Banking

  • January 27, 2022

    IP Forecast: S&P To Fight Claims Its TM Suit Came Too Late

    S&P Global will ask a Delaware federal judge next week to keep alive parts of its trademark suit against a call service center named S&P Data, in the face of claims that lawyers for the market ratings giant knew about the name of the smaller business for years before suing. Here's a look at that case — plus all the other major intellectual property matters on deck in the coming week.

  • January 27, 2022

    Attys Get $3M For Repping Chinese Fintech Firm's Investors

    A legal team comprising attorneys from the Rosen Law Firm PA, Robbins Geller Rudman & Dowd LLP and Scott+Scott Attorneys at Law LLP will receive a $3 million fee for representing inventors in the digital consumer finance company previously known as PPDAI Group Inc., a federal magistrate judge in New York determined.

  • January 27, 2022

    5 Breyer Opinions For Financial Services Attys To Know

    U.S. Supreme Court Justice Stephen Breyer's views on issues like securities fraud liability, antitrust enforcement and federal preemption have left their mark on the financial services legal landscape. Here, Law360 looks at some of his key opinions in the field as the longtime liberal justice heads for the exit.

  • January 27, 2022

    The Term: Breyer's Legacy And The Nomination To Come

    Justice Stephen Breyer on Thursday formally announced he would be retiring at the end of the Supreme Court term. Here, The Term breaks down the legacy he will leave behind and takes a look at what lies ahead for his potential successor with two special guests.

  • January 27, 2022

    SEC Calls Out Private Fund Advisers' Fee, Disclosure Lapses

    The U.S. Securities and Exchange Commission on Thursday highlighted a list of failures it says were committed by private fund advisers over a five-year examination period, including botched fee calculations, overcharges and a host of disclosure lapses.

  • January 27, 2022

    SEC Taps Ex-Cravath Partner To Be Corp Fin Deputy Director

    The U.S. Securities and Exchange Commission announced Thursday that a former Cravath Swaine & Moore LLP partner has been named the agency's new deputy director of its disclosure program in the Division of Corporation Finance.

  • January 27, 2022

    Breyer Retiring As Supreme Court Lurches Right

    Justice Stephen Breyer is retiring from the U.S. Supreme Court at a time when his conservative colleagues on the bench seem intent on dismantling landmark precedents on abortion, affirmative action and the administrative state, to name a few. Can his successor preserve his liberal legacy?

  • January 27, 2022

    Trump Spokesman Fights To Keep Jan. 6 Bank Docs Private

    A lawyer representing a spokesman for former President Donald Trump indicated Thursday that he plans to revise a lawsuit against the House select committee investigating last year's U.S. Capitol riot to block Chase Bank from handing over more of his client's private financial records to the panel.

  • January 27, 2022

    2nd Circ. Reverses Deutsche Bank Traders' Libor Convictions

    The Second Circuit on Thursday acquitted two former Deutsche Bank traders who were convicted of Libor-rigging in 2018, deeming the evidence at trial insufficient to prove that the pair made false statements to benefit the bank's derivatives positions.

  • January 27, 2022

    Labaton Nabs Lead In Honest Co. Investor's Diaper IPO Suit

    Labaton Sucharow LLP will represent a proposed class of investors in the Honest Co. baby and beauty concern in a suit accusing the company of failing to properly explain that it might see a post-lockdown slump in diaper sales ahead of its May 2021 initial public offering.

  • January 27, 2022

    Bessemer Trust Favors Proprietary Funds, Class Action Says

    Bessemer Trust Company has been hit with a proposed class action in New Jersey federal court over claims that it has engaged since 2016 in unlawful self-dealing and shown favoritism to its proprietary Old Westbury Funds, causing investors to experience increased fees and meager returns.

  • January 27, 2022

    Judge Jackson Back In Spotlight As High Court Contender

    The upcoming vacancy on the U.S. Supreme Court quickly threw the spotlight back on D.C. Circuit Judge Ketanji Brown Jackson, a former clerk for Justice Stephen Breyer whose stature as a likely successor to the retiring justice was suddenly raised Wednesday.

  • January 27, 2022

    Banking Group Of The Year: Sullivan & Cromwell

    Showcasing its knowledge of and experience with complex regulatory structures, Sullivan & Cromwell LLP advised LendingClub Corp. in its $185 million takeover of Radius Bank, making LendingClub the first U.S. fintech company to acquire a bank and earning the firm a spot as one of Law360's 2021 Banking Groups of the Year.

  • January 27, 2022

    Biden At His Side, Justice Breyer Announces Retirement

    Supreme Court Justice Stephen Breyer joined President Joe Biden at the White House Thursday to formally announce his retirement, kicking off a rush among Democrats to confirm a new member of the court to replace the oldest serving justice.

  • January 26, 2022

    Attys Get $2.7M Of $12M Wells Fargo Mortgage Glitch Deal

    Attorneys representing Wells Fargo home loan customers will receive a $2.7 million fee for their work on a class action over technical glitches affecting the bank's automated mortgage loan modification tools.

  • January 26, 2022

    Illinois Man Accuses Online Tribal Lenders of Predatory Loans

    An Illinois debtor has filed a proposed class action against a group of online tribal lending companies for allegedly issuing illegal high-interest loans, adding to a trend of similar complaints across the country that accuse unscrupulous lenders of using tribes as a mere front to gain immunity from prosecution.

  • January 26, 2022

    Democrats Plan Swift Confirmation Of Breyer Successor

    The U.S. Senate's Democratic leaders pledged Wednesday to move swiftly to confirm a successor for U.S. Supreme Court Justice Stephen Breyer, who is expected to formally announce his retirement Thursday.

  • January 26, 2022

    Court Guts Farmer's Suit Over Biden Loan Relief Program

    A Tennessee federal judge on Wednesday cut most of a suit a white farmer filed over President Joe Biden's $5 billion loan relief program for minority farmers, finding that the plaintiff who alleged that the program discriminates against him had failed to show his claims are "fit" for judicial review.

  • January 26, 2022

    NY AG Seeks To Toss Trump's Challenge To Business Probe

    New York Attorney General Letitia James on Wednesday urged a New York federal court to toss former President Donald Trump's suit seeking to halt her investigations into his business activities and inquiring whether he inflated assets to reap financial benefits. 

  • January 26, 2022

    Sullivan & Cromwell, Fenwick Steer $1.4B UBS Fintech Buy

    Swiss bank UBS said Wednesday it will acquire automated wealth management company Wealthfront in a $1.4 billion deal guided by Sullivan & Cromwell and Fenwick & West that the banking heavyweight hopes will expand its reach among wealthy U.S. customers.

  • January 26, 2022

    Chinese Investors Fight Proposed Axing Of EB-5 Fraud Suit

    A group of Chinese investors has urged a Florida district court to reject a magistrate's recommendation to permanently toss the investors' allegations that the developers of a Miami Beach hotel helped defraud them of millions they thought they were contributing to the project as part of a federal investment visa program.

  • January 26, 2022

    SEC Seeks To Beef Up Regs On Treasury Trading Platforms

    The U.S. Securities and Exchange Commission on Wednesday proposed rules to increase oversight of unregistered venues that match buyers and sellers of Treasurys and other government securities, saying the status quo lacks investor safeguards.

  • January 26, 2022

    Crypto Laundering Jumped To $8.6B In 2021, Data Firm Finds

    The value of cryptocurrency laundered in 2021 jumped 30% from the prior year to $8.6 billion, but regulators could strike a "huge blow" against the illicit activity if they focus on a small group of services used to move the dirty digital money, according to a report from crypto data provider Chainalysis on Wednesday.

  • January 26, 2022

    Meet The Possible Nominees For Justice Breyer's Seat

    President Joe Biden has promised to nominate the first-ever Black woman to the nation's highest court. Here we look at the contenders for Justice Stephen Breyer's seat, including one notable front-runner.

  • January 26, 2022

    Minor Role In NY Gambling Ring Still Merits Prison, Feds Say

    The operator of a club linked to an illegal gambling ring in New York should spend six months to a year in prison regardless of the minor role he played in a larger racketeering case, federal prosecutors recommended Tuesday.

Expert Analysis

  • How AI Can Transform Crisis Management In Litigation

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    Attorneys should understand how to use rapidly advancing artificial intelligence technology to help clients prepare for potential catastrophic events and the inevitable litigation arising from them, from predicting crises before they occur to testing legal theories once they arise, say Stratton Horres at Wilson Elser and David Steiger.

  • Opinion

    SEC Sacrifices Process To Block New Proxy Adviser Rules

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    The U.S. Securities and Exchange Commission's about-face on its recently passed reforms concerning proxy advisers is an example of how Chair Gary Gensler has forgone deliberation and bipartisanship to pursue his ambitious agenda — which is emblematic of the increasing politicization of the commission, says David Dragics at the National Investor Relations Institute's Advocacy Committee.

  • Get Ready For Likely New Sanctions Against Russia

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    ​New sanctions against Russia​ ​will be a likely reaction to the military situation in Ukraine, so compliance professionals should review​ ​their current relationships and learn common red flags associated with Russian state-owned enterprises, oligarchs and senior officials, say Daniel Chirlin at Walden Macht, David Tannenbaum at Blackstone Compliance and Serge Masters at SDM.

  • Supervisor Relationships Are Key To Beating Atty Burnout

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    In order to combat record attorney turnover and high levels of burnout, law firm partners and leaders must build engaging relationships with supervisees, fostering autonomy and control, enabling expression of values, and building a sense of community and belonging, says Anne Brafford at the Institute for Well-Being in Law.

  • What Stablecoin Industry Can Expect From Congress In 2022

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    As congressional scrutiny of the crypto-asset industry grows, stablecoin issuers and exchanges should anticipate new legislative proposals and regulatory developments, as well as further inquiries and oversight action, from both parties in Congress this year, say attorneys at Debevoise.

  • Libor Isn't Only Benchmark Transition That Requires Attention

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    The final publication of the Eleventh District Cost of Funds Index, used to price adjustable-rate mortgages, is less than two weeks away, and demands the same kind of commitment and process that has gone into replacing Libor to avoid costly delays and litigation, says Jeffrey Armstrong at Berkeley Research Group.

  • Make-Whole Claim Lessons From Hertz Bankruptcy Ruling

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    After the Delaware bankruptcy court's recent decision in Wells Fargo v. Hertz, courts may continue to hear the assertion that early payoff premiums constitute unmatured interest, which could shape best practices in formulating make-whole clauses to avoid such arguments, say attorneys at Mayer Brown.

  • The Rising Demand For Commercial Litigators In 2022

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    Amid broken supply chains, pandemic-induced bankruptcies and a rise in regulation by litigation, strong commercial litigators — strategists who are adept in trying a range of tortious and contractual disputes — are becoming a must-have for many law firms, making this year an opportune moment to make the career switch, say Michael Ascher and Kimberly Donlon at Major Lindsey.

  • 3 Cybersecurity Imperatives For Financial Cos. This Year

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    With cyberattacks and regulatory scrutiny both expected to increase in 2022, financial services companies should consider important compliance strategies to protect against cyber risks and enforcement actions, says Shardul Desai at Holland & Knight.

  • When Fair Notice Precludes Punitive Damages

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    The ongoing pandemic has done little to slow the continued proliferation of novel theories of tort liability, but even when courts approve, the U.S. Constitution's requirement of fair notice may prohibit punitive damages, says Mitchell Morris at Butler Snow.

  • Opinion

    Money Laundering Regs Too Unwieldy To Police Art Market

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    As the arts and antiquities trade awaits the U.S. Department of the Treasury's new money laundering regulations — which apply the Bank Secrecy Act to the arts for the first time — whether they are reasonable, optimal or practical remains in question, says Alexandra Darraby at The Art Law Firm.

  • How In-House Counsel Can Make The Case For Settling Early

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    Following the recent settlement in McDonald's v. Easterbrook, in-house counsel should consider decision-tree analyses and values-driven communications plans to secure effective, early resolutions in litigation, saving time and money and moving the company mission forward, say Ronald Levine at Herrick Feinstein and Richard Torrenzano at The Torrenzano Group.

  • To Retain Talent, GCs Should Prioritize Mission Statements

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    With greater legal demands and an increasing number of workers resigning during the pandemic, general counsel should take steps to articulate their teams' values in departmental mission statements, which will help them better prioritize corporate values and attract and retain talent, says Catherine Kemnitz at Axiom.

  • Anticipate Another Busy Year Of M&A Activity

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    M&A action is likely to continue at a hectic pace this year, with 24/7 remote work practices, regulatory covenant litigation, and acquisitions of supply chain actors all showing no signs of slowing down, says Ethan Klingsberg at Freshfields.

  • Top 10 Whistleblowing And Retaliation Events Of 2021

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    Last year's most important whistleblower developments will likely reverberate into 2022 and beyond, with key court rulings and legislative advancements poised to expand protections, and a record-breaking amount of awards issued by the U.S. Securities and Exchange Commission likely to incentivize more information sharing, say Steven Pearlman and Pinchos Goldberg at Proskauer.

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