Banking

  • September 13, 2019

    DOJ Can’t Elude Refugees’ FOIA Suit Over BNP Paribas Docs

    The U.S. Department of Justice must face a FOIA suit filed by two Sudanese refugees seeking documents related to the agency's investigation of BNP Paribas helping clients evade U.S. sanctions, a D.C. federal judge ruled Friday, rejecting exemption assertions that the documents relate to an ongoing investigation.

  • September 13, 2019

    Ex-JPM Banker Jury Hear Recordings, But No Silver Platter

    A New York federal jury on Friday heard recordings of conversations between the father of former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker Sean Stewart and the star cooperating witness in Stewart's retrial referring to their insider trading scheme, though there was no mention of the "silver platter" remarks that dominated the first trial.

  • September 13, 2019

    Consumer Loan Rate Cap Gets Calif. Senate's Blessing

    The California State Senate on Friday overwhelmingly approved bipartisan legislation aimed at curtailing predatory lending in the Golden State by capping interest rates on loans ranging from $2,500 to $10,000.

  • September 13, 2019

    Lowey Dannenberg, Scott & Scott To Lead Spoofing Suit

    A New York federal judge on Friday appointed Lowey Dannenberg PC and Scott & Scott Attorneys at Law LLP to lead a consolidated shareholder lawsuit alleging banks including Bank of America Corp. engaged in spoofing in an effort to manipulate precious metals futures.

  • September 13, 2019

    Morgan Lewis Gains McDermott Arbitration Pro In Frankfurt

    Morgan Lewis & Bockius LLP has gained a former McDermott Will & Emery LLP international arbitration partner who has extensive experience handling both investor-state and commercial arbitration proceedings and has served as an arbitrator on various tribunals.

  • September 13, 2019

    France, Germany Move To Block Libra Cryptocurrency

    A day after the French finance minister said the Facebook-led Libra cryptocurrency should not be allowed to take root in the European Union, the government of Germany joined in, with both countries saying Libra threatens the inherent sovereignty of nation-states.

  • September 13, 2019

    Taxation With Representation: Wachtell, McDermott, Latham

    In this week’s Taxation With Representation, Midwestern banks First Defiance and United Community Financial ink a $473 million merger, Mallinckrodt makes a $250 million sale, Baxter snaps up Cheetah Medical for $230 million, and Stellex Capital sells Morbark for $352 million.

  • September 13, 2019

    Sater Can't Arbitrate Money Laundering Claims, NY Court Told

    The Kazakh city of Almaty and one of the country’s banks told a New York federal court Thursday that Felix Sater cannot pause a suit accusing him of helping to launder about $440 million in stolen money while a related arbitration is ongoing.

  • September 13, 2019

    Russia Can't Get Out Of Crimea Bank Seizure Award

    An international tribunal has refused to reconsider its decision holding that Russia unlawfully expropriated investments held in Crimea by Ukraine's largest commercial bank following its 2014 takeover of the peninsula.

  • September 13, 2019

    Investors Pull Plug On BNY Mellon RMBS Trustee Suit

    Investors including funds of BlackRock Inc. and other asset managers have dropped derivative claims seeking to recover billions of dollars in alleged damages from the Bank of New York Mellon on behalf of more than 200 crisis-era residential mortgage-backed securities trusts that it allegedly mismanaged as their trustee, according to New York federal court filings.

  • September 13, 2019

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

    The last week has seen a Russian state-owned bank drag the chairman of a former FIFA World Cup contractor to court, property developers sue Barclays over a swaps dispute and Kuwait's public pension hit its former director with a commercial fraud suit. Here, Law360 looks at those and other new claims in the U.K.

  • September 13, 2019

    Goldman Directors Say Fund Can't Tie Them To 1MDB Fraud

    Current and former directors of Goldman Sachs on Thursday said an amended shareholder derivative suit filed over the bank's involvement in the billion-dollar 1Malaysia Development Berhad fraud scandal is no better than its predecessor.

  • September 12, 2019

    Ex-JPMorgan Banker Was Inside Info Source, Jury Hears

    Jurors in the retrial of Sean Stewart finally heard Thursday from the key cooperating witness in the insider trading case, who said he traded stock options based on inside information about health care company mergers — information the father of the former JPMorgan Chase & Co. investment banker said came from his son.

  • September 12, 2019

    $1.15M Compass Bank TCPA Deal Gets Final Nod

    An Alabama federal judge on Wednesday signed off on a $1.15 million settlement to resolve a putative class action accusing Compass Bank of flouting the Telephone Consumer Protection Act by blasting non-customers with unsolicited autodialed survey calls.

  • September 12, 2019

    FTC Says Scammer In Belize Fraud Can't Tap Relief Fund

    An alleged mastermind of a Belize real estate scam can't fund his defense or travel expenses from money set aside for victims, the Federal Trade Commission told a Maryland federal court, saying he gets $3,000 a month from a frozen account and isn't looking for a job.

  • September 12, 2019

    DOJ Mulls New Guidance On Corporate Poverty Claims

    The U.S. Department of Justice may add more guidance for prosecutors on what to do when a company claims it can’t survive a big fine, a DOJ official said Thursday, suggesting the potential for yet another policy aimed at decreasing uncertainty for companies facing an enforcement action.

  • September 12, 2019

    Real Estate Rumors: Thor, JPMorgan, Bridgford Foods

    Thor Equities reportedly could get evicted from a Manhattan property, JPMorgan Asset Management is said to have dropped $33 million on a Miami Amazon-leased warehouse and Bridgford Foods is reportedly hoping to find a partner that will redevelop a Chicago food processing facility into residential and retail space.

  • September 12, 2019

    Deutsche Bank's $15M Deal Is 1st In Bond Price-Fixing Suit

    Investors alleging major banks conspired to fix prices for bonds issued by Fannie Mae and other government-sponsored enterprises told a New York federal court that they have their first settlement, unveiling a $15 million deal with Deutsche Bank that includes compliance and cooperation provisions.

  • September 12, 2019

    Users Target Capital One Cards With Madden-Tied Usury Suit

    New Yorkers who've had to pay interest on their Capital One credit cards hit two companies tied to the bank with an amended putative class action on Wednesday, accusing them of breaking the state's usury laws.

  • September 12, 2019

    Data Prep Software Co. Inks $100M In Google-Backed Funding

    Trifacta said Thursday it scored $100 million from Google, BMW i Ventures and other investors that will aid the San Francisco-based software company's operations in the banking, energy, telecommunications and automotive industries.

  • September 12, 2019

    French Finance Minister Vows To Block Libra In Europe

    France’s finance minister said Thursday that Facebook’s Libra cryptocurrency project threatens the monetary sovereignty of European governments, urging them to consider creating a separate “public digital currency.”

  • September 12, 2019

    US Bank Ruling Turns Plans Into 'Piggy Banks,' Justices Told

    Two U.S. Bank retirees have urged the U.S. Supreme Court to overturn an Eighth Circuit decision holding that workers can’t sue fully funded pension plans for fiduciary breaches, saying the ruling would let fiduciaries treat plan assets as their “personal piggy bank.”

  • September 12, 2019

    Ex-HSBC Forex Chief’s Fraud Conviction Upheld By 2nd Circ.

    The Second Circuit upheld the conviction of former HSBC foreign currency executive Mark Johnson on Thursday, saying there was enough evidence behind one of the prosecutors’ theories on how Johnson defrauded HSBC client Cairn Energy PLC in a $3.5 billion currency deal.

  • September 11, 2019

    Munger Tolles & Olson Nabs Ex-SEC Pro In LA

    Munger Tolles & Olson LLP has hired a former U.S. Securities and Exchange Commission senior official, a veteran litigator with experience overseeing both government enforcement and civil litigation, as a partner in its Los Angeles office.

  • September 11, 2019

    Crypto Could Be 'Next Frontier' In Terror War, US Official Says

    Implementing robust safeguards to ensure cryptocurrencies are not used by nefarious actors is crucial to preventing them from becoming the "next frontier" in the fight against global terrorism, a high-ranking U.S. Treasury official said Wednesday.

Expert Analysis

  • CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct

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    The U.S. Consumer Financial Protection Bureau's first-ever enforcement action for violations of the law governing money-transfer services offers a good reminder of these businesses' compliance obligations, including the option to self-report, say Kara Kuchar and Donald Mosher at Schulte Roth.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • FDCPA Takeaways From 3rd Circ. QR Code Opinion

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    The Third Circuit's decision in DiNaples v. MRS BPO that a debt collection letter with a QR code on the envelope violated the Fair Debt Collection Practices Act may seem straightforward, but the opinion sheds light on how two common FDCPA defense tools remain somewhat viable, say Jason Tompkins and Jonathan Hoffmann at Balch & Bingham.

  • High Court Snub Raises Foreign Issuer Economic Concerns

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    Foreign companies that issue securities stateside may face increased litigation risk in the wake of the U.S. Supreme Court’s denial of certiorari in Stoyas v. Toshiba, increasing the importance of economic considerations, such as price impact, market efficiency and aggregate exposure, say principals at Cornerstone Research.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.

  • Nevada Spousal Credit Sharing May Conflict With Federal Law

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    A new law in Nevada that allows borrowers to use their spouse’s credit history attempts to expand access to credit, but may be at odds with the Equal Credit Opportunity Act and Regulation B's anti-discrimination provisions, as well as the Fair Credit Reporting Act's permissible purposes for obtaining credit reports, say attorneys at Buckley.

  • ERISA Arbitration In The Wake Of 9th Circ. Schwab Ruling

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    Employee retirement plan sponsors considering the use of arbitration clauses with class action waivers in plan documents following the Ninth Circuit’s ruling in Dorman v. Charles Schwab should first consider the pros and cons of arbitration in the Employee Retirement Income Security Act context, says Chris Meyer at Sidley Austin.

  • Series

    Why I Became A Lawyer: Expanding The Meaning Of Diversity

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    My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.

  • Fiduciary Lessons From DOL's Win In Employee Stock Case

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    In Acosta v. Vinoskey, a Virginia federal court ruled in favor of the U.S. Department of Labor's argument that an employee stock ownership plan trustee breached its fiduciary duties by overpaying for company stock, highlighting for fiduciaries and their advisers several due diligence considerations, say attorneys at Holland & Knight.

  • SEC Framework Complicates Digital Asset Secondary Trading

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    The U.S. Securities and Exchange Commission's recently released framework for determining when digital assets should be considered securities clashes with traditional investment contract analysis when applied to secondary market transactions, with devastating consequences for trading intermediaries, say Clara Krivoy and Edgard Alvarez at Brown Rudnick.

  • 7th Circ. Topples Precedent In Limiting FTC's Authority

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    The Seventh Circuit's decision in Federal Trade Commission v. Credit Bureau Center — rejecting judicial expansion of federal regulators' enforcement authority — will force federal courts to reckon with the U.S. Supreme Court's Meghrig and Kokesh opinions before seeking monetary awards in civil enforcement actions, say Ryan O’Quinn and Elan Gershoni at DLA Piper.

  • NJ Ruling Does Not Bode Well For 'Stranger' Life Policies

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    Since the height of stranger-originated life insurance policies over a decade ago, states have not provided much guidance on the legality of existing policies. However, the New Jersey Supreme Court's recent decision in Sun Life v. Wells Fargo finding such policies invalid could influence other states to follow suit, say attorneys at Cozen O'Connor.

  • How The Wayback Machine Can Strengthen Your Case

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    The Wayback Machine, which archives screenshots of websites at particular points in time, can be an invaluable tool in litigation, but attorneys need to follow a few simple steps early in the discovery process to increase the odds of being able to use materials obtained from the archive, says Timothy Freeman of Tanenbaum Keale.

  • Volcker Revisions Overhaul Proprietary Trading, Compliance

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    The Federal Deposit Insurance Corporation and U.S. Office of the Comptroller of the Currency's finalized Volcker Rule resolves the most controversial issues it previously proposed for banks by removing the so-called accounting prong for vetting trades, and by narrowing its application of compliance program requirements to institutions with the largest trading operations, say attorneys at Cleary.

  • Opinion

    Draft Civil Procedure Jurisdictional Rule Needs A Tweak

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    The Judicial Conference Advisory Committee’s proposed addition to Federal Rule of Civil Procedure 7.1 needs to be amended slightly to prevent late-stage jurisdictional confusion in cases where the parties do not have attributed citizenship, says GianCarlo Canaparo at The Heritage Foundation.