Banking

  • June 11, 2021

    Ill. Atty Created Sham Creditor To Hide Client Assets, Jury Told

    A former Freeborn & Peters partner engaged in a scheme to create a sham secured creditor with a senior lien on a client's struggling Chicago company in order to hide its assets from legitimate creditors, prosecutors told an Illinois federal jury Friday.

  • June 11, 2021

    BofA Stolen Unemployment Benefits Suits Consolidated

    The Judicial Panel on Multidistrict Litigation has consolidated 10 suits filed against Bank of America that all similarly claim the financial institution failed to protect unemployment benefit recipients from fraudsters and unlawfully froze or denied access to their accounts.

  • June 11, 2021

    Toomey Says Feds Must Harness, Not Overregulate Crypto

    Instead of putting virtual shackles around the cryptocurrency industry, Sen. Pat Toomey, R-Pa., says the U.S. government should focus on working with stakeholders to address outdated rules and use the digital currency as a means to track down bad actors — like those who perpetrated the Colonial Pipeline hack.

  • June 11, 2021

    Calif. Appeals Court OKs $9.2M Atty Award In Real Estate Spat

    A California appeals court has affirmed a $9.2 million fee award in a decade-old real estate dispute over a San Francisco apartment complex loan, ruling the trial court was correct to award prevailing-party fees to defendant lenders in litigation brought by a borrower.

  • June 11, 2021

    SEC Maps Out Gensler's Regulatory Ambitions Over Next Year

    The U.S. Securities and Exchange Commission is planning to propose new rules on board diversity and climate change disclosures this fall and make proposals on special purpose acquisition companies the following spring, according to an agenda released Friday.

  • June 11, 2021

    New CFPB Agenda Ices More Trump-Era Regulatory Projects

    The Consumer Financial Protection Bureau is backing off Trump-era plans to potentially design new disclosures for payday loan borrowers and won't be using its rulemaking authority to set more boundaries on what it considers abusive conduct, at least for now.

  • June 11, 2021

    SIFMA Offers Measured Approach To SEC Climate Disclosures

    A leading U.S. securities industry trade group is pushing the U.S. Securities and Exchange Commission to focus on climate-specific metrics before tackling its potential plans to ramp up environmental, social and governance disclosure requirements more broadly, while also suggesting ways to minimize compliance burdens.

  • June 11, 2021

    Ex-Fugee, Fugitive Malaysian Hit With New 1MDB Charges

    Malaysian fugitive Jho Low and former Fugees rapper Prakazrel "Pras" Michel were charged for their alleged roles in the back-channel scheme to lobby then-President Donald Trump to drop an investigation into the 1Malaysia Development Berhad embezzlement scandal, the U.S. Department of Justice announced Friday.

  • June 11, 2021

    Fla. Men Defend Claims To Property In Alleged Fraud Scheme

    Two Miami-based associates of the former owners of Ukraine's PrivatBank are urging a federal judge not to nix their claims to a 31-story Kentucky skyscraper being targeted by U.S. prosecutors for its alleged connection to a money laundering scheme.

  • June 11, 2021

    Creditor Attys Tell 11th Circ. It Erred In 'Mail Vendor' Ruling

    An association of New York creditor attorneys told the Eleventh Circuit it failed to consider the First Amendment implications of a decision that allowed a wave of consumer litigation challenging debt collectors' use of outside mail vendors.

  • June 11, 2021

    Real Estate Rumors: Page, Wafra, KD Properties

    Investor J. David Page is reportedly on the hunt for $14 million of bond financing for a Florida senior housing project, a Wafra Capital venture is said to have landed roughly $500 million in financing for a Manhattan office tower and KD Properties is said to have paid $9.9 million for a Florida industrial building.

  • June 11, 2021

    SEC Bulletin Warns Bitcoin Futures Are 'Highly Speculative'

    Investors exposed to Bitcoin and Bitcoin futures are making a "highly speculative investment" and are taking on considerable risk, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission said in an investor bulletin.

  • June 11, 2021

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

    The past week in London has seen Ukraine's bank deposit protection scheme sue a bank in Liechtenstein, streaming platform Twitch take aim at a viewing bot, and law firm Kennedys files for an injunction against Hiscox.

  • June 10, 2021

    Bank Shakes TCPA Row After Facebook Autodialer Ruling

    A South Carolina federal judge has tossed a lawsuit accusing USAA Federal Savings Bank of violating the Telephone Consumer Protection Act by placing unwanted debt collection calls, finding that the dialing equipment the bank used didn't fit within the narrow autodialer definition recently laid out by the U.S. Supreme Court in a dispute involving Facebook. 

  • June 10, 2021

    Fall Bench Trial Set For Lehman Bros' CDS Insurer Fight

    A New York state judge on Thursday set an October bench trial date for a lawsuit by Lehman Brothers' bankrupt European unit that accuses an Assured Guaranty Ltd. affiliate of failing to make good on hundreds of millions of dollars worth of credit default swap trades after the 2008 financial crisis.

  • June 10, 2021

    Senate Banking Chair Knocks PE Firm On Pandemic Evictions

    The Senate Banking Committee's Democratic chairman told private equity firm Pretium Partners LLC on Thursday that he's "troubled" some of its portfolio companies may have bucked a federal moratorium on tenant evictions during the COVID-19 crisis and wants answers.

  • June 10, 2021

    Trenk DiPasquale Cost Ex-Client Chance At $300K, Court Told

    A onetime client of then-Trenk DiPasquale Della Fera & Sodono PC has slapped the law firm and two of its ex-partners with a New Jersey state lawsuit alleging their shoddy representation cost him chances to recoup more than $300,000 from his real estate dealings and to pursue claims against a bank. 

  • June 10, 2021

    MoneyGram Fraud Case Dismissed Post-Compliance Revamp

    A Pennsylvania district court judge dismissed anti-money laundering charges against MoneyGram International Inc. on Thursday, marking the end of an eight-year deferred prosecution agreement with the U.S. Department of Justice. 

  • June 10, 2021

    2 Israeli Traders Charged In Global Insider Trading Ring

    A pair of Israeli citizens accused by regulators last year of making millions of dollars through a global insider trading ring have been criminally charged in New York federal court, according to an indictment unsealed Thursday.

  • June 10, 2021

    Calif. Firms Dodge Malpractice Claims At State Appeals Court

    A California state appeals court on Wednesday affirmed the dismissal of a couple's malpractice suit blaming a Los Angeles attorney and several firms he worked at for a $30 million trial loss over predatory mortgage lending, ruling that the couple hadn't raised a triable issue of material fact as to the attorney's handling of the case. 

  • June 10, 2021

    Calif. Panel Reverses Chase's Win In Fraudulent Checks Suit

    A California appeals court has reversed JPMorgan Chase Bank's win in a suit brought against it by a towing company over a former employee's purported embezzlement, saying the bank did not establish the former worker fraudulently endorsed stolen checks he deposited into his own account.

  • June 10, 2021

    CFPB Wants Truce In Student Loan Servicing Oversight Suit

    Citing the "change of administrations," the Consumer Financial Protection Bureau and consumer advocates said Thursday that they want to take time to mull potentially settling a Trump-era California federal court case alleging the agency improperly pulled back from federal student loan servicing oversight.

  • June 10, 2021

    Biden Could Fuel More ESG, Anti-Bribery Integration: Report

    The U.S. and Canada lag the rest of the world when it comes to the integration of environmental, social and governance programs into existing anti-bribery and anti-corruption compliance frameworks, but that could change stateside under the Biden administration, a report published Thursday says.

  • June 10, 2021

    FINRA Fines Firm $1.4M On Alleged BestEx Failures

    A Chicago-based securities market maker allegedly failed to provide best execution on more than 40,000 orders during a three-year period, contributing to a nearly $1.4 million settlement with the Financial Industry Regulatory Authority.

  • June 10, 2021

    Landry's Tells 5th Circ. $20M Data Hack Was A 'Publication'

    A Fifth Circuit panel grappled Thursday with whether a credit card data breach involving Houston-based hospitality chain Landry's Inc. constituted a "publication" that would trigger its insurer's obligation to defend it in a $20 million lawsuit brought by JPMorgan Chase.

Expert Analysis

  • Takeaways From 2 New FBAR Rulings

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    In light of two recent California federal court decisions, capping penalties for nonwillful violations of foreign bank account reporting but broadening the willfulness standard, U.S. taxpayers must be vigilant about understanding their reporting obligations, and prepare for the Internal Revenue Service to target willful conduct, which yields much higher penalties, say Friedemann Thomma and Marianna Felshtiner at Venable.

  • A Biz Strategy Model To Improve Lateral Atty Hiring Diversity

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    Quantitative comparison tools commonly used by companies in evaluating merger targets will allow law firms to assess lateral hire candidates in a demographically neutral manner, help remove bias from the hiring process and bring real diversity to the legal profession, says Thomas Latino at Florida State University.

  • El Salvador's Use Of Bitcoin Complicates US Commercial Law

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    El Salvador recently became the first country to recognize Bitcoin as currency, presenting significant implications for U.S. commercial law as the development will likely trigger the cryptocurrency to now fall within the definition of "money" under the Uniform Commercial Code, say Joe Carlasare and Eric Fogel at SmithAmundsen.

  • Expedited Bankruptcies Are Cause For Concern

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    The Office of the U.S. Trustee's recent concerns over the increase in so-called shotgun bankruptcies are legitimate: These expedited processes limit oversight by the bankruptcy court to the detriment of smaller stakeholders, say Brian Shaw and David Doyle at Cozen O'Connor.

  • Smaller Firms Need Employee Wellness Programs, Too

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    As we emerge from the pandemic, small and midsize firms — which offer an ideal setting for companywide connection — should follow in the footsteps of larger organizations and heed the American Bar Association’s recommendations by adopting well-being initiatives and appointing a chief wellness officer, says Janine Pollack at Calcaterra Pollack.

  • Stop Networking, Start Relationship Marketing

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    USA 500 Clubs' Joe Chatham offers four tips for lawyers to get started with relationship marketing — an approach to business development that prioritizes authentic connections — and explains why it may be more helpful than traditional networking post-pandemic.

  • Mortgage Servicers Should Prepare To Be In CFPB Crosshairs

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    In light of recent indications that the Consumer Financial Protection Bureau will make housing security a top priority, residential mortgage servicers should prepare for increased enforcement scrutiny as foreclosures and evictions rise post-pandemic, say attorneys at Manatt.

  • 7th Circ. Decision Highlights Difficulties Of 'No Harm' Cases

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    The Seventh Circuit's recent decision in Markakos v. Medicredit showcases the judiciary's struggle with whether it is usurping Congress' authority by questioning statutory penalties for "no harm" consumer protection violations, and highlights the need to resolve a growing circuit split on this issue, says Jason Stiehl at Loeb & Loeb.

  • What Attorneys Should Know About Fee Deferral

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    Milestone Consulting’s John Bair explores contingency-fee structuring considerations for attorneys, laying out the advantages — such as tax benefits and income control — as well as caveats and investment options.

  • Predictions On Pandemic's Lasting Impact On Legal Education

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    The pandemic accelerated the pace of technological change for legal education, and some of the changes to how law school courses are taught and on-campus interviews are conducted may be here to stay, says Leonard Baynes at the University of Houston.

  • Lawyer Perfectionism Is A Disease We Can Control

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    The pursuit of perfection that is prevalent among lawyers can lead to depression, anxiety and other mental health impacts, but new attorneys and industry leaders alike can take four steps to treat this malady, says Liam Montgomery at Williams & Connolly.

  • Collaborative Contracting Can Help Combat Bias In AI

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    To mitigate bias in artificial intelligence technology amid pending EU and U.S. regulations, contracting companies should consider each party's role in controlling for bias, rather than applying binary liability allocations, say Boris Segalis and Joshua Fattal at Goodwin and independent attorney Neal Dittersdorf.

  • SEC Fine Highlights AML Reporting As Enforcement Priority

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    The U.S. Securities and Exchange Commission’s recent settlement with GWFS Equities, over anti-money laundering failures related to inadequately disclosing attempted cyber breaches, highlights record-keeping deficiencies as an area of enforcement focus and indicates broker-dealers should revisit policies and procedures to avoid noncompliance, say attorneys at Arnold & Porter.

  • 5 Tips To Help Your 2021 Summer Associates Succeed

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    Despite pandemic-related challenges this year, law firms can effectively train summer associates on writing and communicating — without investing more time than they ordinarily would, says Julie Schrager at Schiff Hardin.

  • Weighing Ability To Pay Criminal Fines Amid FCPA Crackdown

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    As Foreign Corrupt Practices Act enforcement is expected to increase under the Biden administration, companies facing scrutiny should assess the reasonableness of fines in the context of their capacity to continue operations, and the potential impacts of filing an inability-to-pay claim, say analysts at Charles River Associates.

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