Banking

  • July 22, 2019

    Equifax To Pay Up To $700M To Settle Data Breach Probes

    Credit reporting giant Equifax Inc. said Monday that it has agreed to pay up to $700 million to settle federal and state investigations and consumer claims stemming from a breach that exposed Social Security numbers and other personal data for nearly 150 million people.

  • July 19, 2019

    Ex-Credit Suisse Director Cops To Role In $2B Loan Fraud

    A former Credit Suisse managing director on Friday admitted to his role in a bribery and investor fraud scheme involving $2 billion in loans to state-backed companies in Mozambique, telling a New York federal judge he conspired to defraud those who invested in the debt.

  • July 19, 2019

    Judge Won't Let HSBC Hong Kong Kill Discovery In Ponzi Suit

    A New York federal judge on Friday said he would not reconsider his decision to order jurisdictional discovery for claims that HSBC's Hong Kong affiliate aided a Ponzi scheme that pulled $37 million from investors' pockets.

  • July 19, 2019

    TD Bank Wins NJ High Court Review Of Forged Checks Ruling

    TD Bank has convinced the New Jersey Supreme Court to review a ruling that a dentist may pursue a claim against the financial institution under the state's Uniform Fiduciaries Law for allowing his then-employees to fraudulently deposit into their accounts checks that were issued to him and his practice.

  • July 19, 2019

    CFTC Gets $2.9M Win Against No-Show Alleged Fraudster

    A Texas federal judge granted the Commodity Futures Trading Commission a $2.9 million final judgment on Friday against an alleged fraudster who never appeared in the case or responded to the agency’s complaint.

  • July 19, 2019

    Chatting With The CCO: Fidelity's Norm Ashkenas

    Norm Ashkenas helped guide Fidelity's brokerage and retirement products through the 2008 financial crisis and is one of its top compliance executives at a time when standards for financial professionals are in flux.

  • July 19, 2019

    Banque Bonhôte Pays DOJ $1.2M More Over US Accounts

    Switzerland-based Banque Bonhôte & Cie SA agreed Friday to pay $1.2 million extra to the U.S. for failing to disclose eight U.S.-related bank accounts with approximately $33 million in assets when it first struck a nonprosecution agreement in 2015.

  • July 19, 2019

    Money Moves: Covington, Weil, Eversheds Sutherland

    Covington & Burling LLP snagged a lobbying firm's formal general counsel, Weil Gotshal & Manges LLP added to its London office and Eversheds Sutherland is building out its banking team after a record year — this is Law360's latest roundup of personnel moves in the banking arena.

  • July 19, 2019

    Wells Fargo Says Tribe Must Pay In $250M Loan Dispute

    Wells Fargo has sued the Picayune Rancheria of Chukchansi Indians of California in New York state court, accusing the tribe and its economic development authority of participating in a scheme to avoid making payments owed as part of a $250 million loan agreement.

  • July 19, 2019

    Deals Rumor Mill: Cummins, Coface, Atlantis

    Cummins has made an offer for MAN Energy Solutions, Apollo Global Management has offered to buy French credit insurer Coface, and Brookfield Asset Management is considering selling luxury Bahamian resort Atlantis Paradise Island Resort.

  • July 19, 2019

    Groups Urge Libra Partners To Stand Up To Facebook

    Four public advocacy groups on Thursday urged the Libra Association's more than two dozen partners to withdraw from the Facebook-led cryptocurrency project, a day after skeptical lawmakers grilled the social media giant.

  • July 19, 2019

    FDCPA Time Limit Is Year From Incident, Feds Tell Justices

    The federal government has urged the U.S. Supreme Court to affirm the Third Circuit’s determination that the one-year time limit for launching Fair Debt Collection Practices Act lawsuits starts when the alleged wrongdoing occurs, not when it is discovered.

  • July 19, 2019

    FINRA Presses Brokers For Voluntary Notice On Digital Assets

    The Financial Industry Regulatory Authority has asked U.S. broker-dealers to proactively alert it if they plan to work with digital assets, adding another 12 months to a request for voluntary disclosures that FINRA launched one year ago.

  • July 19, 2019

    3 Cos. Raise $1B In IPOs Led By Peruvian Asset Manager

    A trio of companies, including a Latin American asset manager, made their public debuts Friday, hitting the market a day after pricing shares in initial public offerings that brought in a total of $1 billion.

  • July 19, 2019

    Crypto 'IEOs' Grow Globally Despite US Legal Obstacles

    Initial exchange offerings, a fast-rising global phenomenon where cryptocurrency exchanges administer token sales on behalf of blockchain startups, stand little chance of taking off in the U.S. because of legal risks tied to this novel form of capital raising, lawyers say.

  • July 19, 2019

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

    The last week has seen the owner of a Manchester skyscraper that needed repair sue several underwriters at Lloyd's, a prominent cryptocurrency trader drag a U.K. digital currency exchange into court and an executive for Honeywell sue HSBC Bank PLC. Here, Law360 looks at those and other new claims in the U.K.

  • July 18, 2019

    BofA Can't Ditch Housing Advocates' Discrimination Suit

    A Maryland federal judge on Thursday rejected Bank of America NA's bid to toss a discrimination lawsuit filed by housing advocacy groups accusing the bank and its maintenance contractor of unfairly neglecting foreclosed bank-owned properties in African American and Latino neighborhoods, finding that the allegations are sufficiently pled.

  • July 18, 2019

    Bradley Arant Launches Cannabis Practice Group

    Bradley Arant Boult Cummings LLP has become the latest large law firm to set up a practice group dedicated to handling legal issues related to the cannabis industry, the firm announced Wednesday.

  • July 18, 2019

    Linklaters Hires Blockchain Wonk As 1st US Fintech Leader

    London-based legal mammoth Linklaters LLP has hired a noted blockchain lawyer to lead its financial technology work in the United States, the firm announced Thursday on the heels of heated U.S. congressional hearings on Facebook Inc.'s potential foray into cryptocurrency.

  • July 18, 2019

    EU Banking Watchdog Urges Care With Fintech Regs

    National regulatory authorities in the European Union are employing inconsistent frameworks with respect to the authorization and monitoring of financial technology companies, and more in-depth study is needed to determine an appropriate course of action, Europe's banking watchdog said Thursday.

  • July 18, 2019

    Warren Attacks PE Firms For 'Legalized Looting' With New Bill

    Sen. Elizabeth Warren, D-Mass., called for greater regulation of private equity firms Thursday with legislation intended to quell what she dubbed the “legalized looting” of portfolio companies.

  • July 18, 2019

    NJ AG Says Online Rental Co., CEO Sold Unregistered Tokens

    New Jersey's attorney general slapped an online rental marketplace and its president with a state court suit Wednesday accusing them of selling more than $400,000 worth of unregistered securities to more than 200 investors in a so-called initial token offering.

  • July 18, 2019

    DOJ Clears Fiserv's $22B Acquisition Of First Data

    After seeking additional information last April, the U.S. Department of Justice has cleared financial services companies Fiserv Inc. and First Data Inc. to push on with their proposed $22 billion tie-up.

  • July 18, 2019

    Investors Slam Camping World's Bid To Toss Stock-Drop Suit

    A putative class of investors urged an Illinois federal court not to toss their suit against Camping World Holdings Inc., saying "operational challenges" and a failure to predict the future by its leadership still meant it misled investors.

  • July 18, 2019

    Mobile Banking Co.'s Late Push Brings Fundraise To $470M

    Mobile banking platform N26 on Thursday said a renewed fundraising effort brought the company's latest funding round to $470 million, as the German technology unicorn sets its sights on expansion and increased product offerings across Europe, the U.S. and Brazil.

Expert Analysis

  • What To Expect From CFPB's Overdraft Rule Review

    Author Photo

    While the Consumer Financial Protection Bureau's planned review of its overdraft rule may provide welcome relief to financial institutions, previous requests for information have not resulted in any changes to the rule, and the broader regulatory framework for overdraft products should not be forgotten, say Abigail Lyle and Rachael Craven of Hunton.

  • E-Discovery Experts Could Increase Fed. Court Efficiency

    Author Photo

    As electronic data demands on federal courts continue to increase, it may be time to consider whether the courts should establish an office that could be staffed with technical experts familiar with electronic discovery issues, says Douglas Smith of Kirkland.

  • Digital Asset Securities Statement May Be Missed Opportunity

    Author Photo

    The long-anticipated joint statement issued earlier this month by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority reminds entities effecting transactions in digital asset securities of broker-dealer compliance requirements with regard to custody, but falls short of providing actionable guidance, say attorneys at Morgan Lewis.

  • Remembering Justice Stevens As A Law Firm Leader

    Author Photo

    Rothschild Barry's John Coffey, who joined Justice John Paul Stevens' law firm in 1965, shares what it was like to watch Justice Stevens practice law, mentor younger lawyers and land a malfunctioning plane.

  • Opinion

    NY Credit Card Securitization Class Action Misuses Madden

    Author Photo

    In Cohen v. Capital One Funding in New York federal court, the plaintiffs' argument — that special purpose trusts charged and collected interest rates in excess of New York's usury limits — relies on a flawed understanding of the Second Circuit's decision in Madden v. Midland Funding, which was itself erroneous and harmful to credit markets, says Walter Zalenski of Buckley.

  • A Look At SEC's New Auditor Independence Rule

    Author Photo

    The U.S. Securities and Exchange Commission's recent amendments to the rules governing auditor independence standards will narrow substantially the entities that an auditor and funds must evaluate for purposes of assessing the auditor's independence, say attorneys at Proskauer.

  • Managing Compliance Risks For Income Share Agreements

    Author Photo

    Certain steps can help mitigate consumer compliance risks associated with educational income share agreements, which have drawn significant attention and scrutiny following the U.S. Department of Education's recent announcement that it will experiment with federal support for ISAs, say Austin Brown and Darren Welch of Skadden.

  • Answers To Key Legal Finance Ethics Questions

    Author Photo

    While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

  • Inside A Closely Watched FCA And FIRREA Decision

    Author Photo

    Last week’s district court decision in Luce v. U.S. interprets a stricter standard of causation for False Claims Act cases and, significantly, makes a helpful contribution to a dearth of case law interpreting the Financial Institutions Reform, Recovery and Enforcement Act’s penalty provisions, says Derek Adams of Feldesman Tucker.

  • Federal Agencies Need A Uniform Record-Keeping Process

    Author Photo

    The administrative record is very important to federal agency litigation — as showcased in last month's U.S. Supreme Court decision concerning the addition of a citizenship question to the 2020 census — yet there is no set of consistent principles to guide agencies in compiling these official records, say attorneys at WilmerHale.

  • Kentucky Legislative Tax Updates To Know

    Author Photo

    In the 2019 legislative session, the Kentucky General Assembly devoted its efforts to tidying up last year's sweeping legislative changes to the state’s tax structure, many of which went into effect on July 1, says Rachael Chamberlain of Frost Brown.

  • Patchwork Of Broker Conduct Regs Complicates Compliance

    Author Photo

    Until challenges to the U.S. Securities and Exchange Commission's newly adopted Regulation Best Interest play out in court, broker-dealers can reconcile conflicting state and federal standards of conduct by complying with the most restrictive applicable regulatory requirements, say Ghillaine Reid and Kurt Wolfe of Troutman Sanders.

  • The Role Of Dictionaries In Last Term's High Court Decisions

    Author Photo

    Since 32 of the 67 decisions issued by the U.S. Supreme Court during its October term cite dictionaries, it’s worth reviewing the opinions to learn which dictionaries the justices consulted and how they used them, say Bruce Wessel and Brian Weissenberg of Irell & Manella.

  • How To Evaluate The Rise In Legal Employment

    Author Photo

    Although the rate of employment for law school graduates — which had been falling steadily — saw a small increase over the last year, other factors, such as fewer graduates overall and potential future job growth stagnation, temper the good news for those pursuing law degrees, say Tiffane Cochran and Tyler Grimm of AccessLex Institute.

  • How Proposed Law Could Affect SEC Disqualification Waivers

    Author Photo

    Legislation introduced in Congress this month would reshape the U.S. Securities and Exchange Commission’s process for granting waivers to companies disqualified from certain financial activities by government enforcement actions, potentially injecting politics into the waiver process, and hamstringing authorities' ability to settle rather than litigate cases, say attorneys at Simpson Thacher.