A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades.
Law360 Banking BANKING

Monday, January 21, 2019 Follow Banking Law360

TOP NEWS

Trader Slams Prosecution's 'Nonsense' Claim In Euribor Trial

A trader accused of illegally rigging a key interest rate benchmark did not act dishonestly when he submitted rates to benefit bankers’ trading positions, his attorney told a London jury on Friday, saying it is “nonsense” to suggest he flooded the market with cash to bolster huge financial trades. Read full article »

GAO Calls Fannie, Freddie Reform Proposals Shortsighted

Federal plans to release Fannie Mae and Freddie Mac from conservatorship have been too shortsighted about the implications of restructuring housing finance, the Government Accountability Office said in a report released Friday. Read full article »

Nationstar Asks Fla. High Court To Revisit Attys' Fees Case

Nationstar Mortgage asked the Florida Supreme Court for clarification Friday on its recent reversal of a precedent-setting appeals court decision that said a mortgage holder could not invoke an attorneys' fees provision after prevailing in a foreclosure suit because the noteholder failed to establish standing. Read full article »

Madoff Investors Can't Evade Clawback By Withdrawing Claim

A Manhattan bankruptcy judge rejected arguments by three “net winners” in the Madoff Ponzi scheme on Friday that he lost authority to hear a $2.8 million clawback action against them when they dropped their own claim against the bankruptcy estate. Read full article »

GROUP OF THE YEAR

Banking Group Of The Year: Covington & Burling

Covington & Burling LLP's financial institutions practice over the past year guided PayPal to a settlement with the Federal Trade Commission, steered two of 2018's largest financial services acquisitions and notched a win for a major bank trade group in litigation over a federal credit union regulation, earning a spot as one of Law360's Banking Practice Groups of the Year. Read full article »

POLICY & REGULATION

Final IRS Pass-Through Deduction Rules Snub Team Owners

The Internal Revenue Service rejected pleas from the Major League Baseball commissioner and others to allow sports franchise owners to qualify for a new 20 percent tax deduction for pass-through businesses, under final regulations released Friday. Read full article »

Bipartisan House Bill Seeks Stricter SEC Insider Trading Rules

A new bipartisan bill introduced by House Committee on Financial Services leadership on Friday seeks to curb insider trading by calling for the U.S. Securities and Exchange Commission to explore amendments to its corporate insider rule.  Read full article »

Sen. Warren Seeks Info On Mnuchin's Calls To Bank CEOs

U.S. Sen. Elizabeth Warren pressed Treasury Secretary Steve Mnuchin and the CEOs of the country's six largest banks Friday to provide more details about phone conversations last month in which Mnuchin called and asked if the banks had enough liquidity to weather a sustained stock market downturn. Read full article »

LITIGATION

BofA Tells High Court 401(k) Row Was Decided Correctly

Bank of America Corp. urged the U.S. Supreme Court Thursday to not review a case seeking to compel a judge to force the bank to disgorge 401(k) plan transaction profits, saying the judge correctly found no profits existed, and he shouldn’t have to issue an inappropriate remedy. Read full article »

Forex Suit $300M Fee Objector Slams Class’ Appeal Bond Bid

The lone objector to $300 million in attorneys' fees granted in relation to $2.3 billion in settlements with banks over alleged benchmarking rate rigging in the foreign exchange markets has hit back at an investor class’ bid to require a $1.4 million bond while he appeals the award, telling a New York federal judge Friday that the request is unnecessary and burdensome. Read full article »

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

The last week has seen former Rabobank trader Anthony Conti sue his old employer, ArcelorMittal take Essar’s investment manager to court months after acquiring its steel business, and the managing director of AlixPartners sue a prominent Irish businessman and a British property tycoon. Here, Law360 looks at those and other new claims in the U.K. Read full article »

BANKRUPTCY

Oro Negro Ch. 15 Parties Agree To Mediate Rig Fight

In an effort to streamline dual bankruptcy proceedings for Mexican oil rig company Perforadora Oro Negro in its home country and the U.S., a domestic mediator will join negotiations between the company and its creditors in a jack-up rig seizure dispute, a U.S. bankruptcy judge said. Read full article »

PEOPLE

Arent Fox Nabs Ex-CFPB Enforcement Pro In San Francisco

A former Consumer Financial Protection Bureau enforcement attorney and go-to expert for financial services litigation has joined Arent Fox LLP's complex litigation practice as a partner at the firm's San Francisco office, the firm said. Read full article »

LEGAL INDUSTRY

Analysis

Skadden's Deal With DOJ Comes With Woes For Greg Craig

Skadden Arps Slate Meagher & Flom LLP called its $4.6 million deal with the U.S. Department of Justice “closure” after failing to register its lobbying work for the Ukrainian government, yet experts say the settlement actually exposes serious legal risks faced by ex-partner Greg Craig and potentially others. Read full article »

Analysis

Skadden Began Ukraine Work With Caution, Ended It In Lies

Emails released by the U.S. Department of Justice show how Skadden Arps Slate Meagher & Flom LLP lawyers slowly abandoned caution toward a foreign lobbying law and began openly lying to federal investigators during their engagement with the Ukrainian government from 2012 to 2013. Read full article »

Analysis

For Skadden's Brand, Ukraine Scandal A Shot Across The Bow

Skadden’s unregistered lobbying work for the Ukrainian government has cost the law firm $4.6 million in a settlement with the U.S. Department of Justice, but could the debacle cost the firm even more in reputational damage? Read full article »

Analysis

Skadden Deal Shows DOJ's FARA Focus Shifting To High Gear

The settlement announced Thursday between Skadden Arps Meagher & Flom LLP and the U.S. Department of Justice is the latest sign of increased enforcement of the current Foreign Agent Registration Act, even as efforts to update the law have gone nowhere. Read full article »

How Skadden's Foreign Agent Scandal Unfolded

Skadden Arps Slate Meagher & Flom LLP has agreed to pay a $4.6 million settlement with the U.S. Department of Justice for failing to register as a foreign agent. Here, we look at how the firm got to this point. Read full article »

Feature

Could A Tougher Standard For Law Schools Hurt Diversity?

The American Bar Association’s governing body is poised to vote later this month on a proposal to create stricter standards for law school bar passage rates, a move some say could have a negative impact on the diversity of the legal profession. Read full article »

Feature

Behind The Scenes, #TimesUp Fund Gets To Work

The TimesUp Legal Defense Fund, born of a social media hashtag, has grown to $24 million and is so far funding sexual harassment litigation, defamation defense, and public relations on behalf of dozens of women. But most of its work is taking place behind the scenes. Read full article »

Fed. Circ. To Remain Open During Shutdown

The Federal Circuit said in an order published on Friday that it would remain open during the partial government shutdown, with all deadlines remaining in place and all oral arguments proceeding as scheduled, as the federal courts brace themselves to run out of available funds within the coming days. Read full article »

Judge Orders Blue Cross Attys To Shape Up In Antitrust MDL

The Alabama federal judge overseeing sweeping antitrust litigation against the Blue Cross Blue Shield network has said he can no longer wait for the insurance giant’s army of lawyers to marshal themselves into a more manageable group, ordering a dozen attorneys into a "Council of Twelve" to streamline a leadership plan. Read full article »

GC Cheat Sheet: The Hottest Corporate News Of The Week

Two new reports found that in-house lawyers are increasingly looking for nontraditional perks such as flexible work arrangements and paid meals in addition to hefty bonuses, and that law firm leaders in the new year are overall fairly confident about their own shops' prospects but have more gloomy predictions about the domestic and global economies. These are some of the stories in corporate legal news you may have missed in the past week.​ Read full article »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week. Read full article »

Podcast

Law360's Pro Say LIVE: SDNY Chief Talks Women In The Law

This week the Pro Say podcast is live from the New York State Bar Association's annual meeting, talking with the chief judge of the Southern District of New York about how women are faring in the legal profession. 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.

AlixPartners

American Bankers Association

American Bar Association

American International Group Inc.

ArcelorMittal

BNP Paribas

Bank of America Corp.

Barclays PLC

Bright House Networks LLC

British Bankers' Association

Charter Communications Inc.

Chobani LLC

Cisco Systems Inc.

Citigroup Inc.

Coinbase Inc.

Competitive Enterprise Institute

Deutsche Bank AG

Faculty Athletics Representatives Association

Fannie Mae

Freddie Mac

Goldman Sachs Group Inc.

Google Inc.

Groupe Danone

Independent Community Bankers of America

Instagram Inc.

Intel Corp.

Intercontinental Exchange Inc.

JPMorgan Chase & Co.

Major League Baseball Inc.

McDonald's Corporation

Mediterranean Shipping Co. SA

Mitsubishi UFJ Financial Group Inc.

Moelis & Co.

Morgan Stanley

Mortgage Bankers Association

National Association of Home Builders

National Women's Law Center

New York City Bar Association

New York Daily News Co.

New York State Bar Association

New York Times Co.

PB Bancorp Inc.

PayPal Inc.

Quest Software Inc.

Rabobank

Societe Generale

Sovos Compliance LLC

Spectrum Management Holding Co.

The Boeing Company

The Gap Inc.

Tyson Foods Inc.

U.S. Bancorp

U.S. Chamber of Commerce

Verizon Communications Inc.

WSFS Financial Corporation

Wal-Mart Stores Inc.

Wells Fargo & Co.

Yapi ve Kredi Bankasi AS

LAW FIRMS

33 Chancery Lane

Adams and Reese

Akerman

Arent Fox

Arnold & Porter

Axinn

Baker Donelson

BakerHostetler

Balch & Bingham

BatesCarey LLP

Bodman PLC

Boies Schiller

Bradley Arant

Bredhoff & Kaiser

Brunini Grantham

Buckley LLP

Campbell Guin

Covington & Burling

Cravath Swaine

Crowell & Moring

Dentons

Dinsmore & Shohl

Dorsey & Whitney

Doughty Street Chambers

Foley & Lardner

Foundry Chambers

Fried Frank

Gibson Dunn

Glaser Weil

Gordon Dadds

Greenberg Traurig

Hausfeld

Hogan Lovells

Holland & Knight

Irwin Mitchell

Jackson Walker

Jenner & Block

Jomarron Lopez

Jones Day

Kator Parks

Keystone Law

Kilpatrick Townsend

King & Spalding

Kirkland & Ellis

Latham & Watkins

Levy Vinick

Lightfoot Franklin

Mayer Brown

Maynard Cooper

Michelmores LLP

Milbank Tweed

Miller & Chevalier

Mintz & Gold

Mishcon de Reya

Morgan Lewis

Nelson Mullins

Paul Weiss

Phillips Lytle

Quinn Emanuel

Reichard & Escalera

Riley & Jackson

Ropes & Gray

Scott + Scott

Seyfarth Shaw

Shamoun & Norman

Shearman & Sterling

Sidley Austin

Skadden

Stevens & Bolton

Sullivan & Cromwell

Wallace Jordan

WhatleyKallas

White & Case

Wiley Rein

Williams & Connolly

Zuckerman Spaeder

GOVERNMENT AGENCIES

Consumer Financial Protection Bureau

Department of Commerce

Equal Employment Opportunity Commission

European Commission

European Union

Executive Office of the President

Federal Aviation Administration

Federal Communications Commission

Federal Housing Administration

Federal Housing Finance Agency

Federal Trade Commission

Financial Conduct Authority

Florida Supreme Court

Government Accountability Office

Internal Revenue Service

National Credit Union Administration

National Institute of Standards and Technology

New York State Department of Financial Services

Securities Investor Protection Corp.

Securities and Exchange Commission

Serious Fraud Office

U.S. Department of Housing and Urban Development

U.S. Department of Justice

U.S. Patent and Trademark Office

U.S. Supreme Court

United States Bankruptcy Court for the Southern District of New York

United States District Court for the Southern District of New York