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Banking

  • January 15, 2019

    PTAB Hears First Case Under New Relaxed Patent Guidelines

    A Patent Trial and Appeal Board panel questioned two companies Tuesday about four patents covering methods of electronically storing financial documents, just days after the U.S. Patent and Trademark Office released new guidelines on patent applications that include previously ineligible material.

  • January 15, 2019

    Senate Moves To Challenge Russian Oligarch Sanctions Deal

    The U.S. Senate pushed ahead Tuesday to potentially overturn a deal the Trump administration reached in December to ease sanctions against three companies controlled by a Russian oligarch with close Kremlin ties.

  • January 15, 2019

    Puerto Rico Fed Board Looks To Invalidate $6B In Bond Debt

    A federally-appointed board tasked with overseeing Puerto Rico’s monumental debt restructuring joined with the island’s unsecured creditors Monday to demand that $6 billion in general obligation bond debt be wiped out, arguing the bonds violated provisions in the Puerto Rican Constitution when they were issued a few years ago.

  • January 15, 2019

    Deals Rumor Mill: Nexi Group, Arconic, Katerra

    Nexi Group’s owners have reportedly tapped Evercore to counsel the company on potential plans to go public, Apollo Global Management is getting close to dropping more than $10 billion to buy Arconic, and SoftBank’s Vision Fund is expected to helm a $700 million funding round for Katerra.

  • January 15, 2019

    AmEx Anti-Steering Claims Cut Down By High Court Ruling

    Several retailers are headed to trial against American Express Co. armed with only a fraction of their original antitrust allegations brought amid multidistrict litigation challenging AmEx's restrictive merchant contracts, as a Brooklyn federal judge heavily pared the retailers' suit Monday to align with a recent U.S. Supreme Court decision.

  • January 15, 2019

    Former Marketing CFO Gets 8 Years For Embezzling $3.8M

    The former chief financial officer of an international marketing and public relations firm was sentenced Tuesday in Boston federal court to more than eight years in prison for stealing over $3.8 million from his employer across a decade.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them, after the jury in the original trial was unable to deliver a verdict.

  • January 15, 2019

    Ex-Bankrate Exec’s 5-Year Sentence For $25M Fraud Halved

    A former Bankrate Inc. executive’s five-year sentence for his role in a $25 million fraudulent accounting scheme was cut in half by a Florida federal judge on Monday after prosecutors pushed for a sentence reduction based on his extensive cooperation with the U.S. Department of Justice.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

  • January 14, 2019

    Ex-ConvergEx Exec's Deal Aids 3 Cooperators At Sentencing

    Three former traders who cooperated against a former ConvergEx Group LLC executive were largely sentenced to probation Monday after prosecutors and a judge said it would be unfair to hand them longer sentences than the person they cooperated against.

  • January 14, 2019

    Royal Park, Wells Fargo End RMBS Trustee Suit

    A New York federal judge on Monday granted a joint request from Royal Park Investments SA/NV and Wells Fargo Bank NA to dismiss with prejudice the remaining claims in the former’s litigation surrounding alleged failures by the latter as the trustee for two residential mortgage-backed securities trusts.

  • January 14, 2019

    Covington Snags OCC Deputy Comptroller And Chief Counsel

    The Office of the Comptroller of the Currency's acting senior deputy comptroller and chief counsel has returned to private practice, joining Covington & Burling LLP’s financial services group in its Washington, D.C., office, the firm announced last week.

  • January 14, 2019

    NYSE Fines Wedbush, Founder $1M For Unsupervised Trades

    Wedbush Securities Inc. and co-founder Edward Wedbush will pay a combined $1 million to the regulatory arm of the New York Stock Exchange to end claims the company’s leader of 64 years worked the trading desk without oversight.

  • January 14, 2019

    UBS Takes Aim At Feds' Fraud Suit Over Crisis-Era RMBS

    UBS AG told a New York federal judge on Friday that the U.S. Department of Justice's lawsuit accusing it of defrauding investors through the sale of residential mortgage-backed securities leading up to the financial crisis should be dismissed, saying the case is based on an overly broad and legally unsupported interpretation of a financial institutions reform act.

  • January 14, 2019

    Shutdown Prompts Pause To Wells Fargo's $75M Bond Case

    A Rhode Island federal judge has put a suit filed by the U.S. Securities and Exchange Commission against Wells Fargo Co. over a $75 million bond offering involving a Major League Baseball pitcher’s video game company on hold during the federal government shutdown to give the agency time to look at a proposed settlement.

  • January 14, 2019

    Parties In CBM Review Spar Over New Eligibility Guidance

    A patent owner and a company challenging four of its patents at the Patent Trial and Appeal Board have filed dueling briefs at the board’s request about whether the patents cover ineligible subject matter under guidance the office issued to examiners this month.

  • January 14, 2019

    Even Defense Attys Miss SEC During Record Gov't Shutdown

    With the government shutdown now the longest on record at 24 days, even the attorneys who defend clients against inquiries by the U.S. Securities and Exchange Commission are anxious for the agency to get back to work.

  • January 14, 2019

    2 Biotech Firms, Chinese Lender File IPOs Totaling $192M

    Two biotechnology companies and a Chinese online lender filed initial public offerings on Friday preliminarily estimated to raise $192 million, adding to a growing backlog of IPOs that are waiting for the government to reopen before the submissions can move through the pipeline.

  • January 14, 2019

    Cboe Investors Denied Names In VIX Manipulation MDL

    Chicago Board Options Exchange investors will have to weather Cboe Global Markets Inc.'s dismissal bid before trying to get the names of traders who allegedly manipulated the exchange's volatility index, or VIX, after an Illinois federal judge on Friday refused to grant an early discovery peek in the multidistrict litigation.

  • January 14, 2019

    Former SEC Senior Enforcement Atty Joins King & Spalding

    King & Spalding LLP has bolstered its special matters and government investigations team in Atlanta with the hiring of a 14-year veteran attorney from the U.S. Securities and Exchange Commission.

Expert Analysis

  • Why AFAs Are Key To The Future Of Legal Practice

    Kelly Eisenlohr-Moul

    Alternative fee agreements can help align law firm and client interests, increase efficiency and eliminate corporate extortion, among other benefits. They are the best thing to happen to the practice of law in decades, says Kelly Eisenlohr-Moul at Dinsmore & Shohl LLP.

  • FINRA's Suitability Rule Vs. SEC's 'Best Interest' Reg

    Brian Rubin

    A key 2019 priority for the U.S. Securities and Exchange Commission will be adopting the proposed Regulation Best Interest. Attorneys with Eversheds Sutherland explore the questionable foundation of the Financial Industry Regulatory Authority's claim that it is unnecessary.

  • Series

    Judging A Book: Barron Reviews 'The Clamor Of Lawyers'

    Judge David Barron

    Can lawyers lead a revolution? According to "The Clamor of Lawyers: The American Revolution and Crisis in the Legal Profession" — a slim but elegant volume by Peter Charles Hoffer and Williamjames Hull Hoffer — they can and they did, says First Circuit Judge David Barron.

  • The Privacy Questions Raised By Blockchain

    Steve Snyder

    It is important to establish a framework for understanding the privacy and security challenges of blockchain so that the industry can address them, says Steve Snyder of Bradley Arant Boult Cummings LLP.

  • Handling Corporate Congressional Probes In The Trump Era

    John Hellerman

    President Donald Trump’s approach to crisis communications has changed the game enough to demand companies' consideration of a whole new set of options. John Hellerman of Hellerman Communications and Bill Pittard of KaiserDillon PLLC discuss whether corporations can successfully use similar tactics.

  • Opinion

    The Case For Lawyer-Directed Litigation Funding In NY: Part 2

    Peter Jarvis

    Lawyer-directed nonrecourse litigation funding is more likely to protect a lawyer's exercise of independent professional judgment than traditional means of litigation finance, and furthermore enables worthwhile cases that otherwise could not be funded, say Peter Jarvis and Trisha Thompson of Holland & Knight LLP.

  • Cybersecurity's Developing Role In FCPA Compliance

    Ryan Rohlfsen

    While much attention has been paid to recent revisions to the Foreign Corrupt Practices Act Corporate Enforcement Policy, other developments suggest that the U.S. Department of Justice may also be adapting FCPA enforcement principles to the area of cybersecurity, say attorneys with Ropes & Gray LLP.

  • 4 Tips For Protecting Privilege When Working With Auditors

    John Carney

    A recent U.S. Securities and Exchange Commission action against Crowe LLP illustrates the pressure on independent auditors to gather enough evidence to defend their audits. However, there is tension between an auditor’s need for information and a company’s need to protect its privileged material, say attorneys with BakerHostetler.

  • Shutdown's Messy Impact On Consumer Protection Activities

    Alan Wingfield

    As it appears the federal government shutdown could continue for some time, attorneys with Troutman Sanders LLP discuss its effect on the regulatory and litigation docket for consumer-facing companies.

  • Trends Suggest Cartel Enforcers Face Headwinds In 2019

    John Terzaken

    Judged purely by enforcement statistics, 2018 was a down year for cartel enforcement. But authorities are training their sights on new sectors, theories and targets, and considering additional ways to further sharpen their enforcement stick and sweeten the leniency pot, say John Terzaken and Elizabeth French of Simpson Thacher & Bartlett LLP.