Banking

  • April 20, 2018

    Undoing CFPB Guidance May Yield Unintended Effects

    The U.S. Senate’s recent passage of a measure to scrap Consumer Financial Protection Bureau guidance on auto lending has been framed by supporters as a business-friendly move to rein in a rogue agency, but some experts say this use of the Congressional Review Act could lead to greater uncertainty and more regulation by enforcement.

  • April 20, 2018

    Orphaned By Feds, SEC Judges Find Ally In O'Melveny Advocate

    Administrative law judges at the U.S. Securities and Exchange Commission can no longer count on Solicitor General Noel Francisco to defend them in their upcoming fight before the U.S. Supreme Court, but they may not need him if an attorney invited by the court can convince the justices there was no constitutional foul in the way they were hired.

  • April 20, 2018

    6 Firms To Guide Tech-Heavy IPO Lineup Set To Exceed $1.3B

    Six firms are set to guide companies on initial public offerings estimated to surpass $1.3 billion during the week of April 23, steering a technology-dominated lineup led by a projected $542 million offering from electronic signature company DocuSign Inc.

  • April 20, 2018

    FirstCaribbean Bank Pulls IPO, Blaming Market Conditions

    Blaming market conditions, FirstCaribbean International Bank Ltd. pulled an estimated $226 million initial public offering late Thursday, becoming the second company in two days to cancel IPO plans at the last minute.

  • April 20, 2018

    Windups, Jury Charge Loom In Wilmington Trust Trial

    Federal prosecutors and defense attorneys shipped 173 pages of jury-instruction proposals Friday to a federal judge hearing a criminal case in Delaware against four Wilmington Trust executives accused of hiding hundreds of millions of dollars in bad loans, with the words “past due” appearing 159 times.

  • April 20, 2018

    Ed Dept. Hiding Ties To For-Profit Colleges, Nonprofit Claims

    The National Consumer Law Center sued the U.S. Department of Education in Massachusetts federal court Thursday, claiming the agency has illegally denied it access to public documents that reveal the for-profit college industry has driven the government to stall new regulations that help student loan borrowers.

  • April 20, 2018

    Puerto Rico Sales Tax Bond Fight Sparks Muni Market Anxiety

    Municipal bond investors are paying close attention to what happens in a pending court fight over the validity of bondholder liens on Puerto Rican sales tax, experts say, warning of widespread consequences should investments thought to be bankruptcy-proof turn out otherwise.

  • April 20, 2018

    Health Hires: Goodwin, Shook Hardy, Michael Best, Orrick

    The latest firms to expand their life sciences and health care abilities are Goodwin Procter LLP, Shook Hardy & Bacon LLP, Michael Best & Friedrich LLP, Orrick Herrington & Sutcliffe LLP, Harter Secrest & Emery LLP, Eversheds Sutherland and Cole Schotz PC.

  • April 20, 2018

    Third Person Charged With Fraud In $25M Crypto Card Plot

    Prosecutors charged a third Floridian on Friday in Manhattan federal court with defrauding investors out of more than $25 million using an initial coin offering, saying he and two others falsely touted the ICO as funding a cryptocurrency debit card linked to Visa and Mastercard.

  • April 20, 2018

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

    The last week has seen a contract dispute erupt between Russia's Sberbank and a fellow state-controlled bank in Azerbaijan, Greece's Alpha Bank sue more than a dozen Lloyd's syndicates, and underwriters and Lit Securities take on Morgan Stanley.

  • April 20, 2018

    Senate Dems Press For Info On Koch Ties To Trump Policies

    Senate Democrats have demanded information from President Donald Trump and several federal agencies including the EPA and the U.S. Department of Labor concerning the alleged “sweeping infiltration” of the current administration by the Koch brothers and their affiliates, Sen. Sheldon Whitehouse, D-R.I., announced Friday.

  • April 20, 2018

    Heiress Accused Of Inheritance-Tax Dodge Gets Pretrial Win

    A Manhattan federal judge on Thursday awarded pretrial relief to an art consultant charged with dodging taxes on a $4 million inheritance, holding that statements made by her on tax returns, as well as her lawyer's statements in a related fight over government demands for foreign bank records, can't be used against her at trial.

  • April 20, 2018

    FDIC Fights Citibank, Others' Exit From $695M RMBS Suit

    The Federal Deposit Insurance Corp. has urged a New York federal judge not to drop its suit alleging Citibank, U.S. Bank and Bank of New York Mellon mishandled residential mortgage-backed securities and cost a Texas bank $695 million, saying Citibank’s refusal to sign off on the claims out of its own self-interest shouldn’t prevent them from moving forward.

  • April 20, 2018

    ATM Co. Wants Back Funds Transferred In 'Clerical Error': Suit

    Cardtronics USA Inc., the world's largest ATM operator, on Friday sued gas station operator MTS Enterprises LLC for allegedly refusing to return more than half a million dollars to Cardtronics — money the company said it mistakenly transferred to MTS in an “innocent clerical error." 

  • April 20, 2018

    SunTrust Data Theft May Have Impacted 1.5M Customers

    SunTrust Banks Inc. said Friday that a former employee may have made off with the personal information of roughly 1.5 million customers, potentially compromising details like client names, addresses, phone numbers and account balances.

  • April 20, 2018

    Possible Trouble On Horizon For ALJs In High Court Case

    A ruling by the U.S. Supreme Court that the U.S. Securities and Exchange Commission’s administrative law judges were hired in violation of the Constitution would likely open up some past ALJ decisions to challenges, legal experts agree, but the fallout should be limited to cases still pending judicial review, whereas defendants whose cases are already final could be out of luck.

  • April 20, 2018

    Kirkland Steers GTCR’s £1B Cash Deal To Sell Callcredit

    Kirkland & Ellis LLP guided GTCR's cash deal to sell United Kingdom-based Callcredit Information Group to TransUnion for £1 billion ($1.4 billion), the private equity firm said Friday.

  • April 20, 2018

    Wells Fargo Fined $1B For Mortgage, Auto Lending Abuses

    Wells Fargo will pay a $1 billion fine to the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency as part of settlements unveiled Friday resolving allegations of improper practices in the bank’s auto lending and mortgage divisions.

  • April 20, 2018

    Global Watchdog Provides Tools To Stamp Out Misconduct

    The financial watchdog for the G-20 group of countries unveiled a new toolkit on Friday that firms and ‎regulators can use to combat misconduct that has damaged public trust in financial services.

  • April 20, 2018

    Barclays CEO Staley Faces Fine Over Whistleblower Hunt

    Barclays PLC said Friday that chief executive Jes Staley faces being fined by British regulators for his role in trying to identify a whistleblower, but added that the bank's board continues to back his reappointment at next month's annual shareholders' meeting.

Expert Analysis

  • If Lucia Wins On SEC Judges, What Comes Next?

    Daniel Walfish

    The U.S. Supreme Court is set to consider in Raymond J. Lucia v. SEC whether the U.S. Securities and Exchange Commission’s previous hiring of administrative law judges violated the constitution. Let's look at two issues on the horizon if the answer is yes, says Daniel Walfish of Walfish & Fissell LLP.

  • Rule 23 Changes: Avoid Delays In Class Settlement Approval

    Shandarese Garr

    Among the proposed amendments to Rule 23 of the Federal Rules of Civil Procedure, which are scheduled to take effect Dec. 1, are specific requirements related to “front-loading.” They outline the process for seeking preliminary court approval of class action settlements and related notice plans, say Shandarese Garr and Niki Mendoza of Garden City Group LLC.

  • How Companies Can Foster Internal Whistleblowing

    Gary Giampetruzzi

    Despite the powerful incentives to engage in external whistleblowing after Digital Realty, companies should know that their compliance programs can contribute in meaningful ways to whether employees decide to report possible misconduct internally or to the U.S. Securities and Exchange Commission, say attorneys with Paul Hastings LLP.

  • Best Practices For Building A Better Meeting

    Nicholas Cheolas

    How can we improve meetings in the legal industry, which tends to evolve with the speed of a tranquilized water buffalo mired in quicksand? Breaking it down to three phases can yield significant benefits, says Nicholas Cheolas of Zelle LLP.

  • 5 Ways Law Firms Are Becoming More Like Hotels

    Bella Schiro

    One way law firms differentiate themselves from the competition to attract and retain top talent is through their real estate and workplace strategies. Taking a lead from the hospitality industry can help create a more inviting, welcoming and collaborative workspace environment, says Bella Schiro of Jones Lang LaSalle Inc.

  • A Road Map For Protecting Secured Lender Interests Post-Liu

    Andrew Narod

    After the D.C. Court of Appeals' recent decision in Andrea Liu v. U.S. Bank, secured lenders may find themselves fighting for the validity of their security interests as a result of condo association foreclosures. However, the court has provided some guidance that should give secured lenders some solace, say attorneys with Bradley Arant Boult Cummings LLP.

  • Opinion

    Gorsuch's 1st Year Shows He Is A Conservative Activist

    Elliot Mincberg

    In his first year on the U.S. Supreme Court, Justice Neil Gorsuch has proven to be a narrow-minded elitist who consistently votes in favor of corporations and the powerful, acting to roll back protections for workers, consumers, LGBTQ individuals and other marginalized communities, says Elliot Mincberg of People for the American Way.

  • The Many Challenges Facing Venezuela Bribery Suit: Part 2

    Richard Cooper

    Resolution of the standing issues raised in the U.S. bribery suit brought by Venezuela’s state-owned oil company PDVSA may have implications not just for this case, but for whether PDVSA may be bound by the Venezuelan government to any future debt restructuring, say Richard Cooper and Boaz Morag of Cleary Gottlieb Steen & Hamilton LLP.

  • A Primer On Valuing Cryptocurrencies

    Simona Mola

    Not all cryptocurrencies are created equal from an economic standpoint, and understanding their differences has crucial implications on their valuation, say economists Simona Mola and An Wang of Bates White LLC.

  • Equifax Cybersecurity Ruling Heightens Risk For Companies

    Heather Egan Sussman

    The Superior Court of Massachusetts' recent Equifax decision — the first-ever court ruling on allegations made by a state attorney general in cybersecurity litigation — is notable for siding with Attorney General Maura Healey on several key issues of concern to all companies that collect personal information, say attorneys with Ropes & Gray LLP.