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Banking

  • May 25, 2018

    Wilmington Trust Securities Fraud Class Reaches $210M Deal

    A class of shareholders accusing Wilmington Trust of concealing information about its fiscal health in its filings with the U.S. Securities and Exchange Commission asked a Delaware federal judge Friday to approve a $210 million deal to end its securities fraud suit.

  • May 25, 2018

    Ties To Alleged Indian Bank Fraud Threaten Jewelers' Ch. 11s

    The Chapter 11 bankruptcy cases of three U.S. jewelry companies owned by Indian billionaire and alleged bank fraudster Nirav Modi are in danger of being commandeered by a court-appointed trustee after the sudden resignation of a company official who is now refusing to talk about his recent communications with Modi.

  • May 25, 2018

    Biotechs Lead Wave Of New IPOs Filling June Pipeline

    A wave of venture-backed biotechnology and health care companies are lining up initial public offerings that could price in June, including at least eight that filed plans during the week of May 21, leading more than a dozen IPO prospects set to reignite deal flow in the coming weeks.

  • May 25, 2018

    Car Dealer Accused Of Laundering Gains In $7M Global Scam

    The owner and operator of an Indiana car dealership was arrested Thursday after being accused of using his business to launder the proceeds of an investment and inheritance scheme that spanned across 20 countries and defrauded victims of more than $7 million.

  • May 25, 2018

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

    The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.

  • May 25, 2018

    Manafort Trial Delayed 2 Weeks Over Family Medical Issue

    Former Trump campaign chairman Paul Manafort's trial on financial crimes has been delayed by roughly two weeks, as a Virginia federal judge cited an unspecified family medical issue on Friday.

  • May 25, 2018

    Atty Gets 8 Years For Aiding Payday Lending Scheme

    A Pennsylvania federal judge sentenced an attorney to eight years in prison Friday for his role aiding a massive scheme to collect on hundreds of millions of dollars' worth of illegal payday loans channeled through Native American tribes.

  • May 25, 2018

    GoldenTree Loan Management Clinches $710M CLO

    The loan management arm of GoldenTree Asset Management LP has closed its latest collateralized loan obligation at $710 million, according to a Friday statement, the fifth to be issued since the firm revealed a new CLO strategy last year.

  • May 25, 2018

    Saudis Must Cough Up Documents In 9/11 Victims Suit

    A federal judge in Manhattan has ordered the government of Saudi Arabia to disclose any documents and other information it may have on two former officials suspected of aiding hijackers in preparation of the terrorist attacks on Sept. 11, 2001, in a recently trimmed, yearslong lawsuit seeking to hold the kingdom liable for allegedly backing the plot.

  • May 25, 2018

    Quicken Loans Urges FCC To Narrow 'Autodialer' Definition

    Quicken Loans Inc. urged the Federal Communications Commission on Thursday to clarify that a device that dials numbers from a list does not qualify as an “autodialer,” chiming in as the agency seeks input on how it should redefine the term after the D.C. Circuit found it too broad.

  • May 25, 2018

    Nixon Peabody Scoops Up P3, Project Finance Pro In NY

    Nixon Peabody LLP has added a new veteran presence to its infrastructure finance practice, bringing on a former Squire Patton Boggs LLP attorney specializing in public-private partnerships and project finance to the firm’s New York office.

  • May 25, 2018

    CME Fines Wells Fargo Unit For Alleged Trading Abuse

    Exchange operator CME Group Inc. penalized Wells Fargo Securities LLC on Friday for allegedly violating its trading rules by hedging block trades in the futures market, ordering the capital markets and investment banking services unit to pay a $70,000 fine and disgorge more than $117,000 under a settlement offer.

  • May 25, 2018

    Taxation With Representation: Davis Polk, Wachtell, Hogan

    In this week’s Taxation with Representation, Wabtec merged with General Electric’s transportation unit in an $11.1 billion deal, NextEra snapped up Southern Co.'s Florida utilities for $6.48 billion, MB Financial and Fifth Third merged in a $4.7 billion deal, and Adobe acquired Magento for $1.68 billion.

  • May 24, 2018

    Germany Charges Lawyer, Bankers In Stock-Sale Tax Scam

    Prosecutors in Germany have indicted five investment bankers and a prominent tax lawyer on charges of obtaining €106 million ($124 million) in improper tax refunds on dividends from a series of stock trades a decade ago, according to official statements.

  • May 24, 2018

    Iranian Banker Scores Bail In $115M Sanctions-Dodging Fight

    A Manhattan federal judge on Thursday agreed to the pretrial release of the Iranian chairman of a Maltese bank as he faces charges of evading U.S. sanctions on Iran by funneling $115 million in Venezuelan construction funds through American banks, following a protracted fight over a $34 million bail package.

  • May 24, 2018

    Blockchain Users To Walk Tightrope In Age Of GDPR

    Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.

  • May 24, 2018

    Securities Attys Challenged By New Role As ICO Gatekeepers

    As regulators, lawmakers and the courts struggle for a uniform set of rules for regulating initial coin offerings, attorneys on the front lines of the cryptocurrency frenzy are adapting to their role as gatekeepers, a responsibility they describe as both challenging and frustrating.

  • May 24, 2018

    Senate Confirms Trump's Pick To Lead FDIC

    The Senate confirmed President Donald Trump's choice of a Fifth Third Bancorp executive to head the Federal Deposit Insurance Corp. on Thursday, rounding out Trump's appointments to major financial regulators.

  • May 24, 2018

    Fintech Startup GreenSky Prices Upsized $874M IPO

    GreenSky Inc., a private equity-backed financial technology company that arranges loans between merchants and consumers, raised $874 million in an upsized initial public offering that priced Thursday at the top of its range, advised by Troutman Sanders LLP.

  • May 23, 2018

    ​​​​​​​UBS Sues Theater Cos. To End Row Over Missing Funds

    UBS sued two Off-Broadway production companies Tuesday in New York federal court as it sought to end an arbitration proceeding they had brought against the bank stemming from an underlying dispute involving $3.5 million in missing funds.

Expert Analysis

  • How Dodd-Frank Rollback Changes The Volcker Rule

    Jerry Comizio

    The recently signed Economic Growth, Regulatory Relief and Consumer Protection Act represents the first significant deregulatory piece of legislation amending the Dodd-Frank Act. The new law makes several changes to the Volcker Rule, but its impact is likely to be modest, say attorneys with Fried Frank Harris Shriver & Jacobson LLP.

  • Crypto Market Surveillance Has Arrived

    Sharon Brown-Hruska

    The recent wave of spoofing and manipulation enforcement actions washing over cryptocurrency markets, aided by increasing market surveillance, may cause concern in some quarters. However, precedents in established futures and spot markets suggest that, in the long run, the market will likely see benefits from increased surveillance, say members of NERA Economic Consulting.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • Adding Pakistan To 'Gray List' Has Important Consequences

    Michael Casey

    Next month, Pakistan will be added back to the Financial Action Task Force’s “gray list” due to the country’s failure to adequately address terrorist financing activities within its borders. This action could result in western financial institutions and companies re-evaluating their business dealings in Pakistan and with Pakistani banks and counterparties, say attorneys with Kirkland & Ellis LLP.

  • Introducing The Legal Industry To Millennial Business Owners

    Yaima Seigley

    ​The current business climate has produced vast opportunities for seasoned lawyers to create valuable connections with millennial business owners, but first lawyers must cleanse their palate of misconceptions regarding millennials, says Yaima Seigley of Isaac Wiles Burkholder & Teetor LLC.

  • US Law As Trade War Weapon

    Hdeel Abdelhady

    The United States effectively forced Chinese smartphone manufacturer ZTE to cease major operations this month, after the U.S. Department of Commerce blocked its access to vital U.S.-made components. The case puts into focus the Trump administration’s use of sanctions, anti-corruption and anti-money laundering laws as trade war weapons against economic rivals, says Hdeel Abdelhady of MassPoint Legal and Strategy Advisory PLLC.

  • Relief From CFPB’s Auto Guidance May Be Short-Lived

    Dowse Rustin IV

    In a dramatic win for the auto finance industry, Congress recently voted to reverse the Consumer Financial Protection Bureau’s 2013 guidance related to fair lending and interest rates for indirect loans. However, such rollbacks may not be enough to create long-lasting regulatory relief, say attorneys with Nelson Mullins Riley & Scarborough LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Opinion

    Why Won't Judicial Nominees Affirm Brown V. Board Of Ed?

    Franita Tolson

    On May 17, 1954, the U.S. Supreme Court decided Brown v. Board of Education, recognizing a moral and legal truth that should be beyond question in American society. The refusal by some of President Donald Trump's judicial nominees to say whether they believe the case was decided correctly is indicative of the narrow-minded elitism they would bring to the bench, says professor Franita Tolson of the University of Southern California's Gould School of Law.

  • The Lawyers' Guide To Cloud Computing

    Daniel Garrie

    In deciding whether cloud computing is right for the organization or firm, an attorney must consider cloud computing’s significant impact on the electronic discovery process, say Daniel Garrie, managing partner at Law & Forensics LLC, and David Cass, chief information security officer at IBM Cloud.