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Banking

  • April 22, 2019

    Chicago Developer Can't Beat Fraud Conviction At 7th Circ.

    The Seventh Circuit affirmed the conviction Monday of a major Chicago real estate developer who was found guilty of misleading the city and two banks about his company's financial health in order to keep money flowing in and stave off foreclosure on some of his properties.

  • April 22, 2019

    Great-West ERISA Class Can't Get Redo At 10th Circ.

    A Tenth Circuit panel won't revisit its finding that Great-West didn't act as a fiduciary in an Employee Retirement Income Security Act class action over how the company distributed investment profits to 401(k) plan participants, although the judges did tweak their ruling.

  • April 22, 2019

    Creditors' Effort To Sue On Puerto Rico's Behalf Rebuffed

    The unsecured creditors' committee in Puerto Rico's financial restructuring proceedings is facing considerable pushback in its bid to potentially sue over the past issuance of billions in commonwealth debt, seeing recent challenges from the island government, federal control board, and commonwealth bondholders.

  • April 22, 2019

    NRA Says NY Regulator Is Impeding Its Lloyd's Subpoenas

    The National Rifle Association has asked for a New York federal court's help subpoenaing material from Lloyd's of London underwriters for the organization's lawsuit alleging New York authorities have tried to snuff it out, saying the state's financial services regulator is interfering with discovery by resisting service of those subpoenas.  

  • April 22, 2019

    UK Man Who Stopped WannaCry Admits Developing Malware

    A British cybersecurity researcher credited with stalling the global WannaCry ransomware worm has pled guilty in Wisconsin federal court to, years earlier, developing malware that could harvest the information of online banking users.

  • April 22, 2019

    Big Credit Unions Ask CFPB To Relinquish Oversight

    The nation's largest credit unions asked on Monday to pick their own government watchdog, telling the Consumer Financial Protection Bureau that the agency can and should relinquish routine oversight activities to the National Credit Union Administration.

  • April 22, 2019

    Mortgage Borrowers Push For Committee In Ditech Ch. 11

    Three Chicago homeowners who said they were scammed into taking out reverse mortgages from a Ditech Holding Corp. subsidiary are asking for the appointment of a consumer committee to defend their rights in the mortgage company's Chapter 11.

  • April 22, 2019

    Feds Say Ex-JPMorgan Trader Can’t 'Redraft' Rigging Case

    Prosecutors are asking a New York federal judge not to accept a former JPMorgan currency trader’s “redraft” of the indictment charging him with a conspiracy to rig foreign exchange markets.

  • April 22, 2019

    Investors Seek Class Cert. In US Steel Stock-Drop Suit

    U.S. Steel investors have urged a Pennsylvania federal judge to grant them class certification in their stock-drop suit accusing the steel manufacturer of misrepresenting maintenance plans for its plants and equipment, and to name their attorneys at Levi & Korsinsky LLP class counsel.

  • April 19, 2019

    FinCEN Flexes Muscle With 1st P2P Crypto Exchanger Case

    A California man accused of buying and selling bitcoin for shady clients he met online is the target of the Financial Crimes Enforcement Network's first-ever enforcement action against a peer-to-peer cryptocurrency exchanger, a case that some attorneys say could show the agency is stepping up its profile as a regulator of virtual currencies.

  • April 19, 2019

    CFTC Now Allows Exceptions To Privacy Notice Requirement

    The Commodity Futures Trading Commission approved a final rule on Friday that allows exceptions to its requirement that certain dealers and merchants must provide customers with annual privacy notices.

  • April 19, 2019

    Zillow Can't Shake Amended Investor Suit Over CFPB Probe

    A Washington federal judge won’t let Zillow Group Inc. shake the latest version of a proposed securities class action alleging it extended to agents and lenders an illegal co-marketing deal that was later investigated by the Consumer Financial Protection Bureau.

  • April 19, 2019

    Wells Fargo Battles Cert. In Reimbursement Fight At 9th Circ.

    Wells Fargo urged the Ninth Circuit on Friday to reverse a lower court's decision to certify a class of 2,000 home mortgage consultants and bankers who claim the bank didn't reimburse their expenses or pay commissions on time, arguing that the expenses were optional and commissions can't be determined classwide.

  • April 19, 2019

    Loan Manager, 2 Fla. Cos. Charged With Hotel Wire Fraud

    A Florida loan manager faces up to 20 years in prison on wire fraud charges for allegedly bilking a Brazilian company out of $3 million when it sought a $30 million hotel construction loan that never got issued, according to the U.S. Attorney for the Southern District of Florida.

  • April 19, 2019

    Forex Dealer Can’t Dodge Document Request In Rigging Suit

    A New York federal court on Thursday denied a retail foreign exchange dealer’s attempt to skirt a subpoena in a case that accuses foreign banks of manipulating the foreign exchange market, siding with a class of investors that transactional data is needed to determine class members and damages.

  • April 19, 2019

    Big Banks Say They Have ‘No Part To Play’ In Swipe Fee Suit

    Bank of America, Barclays and other big banks under fire for allegedly saddling millions of merchants with excessive swipe fees argued that the rules governing those charges are set down by Visa and Mastercard, leaving the banks with “no part to play” in retailers’ litigation to escape the fees.

  • April 19, 2019

    Argentina Seeks To End Hedge Fund’s $84M Bond Suit

    The Argentine government urged a New York federal judge Thursday to toss a suit brought by distressed debt titan Aurelius Capital seeking $84 million over unsettled securities payouts due six years ago, arguing that the hedge fund’s calculations are “erroneous” and the payment “unwarranted.”

  • April 19, 2019

    Third Abraaj Group Exec Arrested, Charged With Fraud

    A third former executive at defunct Dubai private equity firm Abraaj Group has been accused of participating in a scheme to defraud investors of hundreds of millions of dollars, according to documents unsealed by prosecutors in New York on Friday.

  • April 19, 2019

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

    The last week has seen private equity giant Terra Firma sue its former CEO, the FSCS take on shuttered investment manager Bentley-Leek, and an Italian insurer lodge a commercial fraud claim against a financial services firm that lost its U.K. authorization. Here, Law360 looks at those and other new claims in the U.K.

  • April 19, 2019

    Madoff Trustee Fights Bid To Pause Foreign Clawback Ruling

    The trustee for Bernie Madoff's fraudulent investment firm has asked the Second Circuit not to stay its decision that he can claw back billions in Ponzi scheme proceeds transferred between foreign parties, saying defendants’ planned U.S. Supreme Court appeal is unlikely to succeed.

Expert Analysis

  • New FinCEN Action Is A Warning To P2P Crypto Exchangers

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    The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.

  • Opinion

    Post-Lucia, It’s Deja Vu With The SEC

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    Given last year's U.S. Supreme Court ruling that the U.S. Securities and Exchange Commission administrative law judge who tried Raymond Lucia's case had not been constitutionally appointed, Lucia should not be facing an SEC ALJ again on remand, says Joel Nolette of Mintz.

  • 5 Tips For Lawyers Entering The Cannabis Industry

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    As the cannabis industry continues to grow, it will need more legal professionals to help navigate the turbulent business landscape, but lawyers should understand the industry's unique limitations and characteristics before diving in, says Sabas Carrillo of consulting firm Adnant.

  • CFPB’s Proposed Payday Rule Rescission Reshapes UDAAPs

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    Though the Consumer Financial Protection Bureau's proposal to rescind portions of a 2017 payday lending rule covers much ground, three aspects focusing on unfair, deceptive, or abusive acts or practices have potential application outside of payday lending, say Jason Tompkins and Jonathan Hoffmann of Balch & Bingham.

  • New Chancery Guidance On Books And Records Law

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    The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.

  • Justices Could Trigger Sea Change For Tender Offer Suits

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    U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.

  • Opinion

    Jury Trials Are In Decline For Good Reason

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    A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.

  • Series

    Why I Became A Lawyer: A Circuitous Path To The Law

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    Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.

  • Getting Compliance Right When There Are No Regulations

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    Recent enforcement actions and agency guidance illustrate how the federal government sets expectations for corporate compliance internal controls, even when no formal regulations have been issued. But companies must know where to find the relevant information, says Jo Ritcey-Donohue of JRD Law.

  • Employer Considerations When Using Garden Leave Clauses

    Excerpt from Lexis Practice Advisor
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    Garden leave — when a departing employee remains on company payroll and cannot compete with the employer — is an attractive alternative to regular noncompetes. Elisaveta Dolghih of Lewis Brisbois discusses the advantages and disadvantages of garden leave provisions and provides drafting best practices.