Bank of America on Tuesday asked the U.S. Supreme Court to review the Ninth Circuit's ruling that the National Bank Act doesn't preempt a California state mortgage escrow interest law, arguing that the ruling is incorrect and creates “significant uncertainty” about whether other state banking laws apply to national banks.
Law360 Banking BANKING

Thursday, August 16, 2018 Follow Banking Law360

TOP NEWS

BofA Seeks High Court Review Of 9th Circ. Preemption Ruling

Bank of America on Tuesday asked the U.S. Supreme Court to review the Ninth Circuit's ruling that the National Bank Act doesn't preempt a California state mortgage escrow interest law, arguing that the ruling is incorrect and creates “significant uncertainty” about whether other state banking laws apply to national banks. Read full article »

In Closing, Manafort Defense Says Gov't Is 'Desperate'

Attorneys for former Trump campaign chairman Paul Manafort threw their final punches Wednesday in an effort to knock down the government’s tax and bank fraud case against him in Virginia federal court, painting cooperating witness Rick Gates as a serial liar and slamming the prosecution as “desperate” during closing arguments. Read full article »

AT&T Faces $224M Privacy Suit Over Cryptocurrency Theft

A well-known cryptocurrency investor slapped AT&T with a nearly $224 million lawsuit in California federal court Wednesday, alleging that the carrier’s failure to provide adequate data security, despite previously suffering high-profile privacy incidents, allowed for the theft of millions in digital currency from his accounts. Read full article »

Deutsche Bank To Pay $22M To Settle Workers' ERISA Suit

Thousands of workers who accused Deutsche Bank of steering their retirement savings into expensive and poorly performing proprietary funds told a New York federal court they had struck a $21.9 million deal to resolve their Employee Retirement Income Security Act class action.     Read full article »

Hausfeld, Susman Awarded $58.4M In Libor MDL Fees, Costs

Hausfeld LLP and Susman Godfrey LLP will decide how to dole out a nearly $60 million award for attorneys' fees and expenses approved by a New York federal judge Tuesday from $250 million in multidistrict litigation settlements between Citigroup, Barclays and investors suing over rigging of the London Interbank Offered Rate. Read full article »

ENFORCEMENT & COMPLIANCE

Dominican Man Gets 5 Years For Impersonating SEC Brass

A Dominican national charged with impersonating U.S. Securities and Exchange Commission employees to defraud people out of hundreds of thousands of dollars was sentenced on Wednesday in Boston federal court to five years and three months in prison, the U.S. Department of Justice announced. Read full article »

3rd Circ. Affirms Convictions In NOVA Bank TARP Fraud Case

The Third Circuit on Tuesday affirmed the April 2016 convictions of two top officials from the now-defunct NOVA Bank for defrauding the Troubled Asset Relief Program in a ruling that also upheld an 11-month prison term for the bank's former chairman. Read full article »

FTC’s $1.3B Loan Row Win Used ‘Red Herring,’ 9th Circ. Told

Professional auto racer Scott Tucker asked the Ninth Circuit on Wednesday to reverse a $1.3 billion judgment against his payday loan companies for deceiving and overcharging customers, saying borrowers’ loan contracts included all necessary information and calling the Federal Trade Commission’s claim they hid unfavorable terms “a red herring.” Read full article »

BANKRUPTCY

Bear Stearns Bankruptcy Suit Win Upheld By District Court

A bankruptcy court finding that Bear Stearns & Co. Inc. acted in good faith when it repurchased securities from former debtor HomeBanc Mortgage Corp. in 2007 was upheld Tuesday when a Delaware federal judge said the lower court did not misapply the law or make errors of fact. Read full article »

Appeals Court Stops Contempt Proceedings Against 2 Attys

A Florida appeals court on Wednesday barred a trial court from continuing indirect criminal contempt proceedings for two attorneys for lender Ditech Financial LLC for violating a discovery order in a foreclosure suit, finding there was no evidence the lawyers had advised the company to violate the order. Read full article »

EXPERT ANALYSIS

Rebuttal

Judges Can Demand Diversity In Rule 23(g) Applications

A recent Law360 guest op-ed criticized the judge in the Chicago Board Options Exchange antitrust litigation for requesting more diversity in plaintiffs’ lead counsel applications. The author’s argument misinterprets the Federal Rules of Civil Procedure and reinforces archaic misconceptions about women and minorities in the courtroom, say Kellie Lerner and Chelsea Walcker of Robins Kaplan LLP. Read full article »

LEGAL INDUSTRY

Feature

Thinner ABA Still 'Voice Of All Lawyers,' New Prez Contends

Newly confirmed American Bar Association President Bob Carlson says his organization, which has faced declining membership, is still the "voice of all lawyers," something he believes entails speaking out against those who "mock due process, mock or ridicule equal justice under the law, and try to marginalize lawyers, judges and the press." Read full article »

Ogletree Must Show Judge Contract In Atty Gender Bias Suit

A California federal judge said Wednesday that he will need to see Ogletree Deakins Nash Smoak & Stewart PC's contract with a former nonequity shareholder before deciding whether to transfer her proposed gender bias class action, send it to arbitration or keep it in his court. Read full article »

NRA Atty Faces Scrutiny After Not Disclosing Sanction

National Rifle Association lawyers will have to answer for the accuracy of a well-known Texas litigator's application to represent it in a dispute with an insurance broker in Virginia federal court, where a judge ordered a hearing on the submission after learning that it didn't mention a past sanction for allegedly trying to influence potential jurors.  Read full article »

Was Kavanaugh Starr's Leaker? Watchdog Wants To Know

A government transparency group asked the chief judge of the D.C. federal trial court Tuesday to unseal a report allegedly documenting press leaks by Independent Counsel Ken Starr's office in the late 1990s, arguing the public needs to know if U.S. Supreme Court nominee Brett Kavanaugh, one of Starr's deputies, was involved in the alleged misconduct. Read full article »

Kavanaugh Courts Dem Senators Who Backed Gorsuch

U.S. Supreme Court nominee Brett Kavanaugh sat down Wednesday with two more red state Democratic senators who the White House is hoping will once again vote to confirm President Donald Trump’s choice for the nation’s top bench, but it’s unclear if the charm offensive will work this time. Read full article »

Q&A

Law Firm Leaders: Holland & Knight's Steven Sonberg

Steven Sonberg has served as managing partner of Holland & Knight LLP for the past 10 years. During that time the law firm has grown significantly, adding 11 offices, increasing its revenue by more than 50 percent and doubling its profits per partner. Read full article »

JOBS
Search full listings or advertise your job opening
Law360 Pro Say Podcast

Listen to our new podcast here

COMPANIES

AT&T Inc.

American Bar Association

Bank of America Corporation

Barclays PLC

CBOE Holdings Inc.

Citigroup Inc.

Credit Suisse Group AG

Deutsche Bank AG

Ditech Financial LLC

Facebook

HomeBanc Mortgage Corporation

JPMorgan Chase & Co.

Lockton Inc.

McKinsey & Company

Microsoft Corporation

National Basketball Association

National Rifle Association of America

New York State Bar Association

Villanova University

Vistra Energy Corp.

Yale University

LAW FIRMS

Ashby & Geddes

Boies Schiller

Brown Goldstein

Corette Black

Covington & Burling

Cozen O'Connor

Davis Polk

Epstein Becker Green

Gladstone Law Group

Goodwin

Greenberg Glusker

Hausfeld

Hinshaw & Culbertson

Holland & Knight

Kaufman Coren

Lieff Cabraser

McCune Wright

Nichols Kaster

Norton Rose Fulbright

Ogletree Deakins

Paul Hastings

Robins Kaplan

Sanford Heisler Sharp

Sidley Austin

Simpson Thacher

Sullivan & Cromwell

Susman Godfrey

The Law Offices of Lisa A. Mathewson

White & Case

GOVERNMENT AGENCIES

Bureau of Labor Statistics

Executive Office of the President

Federal Bureau of Investigation

Federal Communications Commission

Federal Deposit Insurance Corp.

Federal Election Commission

Federal Trade Commission

Internal Revenue Service

New York State Department of Financial Services

Office of the Comptroller of the Currency

Securities and Exchange Commission

U.S. Department of Justice

U.S. Supreme Court

United States Bankruptcy Court for the District of Delaware

United States Court of Appeals for the Third Circuit

United States District Court for the Eastern District of Pennsylvania