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Banking

  • August 16, 2018

    Judge's Wild Order Threatens To Make Warring Attys Kiss

    A Texas federal judge threatened to make opposing attorneys kiss one another at the Alamo, lamented the days when Texas cases were handled by Texas attorneys, quoted Elvis, and generally went off in an order setting a status conference for a trade secret dispute between HouseCanary Inc. and Quicken Loans.

  • August 16, 2018

    Legal Funder Wants Fraud Suit Stayed After CFPB Ruling

    RD Legal Funding, the litigation funder accused of gouging NFL players and 9/11 responders who were loan customers, asked a Manhattan federal judge Wednesday to press pause on the suit as the Consumer Financial Protection Bureau appeals its surprise ejection — or to greenlight a broader appeal.

  • August 16, 2018

    Judge Won't Rethink Trim Of Foreclosure Services FCA Case

    A New York federal judge is standing by his decision to pare down False Claims Act litigation alleging that Fannie Mae, Freddie Mac and the government were overcharged for foreclosure services, rejecting a relator’s bid for a shot at bringing Bank of America, Wells Fargo and several other mortgage servicers back into the case.

  • August 16, 2018

    Kessler Topaz, Quinn Emanuel To Lead Volatility Index MDL

    An Illinois federal judge on Thursday appointed Kimberly A. Justice of Kessler Topaz Meltzer & Check LLP and Jonathan C. Bunge of Quinn Emanuel Urquhart & Sullivan LLP as lead co-counsel in multidistrict litigation over alleged Chicago Board Options Exchange’s volatility index manipulation.

  • August 16, 2018

    Will Law Schools Start Counting ‘Generation ADA’?

    No one is tracking law students with disabilities to see where the education system may be failing them, but some advocates are working to change this dynamic and build a better pipeline.

  • August 16, 2018

    Ambac Sues Deutsche Bank Over $900M RMBS Trust Losses

    Ambac asked a New York federal court Thursday to release it from an obligation to insure some of the $900 million in losses suffered by a residential mortgage-backed securities trust managed by Deutsche Bank National Trust Co., saying the banking giant did not hold the underlying loan issuer accountable.

  • August 16, 2018

    Chancery Points To Contract In $167M Amur Finance Default

    Expressing deep frustration with calls for continued Chancery Court intervention in a multiyear lender and borrower dispute, a Delaware vice chancellor on Thursday told both sides to look to their contract in sorting out a potential $167 million loan default finding.

  • August 16, 2018

    Rakoff Shaves Objector Atty's Fee Bid In $3B Petrobras Deal

    U.S. District Judge Jed Rakoff has ruled that the Center for Class Action Fairness can have just a small fraction of the nearly $200,000 in attorneys' fees requested for it by its client, an objector to the $3 billion class action settlement resolving securities fraud claims against Brazilian oil giant Petrobras.

  • August 16, 2018

    Trump Taps Sidley Austin Partner For San Francisco US Atty

     A partner at Sidley Austin LLP will be nominated as U.S. attorney in San Francisco, the White House announced Thursday, as it also revealed nominees for spots in Florida, Illinois and North Dakota.

  • August 16, 2018

    Wells Fargo Gets Immigrant Lending Bias Suit Trimmed

    A California federal judge has pared down a proposed class action alleging Wells Fargo unfairly withholds certain lines of credit from customers because of their immigration status, finding that two of the people bringing the case failed to show they were prevented from taking out home and auto loans because of discriminatory policies.

  • August 16, 2018

    USDA Must Face Tribe Member's Contract Suit: Fed. Circ.

    A Federal Circuit panel on Thursday revived a Sioux tribe member’s suit alleging the U.S. Department of Agriculture breached a settlement agreement it reached with Native American farmers over its farm loan program, saying the terms of the settlement don't prevent additional suits from being filed in court.

  • August 16, 2018

    Citigroup To Pay SEC $10M Over Faulty Loans, Trader Woes

    The U.S. Securities and Exchange Commission filed two orders on Thursday saying Citigroup Inc. had agreed to pay $10.5 million to settle a pair of enforcement actions over substantial losses incurred by misconduct involving three of the bank’s traders and loans fraudulently procured by a Mexican marine services provider.

  • August 16, 2018

    BofA Customers Win Final OK For $1.8M FCRA Settlement

    A class of Bank of America NA customers won final approval Thursday for their $1.8 million Fair Credit Reporting Act settlement over allegedly unauthorized soft credit report inquiries, with a California federal judge saying that though it offered a small $4 payout per class member, the deal was fair.

  • August 16, 2018

    German Fintech Firm Deposit Solutions Scores $100M

    German financial technology firm Deposit Solutions said Thursday its most recent funding round brought in $100 million from investors as the company looks to build upon successes in the savings deposit market and its business-to-consumer products.

  • August 16, 2018

    Senate Dems Blast CFPB Plan To Halt Military Lending Exams

    All 49 Democratic senators urged the acting director of the Consumer Finance Protection Bureau not to undermine the Military Lending Act, which protects service members from predatory loans and financial fraud, following media reports saying the Trump administration is planning to stop examining lenders for violations of the act.

  • August 16, 2018

    JPMorgan Lends $138M For Miami Condo Tower Project

    JPMorgan Chase Bank NA has loaned $138.1 million to Two Roads Development for a Miami luxury condo tower project, according to an announcement on Thursday from Walker & Dunlop Inc., which arranged the financing.

  • August 16, 2018

    A Chat With Ogletree Knowledge Chief Patrick DiDomenico

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Patrick DiDomenico, chief knowledge officer at Ogletree Deakins Nash Smoak & Stewart PC.

  • August 15, 2018

    In Closing, Manafort Defense Says Gov't Is 'Desperate'

    Attorneys for former Trump campaign chairman Paul Manafort threw their final punches Wednesday in an effort to knock down the government’s tax and bank fraud case against him in Virginia federal court, painting cooperating witness Rick Gates as a serial liar and slamming the prosecution as “desperate” during closing arguments.

  • August 15, 2018

    Appeals Court Stops Contempt Proceedings Against 2 Attys

    A Florida appeals court on Wednesday barred a trial court from continuing indirect criminal contempt proceedings for two attorneys for lender Ditech Financial LLC for violating a discovery order in a foreclosure suit, finding there was no evidence the lawyers had advised the company to violate the order.

  • August 15, 2018

    FTC’s $1.3B Loan Row Win Used ‘Red Herring,’ 9th Circ. Told

    Professional auto racer Scott Tucker asked the Ninth Circuit on Wednesday to reverse a $1.3 billion judgment against his payday loan companies for deceiving and overcharging customers, saying borrowers’ loan contracts included all necessary information and calling the Federal Trade Commission’s claim they hid unfavorable terms “a red herring.”

Expert Analysis

  • Series

    Judging A Book: Lipez Reviews 'Last Great Colonial Lawyer'

    Judge Kermit Lipez

    In his new book, "The Last Great Colonial Lawyer: The Life and Legacy of Jeremiah Gridley," Charles McKirdy argues that Gridley — someone I had never heard of — was the last great colonial lawyer, and that his cases illuminate his times. The author largely substantiates both claims, says First Circuit Judge Kermit Lipez.

  • How FIRRMA Will Change National Security Reviews: Part 2

    Jeff Bialos

    The newly enacted Foreign Investment Risk Review Modernization Act significantly expands the authority of the U.S. government to review and restrict foreign investments on national security grounds. But FIRRMA also has provisions that may exempt some transactions from review, and accelerate review of others, say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • How FIRRMA Will Change National Security Reviews: Part 1

    Jeffrey Bialos

    The Foreign Investment Risk Review Modernization Act empowers the U.S. government to review a far broader group of transactions than ever before to determine if they threaten national security. FIRRMA's expansive new coverage includes oversight of real estate investments and transfers of "emerging and foundational technologies," say Jeffrey Bialos and Mark Herlach of Eversheds Sutherland LLP.

  • Rebuttal

    Judges Can Demand Diversity In Rule 23(g) Applications

    Kellie Lerner

    A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP.

  • Interview Essentials For Attorneys On The Move

    Eileen Decker

    Across the country this fall, recent law school graduates, law firm associates and experienced professionals will interview for positions in private practice and government service. Sharing tips on how to stand out in this high-pressure, hypercompetitive process are Eileen Decker, former U.S. attorney for the Central District of California, and Keith Jacoby, co-chairman of Littler Mendelson PC’s class action practice group.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • What If The Auto Loan Securitization Market Crashes?

    Albert Fowerbaugh

    With memories of the Great Recession still fresh, fears that the auto loan securitization market is headed for a crash similar to the ill-fated residential mortgage backed securities market are on the rise. Albert Fowerbaugh and Julie Rodriguez Aldort of Butler Rubin Saltarelli & Boyd LLP consider the types of claims that various participants might assert if the market veers off course.

  • Roundup

    Clerking For Ginsburg

    Clerking For Ginsburg

    Justice Ruth Bader Ginsburg joined the U.S. Supreme Court 25 years ago and is not planning to retire anytime soon — she has hired clerks through 2020. What's it like to assist Justice Ginsburg? In this series, former clerks reflect on the experience.

  • 2nd Circ. Adds To Authority On Securities Law Preclusion

    Anthony Antonelli

    With its recent decision in Rayner v. E-Trade Financial — which unanimously affirmed the dismissal of a putative class action asserting state law best execution violations — the Second Circuit made a significant contribution to a collection of circuit court opinions on the Securities Litigation Uniform Standards Act, say attorneys with Paul Hastings LLP.

  • Series

    Clerking For Ginsburg: 3 Surprises

    David Post

    It had never occurred to me that judges don’t always love the way their appellate cousins review their work and tell them — in public — all the things they got wrong. I was frequently struck by Justice Ruth Bader Ginsburg’s acute awareness of the delicacy of this relationship, says attorney David Post.