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Banking

  • November 15, 2018

    Republican Groups Attack SEC Pay-For-Play Rule In DC Circ.

    The U.S. Securities and Exchange Commission overstepped its authority by trying to stop regulated agents who make political donations from later soliciting the recipient's agency for investment advisory business, two Republican state parties told the D.C. Circuit on Thursday.

  • November 15, 2018

    3rd Circ. Says Fannie, Freddie Investors Not Owed Relief

    Two Fannie Mae and Freddie Mac investors are not entitled to relief in a suit alleging the Federal Housing Finance Agency diverted the companies’ profits to the government’s pockets, the Third Circuit ruled in a precedential decision on Wednesday, finding that the agency had the statutory authority to do so.

  • November 15, 2018

    Feds Doubt Ex-BigLaw Atty's Privilege Applies In Crypto Scam

    Manhattan federal prosecutors gave a preview of the evidence they'd gathered against former Locke Lord LLP lawyer Mark S. Scott on Thursday over his alleged role in laundering proceeds of a $400 million cryptocurrency scam, saying most of his work was financial, not legal, and the crime-fraud exception may apply to his privilege claims.

  • November 15, 2018

    Judge Wants More Info On Citi's $10M Deal In Forex Rig Suit

    A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.

  • November 15, 2018

    Wells Fargo Fights Revival Of ERISA Suit At 8th Circ.

    Wells Fargo has urged the Eighth Circuit not to revive a proposed Employee Retirement Income Security Act class action accusing it of wrongly letting its 401(k) plan invest in company stock with a value inflated by ongoing fraud at the bank, arguing that the plan participants’ allegations don't meet standards set by the high court.

  • November 15, 2018

    Cleary Gottlieb-Led Chinese Fintech Weidai Prices $45M IPO

    Chinese automotive-backed loan provider Weidai Ltd. debuted on the New York Stock Exchange Thursday after pricing shares at $10 apiece, raising $45 million in an initial public offering guided by Cleary Gottlieb Steen & Hamilton LLP.

  • November 15, 2018

    US State Dept. Adds 16 Hotels To Cuba Restricted List

    The U.S. Department of State announced Wednesday that it is adding 16 hotels to its “restricted list” of subentities under Cuban control, saying it added the names as part of the Trump administration’s efforts to prevent funds from reaching the Caribbean nation’s military, intelligence and security services.

  • November 15, 2018

    Financial Services Hopeful After UK Reaches Brexit Deal

    The U.K. financial services sector believes that a smooth regulatory transition is more likely after Prime Minister Theresa May secured a breakthrough draft Brexit agreement, as an attorney said Thursday the deal is "probably as much as we could hope for."

  • November 14, 2018

    For CFTC, 2018 Was One Of The 'Most Vigorous' In Its History

    The U.S. Commodity Futures Trading Commission broke new ground in its enforcement this past year, with the largest number of market manipulation cases ever brought and the most cases involving parallel criminal charges, the agency announced on Wednesday.

  • November 14, 2018

    Sanctions Sought In Alleged Cryptocurrency Pyramid Scheme

    An Alabama man accused of promoting a cryptocurrency investment pyramid scheme faced questioning in Florida federal court Wednesday about his involvement with similar businesses as the Federal Trade Commission pushed for sanctions over his alleged failure to follow a court order to produce and preserve certain documents.

  • November 14, 2018

    Puerto Rico Sales Tax Plan Lacks Details, Stakeholders Say

    The outline of a plan to restructure nearly $18 billion in debt owed by the Puerto Rico Sales Tax Financing Corp., or COFINA, is missing vital information, some stakeholders said this week, saying more details are needed on how funds will be distributed and how pending lawsuits will affect the process.

  • November 14, 2018

    KKR, Macquarie Say Auction-Rigging Claims Merit Dismissal

    KKR & Co. Inc. and the Australian investment bank Macquarie told a New York state appeals panel on Wednesday that a lower court erred by failing to dismiss claims that they rigged an auction for 11 Texas apartment complexes, saying their accuser did not follow auction rules.

  • November 14, 2018

    FDIC Puts Out Call For Information On Small-Dollar Lending

    The Federal Deposit Insurance Corp. said Wednesday that it's looking for input on how to encourage banks to offer small-dollar loans, a move that could lay the groundwork for a more substantive thawing in the agency's attitude toward this type of credit.

  • November 14, 2018

    3rd Circ. Won't Revive Stock-Drop Suit Against Ocwen Affiliate

    The Third Circuit on Wednesday affirmed the dismissal of a securities fraud class action against an Ocwen Financial Corp. affiliate whose stock tumbled following its parent company's regulatory troubles stemming from the housing crisis in the mid-2000s, ruling in a precedential decision that the suing funds didn't plausibly allege the fraud cost investors billions.

  • November 14, 2018

    Ex-BofA VP Spared Long Sentence For Nonprofit Kickbacks

    The one-year prison term U.S. District Judge Allison D. Burroughs imposed Wednesday on a former Bank of America executive who embezzled $2.7 million by hoodwinking nonprofits was not the sentence she originally had planned.

  • November 14, 2018

    BofA Sheds Pa. Firm's Claims Over Account Phishing Scheme

    A federal judge has rejected claims that Bank of America Corp. breached its contract with a Philadelphia-area law firm by failing to stop a half-a-million-dollar wire transfer initiated after a partner fell victim to a phishing scheme.

  • November 14, 2018

    Chancery Suit Seeks $150M In Student Loan Trust Damages

    Holders of $1.5 billion in notes secured by part of investor Donald Uderitz's $15 billion National Collegiate student loan trust empire have sued in Delaware Chancery Court for control of the assets and $150 million or more in damages for losses and litigation expenses.

  • November 14, 2018

    3rd Circ. Urged To Back Ruling In $377M Foreign Income Row

    The Internal Revenue Service urged the Third Circuit on Wednesday to uphold a U.S. Tax Court decision finding an additional $377 million in taxable income for a U.S. shareholder, saying that loan guarantees from offshore subsidiaries trigger a requirement to include the subsidiaries’ earnings.

  • November 14, 2018

    DLA Piper Adds Gómez-Acebo Arbitration Atty In Spain

    DLA Piper has nabbed a partner from Gómez-Acebo & Pombo to serve as the head of its litigation and arbitration team in Spain, bringing his experience in guiding financial institutions and other clients through civil and criminal litigation, international arbitration, and administrative actions.

  • November 14, 2018

    No More Bank Rule Rollbacks From House, Rep. Waters Says

    The likely next chair of the House Financial Services Committee, Rep. Maxine Waters, D-Calif., warned Wednesday that the days of post-crisis bank rule rollbacks are numbered and pressed the Federal Reserve’s point man for supervision to promise not to weaken capital standards for the largest banks.

Expert Analysis

  • Opinion

    Concerns About CFPB Trial Disclosure Policy Are Misplaced

    Eric Mogilnicki

    Opposition to the Consumer Financial Protection Bureau's newly proposed trial disclosure policy appears rooted in a wholly appropriate concern, but the relevant statute and empirical evidence indicate that consumers would benefit from the policy, say Eric Mogilnicki and Michael Nonaka of Covington & Burling LLP.

  • Q&A

    A Chat With Bryan Cave Innovation Chief Katie DeBord

    Katie DeBord

    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 Katie DeBord, chief innovation officer at Bryan Cave Leighton Paisner LLP.

  • AI's Role In Financial Services: Some Early Lessons

    Eamonn Moran

    The use of artificial intelligence in financial services is still in the early stages. But a speech this week by Federal Reserve Gov. Lael Brainard shows that regulators are aware and paying attention, says Eamonn Moran of Kilpatrick Townsend & Stockton LLP.

  • Simple Secrets For Improving Your CLE

    Daniel Karon

    With few cases going to trial, many attorneys keep their oral-presentation skills sharp by teaching continuing legal education programs. To avoid giving a CLE that falls flat and damages your reputation, you must fashion a thoughtful message, control its presentation, and nail the beginning and ending, says Daniel Karon of Karon LLC.

  • It’s Time For Law Firms To Start Talking About Gen Z

    Eliza Stoker

    Since the oldest members of Generation Z aren’t even finished with law school yet, law firm management is in a unique position to prepare for their entrance into the legal workforce, says Eliza Stoker of Major Lindsey & Africa.

  • 5 Common Misconceptions About SEC Investigations

    Daniel Hawke

    Defense counsel often take approaches that reflect misperceptions of how the U.S. Securities and Exchange Commission enforcement game is really played. It is a complex process susceptible to mismanagement by even the most capable or well-intentioned attorney, says Daniel Hawke of Arnold & Porter.

  • What To Expect From New Democratic Investigation Efforts

    Reginald Brown

    The new Democratic House majority is expected to direct much of its attention to executive branch oversight and accountability. Companies and their legal counsel should be prepared for a dramatically changed collateral environment as investigations cover a wide range of topics, say attorneys at WilmerHale.

  • Q&A

    Back To School: Yale's Linda Greenhouse Talks Journalism

    Linda Greenhouse

    In this series featuring law school luminaries, Yale Law School lecturer and Pulitzer Prize-winning reporter Linda Greenhouse discusses her coverage of the U.S. Supreme Court, the conservatives' long game and trends in journalism.

  • Opinion

    An Opportunity To Slow The Rise Of Securities Class Actions

    Joshua Briones

    A major securities fraud case now before the U.S. Supreme Court — Lorenzo v. U.S. Securities and Exchange Commission — marks the first of many opportunities the court will have to roll back expansive interpretations of securities law and deter plaintiffs from filing low-quality complaints, say attorneys with Mintz Levin Cohn Ferris Glovsky and Popeo PC.

  • Opinion

    Celebrate Veterans By Improving Their Access To Justice

    Linda Klein

    Attorneys should think beyond the Veterans Day parades and use their time and talents to help the many veterans facing urgent legal issues, says Linda Klein of Baker Donelson Bearman Caldwell & Berkowitz PC.