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Banking

  • March 21, 2019

    NY's Vullo Set For Hot Seat In NRA Discrimination Suit

    The National Rifle Association will have a chance to grill Maria T. Vullo, New York’s former top financial services regulator, after an Albany federal magistrate judge granted its deposition bid in its lawsuit alleging she and Gov. Andrew Cuomo sought to silence the gun rights advocacy group by squeezing the financial institutions it works with.

  • March 21, 2019

    $240M Wells Fargo-Investor Deal Missing Key Factor: Judge

    A California federal judge on Wednesday told investors he needed more information to evaluate their proposed $240 million settlement with Wells Fargo & Co. executives over how the bank's fabricated accounts scandal affected its reputation, finances and stock prices.

  • March 21, 2019

    Bank Can't Undo Default Win, Left With $4.9M Error

    An Illinois bank that has been trying for five years to undo what it says was a $4.9 million overpayment for a foreclosed property had its latest attempt shot down by a state appeals court on Wednesday.

  • March 21, 2019

    'Training Wheels' Come Off New NY Cybersecurity Rules

    New York’s financial services regulator has demonstrated an eagerness to help companies get up to speed on the state's landmark cybersecurity rules over the past two years, but with the implementation grace period now over, enforcement is likely to heat up, experts say.

  • March 21, 2019

    Final FATCA Rules Expand Definition Of 'Responsible Officer'

    The U.S. Treasury Department finalized regulations Thursday that expand the definition of “responsible officer” under the Foreign Account Tax Compliance Act to include individuals who aren’t directly affiliated with American financial institutions that report on behalf of overseas banks.

  • March 21, 2019

    Record £28M Fine For UBS Puts Compliance Staff On Guard

    This week’s record £27.6 million ($34.8 million) fine against UBS for misreporting 136 million transactions has underlined the need for banking compliance teams to focus on their trading desks if they hope to avoid falling foul of Europe’s formidable securities rules.

  • March 21, 2019

    2nd Circ. Wary Of Denying Fraudster Cooperation Credit

    Two Second Circuit judges voiced skepticism on Thursday about the government's opposition to an admitted wire fraudster's request that his sentence be reduced because he later helped put six co-conspirators behind bars, expressing concern with the notion that they couldn't check the lower court's work for errors.

  • March 21, 2019

    FDIC's $695M Mortgage-Backed Securities Suit Tossed

    A New York federal judge dumped the Federal Deposit Insurance Corp.'s $695 million residential mortgage-backed securities suit against three banks Wednesday, finding for the second time that the agency lacked standing to bring claims of improper conduct against trustees of the bundled mortgages.

  • March 21, 2019

    Foreclosure Firms Get High Court Help, But Questions Remain

    Lenders and the law firms they hire to perform nonjudicial foreclosures can take some comfort in the U.S. Supreme Court's unanimous decision that the Fair Debt Collection Practices Act doesn't broadly apply to these out-of-court proceedings, but the ruling still leaves some questions to sort out, experts told Law360.

  • March 21, 2019

    Crypto Bank CEO Faces 5 Years After Copping To $4M Fraud

    Federal prosecutors have agreed to seek a five-year prison sentence for the CEO of now-shuttered AriseBank in exchange for his guilty plea in Texas federal court Wednesday to fraudulently raising $4.25 million through an unregistered initial coin offering for the bank’s proprietary digital currency, AriseCoin.

  • March 20, 2019

    What’s In A Judgeship? More Than Meets The Eye

    Figuring out what constitutes a manageable workload for the nation’s district judges is no simple task. Getting the judiciary the resources it needs is even harder.

  • March 20, 2019

    Swamped: How Magistrate Judges Salvaged Louisiana's Judicial Crisis

    The Western District of Louisiana is supposed to have seven district judges. But for a year, most of the courthouses were operating without a single Article III judge. As usual, magistrate judges picked up the slack.

  • March 20, 2019

    Wells Fargo Settles Bond Sale Case With SEC For $812K

    Wells Fargo Securities has agreed to pay $812,500 to settle a government civil action claiming the bank misled investors in a $75 million bond offering involving a Major League Baseball pitcher's video game company, according to an order signed in Rhode Island federal court Tuesday.

  • March 20, 2019

    NY Judge Dares Defendants To Keep Execs Off Fraud

    Two white collar defendants were allowed to stay out of jail last week on one condition: that they publicly share their experiences to warn others off the criminal path — an assignment welcomed by some in the defense bar, but which might prove harder than it sounds.

  • March 20, 2019

    Supermajority Vote Kills $1.4B Fintech Deal Suit, Directors Say

    The directors of high-frequency trading firm KCG Holdings Inc. told a Delaware Chancery judge Wednesday that claims they violated their duties to investors by approving a $1.4 billion merger were cleansed by subjecting the deal to a supermajority vote of uninterested stockholders.

  • March 20, 2019

    Auto Dealers' Ch. 11 Can't Stop Deceptive Ad Suit, FTC Says

    The Federal Trade Commission argued Wednesday that its false advertising suit against a group of related automobile dealers in Arizona and New Mexico near the edge of the Navajo Nation's borders shouldn't be paused for the dealers' bankruptcy.

  • March 20, 2019

    SEC Judge At Heart Of Lucia Proceedings Leaving Agency

    The SEC's in-house judge who issued a decision at the heart of investment adviser Raymond Lucia's recent case before the U.S. Supreme Court is leaving the agency at the end of the month, an agency spokesperson confirmed Wednesday.

  • March 20, 2019

    SRA Money Laundering Compliance Probe Targets UK Firms

    The Solicitors Regulation Authority will launch a new probe to ensure law firms in England and Wales are in compliance with a recently enacted set of money laundering regulations, the body announced Wednesday.

  • March 20, 2019

    Lithuanian Admits $122M Scam Targeting Facebook, Google

    A Lithuanian national told a Manhattan federal judge Wednesday that he helped trick Facebook and Google into sending $122 million of payments to overseas banks, entering a guilty plea and agreeing to forfeit nearly $50 million.

  • March 20, 2019

    Supreme Court Says Foreclosure Firms Not Debt Collectors

    The U.S. Supreme Court ruled Wednesday that law firms that conduct nonjudicial foreclosures, or foreclosures outside of the court system, are not generally considered debt collectors under a key federal law that sets out a host of restrictions on the debt collection business.

Expert Analysis

  • US Policy On Cuba Litigation Comes With Risks For Cos.

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    A newly effective embargo measure that allows U.S. claimants to sue the Cuban government in U.S. courts for confiscated Cuban property may soon be expanded to permit lawsuits against non-Cuban entities operating in Cuba. Attorneys at Greenberg Traurig LLP discuss key issues surrounding the policy change.

  • Lenders Score Major High Court Victory In Foreclosure Case

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    The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.

  • Tech Trends From SXSW Pose Unique Questions For Lawyers

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    These days, a popular theme in media is that lawyers' jobs will be taken by robots. However, based on the tech issues discussed at the South by Southwest technology conference in Austin, Texas, last month, robots may in fact need lawyers, says Nick Abrahams of Norton Rose Fulbright.

  • Liability For CEO Misconduct Expands After #MeToo

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    The Nevada Gaming Commission's recent $20 million fine against Wynn Resorts for failing to act after reports of its former CEO's alleged sexual misconduct demonstrates how #MeToo has altered the classic economic assessment for harassment claims, says Dove Burns of Obermayer Rebmann Maxwell & Hippel LLP.

  • In Bar Admissions Process, It's Candor Or Bust

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    You passed the bar exam and are ready for the character and fitness committee interview. Time to think about how to discuss that minor incident in college, that misdemeanor in high school or that mental health issue that you have totally under control, says Richard Maltz of Frankfurt Kurnit Klein & Selz PC.

  • Series

    Judging A Book: Bashant Reviews 'Doing Justice'

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    My initial reaction to "Doing Justice" was that author Preet Bharara may have bitten off more than he could chew — an accusation leveled against him when he served as U.S. attorney for the Southern District of New York — but I found the book full of helpful gems, says U.S. District Judge Cynthia Bashant of the Southern District of California.

  • Firms Can Leverage Communications When Economy Is Slow

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    Though most experts believe that an imminent recession is unlikely, slowdown fears are increasing. Now is the time for firms to consider how to best leverage their communications and marketing teams to lessen impacts from a potential economic slowdown, says Tom Orewyler of Tom Orewyler Communications LLC.

  • Why A Data Center Sale And Partial Leaseback Is A Win-Win

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    The sale and partial leaseback of older data centers is a clever way to right-size a company, and data center operators benefit from this structure as well because it guarantees them an instant anchor tenant, says Michael Rechtin Jr. of Seyfarth Shaw LLP.

  • The Challenge Of Suing A Defunct Virtual Currency Exchange

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    A Colorado federal court's recent decision in Shaw v. Vircurex underscores the risks in asserting personal jurisdiction over virtual currency exchanges — which are often decentralized, operate algorithmically, do not engage in marketing activities and have no traditional physical presence, says Scott Kimpel of Hunton Andrews Kurth LLP.

  • The Future Of The USMCA: 3 Possible Scenarios

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    The Trump administration would like Congress to pass the U.S.-Mexico-Canada Agreement by June, but progress has been slow. The deal's fate will depend on cooperation from Democrats, support from Republicans and the strategy pursued by the president, says Robert Kyle of Hogan Lovells.