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Banking

  • December 7, 2018

    Feds Retract Bid For Harsher Sentence On Turkish Banker

    U.S. prosecutors told a federal appeals court Thursday that they were withdrawing their request for a longer sentence for Mehmet Hakan Atilla, the Turkish banker sentenced to 32 months in prison despite prosecutors' request that he serve 15 years for helping skirt sanctions against Iran.

  • December 7, 2018

    Investor Seeks Records In Case Against Chinese Music Giant

    An early investor in Chinese music streaming service Tencent Music who claims he was cheated out of an equity stake in the company has asked a New York federal judge to allow him to collect evidence from several U.S. banks for a pending arbitration in China.

  • December 7, 2018

    Thrift Preemption No Help For Chase In Calif. Suit: Judge

    A San Francisco federal judge ruled Friday that Chase must face a proposed class action over its alleged failure to comply with a California mortgage escrow interest law, finding the preemption once enjoyed by the failed federal thrift originator of the plaintiffs' mortgages doesn't cover Chase's subsequent handling of the loans.

  • December 7, 2018

    Student Loan Co. CEO Arrested On Charges Of $28M Fraud

    A California financial services executive was arrested while trying to board a flight out of the country and charged with wire fraud for allegedly running a phony student loan debt relief scheme, the U.S. Department of Justice announced in a statement issued Thursday.

  • December 7, 2018

    Lebanese Businessman Pleads Guilty To Money Laundering

    A Lebanese businessman who the U.S. Department of Treasury claims has ties to the terrorist organization Hezbollah entered a guilty plea Thursday to a money laundering charge stemming from an attempt to avoid U.S. sanctions placed on him, the U.S. Department of Justice said.

  • December 7, 2018

    Execs Urge No Or Little Prison In $200M Del. Bank Fraud Case

    Four Wilmington Trust executives found guilty in a nearly $200 million federal securities fraud case in May have appealed for no, or little, prison time instead of the up to nine- and 11 ¼-year recommendations issued by prosecutors, according to documents made public on Friday.

  • December 7, 2018

    2nd Circ. Asked To Hear Appeal Of $300M Fees In Forex Deal

    The Second Circuit has been asked to hear an appeal of a New York federal court ruling awarding more than $300 million in attorneys' fees to the firms representing an investor class in securing $2.3 billion in settlements over claims 15 banks plotted to rig benchmark exchange rates in the foreign exchange markets.

  • December 7, 2018

    CFPB Settles With State Farm Over Credit Reporting Errors

    The Consumer Financial Protection Bureau on Thursday settled claims that State Farm Bank FSB improperly obtained consumer reports and gave inaccurate information to credit-reporting agencies, ordering the federal savings association to implement corrective policies without any fines imposed — a move that's drawn the ire of consumer advocates.

  • December 7, 2018

    IP Demand Letter Puts Case In Texas District, Fed. Circ. Says

    A Texas federal court has jurisdiction to hear whether several banks infringe a licensing company’s patents covering electronic banking procedures because the company sent demand letters to the institutions, which are located in the district, the Federal Circuit held Friday.

  • December 7, 2018

    Hogan Lovells Nabs Finance Partner From Milbank

    Hogan Lovells has added a partner in New York from Milbank with experience in restructuring, export-import deals, high-yield debt and liability management.

  • December 7, 2018

    8 Firms To Guide 5 IPOs Led by Tencent Music's $1.1B Deal

    Eight law firms will guide five initial public offerings that could potentially raise more than $1.5 billion combined during the week of Dec. 10, possibly the last wave of IPOs for the year, led by an estimated $1.1 billion offering from streaming giant Tencent Music Entertainment Group.

  • December 7, 2018

    Bulk Of TD Bank Investors' Fraud Claims Survive Bid To Toss

    A New Jersey federal judge upheld the bulk of a proposed class action alleging TD Bank and its executives made filings with the U.S. Securities and Exchange Commission that didn't disclose how certain revenue growth was spurred by illegal business practices, ruling that the investors adequately pled that confidential witnesses supported their claim.

  • December 7, 2018

    Data-Driven Lawyer: Morgan Lewis' J. Kyle Poe

    Morgan Lewis' J. Kyle Poe, a self-proclaimed "elder millennial," created a client management platform to streamline the firm's work in asbestos litigation that is now used across practice areas, making the firm's business more efficient and upping its ability to attract clients through innovative fee arrangements, earning him a spot on our 2018 list of Data-Driven Lawyers.

  • December 7, 2018

    11th Circ. Backs IRS' $28M Win In Tax Shelter Case

    A U.S. Tax Court decision that disallowed almost $28 million in losses by a company, finding the claim lacked economic substance, has been upheld by an Eleventh Circuit panel.

  • December 7, 2018

    Belgian Busted In Scheme To Dupe US Law Firms, Charities

    A Belgian national who was indicted by a federal grand jury for a scheme to convince law firms and charities to wire him money was arraigned in Boston federal court Friday, 22 months after a warrant was issued for his arrest.

  • December 7, 2018

    Trump Picks Kirkland's William Barr For AG

    President Donald Trump named Kirkland & Ellis LLP attorney William Barr as his pick to replace former Attorney General Jeff Sessions Friday, setting Barr up to reprise the role he served under late President George H.W. Bush.

  • December 7, 2018

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

    The last week has seen an African import-export bank sue Nigerian airline Airik, Jaguar and several major insurers sue an auto shipping specialist and a Brazilian energy executive lodge a claim against a unit of Swiss bank Rothschild. Here, Law360 looks at those and other new claims in the U.K.

  • December 6, 2018

    JPMorgan, IV Debate The Meaning Of 'And' At Fed. Circ.

    Attorneys for Intellectual Ventures LLC and JPMorgan Chase & Co. debated a claim of IV's cybersecurity software patent before a Federal Circuit panel Thursday, including offering dueling interpretations of the word "and."

  • December 6, 2018

    After Year With Mulvaney, CFPB Enters Kraninger Era

    Mick Mulvaney is leaving behind a Consumer Financial Protection Bureau that’s had some of the bark and bite taken out of it, but as Kathleen Kraninger steps up to become the agency’s next director, the consumer financial watchdog hasn’t necessarily gone to sleep, financial services attorneys told Law360.

  • December 6, 2018

    SEC Gives Up On Litvak Suit After Feds Drop Charges

    A Connecticut federal judge on Thursday agreed to dismiss the U.S. Securities and Exchange Commission’s civil suit against former Jefferies Group LLC bond trader Jesse Litvak in the wake of the end of his five-year criminal case in which he was convicted twice but saw those convictions overturned.

Expert Analysis

  • Will High Court Avoid Deadlock In Lorenzo?

    Susan Hurd

    Oral argument in Lorenzo v. U.S. Securities and Exchange Commission revealed clear divisions within the U.S. Supreme Court on the type of conduct that forms the basis of liability under Rule 10b-5, say attorneys with Alston & Bird LLP.

  • Shifting Federal Policies Sow Discord In US Real Estate

    Eric Rapkin

    Changes in tariffs, tax law and bank deregulation present a confusing picture of short-term gains and long-term risk for real estate. Eric Rapkin of Akerman LLP takes a look at the industry's "winners" and "losers" following these developments.

  • A Look Back At Mulvaney's CFPB, And What's Ahead In 2019

    Stephanie Robinson

    With Kathy Kraninger now confirmed as the next director of the Consumer Financial Protection Bureau, attorneys with Mayer Brown LLP offer an in-depth look at how the agency has changed under acting Director Mick Mulvaney and what it may look like going forward.

  • Blockvest Ruling Reminds Token Issuers To Push Back

    Michael Dicke

    Digital token issuers caught up in the onslaught of U.S. Securities and Exchange Commission investigations finally received some good news last month regarding token sales’ exposure to federal securities laws. The decision in SEC v. Blockvest is encouraging for a few reasons, say Michael Dicke and Eric Young of Fenwick & West LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • Arbitration In Bankruptcy Isn't Dead After Anderson

    Deborah Reperowitz

    In Anderson v. Credit One Bank, the Second Circuit declined to enforce a mandatory arbitration provision, despite a long-standing U.S. Supreme Court mandate. While Anderson seems to mark a departure for bankruptcy cases with arbitration provisions, it may simply reflect a narrow exception, says Deborah Reperowitz of Stradley Ronon Stevens & Young LLP.

  • Assessing A New Path To Compliance For ICO Issuers

    Meagan Olsen

    The Airfox and Paragon settlements last month represent the U.S. Securities and Exchange Commission's acceptance of a new road map for initial coin offering issuers eager to remove the taint from past illegal offers. The approach is not perfect but signals a lighter regulatory construct, say attorneys with Paul Hastings LLP.

  • Crypto Addresses As OFAC Identifiers

    Maxwell T.S. Thompson

    Last week, the Office of Foreign Assets Control took the significant step of adding two digital currency addresses to its list of identifiers for certain individuals related to an Iranian hacking enterprise. This should immediately alert entities that transact in digital assets, says Maxwell T.S. Thompson of Murphy & McGonigle PC.

  • A Welcome DOJ Shift On Cooperation Credit

    John Nowak

    Changes announced last week by Deputy Attorney General Rod Rosenstein will likely make it easier for a company to obtain cooperation credit in criminal and civil cases, while also potentially reducing some of the costs and burdens associated with complying with the prior U.S. Department of Justice policy, says John Nowak of Paul Hastings LLP.

  • Series

    Judging A Book: Ginsburg Reviews 'The Curse Of Bigness'

    Judge Douglas Ginsburg

    When reading Tim Wu’s new book, "The Curse of Bigness: Antitrust in the New Gilded Age," lawyers, economists and historians will find its broad brush maddening, and the generalist reader will simply be misled, says D.C. Circuit Judge Douglas Ginsburg.