Banking

  • November 21, 2019

    Bitcoin ‘Inventor’ Faces $658K Atty Fee Bid Over Sanctions

    The estate accusing self-proclaimed Bitcoin inventor Craig Wright of stealing $10 billion worth of the cryptocurrency from his late partner is seeking $658,581 in attorney fees and expenses incurred while trying to get Wright to comply with court orders.

  • November 21, 2019

    Wells Fargo Borrowers Renew Class Bid In Foreclosure Suit

    Current and former Wells Fargo mortgage borrowers with loans provided or serviced by the bank renewed a class certification bid Thursday alleging the bank denied mortgage aid to more than 850 eligible struggling homeowners, causing nearly 550 of them to lose their homes.

  • November 21, 2019

    CFPB Eyes Changes To Consent Order Termination Process

    The director of the Consumer Financial Protection Bureau said Thursday that the agency is looking to streamline the process for subjects of administrative consent orders to request and obtain termination of those orders, one of several policy priorities she predicted agency action on in coming months.

  • November 21, 2019

    Real Estate Rumors: Michael Shvo, Pepsi, MG3

    A Michael Shvo venture is reportedly on the hunt for as much as $600 million in refinancing for the Coca-Cola building in Manhattan, Pepsi is said to have leased 192,000 square feet in Chicago, and MG3 Developer Group has reportedly dropped $32.65 million on two Florida office buildings.

  • November 21, 2019

    Proskauer Pushes To Halt Stanford Ponzi Suit In Antigua

    Proskauer Rose LLP has asked a Texas federal court to move quickly to end litigation in Antigua that the firm says is barred after it paid $63 million to settle claims over a former partner's work for entities affiliated with the R. Allen Stanford $7 billion Ponzi scheme.

  • November 21, 2019

    JPMorgan Wraps Up Ex-Worker's COBRA Suit

    JPMorgan Chase & Co. has settled a lawsuit by a former employee claiming the bank failed to properly notify him of how to keep health insurance after losing his job, according to a filing in Florida federal court Thursday.

  • November 21, 2019

    Union Fund Gets Green Light To Expand Ocwen ERISA Suit

    A union pension fund’s trustees can add to their ERISA lawsuit accusing Ocwen Financial Corp. of profiting off the 2000s financial crisis by pushing homeowners into foreclosure, a New York federal judge ruled Thursday.

  • November 21, 2019

    Chinese Crypto Miner Raises $90M In Low-Pricing IPO

    Chinese bitcoin mining company Canaan Inc. raised $90 million in an initial public offering that priced at the bottom of its range on Thursday, represented by Simpson Thacher and underwriters counsel Freshfields.

  • November 21, 2019

    No Speedy Victory For Either Side In Pa. Payday Lending Suit

    Neither the Pennsylvania Attorney General’s Office nor the two parties left in its suit over illicit payday loans can resolve claims early in their favor, according to a Pennsylvania federal judge who said that too many disputed issues remained to end the litigation.

  • November 21, 2019

    MVP: Jones Day's Howard F. Sidman

    Howard Sidman of Jones Day won an issue of first impression before New York's highest court and was the lead attorney defending Wells Fargo in two proposed class actions that were both resolved, making him one of Law360's 2019 Banking MVPs.

  • November 21, 2019

    Deals Rumor Mill: Hudson's Bay, Charles Schwab, DoorDash

    A private equity firm is hoping to usurp the previously announced deal for Hudson’s Bay worth about $1.4 billion, Charles Schwab could pay $25 billion to buy smaller rival TD Ameritrade, and DoorDash is considering a direct listing instead of an IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • November 21, 2019

    Mortgage Fraudster Sees Sentence Reduced By 2 Years

    An Illinois federal judge cut a mortgage fraud scheme leader's prison sentence from 12 years to 10 years on Thursday after the Seventh Circuit ordered that he be resentenced in light of miscalculations over how much money he should repay lenders.

  • November 21, 2019

    Investors Urge 5th Circ. To Revive Ponzi Claims Against SEI

    A group of investors in Robert Allen Stanford's massive Ponzi scheme are asking the Fifth Circuit to revive their claim that investment processor SEI Investments Co. could have provided them with the information they needed to avoid the scheme's collapse.

  • November 21, 2019

    Ex-BigLaw Atty Guilty In Crypto Money Laundering Trial

    A Manhattan federal jury on Thursday found former Locke Lord LLP corporate partner Mark S. Scott guilty of helping "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, launder $400 million and lie to banks.

  • November 21, 2019

    FCA Applies To Fed Banks In Wells Fargo Suit, 2nd Circ. Says

    The Second Circuit revived a long-running whistleblower case against Wells Fargo on Thursday after ruling that the False Claims Act can apply to those who defraud the lending programs of Federal Reserve banks.

  • November 21, 2019

    Investigator Strips After Being Accused Of Wearing Wire

    A private investigator began taking his clothes off in a London courtroom on Thursday after a lawyer representing the owner of a bank accused him of wearing a wire — but was saved from going any further when he was admonished by the judge.

  • November 20, 2019

    SEC Initiative Spurs Record Enforcement Against Public Cos.

    Fiscal year 2019 saw markedly more U.S. Securities and Exchange Commission enforcement actions against public companies than any year over the past decade, largely driven by participation in the regulator's Share Class Selection Disclosure Initiative, according to a report released Wednesday.

  • November 20, 2019

    Dueling Fintech Regulatory Initiatives May Work Best Together

    Federal and state banking regulators have locked horns over the legality of the Office of the Comptroller of the Currency's fintech charter, but insiders say a state-backed initiative to standardize payment laws could work in concert with the charter to the benefit of the industry.

  • November 20, 2019

    Digital Currency Not In The Works For Now, Fed Chair Says

    Federal Reserve Chairman Jerome Powell told a member of Congress that the Fed was not currently pursuing the development of its own digital currency, saying that the abundance of digital banking options available to Americans meant there wasn't an immediate need for it to do so.

  • November 20, 2019

    Robbins Geller, Funds Push To Keep Lead In ATM Investor Suit

    Pension funds represented by Robbins Geller Rudman & Dowd LLP and the Kendall Law Group PLLC fought back Tuesday in New York federal court against a motion to reassess their appointment as lead plaintiffs in a case alleging that ATM manufacturer Diebold Nixdorf Inc. misrepresented to shareholders the success of its acquisition of a German competitor.

  • November 20, 2019

    Freddie, Fannie Bond Buyers Seek Cert. In Price-Rigging Suit

    Days after announcing a third settlement in the litigation, buyers of Fannie Mae and Freddie Mac bonds asked a New York federal judge for class certification in their antitrust suit against Bank of America, JPMorgan and other banking behemoths.

  • November 20, 2019

    Ex-Locke Lord Atty Got $50M From 'CryptoQueen,' Jury Told

    Former Locke Lord LLP partner Mark S. Scott was “obsessed” with money and was paid $50 million by "CryptoQueen" Ruja Ignatova, the fugitive head of the global OneCoin cryptocurrency scam, for helping her launder $400 million, prosecutors told a Manhattan jury Wednesday.

  • November 20, 2019

    Ex-JPMorgan Trader Found Guilty Of Forex Price-Fixing

    A Manhattan federal jury on Wednesday convicted onetime JPMorgan forex trader Akshay Aiyer of scheming to fix currency prices to boost his earnings, delivering a guilty verdict on a count of conspiring to restrain trade in violation of the Sherman Act.

  • November 20, 2019

    MVP: Sullivan & Cromwell's Elizabeth T. Davy

    Sullivan & Cromwell LLP's Beth Davy has provided ace anti-money laundering and sanctions compliance advice to banks at home and abroad, including helping guide an important Dubai-based bank to a $40 million settlement with New York regulators and counseling Chase on a $5.3 million deal with federal authorities, landing her among Law360's 2019 Banking MVPs.

  • November 20, 2019

    House Committee Advances Sweeping Pot Legalization Bill

    The House Judiciary Committee voted 24-10 Wednesday to advance a historic marijuana legalization bill that represents a major step in the effort to reform federal cannabis policy, with two Republicans joining the Democratic majority.

Expert Analysis

  • Warren Bill Presents Powerful Headwinds For Private Equity

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    If passed, Sen. Elizabeth Warren's private equity reform bill would protect companies being purchased by private equity, but impose significant restrictions on funds by eliminating the liability shield and favorable tax treatment they currently enjoy, say Jon Brose and Kevin Neubauer at Seward & Kissel.

  • Top Takeaways From The SEC's Banner Enforcement Year

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    The U.S. Securities and Exchange Commission's fiscal year 2019 enforcement report demonstrates the Division of Enforcement's focus on protecting Main Street; that self-reporting initiatives and sweeps are working; and several emerging settlement trends from a record year for penalties and disgorgement, says Kurt Wolfe at Troutman Sanders.

  • How To Hire Lateral Partners More Effectively

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    Although lateral partner hiring is the preferred method of inorganic growth among law firms, the traditional approach to vetting does not employ sufficient due diligence by the hiring firm, says Michael Ellenhorn at executive search firm Decipher Competitive Intelligence.

  • High Court's Pass On 1 SEC Case Offers Insight Into Another

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    The U.S. Supreme Court effectively recognized the U.S. Securities and Exchange Commission's extraterritorial reach in denying certiorari in Scoville v. SEC. The move may foreshadow the high court's eventual ruling in Liu v. SEC, which will determine the regulator's authority to seek disgorgement, say Adam Schwartz and Russell Koonin at Homer Bonner.

  • Record Spoofing Settlement Provides Guidance For Traders

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    A record $67.4 million settlement the U.S. Department of Justice and the Commodity Futures Trading Commission recently negotiated with Tower Research Capital over alleged futures market spoofing offers commodities traders enforcement and compliance guidance, and reflects increasing coordination among regulators, say Charley Mills and Matt Kulkin at Steptoe & Johnson.

  • 4 Months After Kisor V. Wilkie, Auer Deference Survives

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    Recent federal appellate and district court rulings suggest that the predicted radical curtailing of Auer deference in the wake of the U.S. Supreme Court's decision in Kisor v. Wilkie has not come to fruition, say Jeffrey Karp and Edward Mahaffey at Sullivan & Worcester.

  • Bill Would Bridge Digital Realty Whistleblower Protection Gap

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    The Whistleblower Programs Improvement Act's recent introduction in the Senate, along with overwhelming bipartisan support for a similar bill in the House, strongly indicates that Congress intends to extend whistleblower protections beyond the U.S. Supreme Court's 2018 Digital Realty decision, says Antuan Johnson at Katz Marshall.

  • Can State Laws One-Up SEC’s Regulation Best Interest?

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    Because the U.S. Securities and Exchange Commission has punted on whether Regulation Best Interest will preempt state broker-dealer conduct standards, state laws may face challenges under the doctrines of conflict preemption, as well as limitations from the federal securities laws, say attorneys at Williams & Jensen.

  • Texas Could Take Page From Mass.'s Judicial Selection Book

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    As Texas and other states review their judicial election processes, they would be well served by taking guidance from Massachusetts' Governor’s Council system, which protects the judiciary from the hazards of campaigning, says Richard Baker of New England Intellectual Property.

  • Opinion

    What Headlines Missed About ‘Cartel’ Traders’ Trial 1 Year Ago

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    In U.S. v. Usher, a Manhattan federal jury acquitted three British forex traders known as "the cartel" of antitrust allegations one year ago, but some common myths about the case, perpetuated by flashy headlines, still need to be debunked, say White & Case's Samuel Feldman and Mark Gidley, who represented one of the defendants.

  • Series

    Judging A Book: McKeown Reviews 'Conversations With RBG'

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    Reading Jeffrey Rosen’s "Conversations With RBG: Ruth Bader Ginsburg on Life, Love, Liberty, and Law" is like eavesdropping on the author and his subject while they discuss how the restrained judicial minimalist became the fiery leader of the opposition, says Ninth Circuit Judge M. Margaret McKeown.

  • A Better Specific Jurisdiction Test For Cross-Border Discovery

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    The Second Circuit's nonparty jurisdictional criteria for Section 1782 discovery purposes in a foreign proceeding — laid out in its recent Application of Antonio Del Valle Ruiz decision — is murky, difficult to apply and inequitable; I propose a simpler, fairer test, says Gilbert Samberg of Mintz.

  • What Challenges To OCC Charter Mean For Fintech Cos.

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    As cases challenging the Office of the Comptroller of the Currency's proposed national bank charter for fintech companies play out in the Southern District of New York and the District of Columbia, businesses may consider alternative options to access the U.S. banking system, say Pratin Vallabhaneni and Margaux Curie at White & Case.

  • FINRA Exams Show Greater Cybersecurity, Comms Focus

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    The U.S. Financial Industry Regulatory Authority's recent report on its 2019 examination findings and observations is notable for its increased granularity in observations related to cybersecurity risk management and digital communication tools, signaling heightened compliance expectations for those areas, say Tim Foley and Kate Hanniford at Alston & Bird.

  • Where A Litigator's Advice Can Improve Agreement Drafting

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    Transactional attorneys should consider consulting with litigation counsel when drafting certain contractual provisions — choice of law, choice of forum, attorney fees and others — that could come into play in a broad range of substantive disputes, says Adrienne Koch at Katsky Korins.