Banking

  • November 20, 2017

    3 Banks Mount New Effort To Slip 15-Year-Old Enron Suit

    Deutsche Bank, Credit Suisse and Merrill Lynch have asked a New York federal judge to rule in their favor and reject what remains of a 2002 lawsuit by Enron Corp. bond buyers that accuse the banks of helping Enron cook its books, saying they could not be made to pay for the energy giant’s collapse.

  • November 20, 2017

    Yellen To Retire From Fed Once Successor Is Confirmed

    Federal Reserve Chair Janet Yellen on Monday announced she would vacate her seat on the central bank’s board of governors once the Senate confirms Jerome Powell to take over the Fed’s leadership.

  • November 20, 2017

    BREAKING: Paris Wins Race To House EU Banking Watchdog After Brexit

    The European Union decided Monday that Paris would be the new home of the European Banking Authority as the U.K.'s decision to leave the bloc forces the financial services regulator to relocate from its base on London's Canary Wharf.

  • November 20, 2017

    15 Minutes With Credit Karma's General Counsel

    Susannah Wright was tapped in June to act as the first general counsel of the personal finance startup Credit Karma. Wright spoke to Law360 to discuss the challenge and opportunity of being the general counsel of a young, disruptive company.

  • November 20, 2017

    Securitization Rules Partially Eased As EU Council Gives OK

    European lawmakers agreed regulations designed to revitalize the bloc’s stagnant securitization market on Monday, including a last-minute rewrite to clarify rules on the use of self-certified mortgage loans in some debt products after lawyers and lobbyists voiced concerns.

  • November 17, 2017

    Noreika's Brief OCC Term Began Bank Rule Transformation

    Acting directors of federal agencies typically keep a low profile, managing an organization until a full-time agency head can get Senate confirmation. That has not been the case with Keith Noreika, the outgoing acting comptroller of the currency, who in the span of roughly six months led the Trump administration's charge to fundamentally shift the regulatory environment for banks.

  • November 17, 2017

    CFTC Gets $4.5M Default Judgment In Investor Fraud Case

    The U.S. Commodity Futures Trading Commission said Friday it has obtained a default judgment requiring a California man and his company to pay more than $1.1 million in restitution and nearly $3.4 million in penalties over allegations that they duped investors and misappropriated their money as part of a commodity pool fraud.

  • November 17, 2017

    Bank Balks At GST Committee's Bid To Hire Configure

    Bankrupt GST AutoLeather Inc.’s pre- and post-petition lender Royal Bank of Canada took aim Friday at the unsecured creditors committee’s bid to hire investment banker Configure Partners LLC, arguing that the firm is not needed and much too expensive.

  • November 17, 2017

    Ky. County Officials Must Make Loan Fraud Restitution

    Two former local Kentucky officials who pled guilty to a scheme to secure more than $1 million in unauthorized loans for their county's coffers won’t serve prison time but must pay restitution for their roles in the bank and wire fraud, federal prosecutors said.

  • November 17, 2017

    Ex-Bank Exec Gets 6.5 Years For Loan Fraud, ID Theft

    A former executive at Virginia Commerce Bank and Fulton Bank who admitted to forging signatures and stealing identities to get millions of dollars in loans and other financing approved has been ordered to serve 6 1/2 years in prison, the U.S. Attorney’s Office for the Eastern District of Virginia said Friday.

  • November 17, 2017

    Loan Sharks Ran Wild At Calif. Casino, FinCEN Claims

    A law enforcement unit of the U.S. Treasury fined a Bay Area card club $8 million on Friday, saying Artichoke Joe’s Casino has shown a lax approach toward loan sharking, potential money laundering and other criminal activity since 2009 and still doesn’t have strong policies in place.

  • November 17, 2017

    Del. Court Nails Down $12B Student Loan Trust Control

    Attorneys battling over control of $12 billion worth of investment trusts holding 800,000 securitized student loans moved Friday to settle a key ownership impasse that snarled disputes in multiple courts over slipshod loan management and unsupported default and collection lawsuits.

  • November 17, 2017

    House Committee Presses Equifax For More Breach Details

    House Energy and Commerce Committee leaders on Friday dialed up the heat on Equifax over a massive data breach that compromised 145.5 million Americans' personal and financial records, demanding more answers to questions related to the software vulnerability that was exploited, the credit bureau's response to the incident and a potential second compromise in mid-October.

  • November 17, 2017

    Belize Bank Wants Court Order Enforcing $35M Judgment

    The Belize Bank Ltd. asked a D.C. federal court on Thursday for an order authorizing enforcement of a $35.2 million judgment stemming from an arbitral award issued after a dispute with the Belize government over a complex debt guarantee, saying the country may evade its obligations despite a dearth of remaining legal options.

  • November 17, 2017

    DA's Deal With Law Firms Is Illegal, Skeptical 9th Circ. Told

    A bank argued Friday that Baron & Budd PC, Carter Wolden Curtis LLP and Golomb & Honik PC couldn’t legally prosecute, on behalf of a district attorney, allegations it tricked customers into buying credit card protection plans, prompting a Ninth Circuit panel to note that private individuals prosecute public matters all the time.

  • November 17, 2017

    Treasury Advises FSOC Take 'New Approach' To Nonbanks

    The U.S. Department of the Treasury on Friday called for the Financial Stability Oversight Council to take a “new approach” to safeguarding the financial system, urging the Dodd-Frank Act-created panel to shift away from tagging nonbank financial firms for tougher regulatory scrutiny and instead take an industrywide view that looks at particular products and activities.

  • November 17, 2017

    VC-Backed Stitch Fix Ekes Gain After $120M IPO Prices Low

    Shares of venture-backed e-commerce startup Stitch Fix Inc. barely gained on Friday after pricing a downsized $120 million initial public offering, making it one of five issuers spanning the technology, real estate, banking and life science sectors to debut on public markets.

  • November 17, 2017

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

    The last week has seen a consulting firm sue the shareholder rights group that challenged the Royal Bank of Scotland, Lehman Brothers' bankrupt European unit take on HMRC, and three reinsurers lodge a claim against Petroleos de Venezuela's captive insurer. Here, Law360 looks at those and other new claims in the U.K.

  • November 17, 2017

    Disbarred Atty, 2 Others Get Prison For Auto Loan Scheme

    A disbarred attorney and two others were sentenced to between six and 18 months in prison for their role in orchestrating a seven-month money laundering and automobile loan scheme that bilked banks out of loans worth about $696,000, the U.S. Department of Justice said Thursday.

  • November 17, 2017

    Real Estate Rumors: Lloyds, Ross Stores, Hines

    Lloyds Banking Group is reportedly in talks to sell its London headquarters for nearly $200 million, Ross Stores is said to have sold a Florida property for more than $16 million, and Hines has reportedly paid more than $200 million for a stake in a Los Angeles project being developed by the Martin family of Martin Automotive Group fame.

Expert Analysis

  • Financial Crisis Anniversary

    10 Years After Crisis, What We Still Need To Do

    H. Rodgin Cohen

    We can all sleep easier at night because financial reforms have produced a considerably strengthened banking system. This desirable state, however, should not lead to somnambulism. We must still attend to at least four areas of concern, say Rodgin Cohen and Mitch Eitel of Sullivan & Cromwell LLP.

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • The Conspiracy And FBAR Charges Against Manafort, Gates

    Robert Adler

    The charges against Paul Manafort and Richard Gates differ in significant respects from similar cases where the government has charged a Klein conspiracy as well as a willful failure to file reports of foreign bank and financial accounts, says Robert Adler of Nossaman LLP.

  • What A Solar Eclipse Has To Do With Market Efficiency

    Daniel Bettencourt

    A common criticism of the event study methodology for testing market efficiency is that the number of events is insufficient and that the results cannot be generalized for the entire class period. That's where Albert Einstein and the 1919 total solar eclipse come in, say Daniel Bettencourt and Steven Feinstein of Crowninshield Financial Research.

  • Manafort Attorney's Testimony And The Limits Of Privilege

    Justin C. Danilewitz

    A D.C. federal judge's recent opinion requiring former counsel to Paul Manafort and Rick Gates to testify before a federal grand jury offers four lessons for defense counsel and their clients, says Justin C. Danilewitz of Saul Ewing Arnstein & Lehr LLP.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

  • Hurdles To Consider When Securing A Personnel File

    Michael Errera

    Attorneys should follow seven key points to ensure that their discovery requests and pleadings are appropriately prepared to overcome common hurdles that may be encountered when requesting production of a personnel file, say Michael Errera and Paul Ferland of Foran Glennon Palandech Ponzi & Rudloff PC.

  • A Powerful Tool For Collecting Judgments

    Craig Weiner

    Enforcing a judgment, particularly in foreign jurisdictions, is a complex and difficult endeavor, and filing lawsuits in foreign countries often proves ineffective and costly. These situations require specialization and expertise, and litigants are increasingly turning to court-appointed receivers as a solution, say Craig Weiner and Chelsea Walcker of Robins Kaplan LLP.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.