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Banking

  • September 18, 2018

    Looking Back On Lehman’s Decade In Bankruptcy

    Ten years after filing the largest bankruptcy in history, Lehman Brothers is still returning money to creditors as a staff of 80 administers what remains of the investment bank that collapsed with over $600 billion in assets. Here, Law360 recaps Lehman’s stay in bankruptcy and the lessons it taught.

  • September 18, 2018

    CFTC Says Broker To Pay $50M Over ISDAfix-Rigging Claim

    The U.S. Commodity Futures Trading Commission said Tuesday that swaps broker Intercapital Capital Markets LLC will pay $50 million to resolve allegations that, for more than five years, it helped banks manipulate the ISDAfix benchmark to benefit their derivatives positions.

  • September 18, 2018

    White Collar Atty Rejoins Alston & Bird In DC After DOJ Stint

    Alston & Bird LLP has added a former federal prosecutor as a partner in its Washington, D.C., office, where he started out after law school and worked for eight years before leaving to become a government attorney specializing in white collar crime.

  • September 18, 2018

    Creditors Can't Put Stop To Puerto Rico GDB Restructuring

    A Puerto Rico federal judge denied on Tuesday a motion by unsecured creditors in its government’s bankruptcy proceedings to enforce a stay and prevent a proposed Government Development Bank restructuring, finding that neither the automatic stay nor the court’s stay order applies to moves made by the debtor.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Bar BuzzFeed From Public Figure Defense, Russian Exec Says

    Russian technology executive Aleksej Gubarev asked a Florida federal court Monday to block BuzzFeed from using the public figure defense to fend off his defamation suit over the website’s publication of a dossier alleging ties between Russia and President Donald Trump.

  • September 18, 2018

    UBS Investors Denied Cert. In Mutual Funds Dispute

    A New York federal judge on Monday declined to certify a class of investors alleging UBS and its subsidiaries violated agreements to analyze the suitability of their investments in closed‐end mutual funds, saying the appropriateness of certain investments will vary by individual.

  • September 18, 2018

    Credit Report Schemers Won't Win $5.2M Ruling Appeal: FTC

    The Federal Trade Commission blasted a request that an Illinois federal court hold off on enforcing a permanent injunction against a business and its owner while they appeal a $5.2 million judgment over claims that they tricked consumers into enrolling in costly credit monitoring, arguing that their challenge likely won’t succeed.

  • September 18, 2018

    Six Cos. Launch IPOs Totaling $465M Led By Biotech Firms

    Six companies set price ranges this week on initial public offerings estimated to raise $465 million combined, led by four biotechnology firms plus a medical device company and a Maryland bank, adding to a growing lineup of issuers expected to price IPOs in the coming days.

  • September 18, 2018

    Banc Of Calif. Investor Suit Mired In Director Deposition Row

    Banc of California is taking fire from two sides as it seeks to rein in the possibility of seven-hour depositions for four of its directors, with both a class of investors and the bank's former CEO arguing that it has no justification for limiting access to its directors in the class action over its ties to a notorious white collar fraudster.

  • September 18, 2018

    Visa, Mastercard, Banks Ink New Deal In Swipe Fee Row

    Visa, Mastercard and several major banks will shell out up to another $900 million on top of $5.3 billion already paid to resolve a major chunk of an antitrust multidistrict litigation over card-swiping fees, in a New York federal court class action settlement with merchants announced on Tuesday.

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 18, 2018

    Former US Secretaries Back IFC Immunity In High Court Case

    Weighing in on a case brought by a group of Indian nationals over alleged environmental damage from a power plant project, a group of former U.S. secretaries of state and of the Treasury, including John Kerry, has urged the U.S. Supreme Court to continue allowing the International Finance Corp. to be immune from suits, arguing that multilateral development banks are fundamentally different from sovereign states.

  • September 18, 2018

    NatWest Markets Fined $750K Over Swap Reporting Failure

    NatWest Markets PLC will have to pay $750,000 to the Commodity Futures Trading Commission to settle charges after the derivatives regulator found that thousands of swap transitions had been misreported.

  • September 17, 2018

    Rakoff Hits Cocoa Trader With 2.5 Years For $350M Fraud

    A former executive of bankrupt Transmar Commodity Group Ltd. on Monday was sentenced to two and a half years in prison by U.S. District Judge Jed Rakoff for a “massive” $350 million asset fraud at the family-run cocoa commodity trading company.

  • September 17, 2018

    Consumers Seek Cert. In 'Rent-A-Tribe' Usurious Loan Suit

    A proposed class of consumers accusing an online lender tied to a Michigan tribe of issuing loans with unreasonably high interest rates urged a Virginia federal court Friday to grant their bid for certification, saying a class action is the best way to handle their claims.

  • September 17, 2018

    Ex-Equifax Exec Should Face Insider Trading Charges: Judge

    A Georgia magistrate judge recommended keeping alive two insider trading charges against a former Equifax Inc. executive accused of selling shares of the company before news of a massive hack broke last year, saying Monday that both charges are different and detailed enough to survive a dismissal bid.

  • September 17, 2018

    New Commissioner Could Help Clayton's SEC Agenda

    The arrival of Commissioner Elad Roisman to fill the U.S. Securities and Exchange Commission’s lone vacancy likely bolsters Chairman Jay Clayton’s agenda on certain deregulatory items, experts said, and could provide a critical voice to cryptocurrency matters facing the SEC.

  • September 17, 2018

    Education Dept. Ruled Irrational In Nixing Debt Collection Deal

    The U.S. Department of Education lacked a rational basis for canceling a hotly contested solicitation for student loan debt collection services, a U.S. Court of Federal Claims judge has ruled, sustaining eight consolidated protests filed by collection agencies.

  • September 17, 2018

    How Lehman's Bankruptcy Put SIPC In The Spotlight

    When Lehman Brothers filed for bankruptcy 10 years ago, one of the first outfits called in was one that traditionally operated under obscurity. But the Securities Investor Protection Corp. made a name for itself in the historic Chapter 11 case, restoring more than $90 billion worth of assets to Lehman’s brokerage customers.

Expert Analysis

  • Florida Courts Are Prepared For A New Wave Of Foreclosures

    Victor Petrescu

    For Florida practitioners who experienced the foreclosure crisis that swept through the state beginning in 2008, the recent uptick in foreclosure filings may feel ominous. However, Florida's foreclosure jurisprudence has evolved at an incredible pace, capable of expediting the process tremendously if another crisis arises, says Victor Petrescu of Levine Kellogg Lehman Schneider & Grossman LLP.

  • Calif.'s New Rules For Lawyers Move Closer To ABA Model

    Mark Loeterman

    The first comprehensive overhaul of California's Rules of Professional Conduct in nearly 30 years becomes operational on Nov. 1. Some of the new rules mirror the model language used by the American Bar Association, but many continue to reflect California’s unique approach to certain ethical questions, says Mark Loeterman of Signature Resolution LLC.

  • Congressional Forecast: September

    Layth Elhassani

    The House and Senate are entering their respective final runs before the November midterm elections. The most pressing items of business are funding the government and the pending Senate confirmation of Brett Kavanaugh to the U.S. Supreme Court. But several lower-profile issues remain as well — including a Republican push for further tax reform, says Layth Elhassani of Covington & Burling LLP.

  • Know The Limits To Atty Public Statements During A Trial

    Matthew Giardina

    The balancing act between protecting attorneys’ speech rights and ensuring unbiased adjudications was highlighted recently in two cases — when Michael Cohen applied for a restraining order against Stephanie Clifford's attorney, and when Johnson & Johnson questioned whether a Missouri talc verdict was tainted by public statements from the plaintiffs' counsel, says Matthew Giardina of Manning Gross & Massenburg LLP.

  • NY Revives Fair Lending Risks For Indirect Auto Lenders

    Melanie Brody

    The recent rollback of Obama-era fair lending enforcement does not mean that the risks have disappeared. New York guidance issued last month for indirect auto lenders shows that states are stepping up to fill in where the Trump administration has backed off, says Melanie Brody of Mayer Brown LLP.

  • Series

    Winner's Playbook: Behind The Scenes Of The AmEx Case

    Evan Chesler

    In June, the U.S. Supreme Court issued a pivotal antitrust decision in Ohio v. American Express. Three partners at Cravath Swaine & Moore LLP who represented AmEx explain how one of the most significant antitrust enforcement actions in recent history led to a landmark precedent for two-sided platforms.

  • IRS Ruling On MBS Restructuring Should Encourage Investors

    Mark Leeds

    In June 2019, the Federal Housing Finance Agency will require Freddie Mac and Fannie Mae to begin issuing standardized mortgage-backed securities. Accordingly, the IRS last month encouraged Freddie Mac investors to convert their existing securities by stating that conversions won't trigger taxable gains or losses, say Mark Leeds and Steven Garden of Mayer Brown LLP.

  • Hurricane Florence: How State Laws Protect Service Members

    Jeffrey Naimon

    As the southeastern United States braces for Hurricane Florence, the governors of several states have authorized National Guard response efforts. Creditors can do their part by being aware of the laws protecting military service members, say attorneys with Buckley Sandler LLP.

  • In Calif., Questions Remain On Law Firm Conflict Waivers

    Richard Rosensweig

    In Sheppard Mullin v. J-M Manufacturing Co., the California Supreme Court ruled last month that a law firm's failure to disclose a known conflict with another current client did not categorically disentitle the firm from recovering fees. But the court didn’t provide hoped-for guidance on how to write an enforceable advance conflict waiver, says Richard Rosensweig of Goulston & Storrs PC.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.