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Banking

  • July 19, 2018

    Hong Kong Fines HSBC $1.2M For Bond-Selling Breaches

    Hong Kong’s securities watchdog said on Thursday that it has reprimanded HSBC and fined it HK$9.6 million ($1.2 million) for “systemic deficiencies” in its bond-selling business.

  • July 19, 2018

    Ex-Traders Hit With Prison Time For Rigging Euribor

    Two former traders who plotted to rig a key interest rate benchmark were sentenced at a London criminal court on Thursday to a total of more than 13 years in prison as it was revealed that three other defendants will face a retrial in January.

  • July 18, 2018

    Manafort Can't Kill Evidence Collected In Home Raid

    A D.C. federal judge Wednesday denied Paul Manafort's request to suppress evidence collected from his home in Alexandria, Virginia, finding that the search warrant was not overly broad and that the feds’ search did not violate the former Trump campaign chairman’s Fourth Amendment rights.

  • July 18, 2018

    Debt Collector Exits FDCPA Suit Over Dispute Notice

    Consumers crying foul on a debt collector that allegedly failed to give explicit dispute instructions in violation of the Fair Debt Collection Practices Act saw their suit chucked on Wednesday when a New Jersey federal judge found that a statement encouraging them to “call with any questions” didn’t overshadow the collector’s directions to put disputes in writing.

  • July 18, 2018

    US Trustee Questioned Over McKinsey’s Conflict Disclosures

    The director of the federal program that monitors U.S. bankruptcy cases was recently asked by a Republican congressman to answer questions about how his office enforces requirements on professional advisers to reveal conflicts of interest, citing a recent report that McKinsey & Co. has a pattern of making very few disclosures.

  • July 18, 2018

    Half-Built Fla. Resort Gets OK For Bankruptcy Auction

    A stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program will be auctioned off next month after a Florida bankruptcy judge on Wednesday approved bidding procedures for the property, which has attracted a $39.1 million initial bid. 

  • July 18, 2018

    Ebix Shareholders Save Some Claims In Chancery Suit

    A handful of claims survived summary judgment late Wednesday in a 5-year-old, repeatedly amended stockholder complaint seeking damages from software company Ebix Inc. for board actions involving stock incentives, a past acquisition bonus and allegedly inadequate disclosures.

  • July 18, 2018

    Lehman Can Enforce Unsigned Deal In 'Close Case': 2nd Circ.

    In a “close case,” the Second Circuit on Wednesday rejected an effort by Shinhan Bank to slip an unsigned settlement it reached with Lehman Brothers Holdings Inc., saying some factors weighed against enforcing the deal but that the weight of the evidence cut in favor of Lehman’s position.

  • July 18, 2018

    Goodwin-Led Biotech Tops 3 IPOs Totaling $384M

    Rubius Therapeutics Inc., which is raising money to develop therapies based on red blood cells, raised $241 million in an upsized initial public offering advised by Goodwin Procter LLP, the biggest of three deals to come to market since Tuesday during a busy week of IPOs.

  • July 18, 2018

    What Attys Expect To See At CFPB Director Nominee Hearing

    Kathy Kraninger is set to go before the Senate Banking Committee on Thursday for a hearing on her nomination to lead the Consumer Financial Protection Bureau, giving her what experts say will be a prime opportunity to introduce herself to the industry she could soon be regulating.

  • July 18, 2018

    2 Ex-Merrill Lynch Traders Indicted On Spoofing Charges

    Two former Merrill Lynch traders were indicted Tuesday on charges they ran a yearslong scheme to manipulate the precious metals futures market through criminal trades known as “spoofing” while working at the bank and other financial institutions.

  • July 18, 2018

    Merrill Lynch Escapes Suit Over Use Of Customer Cash

    A California federal judge Wednesday dismissed a proposed class action alleging Merrill Lynch illegally withdrew money from its customer reserve account to execute trades that freed up funds for its own use, finding the suit is preempted.

  • July 18, 2018

    Woman Accused Of Being Russian Agent To Remain Jailed

    A Russian woman accused of cultivating “back channel” communications with American politicians on behalf of the Kremlin will remain jailed after a D.C. federal magistrate judge sided Wednesday with U.S. Department of Justice arguments that her foreign citizenship increases the risk she won't show up in court and that she may even flee the U.S.

  • July 18, 2018

    Kaufman Dolowich Lures In Fla. Professional Liability Partner

    Litigation shop Kaufman Dolowich & Voluck LLP welcomed a new Florida professional liability partner Wednesday from Fowler White Burnett PA, less than a year after bringing in two other Fowler White lawyers to the state.

  • July 18, 2018

    Dark Pools Must Disclose More Info Under New SEC Rules

    The U.S. Securities and Exchange Commission on Wednesday unanimously approved new rules designed to increase transparency for investors who trade stocks on alternative trading venues known as dark pools, with the commissioners urging similar changes in dark pool markets for fixed-income securities.

  • July 18, 2018

    US Bank Can't Dodge Most Claims In Sham Tribal Bonds Suit

    US Bank NA must face the bulk of a lawsuit from several pension funds alleging that its mistakes cost them $25 million in a sham tribal bond offering, after a South Dakota federal judge ruled that there were questions as to whether the bank acted properly as an indenture trustee.

  • July 18, 2018

    A Chat With Gibson Dunn Diversity Chief Salim-Williams

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about navigating an increasingly competitive business environment. Here we feature Zakiyyah Salim-Williams, chief diversity officer at Gibson Dunn & Crutcher LLP.

  • July 18, 2018

    Wis. Tribe To Head Native American Suit Over Equifax Breach

    The St. Croix Chippewa Indians of Wisconsin on Tuesday filed a putative class action against Equifax Inc., alleging that the tribe was harmed by the credit reporting agency's inability to keep confidential information secure, filing not only on behalf of itself but also on behalf of all other federally recognized tribes.

  • July 17, 2018

    Manafort Can't Move Fraud Trial To Roanoke, Judge Rules

    Paul Manafort can’t move his rapidly approaching tax and bank fraud trial from inside the Washington, D.C., Beltway to Roanoke, Virginia, a federal judge ruled Tuesday in a decision that found there was no real media circus or evidence of jury pool bias warranting a venue change.

  • July 17, 2018

    Judge Won't Ax Indictments In KPMG Revolving-Door Racket

    A New York federal judge refused Tuesday to dismiss the wire fraud and conspiracy counts in an indictment against two former members of the Public Company Accounting Oversight Board and three former top KPMG executives, finding the government’s allegations to be sufficient at this time.

Expert Analysis

  • The Role Of IP In The Crypto Bubble

    Aaron Parker

    Crypto markets experienced a sharp downturn in the first half of 2018. But strategically positioned blockchain-related patent and trademark rights can help keep a company financially and technologically relevant through even turbulent times, say attorneys with Finnegan Henderson Farabow Garrett & Dunner LLP.

  • How FCC Ruling Could Impact Viability Of TCPA Fax Cases

    Lewis Wiener

    In Scoma Chiropractic v. Dental Equities, a junk fax case brought against MasterCard International, a Florida federal court recently issued a stay pending a ruling from the Federal Communications Commission. The decision may have ripple effects in other pending Telephone Consumer Protection Act actions, say Lewis Wiener and Alexander Fuchs of Eversheds Sutherland.

  • Illinois Tax Talk: Financial Organization Apportionment

    Christopher Lutz

    As financial organizations must now be included in the same Illinois unitary return as other services providers, it is important that businesses understand their classification and the resulting differences in how receipts must be apportioned to the state, says Christopher Lutz of Horwood Marcus & Berk Chtd.

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • CFPB In-House Judges May Be Next To Come Under Scrutiny

    Gregory Hesse

    The U.S. Supreme Court's ruling last month in Lucia that an administrative law judge at the U.S. Securities and Exchange Commission is subject to the Constitution's appointments clause does not bode well for ALJ rulings relied on by the Consumer Financial Protection Bureau, say attorneys with Hunton Andrews Kurth LLP.

  • Lorenzo V. SEC: Will High Court Further Curtail Rule 10b-5?

    Roger Cooper

    In Lorenzo v. U.S. Securities and Exchange Commission, the U.S. Supreme Court will consider whether a misstatement claim that does not meet the elements set forth in the court’s 2011 Janus decision can be repackaged and pursued as a fraudulent scheme claim under Rule 10b-5. A number of possible outcomes present themselves, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.

  • Employee Performance Ratings: Tainted Or Sainted?

    Lisa Harpe

    The recent focus on pay equity and employers’ pay practices has heightened the need to consider equal employment opportunity outcomes in performance ratings systems. Lisa Harpe and Sarah Gilbert of DCI Consulting Group discuss the current legal environment and proactive steps to examine performance ratings in the context of evaluating pay equity.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • AmEx Ruling May Have Big Impact On Health Insurance

    David Garcia

    There are a number of ongoing antitrust cases involving health insurance networks that may be susceptible to the type of two-sided market analysis described by the U.S. Supreme Court last month in Ohio v. American Express, say David Garcia and Nadezhda Nikonova of Sheppard Mullin Richter & Hampton LLP.

  • California Decision Distorts Bank Liability Under FIRREA

    Ben Singer

    A California federal judge recently concluded in United States v. Bogucki that any action by a bank employee that incurs potential liability for the bank triggers the Financial Institutions Reform, Recovery, and Enforcement Act. This renders unwieldy the scope of banks’ potential FIRREA exposure, says Ben Singer of O'Melveny & Myers LLP.