Banking

  • September 23, 2019

    Republicans Press OCC For 'Administrative' Madden Fix

    Republicans on the House Financial Services Committee have called for the Office of the Comptroller of the Currency to pursue regulatory workarounds to neutralize fallout from the Second Circuit’s Madden decision, saying the ruling has led to “significant uncertainty and disruption in many types of lending programs.”

  • September 23, 2019

    Russian Man Cops To Massive JPM Hack, To Cough Up $19M

    An electronics expert from Moscow pled guilty Monday in Manhattan and agreed to forfeit more than $19 million in what federal prosecutors call a gargantuan hacking and fraud scheme that victimized over 80 million customers at JPMorgan Chase & Co.

  • September 23, 2019

    Litigation Funder Turns Up Heat On Concussion Deal Judge

    Litigation funder Thrivest claims the federal judge overseeing the concussion settlement is ignoring a Third Circuit ruling that overturned her decision to void hundreds of loans, and in a highly unusual move, the funder has asked the appellate court to step in and force her hand.

  • September 23, 2019

    State AGs Urge Passage Of Federal Cannabis Banking Bill

    A group of nearly two dozen state attorneys general on Monday urged Congress to pass a bill that would clear banks to serve marijuana businesses and end the industry’s heavy reliance on cash in the 33 states that have legalized cannabis in some form.

  • September 23, 2019

    Polsinelli Uses Stories To Lead Jack Henry To Alice Trial Win

    By crafting a concise theme and focusing jurors' attention on a simplified set of issues, Polsinelli PC helped Jack Henry & Associates defeat a $14 million patent suit over electronic check deposit technology, highlighted by a finding the patent is invalid under the Supreme Court's Alice test because it covers only an abstract idea.

  • September 23, 2019

    Ditech Says New Ch. 11 Plan Protects Consumer Creditors

    Mortgage company Ditech Holding Corp. is asking a New York bankruptcy judge to approve a revised Chapter 11 plan, saying it has reached an agreement with its consumer creditors that will boost the ability of its mortgage holders to correct mistakes in their accounts.

  • September 23, 2019

    Mortgage Cos. Ask Full 5th Circ. To Revisit $298M FCA Verdict

    Two mortgage loan companies want the full Fifth Circuit to rehear their appeal of a nearly $300 million judgment arising from alleged federal loan insurance fraud during the mortgage crisis, saying the original appeals panel twisted a causation standard.

  • September 23, 2019

    Madoff Investigator To Join Allen & Overy's New York Office

    Allen & Overy LLP has added a prosecutor who was part of the team investigating the Bernie Madoff Ponzi scheme as a partner in its litigation, arbitration and dispute resolution practice, the firm has announced.

  • September 23, 2019

    ATM Operators Seek Cert. In Visa, Mastercard Antitrust Suit

    A proposed class of ATM operators asked a D.C. federal judge for certification in their suit accusing Visa and Mastercard of violating antitrust laws by implementing ATM fee rules that jack up consumers' costs and limit ATM owners' earnings.

  • September 23, 2019

    4 Biotech Firms Freshen Pipeline With IPOs Totaling $526M

    Four biotechnology companies set price ranges Monday on initial public offerings that could raise a combined $526 million to develop drugs that fight cancer and other diseases, signaling a busy start for October’s IPO market.

  • September 23, 2019

    Schwab 401(k) Fight Belongs In Court, AARP Tells 9th Circ.

    AARP asked the Ninth Circuit to rethink sending to arbitration a former Charles Schwab worker's proposed class action alleging that Schwab mismanaged its 401(k) plan, saying the decision could strip workers of ERISA protections and undermine millions of Americans' financial security.

  • September 23, 2019

    Attys Seek $15M In Fees From $74M SunEdison Settlement

    The lead counsel in a class action claiming SunEdison Inc. misled shareholders about its financial health before filing for bankruptcy is asking a New York federal court to approve more than $15 million in attorney fees for its work in reaching a $74 million settlement with the company.

  • September 23, 2019

    Ex-JPMorgan Banker Again Convicted In Insider Trading Case

    Former JPMorgan Chase & Co. and Perella Weinberg Partners investment banker Sean Stewart on Monday was again convicted of insider trading over a purported scheme to leak confidential information about health care company mergers for his father to trade on.

  • September 23, 2019

    Banks, Insurers Commit To Global Climate Action

    Banks from 46 countries with more than $47 trillion in assets have adopted new United Nations-backed principles on “responsible banking” to fight climate change and increase focus on sustainable finance.

  • September 20, 2019

    So The CFPB Says It Has A Constitutional Flaw. Now What?

    The Consumer Financial Protection Bureau has announced that it doesn’t think its single-director independent structure is fully constitutional after all and wants the U.S. Supreme Court to take a look. But where does that leave the agency and the financial services providers it regulates?

  • September 20, 2019

    Ex-SocGen Exec Tells 2nd Circ. She's No Fugitive

    A former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate asked the Second Circuit to throw out the case Friday, saying a lower court wrongly classified her as a fugitive.

  • September 20, 2019

    Bancorp, Execs Settle SEC Record-Keeping Claims For $1.5M

    The U.S. Securities and Exchange Commission announced Friday it has settled claims against bank holding company The Bancorp Inc. and two of its executive officers for $1.5 million, stemming from the company’s alleged failure to keep proper records in connection with its commercial loan portfolio.

  • September 20, 2019

    US Hits Iran With New Sanctions, OKs Troops To Aid Saudis

    The Trump administration lobbed fresh sanctions on Iran on Friday, while greenlighting troops to defend Saudi Arabia, following the recent attacks on Saudi oil fields.

  • September 20, 2019

    Gov't Asks To Sell Apt. To Satisfy Man's $6.5M Tax Debt

    The U.S. government told a Connecticut federal court on Friday to enforce a lien against an Illinois man who owes a tax debt of more than $6.5 million by allowing the government to sell an apartment he owns.

  • September 20, 2019

    Court Will Redo Damages Interest In Deutsche RMBS Suit

    A Texas federal court agreed on Thursday to rethink its 2017 ruling that determined the interest rate for calculating damages in the Federal Deposit Insurance Corp.'s suit over Deutsche Bank Securities Inc.'s sale of shoddy residential mortgage-backed securities.

  • September 20, 2019

    NY Judge Knocks Hedge Fund For Flimsy DQ Bid

    A New York federal judge on Friday agreed to sanction hedge fund Weston Capital Advisors Inc. for an "objectively unreasonable" bid to get him to step away from overseeing a long-running fight over millions owed to an Indonesian bank.

  • September 20, 2019

    Ga. Borrowers Drop Suit Against Tribe-Linked Online Lender

    A Georgia federal court on Friday terminated a proposed class action claiming an online lending company was trying to evade lending and racketeering laws by exploiting a Michigan-based tribe's sovereign immunity, a day after the plaintiffs said they wanted to drop the case.

  • September 20, 2019

    Rising Star: Jones Day's Courtney Lyons Snyder

    Jones Day partner Courtney Lyons Snyder has been a key part of the firm’s representation of Wells Fargo in litigation over residential mortgage-backed securities and maintains a non-traditional practice working with state attorneys general and government investigations, earning her a spot among five banking attorneys under 40 honored by Law360 as Rising Stars.

  • September 20, 2019

    PR Oversight Board Defends Appointments At High Court

    Puerto Rico’s federally appointed oversight board is urging the U.S. Supreme Court to overturn the First Circuit’s decision that its members require Senate approval, saying their appointment and authority fall within constitutional bounds.

  • September 20, 2019

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

    The last week has seen an investment banker sue his former Mishcon De Reya LLP lawyers following a failed lawsuit against Newcastle F.C.'s billionaire owner, a foreign exchange business drag the head of its Irish operations into court and an Enterprise insurance unit take action against its Greek brokerage arm. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • Series

    Pursuing Wellness: Steps Toward A Supportive Firm Culture

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    As an early advocate of the American Bar Association's year-old well-being pledge, we launched an integrated program to create and sustain a supportive workplace culture with initiatives focused on raising mental health awareness, embracing creativity and giving back to the community, says Casey Ryan at Reed Smith.

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    Pursuing Wellness: Mental Health Education As A Firm Priority

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    Our firm drives a holistic concept of well-being through educational opportunities, such as a series of expert-led workshops intended to address mental health and substance abuse issues that we vowed to fight when we signed the American Bar Association's well-being pledge one year ago, says Krista Logelin at Morgan Lewis.

  • The New Frontier Of Cryptocurrency Collateral

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    As the number of corporate borrowers transacting in cryptocurrency is likely to increase, this additional pool of value may be of interest to lenders, who should consider some administrative and legal questions as they weigh crypto collateral's costs and benefits, say Jerome McCluskey of Milbank, and Cameron Winklevoss, Tyler Winklevoss, Sarah Olsen and Josh Rawlins of Gemini Trust.

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    Pursuing Wellness: A Firm's Work With Mental Health Experts

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    Signing the American Bar Association's well-being pledge last year was a natural progression of our firm's commitment to employee wellness, which has included developing partnerships with professionals in the mental health space to provide customized programming to firm attorneys and staff, say Annette Sciallo and Mark Goldberg at Latham.

  • Marriott Order Good News For Cybersecurity Class Action Bar

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    A Maryland federal judge's recent decree ordering Marriott to release a crucial third-party report revealing key details about how a data breach occurred could have significant ramifications for plaintiffs filing class actions following breaches of customer data at other companies, says cybersecurity consultant John Reed Stark.

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    Pursuing Wellness: When A Firm Brings Counseling On Site

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    One year ago, our firm signed the American Bar Association's well-being pledge and embraced a commitment to providing on-site behavioral health resources, which has since become a key aspect of our well-being program, say Meg Meserole and Kimberly Merkel at Akin Gump.

  • SEC's Broker Bar Stance Hinges On Penalties Vs. Remedies

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    The U.S. Securities and Exchange Commission's recent decision holding that Financial Industry Regulatory Authority expulsions are remedial, not punitive, spells out how far a regulator can go in sanctioning securities misconduct in light of the U.S. Supreme Court's Kokesh opinion, says Clinton Marrs of Marrs Griebel Law.

  • Dorian Update: How State Laws Protect Service Members

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    In the wake of Hurricane Dorian's devastation, creditors should take note of the laws Florida, Georgia and the Carolinas have in place to protect members of the National Guard called to service as part of response efforts, say attorneys at Buckley.

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    Pursuing Wellness: Inside A Firm Meditation Program

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    After our firm signed the American Bar Association’s well-being pledge one year ago, we launched two key programs that included weekly meditation sessions and monthly on-site chair massages to help people address both the mental and physical aspects of working at a law firm, says Marci Eisenstein at Schiff Hardin.

  • Early Sampling Of Electronic Info Is Underutilized In Discovery

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    The early and prompt provision of samples from all electronically stored information sources as a part of ESI protocol search methodology is consistent with the Federal Rules of Civil Procedure and may allow for significant cost savings during discovery, says Zachary Caplan at Berger Montague.

  • CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct

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    The U.S. Consumer Financial Protection Bureau's first-ever enforcement action for violations of the law governing money-transfer services offers a good reminder of these businesses' compliance obligations, including the option to self-report, say Kara Kuchar and Donald Mosher at Schulte Roth.

  • The Factors Courts Consider In Deposition Location Disputes

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    In the absence of a federal rule governing deposition location, federal courts are frequently called on to resolve objections to out-of-state deposition notices. Recent decisions reveal what information is crucial to courts in making the determination, says Kevin O’Brien at Porter Wright.

  • FDCPA Takeaways From 3rd Circ. QR Code Opinion

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    The Third Circuit's decision in DiNaples v. MRS BPO that a debt collection letter with a QR code on the envelope violated the Fair Debt Collection Practices Act may seem straightforward, but the opinion sheds light on how two common FDCPA defense tools remain somewhat viable, say Jason Tompkins and Jonathan Hoffmann at Balch & Bingham.

  • High Court Snub Raises Foreign Issuer Economic Concerns

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    Foreign companies that issue securities stateside may face increased litigation risk in the wake of the U.S. Supreme Court’s denial of certiorari in Stoyas v. Toshiba, increasing the importance of economic considerations, such as price impact, market efficiency and aggregate exposure, say principals at Cornerstone Research.

  • What To Consider Before Filing For A Rule 57 Speedy Hearing

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    Federal Rule of Civil Procedure 57 and its state counterparts provide a method for expediting claims for declaratory judgment that warrants closer attention than it has historically received from litigants and courts, say attorneys at Gibson Dunn.