Banking

  • April 12, 2021

    Regulators Warn That SPAC Accounting Errors Require Fixes

    The U.S. Securities and Exchange Commission on Monday cautioned that special purpose acquisition companies may need to refile regulatory documents to correct accounting errors involving the classification of warrants, potentially generating uncertainty for the red-hot SPAC market.

  • April 12, 2021

    Stanford Receiver Nabs $125M Judgment In Ponzi Clawback

    Stanford International Bank's court-appointed receiver has garnered a nearly $125 million judgment against a group of the bank's investors on the heels of a protracted legal battle that included a federal jury verdict and appeals to both the Fifth Circuit and Texas Supreme Court.

  • April 12, 2021

    Halkbank Tells 2nd Circ. It's Immune From Sanctions Case

    Turkey's Halkbank on Monday urged the Second Circuit to dismiss the indictment claiming it participated in a multibillion-dollar scheme to evade U.S. sanctions on Iran, saying the state-backed bank is immune from criminal prosecution in the U.S.

  • April 12, 2021

    3rd Circ. Won't Revive Suit Over Debt Collection Letter

    The Third Circuit shot down a consumer's bid to revive a proposed class action alleging Collecto Inc. falsely suggested a debt could increase by itemizing the balance to include "$0.00" in interest and fees in a collection letter, ruling in a precedential opinion Monday that such representations are not misleading. 

  • April 12, 2021

    Seila Law Says Full 9th Circ. Should Reject CFPB Ratification

    California law firm Seila Law LLC has urged the full Ninth Circuit to step in and "correct" a panel decision from late last year that upheld a Consumer Financial Protection Bureau civil investigative demand against the firm after the U.S. Supreme Court ruled the agency was unconstitutionally structured.

  • April 12, 2021

    Chase Agrees To Pay $11.5M To End Escrow Interest Suit

    JPMorgan Chase Bank NA has agreed to pay $11.5 million to end a proposed class of homeowners' claims that the bank failed to pay interest on funds held in escrow for mortgages as required by certain state laws, which, if approved, would end the suit in federal court on Long Island.

  • April 12, 2021

    3 Firms Lead As BancorpSouth, Cadence Form $6B Bank

    Mississippi-based BancorpSouth and Cadence Bancorporation of Texas plan to join forces to create Cadence Bank, through a deal that values the new company at $6 billion and is guided by Sullivan & Cromwell, Alston & Bird and Wachtell Lipton.

  • April 09, 2021

    Citi Cites Archegos In Push For $500M Revlon Transfer Freeze

    Citibank NA on Friday raised the specter of the Archegos Capital Management collapse in urging a New York federal judge to extend a court-ordered freeze to ensure the safety of more than $500 million in mistakenly transferred funds that the bank is waging an appeal over to claw back from Revlon Inc. creditors.

  • April 09, 2021

    Feds Drop Criminal Charges In Alleged Fintech Fraud Scheme

    Federal prosecutors on Friday sought to drop wire fraud and securities fraud charges against a former financial planner, noting that his alleged co-conspirator had been pardoned by former President Donald Trump.

  • April 09, 2021

    SEC Exam Unit Warns Firms Of ESG Disclosure Deficiencies

    The U.S. Securities and Exchange Commission's examinations unit issued a risk alert Friday warning advisers and funds "to be consistent" with their disclosures of environmental, social and governance-related investing after uncovering a slew of compliance deficiencies during exams.

  • April 09, 2021

    Drugmaker MannKind Escapes Investors' Suit At 9th Circ.

    The Ninth Circuit has affirmed a lower court's dismissal of a putative securities class action against investment bank H.C. Wainwright & Co. LLC claiming it artificially inflated trading prices for shares of drugmaker MannKind Corp. in advance of a "highly dilutive" offering of the company's shares.

  • April 09, 2021

    Swiss Court Says UBS Clients Can't Bar French Data Transfer

    A Swiss court rejected bids by five UBS Group clients to stop the transfer of their data to France in a wider case in which the bank has been fined for helping French clients dodge taxes, rulings released Friday show.

  • April 09, 2021

    Credit Suisse Sues Spoofers Over Stolen Employee Records

    Credit Suisse Securities has filed suit in California federal court accusing anonymous spoofers of stealing personal information about some of its former employees and sending it to media outlets, law enforcement and former employees while pretending to be the bank's CEO.

  • April 09, 2021

    Pa. Inks $3M Deal With Ex-Fintech CEO Over Payday Loans

    The former head of since-dissolved lender Think Finance has reached a $3 million deal with the state of Pennsylvania to end claims that he helped the company get around limits on interest rates in order to dole out illegal payday loans.

  • April 09, 2021

    SEC's ESG Unit Chief Says Existing Regs Key To Enforcement

    The head of the U.S. Securities and Exchange Commission's new Climate and ESG Task Force tells Law360 her unit’s work will be business as usual for the enforcement division, which will continue to base its priorities on the evolution of investor demands while operating off of existing rules and guidance.

  • April 09, 2021

    Fed Asks Banks For Input On AML Risk Models

    The Federal Reserve Board and a group of U.S. banking agencies asked the nation's banks on Friday for input on how they use risk models to comply with Bank Secrecy Act regulations, including models used to track and report suspicious activities.

  • April 09, 2021

    Sustainability-Linked Bonds Provide Boost For Green Finance

    More U.S. companies are raising money through sustainability-linked bonds, a financing tool that requires businesses to commit to specific environmental goals or face penalties, in an effort to satisfy growing demand for ESG-focused investments.

  • April 09, 2021

    Lieff Wants To Know Why Overbilling Probe Cost So Much

    Lieff Cabraser Heimann & Bernstein LLP, one of three firms whose billing practices were probed by a special master following a 2016 settlement with State Street Corp., asked a Massachusetts federal judge Thursday to explain how the review ended up costing more than double its estimated price tag.

  • April 09, 2021

    Wage Deal Can't Include Atty-Linked Organization, Judge Says

    A class action settlement between a debt collector and employees who claimed their overtime pay rate failed to include commissions can't send unused funds to an organization with ties to class counsel, an Illinois federal judge said, rejecting the $195,000 deal.

  • April 09, 2021

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

    The past week in London has seen Microsoft hit with an antitrust suit over software licenses, Britain's new high-speed rail service face another contract challenge and one of the first lawsuits related to a massive container ship that blocked the Suez Canal. Here, Law360 looks at these and other cases.

  • April 08, 2021

    Tribal Lending Deal With Larger $182M Payout Gets Initial OK

    A Virginia federal judge has given an early green light to a revised $182 million deal to settle illegal online lending claims against tribe-owned American Web Loan Inc. that increases cash payments to the proposed class by $21 million and cancels thousands of additional loans.

  • April 08, 2021

    6th Circ. Urged To Not Erase 5 Years Of Robocall Violations

    The federal government and a consumer suing gas and electric supplier Realgy LLC over allegedly unsolicited robocalls are doubling down on their bid to convince the Sixth Circuit to overturn a ruling that companies shouldn't have to face liability for violations of the national robocall ban that occurred during the five years that government debt collections were exempt from the law.

  • April 08, 2021

    Banks Can't Duck Foreclosure Claim Rooted In Fraud Scheme

    An Illinois state court judge refused Thursday to let two banks dodge claims a former bank CEO's trust launched to take lien priority and foreclose a mortgage it lent to a former money manager who's serving 16 years after defrauding the trust for a decade.

  • April 08, 2021

    Ex-Signac Exec Gets 2nd Arbitration Try In Credit Suisse Fight

    A New York federal judge said that an arbitrator, not the court, should decide if the new arbitration bid from the former leader of Credit Suisse AG's failed tech venture Signac LLC over allegedly misappropriated technology is a "classic do-over" of previous arbitration on the matter.

  • April 08, 2021

    Bank Employee Arrested For Alleged $1.7 Million Wire Fraud

    A longtime employee of a Manhattan-based bank was arrested Thursday and charged with defrauding the bank of about $1.7 million over more than a dozen years through wire transfers to co-conspirators that later sent money to her personal account, said the U.S. Attorney's Office for the Southern District of New York.

Expert Analysis

  • Structural Shift In ESG-Linked Debt May Make Issuance Easier

    Author Photo

    Traditional one-off green bond structures are giving way to frameworks for issuing environmental, social and governance-focused debt that make it easier to bring successive offerings to market and secure outside verification of their alignment with established ESG principles, say attorneys at Hunton.

  • Del. Rulings Guide On D&O Insurance For Corporate Fraud

    Author Photo

    Two recent Delaware decisions chart a helpful path for policyholders seeking directors and officers coverage for incidents involving fraudulent conduct, and also demonstrate the flexibility afforded by choice-of-law clauses, say Brian Scarbrough and Eric Fleddermann at Jenner & Block.

  • What Associates Should Consider Before Switching Practices

    Author Photo

    The current high demand for midlevel associates provides them a rare opportunity to potentially explore new practice areas, but associates should first ask themselves six questions to begin figuring out why a change sounds appealing, says Stephanie Biderman at Major Lindsey.

  • 4 Effective Ways To Prioritize Client Advocacy

    Author Photo

    To truly support a client going through a complicated lawsuit or a painful experience, lawyers must think beyond interpreting legal guidelines and navigating court proceedings, says attorney Scott Corwin.

  • Remote Law Firm Culture Should Prioritize Associate Training

    Author Photo

    Due to the pandemic, the gap between law school and the first day on the job has never been wider, but law firms can leverage training to bridge that intimidating gap and convey the unique value of their culture in a virtual environment, say Melissa Schwind at Ward and Smith, and William Kenney and Jaron Luttich at Element Standard.

  • Opinion

    Why CFPB's Disposal Of Supervisory Tool Is Problematic

    Author Photo

    The Consumer Financial Protection Bureau’s recent elimination of supervisory recommendations that provide financial institutions feedback on compliance deficiencies is concerning and suggests the CFPB is clearing away obstacles to its discretion to invent, as well as enforce, the law, say Eric Mogilnicki and Jeremy Newell at Covington.

  • Virtual Litigation May Unravel The Narcissistic Lawyer

    Author Photo

    The virtual courtroom limits a narcissistic lawyer's ability to intimidate witnesses and opposing counsel, boast to clients or engage in grandstanding — an unexpected benefit of the global pandemic as some aspects of remote litigation are likely here to stay, says Jennifer Gibbs at Zelle.

  • Defense Options After Calif. High Court Call-Recording Ruling

    Author Photo

    Despite the California Supreme Court's recent ruling in Smith v. LoanMe that both parties and nonparties must get consent from everyone in cellular or cordless phone conversations before making recordings, defendants still have multiple means of successfully defeating suits for recording without consent, say attorneys at Akin Gump.

  • ABA Remote Work Guide Raises Bar For Atty Tech Know-How

    Author Photo

    A recent American Bar Association opinion on lawyers' ethical duties of competence and confidentiality when working remotely should be viewed as part of a larger movement by which attorneys are being exhorted to develop competence in 21st century technology, say Jennifer Goldsmith at Ironshore and Barry Temkin at Mound Cotton.

  • Lateral Hire Conflict Screening Lessons From DLA Piper Case

    Author Photo

    While a Texas federal court recently denied a motion to disqualify DLA Piper from representing Apple in a patent dispute after the law firm hired an attorney who formerly represented opponent Maxwell, the case is a reminder that robust conflict checks during lateral hiring can save firms the time and expense of defending disqualification motions, says Hope Comisky at Griesing Law.

  • Key Enforcement Risks For SPAC Parties Amid SEC Scrutiny

    Author Photo

    The U.S. Securities and Exchange Commission's recent attention to special purpose acquisition companies could beget a wave of enforcement inquiries scrutinizing parties involved at any SPAC transaction stage, from sponsors to operating companies, targets, underwriters and broker-dealers, say attorneys at WilmerHale.

  • 3 Cybersecurity Questions To Ask Before A Remote Mediation

    Author Photo

    Lawyers preparing to mediate or arbitrate a case through videoconference should take steps to ensure they and their alternative dispute resolution providers are employing reasonable security precautions to protect digital client data and conform to confidentiality obligations, say F. Keith Brown and Michael Koss at ADR Systems.

  • Can Antitrust Enforcement Be A Tool For Racial Equity?

    Author Photo

    Recent executive branch developments suggest that acting Federal Trade Commission Chairwoman Rebecca Slaughter's anti-racism prescription for antitrust enforcement may be influential, but there is an open question of whether efforts to achieve racial equity will be limited absent significant legislative reforms, says Rosa Morales at Crowell & Moring.

  • Cybersecurity Considerations After NY Lender's Data Breach

    Author Photo

    The New York Department of Financial Services’ recent enforcement action against Residential Mortgage Services for inadequately responding to a cybersecurity breach is instructive for financial institutions evaluating existing data security safeguards, refining their compliance programs and preparing for regulatory examinations, say attorneys at Arnold & Porter.

  • A Uniform Mediation Act Primer As States Continue Adoption

    Author Photo

    With Georgia expected to soon become the 13th jurisdiction to adopt the Uniform Mediation Act and with more states likely to follow suit amid widespread trial delays, practitioners should familiarize themselves with the act's conflict disclosure requirements and the boundaries of its confidentiality provisions, says Richard Mason at MasonADR.

Want to publish in Law360?


Submit an idea
Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!