An employee at the U.S. Treasury Department'sĀ Financial Crimes Enforcement Network was arrested on Wednesday on charges of revealing banks' suspicious activity reports on transactions by Paul Manafort and an indicted Russian operative to an investigative reporter for BuzzFeed News.
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Thursday, October 18, 2018 Follow Banking Law360


FinCEN Staffer Arrested For BuzzFeed Russia Probe Leaks

An employee at the U.S. Treasury Department's Financial Crimes Enforcement Network was arrested on Wednesday on charges of revealing banks' suspicious activity reports on transactions by Paul Manafort and an indicted Russian operative to an investigative reporter for BuzzFeed News. Read full article »

2 Ex-Deutsche Traders Convicted Of Libor-Rigging

A Manhattan federal jury on Wednesday convicted two former Deutsche Bank AG traders of rigging the London Interbank Offered Rate to benefit their trading positions, setting the stage for a protracted legal fight over whether or not the trial was tainted by compelled testimony.   Read full article »

Master Account Suit Of 'Narrow Bank' Isn't Ripe: NY Fed​​​​​​​

The Federal Reserve Bank of New York on Tuesday previewed its anticipated bid to escape a lawsuit from a new “narrow bank” that alleges it’s been unfairly blocked from receiving a Fed master account, telling a Manhattan federal judge that the case is premature because the bank’s application is still under review. Read full article »

FSOC Pulls SIFI Tag From Prudential, Last Nonbank To Have It

The Financial Stability Oversight Council said Wednesday that it has decided to rescind insurer Prudential Financial Inc.’s designation as a systemically important financial institution, freeing it from enhanced regulatory supervision and leaving no nonbank financial firms classified as “too big to fail.” Read full article »

Treasury Declines To Name China A Currency Manipulator

The U.S. Department of the Treasury declined to name China as a currency manipulator in its semiannual report Wednesday amid growing trade tensions with Beijing, but nevertheless gave a stern warning about the overall weakness of the Chinese currency renminbi and the lack of transparency in its monetary system. Read full article »


News Analysis

A High Court Milestone Stirs Hope Of Gender Parity

After an emotionally fraught confirmation process with sexual misconduct allegations front and center, a new justice joins the Supreme Court bench and brings four female clerks with him. The hires bring gender parity to the court's clerkship ranks for the first time, but will the shift be long-lasting? (This article is part of a series examining gender gaps at the high court.) Read full article »


Ex-State Street Exec Promises Precedent-Setting Appeal

After being sentenced to 18 months in prison, a former State Street Corp. executive who was convicted of stealing millions from international clients asked a Massachusetts federal judge Wednesday for his freedom pending an appeal that he promises will include multiple issues that have not yet been addressed by the First Circuit. Read full article »

Ex-Fed Agent Can't Ditch Silk Road Bitcoin Theft Sentence

A California federal judge Wednesday denied an ex-Secret Service agent’s bid to vacate a nearly six-year sentence for stealing bitcoin during an investigation of black market website Silk Road, saying the law enforcement officer “knowingly and voluntarily” entered into his plea deal and his counsel “was not ineffective.” Read full article »

Gov't Ready For Manafort Sentencing On Some Counts

Federal prosecutors on Wednesday said they are ready to schedule a sentencing hearing for President Donald Trump's former campaign Chairman Paul Manafort, but said they want to keep open their option to retry Manafort on 10 counts that left a Virginia federal jury deadlocked in August. Read full article »

NY Times Urges Judge To Unseal Docs In Trump Dossier Row

The New York Times asked a Florida federal court Wednesday to unseal documents filed by both sides of a Russian tech executive’s defamation lawsuit against BuzzFeed over its publishing of a dossier alleging ties between Russia and President Donald Trump. Read full article »


KKR's Auction Abuse Claims Dismissed As 'Joke' In Apt. Row

A New York state judge gleefully smacked down counterclaims — including one he called “a joke” — on Wednesday against a real estate owner and manager that sued KKR & Co. LP and investment bank Macquarie for allegedly rigging an auction for $100 million in Texas property. Read full article »


FirstEnergy's Bankrupt Units Seek OK For $25M Credit Deal

FirstEnergy’s bankrupt power generation subsidiaries have asked an Ohio bankruptcy court to allow them to take out up to $25 million in letters of credit, saying the credit will help to keep the company’s seven power plants in operation. Read full article »


How FTC Is Stepping Up Its Consumer Protection Efforts

The Federal Trade Commission, which once dominated the playing field on many consumer protection issues, appears poised to reclaim a more active role in connection with financial products and services, say attorneys with Buckley Sandler LLP. Read full article »

Class Arbitration Goes To The Supreme Court

A U.S. Supreme Court ruling in Varela v. Lamps Plus that the Federal Arbitration Act displaces contractual interpretation rules likely would vacate the Eleventh Circuit's recent JPay decision, says James Bogan of Kilpatrick Townsend & Stockton LLP. Read full article »



The Four Firms That GCs Fear The Most

General counsel are pointing to four law firms they view as the most fearsomely competent litigators and the ones they least wish to see on the other side of the table, a survey released Wednesday revealed. Read full article »

Chief Justice Defends Court's Integrity After Kavanaugh Row

Alluding to the recent political firestorm surrounding Justice Brett Kavanaugh’s monthslong nomination process, Chief Justice John Roberts tried to assure the public that the U.S. Supreme Court would remain an independent and collegial institution. Read full article »

4th Circ., Fla. Court Picks Glide Through Sparse Hearing

President Donald Trump's choices for a Fourth Circuit seat and district court seats in Florida and Alabama cruised through a sparsely attended nominations hearing Wednesday, after Democrats objected to holding the hearing at all. Read full article »

Don McGahn Steps Down As White House Counsel

Don McGahn, who helped shepherd the nominations of two of President Donald Trump's U.S. Supreme Court nominees through Congress has stepped down as White House counsel following the announcement of his replacement, according to media reports Wednesday. Read full article »

ABA Says Attys Must Inform Clients After A Data Breach

The American Bar Association unveiled ethics rules Wednesday that require attorneys to notify current clients in the event of a data breach and to keep clients updated on the findings of any investigation into the breach. Read full article »

The Use Of Third-Party Litigation Financing Is Soaring

A recent survey of in-house and private firm lawyers shows a spike in the use of third-party litigation funding and plenty of organizations forgoing worthy claims in the face of big legal bills, according to a Wednesday report from funder Burford Capital. Read full article »

Baker McKenzie Chooses Florida For New Legal Services Hub

Baker McKenzie plans to launch a global service center in Tampa, Florida, to build on the success of its existing hubs in the Philippines and Northern Ireland, the global law firm said Wednesday. Read full article »

Lieff Cabraser, Others Want $90M In State Farm Judge Case

Lieff Cabraser Heimann & Bernstein LLP, Clifford Law Offices PC and several other firms have asked for $90 million in fees and expenses for their work representing a class of State Farm customers who settled claims the insurance giant rigged an Illinois judicial election for $250 million. Read full article »


Law Firm Leaders: Loeb & Loeb's Kenneth Florin

Loeb & Loeb LLP's new chairman, Kenneth R. Florin, recently spoke with Law360 at the firm's Manhattan office to discuss the ways in which Loeb & Loeb and the legal profession at large have evolved and why he thinks some of the most significant changes are still to come. Read full article »

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