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Banking

  • June 21, 2018

    Big Banks Could Keep Lending In Big Recession, Fed Says

    The latest round of supervisory stress testing shows the nation’s nearly three dozen biggest banks would see significant losses during a severe global recession but would be able to keep credit flowing to households and businesses, the Federal Reserve said Thursday.

  • June 21, 2018

    LendingClub Says Del. Investor Suit Not Ready For Prime Time

    LendingClub Corp. asked the Delaware Chancery Court on Wednesday to dismiss or stay a stockholder derivative suit against the company pending resolution of other investor litigation, including a proposed $125 million class settlement in California.

  • June 21, 2018

    Narrow High Court Ruling In Lucia Raises Questions For SEC

    The U.S. Supreme Court’s “narrow” ruling that U.S. Securities and Exchange Commission administrative law judges are inferior officers subject to the appointments clause of the Constitution leaves open the question of how the SEC — and other federal agencies that use ALJs — will resolve cases handled by improperly appointed judges, legal experts said Thursday.

  • June 21, 2018

    Deals Rumor Mill: ConAgra, Siemens, JAB

    ConAgra Brands reached out to Pinnacle Foods about a possible deal, Siemens AG is planning on cutting nearly half of its industrial divisions, and JAB Holding Co. has almost raised €5 billion ($5.8 billion) with its latest fundraising effort.

  • June 21, 2018

    Credit Suisse Can Arbitrate Ex-Worker's $300M Class Suit

    Credit Suisse Securities on Thursday dodged a proposed class action accusing the company of stiffing its workers on up to $300 million in deferred compensation after a California federal judge ruled that the financial adviser bringing the case was bound by an arbitration agreement.

  • June 21, 2018

    DOL's Fiduciary Rule's Demise Made Official By 5th Circ.

    The Fifth Circuit on Thursday closed the book on the U.S. Department of Labor’s controversial 2016 fiduciary rule, which required retirement advisers to act in the best interest of clients, issuing a mandate that officially vacates the rule three months after a divided panel invalidated it.  

  • June 21, 2018

    Mass. Atty Gets More Than 1 Year For Short-Selling Homes

    A Massachusetts attorney facing an almost-certain disbarment was sentenced to a year and three months in prison Thursday after admitting to being part of a scheme to defraud banks and mortgage companies by short-selling houses.

  • June 21, 2018

    Ex-State Street Exec Keeps Mum As Fraud Trial Nears End

    A former executive at State Street Corp. decided Thursday against taking the stand in his Boston fraud trial, resting his defense against charges that he directed colleagues to slip hidden fees into multibillion-dollar trades for overseas clients and setting up a final courtroom showdown next week.

  • June 21, 2018

    No Jail For Swiss Banker Who Helped Americans Dodge Taxes

    A New York federal judge sentenced a Swiss banker who admitted to helping Americans dodge taxes to a year of probation on Thursday, noting that no other Swiss bankers who surrendered have been sent to prison and saying she had cooperated significantly with prosecutors.

  • June 21, 2018

    Creditors Object To $750M Lehman-Credit Suisse Deal

    Two hedge funds threw a wrench into a massive proposed derivatives settlement between Lehman Brothers Holdings Inc. and Credit Suisse AG with an objection filed on Wednesday, sharply questioning Lehman's whiplash-inducing turn from demanding $75 million to agreeing to pay $750 million in the "black box" deal.

  • June 21, 2018

    Administrative Fees For $2.3B In Forex Deals Top $9.5M

    The cost of administering $2.3 billion worth of settlements with 15 banks accused of rigging foreign exchange rates reached $9.5 million on Wednesday, when a New York federal judge consented to investors’ request to dole out an additional $3 million from the settlement fund.

  • June 21, 2018

    CFPB Structure Ruled Unconstitutional By NY Judge

    A New York federal judge has found the Consumer Financial Protection Bureau to be unconstitutionally structured, saying in a ruling Thursday that she disagrees with the D.C. Circuit’s holding to the contrary from earlier this year and isn’t bound by it.

  • June 21, 2018

    Supreme Court Says SEC In-House Judges Must Be Appointed

    The U.S. Supreme Court on Thursday held that U.S. Securities and Exchange Commission administrative law judges are “inferior officers” subject to the appointments clause of the Constitution, a decision that could have broad ramifications for an array of federal agencies that employ in-house judges.

  • June 20, 2018

    Altice Strikes €2.5B Deal For European Telecom Tower Assets

    Altice Europe NV announced Wednesday that it plans to sell off equity stakes in its telecommunication tower businesses in France and Portugal for a total cash consideration of 2.5 billion euro (about $2.9 billion) with the intent of deleveraging.

  • June 20, 2018

    Navient Agrees To Pay $2.5M To End Robocall Class Action

    A woman who claims Navient Solutions LLC pestered her with unwanted robocalls pressed a Virginia federal judge to sign off on the parties' proposed $2.5 million class action deal, arguing that the pact was a “good result” in light of a recent D.C. Circuit ruling that “enhanced” Navient’s core autodialer defense. 

  • June 20, 2018

    IHeartMedia Beats US Trustee's Objection To Exec Bonuses

    A Texas bankruptcy court Tuesday approved iHeartMedia Inc.'s plan to pay a dozen of its top executives up to $25 million in bonuses for 2018, overriding an objection by the U.S. Trustee's Office.

  • June 20, 2018

    Tops Markets’ Creditors Push For Probe Of Pre-Ch. 11 Moves

    The unsecured creditors of Tops Markets LLC are set to appear in New York bankruptcy court Thursday after calling for an investigation into the bankrupt grocery chain and payments made by its previous ownership group that saddled the company with unsustainable liabilities, arguing discovery provided by the debtors is inadequate.

  • June 20, 2018

    High Court Could Give SEC Tougher Road In Fraud Actions

    By agreeing to hear an appeal of an investment banker found liable for fraud for copying and pasting his boss's fraudulent emails into a message to clients, the U.S. Supreme Court is expected to clarify the important distinction between primary and secondary liability in securities fraud cases, legal experts say.

  • June 20, 2018

    Judge OKs $13.5M BNY, JPM Settlement In $15M Debt Suit

    A federal judge in Philadelphia tentatively approved a $13.5 million settlement on Wednesday between Bank of New York Mellon Corp., JP Morgan Chase & Co. and investors who accused the banks of failing to go to bat for them when the hospital whose debt they had purchased went bankrupt.

  • June 20, 2018

    Structured Settlement Co. Owners Didn't Scam Seller: Judge

    A New York state judge on Tuesday threw out an investment company’s lawsuit accusing the majority owners of a structured-settlement buyout company of bilking it out of more than $1 million it was owed from the sale of a subsidiary, finding they had rights to the funds that the investment company says should have gone to pay it off.

Expert Analysis

  • Checkbook IRAs And Digital Assets: A Bet Against The House

    Seth Pierce

    Since a 2014 tax ruling that permits holding digital currency in tax-deferred retirement accounts, investment companies have sprung up encouraging people to roll their safer, more traditional retirement investments into cryptocurrencies. But seemingly effortless investment vehicles of dubious legality may lead to loss of tax deferral and penalties for early withdrawal, says Seth Pierce at Mitchell Silberberg & Knupp LLC.

  • Mid-2018 Sanctions Review: A Turbulent Year So Far

    Ama Adams

    No superlative could aptly describe the magnitude of U.S. sanctions developments through the first six months of 2018. The pace of change has been so intense and complex that, understandably, even the most sophisticated international companies and investors have been challenged to respond to policy and regulatory developments, say attorneys with Ropes & Gray LLP.

  • Opinion

    BigLaw's Associate Salary Model Is A Relic Of A Bygone Era

    William Brewer

    Legal industry compensation practices are once again in the news as BigLaw firms continue to match the new high watermark of $190,000 for first-year associate salaries. The typical model of increasing associate salaries uniformly fails star associates, the firms they work for and, ultimately, the clients they serve, says William Brewer, managing partner of Brewer Attorneys & Counselors.

  • The PHH Decision And The Future Of CFPB

    Eric Mogilnicki

    When Consumer Financial Protection Bureau Acting Director Mick Mulvaney recently dismissed the bureau’s case against PHH Corp., it marked the end of an important chapter in the short life of the new agency and provided valuable lessons for its future, says Eric Mogilnicki of Covington & Burling LLP.

  • China Agritech: More Than Meets The Eye

    Erica Rutner

    There is no doubt that the U.S. Supreme Court’s decision in China Agritech v. Resh squarely precludes the viability of untimely successive class actions. But what impact might it have on the viability of timely filed successive class actions? Erica Rutner of Lash & Goldberg LLP explores the question.

  • #MeToo At Law Firms And What We Can Do About It

    Beth Schroeder.JPG

    While some may say it’s ironic, it’s also embarrassing and enraging that the very industry that offers anti-harassment training, policies and counsel now finds itself the subject of #MeToo headlines. The American Bar Association recommendation that will bring about the greatest change is the call to provide alternative methods for reporting violations, says Beth Schroeder, chair of Raines Feldman LLP's labor and employment group.

  • New Licenses Ease Ukraine, Russia Business Wind-Downs

    Seetha Ramachandran

    The U.S. Department of Treasury Office of Foreign Assets Control continues its effort to allow U.S. persons to wind down operations or existing contracts that would otherwise violate Ukraine- and Russia-related sanctions. Even though OFAC has issued general licenses for this purpose, U.S. persons may need to obtain specific licenses to fully divest their interests, say attorneys with Schulte Roth & Zabel LLP.

  • Managing Uncertainty In The SEC Fair Fund Process: Part 2

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    To cope with the uncertainty inherent in the U.S. Securities and Exchange Commission's complicated fair fund distribution process, respondents can take six actions that will reduce the organizational burden and ultimately shave time, maybe even years, off the distribution timeline, says Alan Friedman of Charles River Associates.

  • Knowledge Lawyers Can Help Firms Stay Ahead Of The Curve

    Vanessa Pinto Villa

    In a profession notoriously averse to change, it should come as no surprise that there is skepticism about the value of having attorneys perform nonbillable tasks. But U.S. law firms have slowly begun to incorporate knowledge lawyers into their operations — and the trend is likely to continue, says Vanessa Pinto Villa of Hogan Lovells.

  • Bristol-Myers Squibb: 1 Year Later

    Adam Pollet

    In the year since the U.S. Supreme Court decided Bristol-Myers Squibb Co. v. Superior Court of California — limiting where plaintiffs can bring claims and curbing forum-shopping in mass tort litigation — courts have grappled with questions that the ruling did not address, and defendants have pursued jurisdictional defenses in class actions and federal cases that were not previously available, say attorneys with Eversheds Sutherland LLP.