Banking

  • April 03, 2020

    Venture-Backed Firms Could Miss Out On Virus Relief Loans

    Certain venture-backed startups may be ineligible for relief loans aimed at small businesses struggling to pay employees during the coronavirus pandemic, prompting fears that many distressed startups will be denied aid amid a brutal cash crunch.

  • April 03, 2020

    Steel Co. Says It's Owed $22M After Joint Venture Corroded

    Steel rebar company Traxys said it is owed nearly $22 million in cash and inventory after its joint venture partner reneged on their business agreements, according to documents filed in New York federal court.

  • April 03, 2020

    Blockvest Says Issues Of Fact In ICO Fraud Case Remain

    Cryptocurrency company Blockvest LLC and its founder have urged a California federal judge to reject a bid for summary judgment by the U.S. Securities and Exchange Commission in a suit alleging it fraudulently advertised that its initial coin offering had the SEC's nod.

  • April 03, 2020

    Ex-Morgan Stanley Tax Convict Seeks Release Due To Virus

    A former Morgan Stanley attorney serving time in a federal prison for evading $45 million in taxes has asked a New York federal judge for early release to protect himself from the harmful effects of the novel coronavirus outbreak.

  • April 03, 2020

    Lenders Sue Fair Isaac After Feds Open Antitrust Probe

    Lenders have slapped credit score developer Fair Isaac Corp. with a proposed antitrust class action in Illinois federal court, on the heels of a probe by federal competition enforcers examining whether the company engages in monopoly tactics.

  • April 03, 2020

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

    The past week in London has seen Hilton lodge competition claims against Visa and Mastercard, a hedge fund slap a family-run investment company with a trademark case, and two oil explorers working in Africa square off in court. Here, Law360 looks at those and other new claims in the U.K.

  • April 02, 2020

    As Bankruptcy Storm Brews, Legal Pros Say Save Cash

    The economic tailspin caused by the novel coronavirus outbreak will likely trigger a wave of bankruptcy filings across industries after local stay-at-home orders are lifted, legal experts say, prompting some to advise businesses to save cash and others to call for lenders and landlords to be flexible with debtors.

  • April 02, 2020

    Trump Admin Escapes States' Suit Over '2-For-1' Order

    The Trump administration on Thursday won a bid to nix a suit in D.C. federal court brought by three state attorneys general over a 2017 executive order requiring federal agencies to repeal at least two existing regulations for every new regulation that agency issues.

  • April 02, 2020

    SEC Chief Says Coronavirus Won't Stop Reg BI Plans

    U.S. Securities and Exchange Chairman Jay Clayton said Thursday that the June 30 compliance deadline remains in effect for Regulation Best Interest despite the continued impacts of the coronavirus on financial markets.

  • April 02, 2020

    CFPB Sanctions Payday Lender $1.4M Over 'Deceptive' Tactics

    The Consumer Financial Protection Bureau has reached a nearly $1.4 million settlement with Cottonwood Financial, calling out what it referred to as the payday lender’s misleading and deceptive practices.

  • April 02, 2020

    SEC Urged To Ease Private Funding Rules Amid Pandemic

    Small-business advocates on Thursday urged regulators to ease rules on online capital raising methods such as crowdfunding and other private markets tools amid the coronavirus pandemic, concerned that federal loans could take too long to arrive to satisfy urgent funding needs.

  • April 02, 2020

    2nd Circ. Refuses To End Ex-SocGen Exec's Fugitive Appeal

    The Second Circuit on Wednesday denied prosecutors' bid to dismiss an appeal from a former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate, finding that it has jurisdiction to decide whether or not she is a fugitive.

  • April 02, 2020

    Feds Will Take Late Comments On Volcker Funds Proposal

    Federal financial regulators said Thursday that they're letting the public take some more time to weigh in on their proposal to pare back Volcker rule restrictions on banks' fund investment activities, citing the "potential disruptions" of the coronavirus pandemic.

  • April 02, 2020

    Calif. Regulator Seeks Student Loan Servicer's Records

    California's Department of Business Oversight has sued one of the nation's largest student loan servicers for records on the administration of a teacher grant program, claiming the servicer has refused to turn over information as the regulator looks into alleged mismanagement.

  • April 02, 2020

    IRS Summons In French Probe Can Proceed, Court Says

    A third-party IRS summons on a U.S. citizen's bank records related to an investigation into a French company's tax debt can proceed, an Indiana federal court has ruled, rejecting the citizen's argument that the summons was not properly authorized.

  • April 02, 2020

    2nd Circ. Backs Stock-Parking Penalty For Ex-Barclays Trader

    The Second Circuit published an opinion on Thursday affirming the U.S. Securities and Exchange Commission’s five-year ban of an ex-Barclays bond trader over an alleged stock-parking scheme.

  • April 01, 2020

    Facebook, Chamber Back Bid To Strike TCPA Autodialer Ban

    Facebook, the U.S. Chamber of Commerce and more than a half-dozen others have joined the push to convince the U.S. Supreme Court to invalidate the Telephone Consumer Protection Act's autodialer ban, arguing that axing the entire speech-abridging provision is the only way to properly remedy First Amendment deficiencies.

  • April 01, 2020

    CFPB Issues Credit Reporting Guidance Amid Pandemic

    The Consumer Financial Protection Bureau offered guidance Wednesday about how it plans to handle consumer credit reporting oversight during the coronavirus pandemic, saying it will give companies some flexibility on meeting dispute investigation deadlines and won't go after them for telling credit bureaus about payment help given to borrowers. 

  • April 01, 2020

    2nd Circ. Revives Yen Libor-Rigging Suit Against Big Banks

    The Second Circuit reversed the tossing of a 2015 suit accusing Barclays, Lloyds, Bank of America and more than a dozen other international banks of benchmark interest rate-rigging, ruling Wednesday that the investor plaintiffs convincingly linked their financial losses to the banks' alleged market manipulation.

  • April 01, 2020

    Loan Servicer Delays Seizing Rent From Pittsburgh Mall

    The company servicing a loan for a suburban Pittsburgh strip mall agreed to delay a "cash sweep" action until at least mid-May after the owners of North Hills Village complained that the seizure of tenants' rents to repay the loan could shut the center down amid the coronavirus pandemic.

  • April 01, 2020

    Wells Fargo Agrees To Pay $18.5M To End Mortgage Claims

    Wells Fargo has agreed to pay $18.5 million to settle claims that it denied loan modifications to eligible mortgage borrowers, according to a preliminary settlement agreement filed in California federal court.

  • April 01, 2020

    Borrowing Report Forecasts Oil Lending Bloodbath

    Drillers are facing major cuts in their ability to borrow money from banks amid a historic crash in oil prices, according to a Haynes and Boone LLP report released Wednesday, a development that could drive many producers into bankruptcy.

  • April 01, 2020

    Fintech Co. GreenSky Hit With Derivative Suit Over IPO

    A GreenSky Inc. investor hit the financial technology startup with a derivative suit in Delaware federal court Tuesday, accusing its board of directors of deceiving the public about its May 2018 initial public offering and costing the company millions of dollars.

  • April 01, 2020

    Lender Ends HUD Mortgage Fraud Case With $2.5M Payout

    Finance of America Reverse will pay nearly $2.5 million to end claims that a predecessor issued and underwrote hundreds of government-backed loans that didn't meet requirements for a federal reverse mortgage program. 

  • April 01, 2020

    Sierra Pacific Escapes From Price-Fixing Kickback Suit

    Mortgage servicer Sierra Pacific has managed to slip out of a proposed class action by borrowers accusing it of hatching a deal with a settlement service company to trade referrals for kickbacks after a Maryland federal court found that the disputed payments were likely shielded by law.

Expert Analysis

  • Opinion

    Judicial Shaming Of Attys Is Troubling Even During Pandemic

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    Judges have recently rebuked attorneys for wasting judicial resources to resolve minor issues during the COVID-19 crisis, including in a trademark lawsuit over unicorn drawings. But it is unfair to publicly flog lawyers for doing what they are trained to do, says Ronald Minkoff, chairman of Frankfurt Kurnit's professional responsibility group.

  • Don't Be Social Media Distancing: LinkedIn Tips For Lawyers

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    While we need to be physically apart at this time, lawyers and firms should be leaning into social media to reinforce and build relationships, and help guide clients through the coronavirus crisis, says marketing consultant Stefanie Marrone.

  • Considerations For Conducting Remote Internal Investigations

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    As COVID-19's effects reverberate throughout the corporate sector, in-house legal departments and their outside counsel will need to develop creative techniques to conduct internal investigations remotely, while ensuring that unanticipated risks do not compromise integrity, say attorneys at Steptoe & Johnson.

  • CFPB Whistleblower Program Could Plug Enforcement Gaps

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    Recently proposed legislation to establish a Consumer Financial Protection Bureau whistleblower reward program could help fill an enforcement void left by forced arbitration agreements and class action waivers included in most contracts between consumers and financial services companies, say Zac Arbitman at Youman & Caputo and Jason Zuckerman at Zuckerman Law.

  • Remote Depositions: Coming To A Home Office Near You

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    Recent Texas state court orders indicate judges are increasingly requiring parties and nonparties to submit to remote depositions amid the pandemic. However, there are inherent drawbacks to such depositions, including limitations on attorneys’ ability to assess witness credibility, says Edward Duffy at Reed Smith.

  • Ways Lawyers Can Support The Most Vulnerable Right Now

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    In this global health and economic crisis, it is essential that lawyers recommit to inclusion, and fight for colleagues, clients, community members and friends who are most at risk, says Dru Levasseur, head of the National LGBT Bar Association's inclusion coaching and consulting program.

  • Latest UK Sanctions Breach Fine May Signal New Era

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    The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.

  • NY Order May Limit Foreclosures, But Could Hurt Local Banks

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    A recent executive order from the New York governor facilitates mortgage forbearances to help stave off a statewide foreclosure crisis, but shifting too much of the burden to the banking industry could force small and local institutions to sell their residential loan portfolios to generate liquidity and avoid risk, say Adam Swanson and Jessie Bonaros at McCarter & English.

  • Confronting The Challenges Of Virtual Mediation

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    Conducting mediation via videoconference amid the ongoing pandemic poses significant challenges, including the difficulty of reading people when you are not with them in person. Daniel Garrie at JAMS shares six tips to overcome the limitations.

  • Opinion

    Remote Notarization Bill Will Help Save The Economy

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    The Securing and Enabling Commerce Using Remote and Electronic Notarization Act recently proposed in Congress should be enacted as soon as possible because it will remove antiquated barriers to conducting business transactions and protect people from COVID-19 and other diseases, says Scott Rahn at RMO.

  • 3 Steps To Building Effective Teams While On Lockdown

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    When your team is working from different locations due to the COVID-19 outbreak, don’t default to just sending emails. Collaboration is much easier when team members are also communicating in real time over the phone or through videoconferences, say William Oxley and Meghan Rohling Kelly at BakerHostetler.

  • 5 FCA Enforcement Predictions After Coronavirus Relief Bill

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    Although the False Claims Act is not mentioned in the Coronavirus Aid, Relief and Economic Security Act, this unprecedented $2 trillion stimulus package likely has significant implications for FCA enforcement, says Andrew Schilling at Buckley.

  • Client Advocacy Tips For Remote Hearings During COVID-19

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    As the judiciary implements telephone and video hearings in response to the coronavirus pandemic, attorneys can deliver effective advocacy by following certain best practices, such as using backup materials and specially preparing witnesses and exhibits, say attorneys at Fish & Richardson.

  • How To Conduct Depositions Remotely

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    Remote depositions are a useful tool for meeting discovery deadlines while allowing all parties to stay at home amid the COVID-19 outbreak. But they come with a unique set of challenges, say Eliot Williams and Daniel Rabinowitz at Baker Botts. 

  • COVID-19 Crisis Exposes Libor Replacement's Weaknesses

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    Fundamental differences in the way Libor and its pending replacement, the Secured Overnight Financing Rate, have tracked financial risk amid the COVID-19 crisis suggest the transition between the two benchmarks will be challenging, says Jeffrey Armstrong at the Berkeley Research Group.

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