $25M Crypto Card Scheme

    Two co-founders of cryptocurrency company Centra Tech Inc. on Monday denied charges of conning investors in a $25 million initial coin offering to fund a digital currency payment card they falsely claimed was backed by major payment processors including Visa Inc.

  • May 21, 2018

    3 Firms Guide $4.7B Merger Of Fifth Third, MB Financial

    Fifth Third Bancorp and an Illinois-based holding company for MB Financial Bank NA on Monday said that they have agreed to merge in a deal that is valued at $4.7 billion and was guided by Simpson Thacher & Bartlett LLP, Silver Freedman Taff & Tiernan LLP and Vedder Price PC.

Expert Analysis

  • Introducing The Legal Industry To Millennial Business Owners

    Yaima Seigley

    ​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.

  • US Law As Trade War Weapon

    Hdeel Abdelhady

    The United States effectively forced Chinese smartphone manufacturer ZTE to cease major operations this month, after the U.S. Department of Commerce blocked its access to vital U.S.-made components. The case puts into focus the Trump administration’s use of sanctions, anti-corruption and anti-money laundering laws as trade war weapons against economic rivals, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Relief From CFPB’s Auto Guidance May Be Short-Lived

    Dowse Rustin IV

    In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.

  • Industry-Friendly OCC Regulations May Be On The Horizon

    David Freeman

    The Office of the Comptroller of the Currency’s agenda for the next few months, as articulated by new OCC leader Joseph Otting, seems promising for the industry and may provide regulatory relief to banks in many areas. At the same time, Otting’s proposals may face legal challenges, say attorneys with Arnold & Porter.

  • Think Before You Discard Your Bank Holding Company

    Craig Landrum

    There has been much discussion on the continued viability of the bank holding company model, but elimination of the holding company will deny the organization needed flexibility in matters of corporate governance and cash and capital management, says Craig Landrum of Jones Walker LLP.

  • Opinion

    Recovering Lawyers' Lost Position Of Independence

    Samuel Samaro

    In these politically divisive times, many ask whether our institutions and traditions can help us return to a greater consensus. In days long past, the legal profession could have been counted on to serve just such a function. But lawyers are now just as polarized as everyone else, says Samuel Samaro of Pashman Stein Walder Hayden PC.

  • FCPA Settlement Shows Gov't Going After All Sides

    Amelia Hairston-Porter

    A nuclear fuel transport company's March settlement with the U.S. Department of Justice resulted in charges against not only the company itself, but also against senior executives, a foreign official and a middleman allegedly involved in bribe payments. The DOJ's pursuit of all sides in this case parallels its actions in other recent cases, say Amelia Hairston-Porter and Nina Gupta of Miller & Chevalier Chtd.