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Banking

  • May 17, 2019

    Gov't Must Provide Info In Challenge To 2-For-1 Rule Order

    The D.C. federal judge presiding over public interest groups' challenge to President Donald Trump's executive order requiring that for every new regulation, two rules must be eliminated, said Friday that federal agencies must do a better job complying with discovery.

  • May 17, 2019

    UK Truck Cartel Class Cert. Paused Amid Mastercard Appeal

    The U.K.’s competition tribunal pumped the brakes Friday on a class certification bid against Daimler and other truck manufacturers accused of a price-fixing cartel, preferring to wait at least until the country’s high court decides whether to take up Mastercard’s appeal of a decision significantly lowering the certification bar.

  • May 17, 2019

    JP Morgan Chase To Buy Medical Payments Co. InstaMed

    J.P. Morgan Chase announced on Friday its intention to purchase health care payments company InstaMed, which features a cloud-based payments platform, bolstering the bank’s investments in payment services and making inroads into the health care industry.

  • May 17, 2019

    Conn. State Court Grants Post-Cyan Discovery Stay

    A Connecticut state judge addressed one of the biggest questions created by last year's controversial Cyan ruling when he granted a bid to halt discovery pending a decision about whether to dismiss a case over allegedly misleading public offering documents.

  • May 17, 2019

    CFPB Targets NY Debt Collection Firm Over Mass Suit Filings

    A New York debt collection law firm used high-volume litigation tactics such as automation to collect over 99,000 debts without proper attorney oversight, according to a complaint filed in New York federal court by the Consumer Financial Protection Bureau on Friday.

  • May 17, 2019

    Citi, JPM Get Nod For $182.5M Euribor Settlement Payout

    A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs' firms that brought the antitrust class action.

  • May 17, 2019

    Morgan Stanley’s $10M Deal Is Too Low, Advisers Say

    A group of former Morgan Stanley financial advisers urged a California federal judge Thursday to reject a $10 million deal proposed last month to settle allegations that the investment bank routinely refused to reimburse them for work-related expenses, arguing the amount is too low and the release of claims is too broad.

  • May 17, 2019

    Facebook Launches Swiss Fintech Co. Focused On Payments

    Facebook Global Holdings has put together a Switzerland-based fintech company named Libra Networks to focus on the development of software and infrastructure connected to blockchain, big data, payments and other investments, according to publicly available documents.

  • May 17, 2019

    Consumers Push For Sanctions In Tribe-Linked Usury Case

    Consumers accusing a tribe-linked online lender of issuing loans at unreasonably high interest rates urged a Virginia federal court Thursday to sanction the founder of a company connected to the lender, saying he has failed to comply with an order to turn over counsel documents.

  • May 17, 2019

    Pa. Lawyer Says Ex-Partner Stiffed Him On $1.3M In Fees

    A Pittsburgh attorney is suing his former legal partner for some $1.3 million in fees he claims he's owed for hundreds of hours of work on a now-settled class action against First Commonwealth Bank.

  • May 17, 2019

    Wollmuth Maher Snags NOLA Energy Atty For NYC Office

    Wollmuth Maher & Deutsch LLP has bolstered its bankruptcy, restructuring and insolvency group with a former Skadden and McGlinchey Stafford attorney who specializes in the energy industry.

  • May 17, 2019

    DOJ Antitrust Chief To Appear For Fed. Circ. Oral Args

    The U.S. Department of Justice's top antitrust official is set to appear for Federal Circuit oral arguments in an appeal by Capital One Financial Corp. on claims accusing Intellectual Ventures I LLC of monopolizing the banking technology market.

  • May 17, 2019

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

    This past week has seen a Kazakhstan lender file fraud claims against a dissolved London-based business, a Dubai airport security equipment company sue Barclays, and Yamaha's motorcycle business file claims against a German insurer. Here, Law360 looks at those and other new claims in the U.K.

  • May 16, 2019

    Atty-Duping Scammer Cops To Role In $550M Ponzi Scheme

    A Maryland man accused of scamming investors including lawyers, bankers, investment advisers and professional athletes in a $550 million scheme offering high returns on consumer debt pleaded guilty to wire fraud and conspiracy in federal court, prosecutors announced Thursday.

  • May 16, 2019

    Bitfinex, Tether Transfers Blocked As NY Judge Narrows Order

    An order enjoining cryptocurrency company Tether Ltd. and trading platform Bitfinex now has a 90-day time limit after being tightened by a New York judge, while core provisions safeguarding document requests and freezing a line of credit between the two companies were left intact.

  • May 16, 2019

    Best Interest Standard Likely End Of FINRA Suitability Rule

    Officials at the Financial Industry Regulatory Authority expect to delete the rule requiring broker-dealers to make trades "suitable" to customers if the U.S. Securities and Exchange Commission implements a higher standard known as Regulation Best Interest, a senior FINRA attorney said Thursday.

  • May 16, 2019

    PTAB Says E-Check Patent Not Eligible For CBM Review

    A United Services Automobile Association patent related to mobile check deposits covers a "technological invention," the Patent Trial and Appeal Board said Wednesday, meaning it is not eligible for covered business method review.

  • May 16, 2019

    Schwab Leans On Lamps Plus In Push To Sink 401(k) Class

    The U.S. Supreme Court's recent Lamps Plus Inc. ruling supports Charles Schwab Corp.'s argument that class arbitration is off the table for workers claiming the money manager used its 401(k) plan as a cash cow, Schwab told the Ninth Circuit on Wednesday.

  • May 16, 2019

    Regulators Nearing Finish Line On Banking Relief Bill

    Federal banking regulators told House lawmakers Thursday that they’re expecting to finish writing rules implementing last year’s banking regulatory relief bill by the end of 2019, should soon have more updates on Volcker rule reform and could move to address the Second Circuit’s controversial Madden decision.

  • May 16, 2019

    'Wealth Factor' Costs $2B Fraud Suspect Yet Another Bail Bid

    Two days after expressing concerns about the "wealth factor" involved, the Second Circuit on Thursday rejected a Lebanese salesman and accused fraudster's emergency bid to be released on $20 million bond.

Expert Analysis

  • Reducing The Regulatory Risk Of Merchant Cash Advances

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    Courts and regulators have reached different conclusions on whether merchant cash advances and unpaid invoice purchases constitute loans subject to state lender licensing and usury regulations. Attorneys at Buckley discuss how to minimize the chances of these transactions being recharacterized as loans.

  • The Precarious State Of Public Injunction Waivers In Calif.

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    Two years ago, in McGill v. Citibank, the California Supreme Court made arbitration agreements that preclude consumers from seeking public injunctive relief unenforceable. But some federal courts have deviated from that holding so as to make its future uncertain, say Brian Kabateck and Brian Hong of Kabateck.

  • Q&A

    A Chat With Gilead Sciences Legal Ops Leader Gary Tully

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    In this monthly series, legal recruiting experts from Major Lindsey & Africa interview legal industry leaders about the increasingly competitive business environment. Here, Rod Osborne talks with Gary Tully, head of legal operations at Gilead Sciences.

  • Opinion

    FINRA's Presumptive Bad Actor Rule Seems Like Overkill

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    The Financial Industry Regulatory Authority's proposal to establish a system of preemptive confiscatory fines based on predictive analytics prompts many questions about whether such a regime would be necessary or fair, says Thomas Potter of Burr & Forman.

  • FBAR Taxpayers May Face Steeper Failure-To-File Penalties

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    U.S. v. Boyd, a California federal court case decided last month, suggests that the IRS could be transitioning to a more aggressive penalty approach for foreign bank and financial account reporting violations — meaning more risk for U.S. taxpayers with multiple foreign financial accounts, say Friedemann Thomma and Rebecca Chappell of Venable.

  • Series

    Why I Became A Lawyer: Completing The Journey Home

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    My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

  • Examining The Evidence On VIX Manipulation

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    An ongoing multidistrict litigation alleges manipulation of the formula used to determine the settlement price for derivatives based on the Chicago Board Options Exchange’s volatility index. But a review of trading data reveals how reasons other than manipulation can explain trading activity on any given day, say consultants with Analysis Group.

  • Understanding The Nuts And Bolts Of Bridge Lending

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    Bridge lending, a hybrid form of financing that is generally safer than construction loans but offers higher yields than permanent loans, is growing in popularity. But commercial real estate lenders should consider several key factors before entering the field, says Kamao Shaw of Bryan Cave.

  • The Problem With 9th Circ. CFPB Leadership Structure Ruling

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    In Consumer Financial Protection Bureau v. Seila Law, the Ninth Circuit recently ruled that the CFPB’s single-director structure is constitutional. However, the opinion applies the U.S. Supreme Court's decision in Humphrey’s Executor v. U.S. in a way that ignores that decision's fundamental holding, says Alan Kaplinsky of Ballard Spahr.

  • Series

    Judging A Book: Wood Reviews 'The Making Of A Justice'

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    Retired U.S. Supreme Court Justice John Paul Stevens' new book, "The Making of a Justice," is required reading for anyone interested in 20th and 21st century America, says Seventh Circuit Chief Judge Diane Wood.