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Banking

  • July 20, 2018

    IT Firm Investor To Pay $450K In SEC Judgment Over Fraud

    An investor in a bankrupt Illinois information technology company agreed on Thursday to pay the U.S. Securities and Exchange Commission $450,000 after he allegedly aided former top company executives in a fraud scheme to embezzle $4.1 million.

  • July 20, 2018

    TCF Bank To Pay $30M To End Overdraft Services Suit

    TCF National Bank has agreed to pay $30 million to resolve claims brought by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over the Minnesota-based bank’s marketing and sale of overdraft services.

  • July 20, 2018

    NY, FTC Reach Deal With Firm In Debt Collection Suit

    A New York debt collector has agreed to a more than $22.5 million suspended judgment entered Thursday in a deal resolving its portion of a suit brought by the Federal Trade Commission and New York attorney general accusing it and two other firms of deceptive and abusive practices.

  • July 20, 2018

    State Street Snaps Up Software Co. For $2.6B In Cash

    Boston-based State Street Corp. on Friday said it agreed to buy privately held Charles River Development for $2.6 billion in cash, a deal the bank said will help it provide asset managers and owners with a “global front-to-back platform.”

  • July 20, 2018

    Banks Say Firm’s Claims Don’t Belong In Swaps Antitrust MDL

    Eleven banks accused by fintech firm trueEX LLC of illegally boycotting its interest rate swaps platform and funneling business to an exchange they operated asked a Manhattan federal judge on Thursday to dismiss the suit, saying trueEX’s case is weaker than those of similar businesses in the multidistrict litigation.

  • July 20, 2018

    11 Firms To Steer IPOs Topping $3B In Busy Summer Stretch

    Eleven firms will steer initial public offerings by 11 companies that are projected to raise more than $3.3 billion during the week of July 23, led by an estimated $1.5 billion offering from a Chinese e-commerce giant, potentially setting up a furious finish for the month.

  • July 20, 2018

    The Many Defenses Of Paul Manafort

    Former Trump campaign chairman Paul Manafort, whose trial on a dozen charges of bank and tax fraud is scheduled to begin in Virginia federal court Wednesday, has aggressively pushed back against the Office of Special Counsel’s allegations since his indictment, and experts told Law360 they expect him to use every legal tool he can to keep evidence away from jurors and cast doubt on the evidence put before them.

  • July 20, 2018

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

    The last week has seen a slew of consumer goods distributors and insurers sue shipper MSC Mediterranean, a Nigerian bank take on one of the country's politicians and businessmen and U.S. tech company Ivanti lodge a claim against the venture capital firm it bought a digital workplace startup from.

  • July 20, 2018

    £275M Experian Merger Could Hurt Competition, CMA Says

    The U.K.’s competition watchdog said Friday that Experian’s proposed £275 million ($385 million) acquisition of a U.K.-based consumer credit data organization could harm competition because the companies are the two biggest providers of free credit scores in the U.K.

  • July 20, 2018

    Wells Fargo Suit Doesn't Fall Under ERISA, Judge Says

    A federal judge in Minnesota on Thursday dismissed Wells Fargo retirement plan participants' claims without a chance to revise, finding that their suit over losses the plans suffered after the bank copped to unethical sales practices doesn't fall under the Employee Retirement Income Security Act.

  • July 20, 2018

    Ex-UBS Trader, CFTC To Settle Spoofing Suit

    The former UBS AG trader being sued by the Commodity Futures Trading Commission for allegedly spoofing in precious metals futures markets has reached a tentative deal to settle the agency’s suit, according to a joint filing in Connecticut federal court on Friday.

  • July 20, 2018

    DC Circ. Partially Revives Terrorist Attack Liability Case

    The D.C. Circuit on Friday reversed the dismissal of certain terrorism liability claims against Hezbollah and an Iranian bank related to rocket attacks against Israel, saying a district court failed to address necessary jurisdictional issues before ruling, but affirmed the dismissal of tort claims against the bank, citing a recent high court decision.

  • July 20, 2018

    How A Fla. Ruling Ignited A Surge In Online ADA Suits

    In the year since a Florida federal judge became the first to find that a company’s website violated a visually impaired customer’s rights under the Americans with Disabilities Act, the ruling has been both an inspiration and “bully stick," spurring a surge in litigation that attorneys say could wind up in the U.S. Supreme Court.

  • July 20, 2018

    3 Plan Guilty Pleas In $5M BofA Insider Trading Case

    Three defendants accused of taking a total of $5 million in illegal profits from trades based on tips from a former Bank of America technology consultant are planning to plead guilty, a Manhattan federal judge heard on Friday, leaving one man on deck to stand trial.

  • July 20, 2018

    Deutsche Bank Units Will Pay $75M To Resolve SEC Claims

    The U.S. Securities and Exchange Commission said Friday that German banking giant Deutsche Bank will pay nearly $75 million to settle allegations it mishandled the pre-release of American depositary receipts, U.S. securities that represent shares in foreign companies.

  • July 20, 2018

    Wells Fargo Beats Ex-Employee's Suit Over 'Unethical' Culture

    A California federal judge on Thursday dismissed a former Wells Fargo Bank NA employee’s suit alleging he was fired for failing to meet the bank’s lofty sales targets, saying he waited too long to file his complaint.

  • July 19, 2018

    2nd Circ. Bats Down Sanctioned Atty's FDCPA Suit Over $131

    An attorney who reportedly tried to trick Midland Credit Management Inc. into violating the Fair Debt Collection Practices Act and was sanctioned for bringing frivolous litigation over $131 lost his appeal Thursday when the Second Circuit affirmed a lower court decision tossing the suit.

  • July 19, 2018

    Cape Cod Financial Adviser Stole $3.3M From Clients: SEC

    A former investment adviser from Cape Cod, Massachusetts, stole more than $3.3 million from her clients through a variety of schemes, including forging withdrawal requests, forging wire and check requests and tricking a client into withdrawing money from a retirement account, the U.S. Securities and Exchange Commission said Thursday.

  • July 19, 2018

    No-Show Estonian Forex Dealer Must Pay $11M In CFTC Case

    A Utah federal judge has ordered nearly $10.3 million in restitution and a $681,000 civil penalty against an Estonian foreign exchange trader that has yet to make a showing in the suit accusing it of conducting unregistered trades with U.S. customers, the U.S. Commodity Futures Trading Commission announced Thursday.

  • July 19, 2018

    Capital One Worker Says Cancer-Related PTO Led To Firing

    A former employee of Capital One’s automotive lending unit told a Texas federal court Thursday that he was wrongly fired for being late on two days for reasons that were related to his cancer. 

Expert Analysis

  • Suddenly, ALJs Become Political Appointees

    Brian Casey

    Less than three weeks after the U.S. Supreme Court decided Lucia v. Securities and Exchange Commission, President Donald Trump signed an executive order applying the court’s rationale in Lucia to the hiring — and firing — of all administrative law judges in the federal government, making them entirely beholden to the heads of their agencies or the president for their jobs, says Brian Casey of Barnes & Thornburg LLP.

  • The Role Of IP In The Crypto Bubble

    Aaron Parker

    Crypto markets experienced a sharp downturn in the first half of 2018. But strategically positioned blockchain-related patent and trademark rights can help keep a company financially and technologically relevant through even turbulent times, say attorneys with Finnegan Henderson Farabow Garrett & Dunner LLP.

  • Guest Feature

    Chris Dodd Talks Dodd-Frank, Nuremberg Trial, Hollywood

    Randy Maniloff

    Attorney Randy Maniloff recently sat down with former Sen. Christopher Dodd at his new office at Arnold & Porter in Washington, D.C. The goal? To discover things we might not know about the author of some of the most important legislation of the last few decades.

  • How FCC Ruling Could Impact Viability Of TCPA Fax Cases

    Lewis Wiener

    In Scoma Chiropractic v. Dental Equities, a junk fax case brought against MasterCard International, a Florida federal court recently issued a stay pending a ruling from the Federal Communications Commission. The decision may have ripple effects in other pending Telephone Consumer Protection Act actions, say Lewis Wiener and Alexander Fuchs of Eversheds Sutherland.

  • Illinois Tax Talk: Financial Organization Apportionment

    Christopher Lutz

    As financial organizations must now be included in the same Illinois unitary return as other services providers, it is important that businesses understand their classification and the resulting differences in how receipts must be apportioned to the state, says Christopher Lutz of Horwood Marcus & Berk Chtd.

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • CFPB In-House Judges May Be Next To Come Under Scrutiny

    Gregory Hesse

    The U.S. Supreme Court's ruling last month in Lucia that an administrative law judge at the U.S. Securities and Exchange Commission is subject to the Constitution's appointments clause does not bode well for ALJ rulings relied on by the Consumer Financial Protection Bureau, say attorneys with Hunton Andrews Kurth LLP.

  • Lorenzo V. SEC: Will High Court Further Curtail Rule 10b-5?

    Roger Cooper

    In Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court will consider whether a misstatement claim that does not meet the elements set forth in the court’s 2011 Janus decision can be repackaged and pursued as a fraudulent scheme claim under Rule 10b-5. A number of possible outcomes present themselves, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Employee Performance Ratings: Tainted Or Sainted?

    Lisa Harpe

    The recent focus on pay equity and employers’ pay practices has heightened the need to consider equal employment opportunity outcomes in performance ratings systems. Lisa Harpe and Sarah Gilbert of DCI Consulting Group discuss the current legal environment and proactive steps to examine performance ratings in the context of evaluating pay equity.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.