Banking

  • August 11, 2020

    Split 5th Circ. Tosses Accountant's Suit Against SEC Judges

    A split panel of Fifth Circuit judges on Tuesday threw out a suit brought by an accountant who alleged the U.S. Securities and Exchange Commission's in-house judges are unconstitutionally protected from removal.

  • August 11, 2020

    2nd Circ. Rejects Lehman's $1B Clawback Effort

    The Second Circuit ruled Tuesday that a Lehman Brothers unit cannot claw back $1 billion in financial crisis-era payments distributed after Lehman filed for bankruptcy more than a decade ago, finding that the payments were protected by a safe harbor.

  • August 11, 2020

    Profs Tell 2nd Circ. To Save Non-AmEx Retailers' Steering Suit

    A group of antitrust law professors are backing retailers at the Second Circuit that are looking to revive claims that ​​​​American Express' anti-steering rules have increased the costs they incur when accepting other credit cards.

  • August 11, 2020

    From Prosecutor To VP Candidate: How Harris Got Here

    Being named Joe Biden's running mate on the Democratic presidential ticket is just the latest achievement for Sen. Kamala Harris, the California Democrat who cut her teeth as a prosecutor before bursting onto the national political scene in recent years.

  • August 11, 2020

    New Group Aims To Elevate Voices Of Black Compliance Pros

    A Greenberg Traurig LLP attorney who previously worked at the Consumer Financial Protection Bureau launched an organization this week that seeks to expand opportunities for Black compliance and risk management professionals while changing corporate attitudes toward diversity from the top down.

  • August 11, 2020

    DOD Was Right To Refuse FOIA, 2nd Circ. Says In Reversal

    A U.S. Department of Defense unit can claim a national security exemption from a Freedom of Information Act request for images of terrorist attacks — even if another unit had already shared similar images, according to the Second Circuit.

  • August 11, 2020

    11th Circ. Reverses Judge, Tells Money Launderer To Pay Up

    The Eleventh Circuit on Tuesday reversed a district court ruling that had allowed a convicted money launderer to escape the government's $20.8 million forfeiture bid and instructed the lower court to begin a fact-finding and constitutional analysis.

  • August 11, 2020

    Coinbase Breaks With Major Blockchain Industry Group

    Coinbase said Tuesday it is leaving Blockchain Association, an industry group it helped found, citing "recent decisions" the cryptocurrency platform believes could "irreparably impair the credibility of the association."

  • August 11, 2020

    Biz Analytics Co. To Spend $500M On Bitcoin, Stock Buybacks

    Business analytics group MicroStrategy detailed its new capital allocation strategy Tuesday, announcing that it's making Bitcoin its principal holding in its reserves by buying $250 million worth of the cryptocurrency and that it would spend up to an equal amount of money on a stock buyback.

  • August 11, 2020

    Ex-BNY Mellon Exec Fights Bid To Ax Firing Suit

    A former executive of a Bank of New York Mellon Corp. investment unit asked a New York federal judge Monday to reject the company's bid to dismiss his suit alleging he is owed $16 million after he was fired in retaliation for blowing the whistle on possibly unlawful business activities.

  • August 11, 2020

    Halkbank Cries Immunity In Iran Sanctions Case

    Turkey's Halkbank told a New York federal judge that its government-owned status makes it immune from criminal prosecution by the U.S., urging the judge on Monday to toss the case alleging the bank schemed to violate sanctions on Iran.

  • August 11, 2020

    German Cops Launch Raids In Money Laundering, Tax Probes

    German authorities raided a business and private residence Tuesday as part of a money laundering and tax fraud investigation into a suspected network using offshore banks to recycle criminal proceeds.

  • August 10, 2020

    Facebook Builds Group Focused On All Its Payment Initiatives

    Facebook is putting all of its payment initiatives under one roof with the creation of a group called Facebook Financial, or F2, headed by David Marcus, who oversees the Facebook-affiliated digital currency Libra, the social media giant confirmed Monday.

  • August 10, 2020

    Cadence Investors Didn't Show Fraud, Judge Says

    A federal judge in Houston ended investors' securities fraud allegations against Cadence Bancorp. and two of its executives, finding that the proposed class action didn't detail alleged lies or other intentional wrongdoing that would have constituted a violation of federal securities law.

  • August 10, 2020

    US Bank Can't Arbitrate Fee Suit After 9th Circ. Clarifies McGill

    A California federal judge on Monday rescinded her prior decision sending a proposed class action challenging U.S. Bank's fees to arbitration, finding that the arbitration provision is invalid in light of the Ninth Circuit's recent rulings that clarify the state high court's McGill v. Citibank precedent.

  • August 10, 2020

    Payment Co. Settles Trade Secrets Suit With Ex-Workers

    A payment processing company let several former employees off the hook in California federal court after reaching a "confidential" settlement in its suit accusing them of helping its former CEO steal trade secrets and form a competing payment processing business.

  • August 10, 2020

    Confusion Prevails Over Extent Of Trump's TikTok 'Ban'

    President Donald Trump's efforts to "ban" TikTok using legal tools that aren't usually aimed at popular mobile apps have left attorneys confused about how exactly the social media platform will be targeted as U.S.-China relations continue to fray.

  • August 10, 2020

    Judge Needs More Before Ruling On Fraudster's Virus Release

    A D.C. federal judge said Monday he doesn't have enough for an "informed" ruling on a request for COVID-19-related release from the ex-owner of an Afghanistan marble mining company who is serving 4½ years in prison for defrauding the U.S. government on a $15.8 million loan.

  • August 10, 2020

    HSBC Hong Kong Beats Ponzi Scheme Suit

    A New York federal judge held Monday that a group of California investors who alleged that HSBC Hong Kong aided a $37 million Ponzi scheme lacked jurisdiction to sue the bank and tossed the suit without prejudice.

  • August 10, 2020

    Thompson Hine Adds Pair Of Investment Management Attys

    Thompson Hine LLP said Monday it added two attorneys to its corporate transactions and securities practice group from in-house positions to focus on financial technology, broker-dealer regulations and fund governance.

  • August 10, 2020

    Interactive Brokers To Pay $38M To Multiple Regulators

    Interactive Brokers LLC has agreed to pay $38 million in fines to resolve claims that the electronic trading platform failed to file suspicious activity reports for certain securities trades and ran afoul of anti-money laundering rules, regulators said Monday.

  • August 10, 2020

    Salisbury Bank Beats FCRA Claims At 2nd Circ.

    A Second Circuit panel on Monday affirmed a Connecticut district court decision to dismiss a Fair Credit Reporting Act suit against Salisbury Bank and Trust Company because a customer hadn't notified a consumer reporting agency of the credit reporting error.

  • August 10, 2020

    Huntington Bancshares Settles ERISA Suit For $10.5M

    Huntington Bancshares Inc. has struck a $10.5 million deal to settle a proposed class action that challenges its decision to make allegedly underperforming company-owned mutual funds the centerpiece of its 401(k) plan.

  • August 07, 2020

    Fintech-Driven SPAC Leads 2 IPOs Tapping Market For $1.27B

    FTAC Olympus Acquisition, the fourth blank-check company formed by management of financial services business The Bancorp, led a pair of blank-check companies that set terms Friday for initial public offerings aiming to raise a combined $1.27 billion, according to regulatory filings.

  • August 07, 2020

    JPMorgan Fights Class Cert. Bid In Interest Rate Swaps Suit

    JPMorgan Chase & Co. in a letter Friday pointed to two recent decisions in New York federal court and the Third Circuit that it says support the rejection of a class certification bid in an antitrust suit over interest rate swaps trading.

Expert Analysis

  • Lesser-Known Litigation Funding Best Practices For Attorneys

    Author Photo

    Following the American Bar Association's recent publication of third-party litigation funding guidance, Jiamie Chen and Dai Wai Chin Feman at Parabellum Capital outline some additional considerations, including the ethical limitations on single-case funding and the futility of economic prenegotiations between attorneys and their clients.

  • Key Points For Lenders Taking Control Of Oil And Gas Assets

    Author Photo

    As oil and gas producers' revenues fall, and their creditors see the value of their reserve-based collateral plummet, some lenders may want to protect their interests by taking temporary ownership of the assets through foreclosure, credit bid or other remedy, say attorneys at Hunton.

  • Opinion

    ADA Protects Lawyers With Disabilities, But We Must Do More

    Author Photo

    As an attorney with cerebral palsy, Danielle Liebl at Reed Smith says that while the 30-year-old Americans with Disabilities Act has protected her against discrimination, the legal industry must do more to accommodate lawyers with disabilities and make them more comfortable in self-identifying.

  • Considerations For NY Small Biz Truth In Lending Compliance

    Author Photo

    Michael Karpen and Richard Eckman at Troutman Pepper analyze New York state’s pending Small Business Truth in Lending Act, including the types of transactions, lenders and financing providers to which the statute applies, specific disclosure requirements, and unique challenges for the merchant cash advance industry.

  • Perspectives

    Legal Deserts Threaten Justice In Rural America

    Author Photo

    Many small towns and rural counties have few lawyers or none at all, which threatens the notion of justice for all Americans and demands creative solutions from legislators, bar associations and law schools, says Patricia Refo, president of the American Bar Association.

  • How COVID-19 May Change Long-Term Aviation Outlook

    Author Photo

    Survival is an immediate concern for many airlines facing pandemic-related drops in air travel, which is exerting economic pressure that will fundamentally change the landscape for companies throughout the aviation ecosystem, say Matthew Herman and Amna Arshad at Freshfields Bruckhaus.

  • Using Blockchain To Settle Trades Could Alter Litigation

    Author Photo

    On the heels of Paxos Trust's and the Depository Trust Clearing Corp.’s recent interest in using distributed ledger technology to settle equities trades, analysts at The Brattle Group explore how having a record of every transaction can help answer a thorny damages question in securities class actions.

  • Analyzing Upward And Downward Trends In Legal Tech

    Author Photo

    Advances in legal technology are often accompanied by bombastic overstatements, but it is important to separate the wheat from the chaff by looking at where various technologies stand on the hype curve, says Lance Eliot at Stanford Law School.

  • Health Providers Should Beware FCA Risks Of COVID-19 Aid

    Author Photo

    Health care providers accepting pandemic aid from the Public Health and Social Services Emergency Fund or Paycheck Protection Program should take steps to protect themselves from criminal and civil exposure under the False Claims Act, even if they receive the funds automatically, say attorneys at Orrick.

  • Opinion

    Congress Should Revisit CARES Act Tax Provisions

    Author Photo

    To bolster the Coronavirus Aid, Relief and Economic Security Act, Congress should consider provisions that accelerate tax refunds for net operating losses and abrogate flawed IRS Paycheck Protection Program guidance that undermines prior stimulus legislation by eliminating loan recipients' tax deductions, says Joseph Mandarino at Smith Gambrell.

  • What UK Insolvency Law Changes Mean For US Finance Cos.

    Author Photo

    In light of recent amendments to the U.K. insolvency regime that enhance restructuring options, introduce stay and moratorium powers, and include new safe harbors, U.S. financial institutions should determine whether rights under existing arrangements could be stayed, say attorneys at Allen & Overy.

  • Opinion

    ABA's New Guidance On Litigation Funding Misses The Mark

    Author Photo

    The American Bar Association should revise its recently approved best practices on third-party litigation funding as they do not reflect how legal finance actually works and could create confusion among lawyers, says Andrew Cohen at Burford Capital.

  • What Firms Should Ask Before Hiring Attorneys From Gov't

    Author Photo

    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

    Author Photo

    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Pending SEC Rules Could Dampen Whistleblower Activity

    Author Photo

    The U.S. Securities and Exchange Commission’s anticipated enactment of highly criticized whistleblower program rules may discourage participation, on the heels of recent headwinds already presented by the COVID-19 pandemic and the U.S. Supreme Court’s decision in Liu v. SEC, says George Talarico at Alaric Compliance.

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!