Banking

  • June 30, 2022

    Ex-Hedge Fund Star Awarded $52M In Defamation Arbitration

    D.E. Shaw & Co. on Wednesday was ordered to pay its former managing director Daniel Michalow $52 million following arbitration in which he lobbed defamation and gender discrimination claims against the prominent hedge fund, according to a Financial Industry Regulatory Authority filing.

  • June 30, 2022

    Treasury's OFAC Blocks $1B In Russian Oligarch's Trust

    In a bid to punish the Kremlin for its invasion of Ukraine, the U.S. Department of the Treasury's Office of Foreign Assets Control has blocked a Delaware-based trust containing assets worth more than $1 billion, in which a sanctioned Russian oligarch holds property, the agency said Thursday.

  • June 30, 2022

    We're Not All Textualists Now, Kagan Warns In Climate Dissent

    U.S. Supreme Court conservatives pulverized climate rules and their own credibility by conveniently abandoning "textualist" principles and deploying a new doctrine that threatens myriad regulations, Justice Elena Kagan warned Thursday.

  • June 30, 2022

    Grayscale Sues SEC After It Rejects Another Bitcoin ETF

    Grayscale Investments has asked the D.C. Circuit to review the U.S. Securities and Exchange Commission's decision to turn down yet another effort to launch an exchange-traded fund that holds bitcoin.

  • June 30, 2022

    Fla. Payday Lender To Pay $39M In SEC Investment Fraud Suit

    A Florida federal judge entered final judgment in favor of the U.S. Securities and Exchange Commission after a Miami payday loan company agreed to pay more than $39 million to resolve claims it fraudulently raised $66 million from more than 500 investors.

  • June 30, 2022

    CFPB Scraps Earned-Wage Access Co.'s 'Sandbox' Approval

    The Consumer Financial Protection Bureau on Thursday rescinded a Trump-era regulatory waiver approval for earned-wage access provider PayActiv Inc., granting what the agency said was a company request for termination amid changes to its fee structure and a brush with enforcement officials.

  • June 30, 2022

    FINRA Fines Barclays $2.8M Over Disclosure Issues

    Barclays Capital Inc. will pay $2.8 million to settle allegations from the Financial Industry Regulatory Authority that it included inaccurate information in trade confirmations sent to customers and failed to put a proper compliance supervisory system in place.

  • June 30, 2022

    Deutsche, NatWest Eye Deals Worth $34M In Swiss Libor Case

    A proposed class of investors accusing various financial institutions of conspiring to manipulate the Swiss franc Libor has asked a New York federal court to approve a $21 million settlement with NatWest Markets and a $13 million settlement with Deutsche Bank.

  • June 30, 2022

    Real Estate Rumors: Divya Patel, Barren County, Prologis

    Investors Divya and Deepak Patel have reportedly ended talks with El Dorado County to lease two California motels to the county, Barren County is reportedly considering an office building, a bank and several churches in Kentucky as sites for a new judicial center, and Prologis has reportedly gotten the right to develop 177 acres in the Los Angeles area.

  • June 30, 2022

    Judge Trims UBS Client's Suit Over Bond Tax Reporting

    A New Jersey federal judge Thursday dismissed parts of a man's suit against UBS Financial Services arguing it cost bondholders millions in taxes by misreporting bond premiums, but the judge allowed claims alleging negligence and breach of contract to proceed.

  • June 30, 2022

    CFPB Says ArentFox Can't Drop Bond Co. Client Facing Suit

    The Consumer Financial Protection Bureau and several state attorneys general urged a Virginia federal judge on Thursday to deny a motion from a group of ArentFox Schiff LLP attorneys to withdraw from representing an immigration bond company being sued by the regulator.

  • June 30, 2022

    CFPB, NY Drop NFL Player Claims From Legal Funder Suit

    More than five years into a suit against litigation funder RD Legal, the Consumer Financial Protection Bureau and New York's attorney general have dropped allegations that the company ripped off a group of injured pro football players.

  • June 30, 2022

    2nd Circ. Says Goldman's ERISA Class Challenge Is Premature

    The Second Circuit turned away Goldman Sachs' bid to launch a midcase challenge to the certification of a class of thousands of former employees who say the investment bank filled their retirement plan with underperforming funds, ruling that the time wasn't ripe for an appeal.

  • June 30, 2022

    Deals Rumor Mill: FTX, Musk, BC Partners

    Crypto giant FTX is exploring whether it can acquire trading app Robinhood, Elon Musk has gained access to Twitter's full stream of tweets, which he has made a condition of his proposed acquisition, and BC Partners may sell its dental products business. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • June 30, 2022

    Credit Reporting Agencies Hit With Suit Over Faulty Reports

    The three major U.S. consumer credit reporting agencies and an auto finance company were hit with a suit in Illinois federal court Wednesday by a consumer who claims the companies violated the Fair Credit Reporting Act by failing to follow reasonable procedures to assure maximum possible accuracy in the preparation of his consumer reports.

  • June 30, 2022

    Trustee Looks To Claw Back $1.4M In Kossoff Firm's Ch. 7

    The trustee to now-defunct real estate law firm Kossoff PLLC sought to claw back $1.475 million from Valley National Bank, alleging sole member Mitchell Kossoff — recently sentenced for defrauding clients — drained firm funds with the bank's help to keep a family business afloat.

  • June 30, 2022

    Global Standards Setter Proposes New Crypto-Regulation

    A global standards setter for financial regulators called Thursday for a cut to the amount of capital that banks should hold when trading in risky digital assets such as bitcoin to help them stay resilient if the value of their crypto-holdings plummets.

  • June 30, 2022

    Mortgage Co. Hits Ch. 11 With $500M Debt After Layoffs

    Mortgage lender First Guaranty Mortgage Corp. filed for Chapter 11 protection in Delaware on Thursday just days after laying off hundreds of employees, listing $500 million or more in debt in its initial filings.

  • June 29, 2022

    Wells Fargo Faces Top Dem's Wrath, Investor Suit Over Hiring

    Wells Fargo has been hit with a proposed investor class action tied to allegations that the bank conducted fake job interviews to satisfy internal diversity guidelines, a claim that is also fueling a top Democratic lawmaker's call for a regulatory crackdown on the bank to end its "pattern of bad behavior."

  • June 29, 2022

    Judge Won't Pause Laos' Suit Over Failed Casino Venture

    An Idaho court on Wednesday refused to pause litigation filed by the government of Laos seeking to enforce $3.7 million in arbitral awards stemming from a dispute over an ill-fated gambling venture, despite an ongoing appeal and subsequent arbitration that may offset the awards.

  • June 29, 2022

    Monaco Bank Seeks Redo On $92M Racketeering Suit

    The Ninth Circuit is being asked to revisit its decision reviving a racketeering lawsuit that accused a Monaco bank of helping to hide the fortune of an alleged Russian real estate fraudster who's been ducking efforts by his former business partner to enforce a $92 million arbitral award.

  • June 29, 2022

    UBS Strikes $25M Deal With SEC Over Alleged Trading Fraud

    The U.S. Securities and Exchange Commission and UBS Financial Services Inc. agreed to a $25 million settlement Wednesday on claims that the firm sold roughly $2 billion of a complex investment strategy without properly explaining the risks to its advisers and clients.

  • June 29, 2022

    Trump No Longer In Contempt In NY AG's Fraud Probe

    A New York court officially cleared Donald Trump of civil contempt on Wednesday after the former president paid a $110,000 fine and he and Trump Organization employees provided a flurry of sworn statements about documents sought by the state attorney general in a fraud investigation.

  • June 29, 2022

    Senators Say KC Fed Still Stonewalling On Master Accounts

    A group of U.S. senators has criticized the Federal Reserve Bank of Kansas City for its latest pushback against requests to turn over information related to a master account connected to fintech company Reserve Trust that it recently revoked.

  • June 29, 2022

    Fintech Lender Wants Texas Usury Suit Sent To Arbitration

    Fintech lender Opportunity Financial LLC asked a Texas federal judge to send a potential class action alleging usury law violations into arbitration, claiming the plaintiff agreed to arbitrate claims as part of the promissory note on her loan.

Expert Analysis

  • 5 Tips For Meeting DOJ's New CCO Certification Requirements

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    In light of new U.S. Department of Justice requirements that chief executive and compliance officers certify the effectiveness of their companies' ethics and compliance programs, these executives should keep several considerations in mind to avoid undue personal liability, say advisers at StoneTurn.

  • Ethics Considerations For Attorneys Joining Nonprofit Boards

    Excerpt from Practical Guidance
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    Many charitable organizations offer attorneys board positions to benefit from their specialized legal knowledge, but there are ethical considerations and liability dangers that demand lawyers set boundaries about their roles and responsibilities, says Patrick Sturm at LexisNexis.

  • Gov't Agencies Face Diverse Fallout From 5th Circ. SEC Case

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    The recent Fifth Circuit decision in Jarkesy v. U.S. Securities and Exchange Commission will likely have a limited effect on the SEC’s enforcement program, but could portend a very significant impact for other agencies, especially those relying on administrative machinery to impose money penalties, say Daniel Walfish and Rachel Penski Fissell at Walfish & Fissell.

  • NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

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    PMW Management's Chapter 11 filing, which recently received extra time to submit a restructuring plan, highlights courts' increasing skepticism of bankruptcy blocking provisions and favoritism toward leaving bankruptcy restructuring plans in the hands of the debtor, say Jeff Marwil and Ashley Weringa at Proskauer.

  • 5th Circ. Ruling Signals Judicial Shift On SEC Admin Process

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    The Fifth Circuit’s decision in Jarkesy v. U.S. Securities and Exchange Commission signals a growing discomfort in the judiciary with the SEC's administrative process, and those dealing with enforcement actions should bring their constitutional challenges early and often, say Benjamin Daniels and Trevor Bradley at Robinson & Cole.

  • Bankruptcy Case Is Reminder On Collateral Ownership Issue

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    The recent Northern District of Oklahoma bankruptcy ruling in Rudick shows why it is critical that a practitioner understands who owns its client's proposed collateral, especially if the collateral is material to the underwriting and credit profile of a loan, say attorneys at Troutman Pepper.

  • Advising A Cannabis Business Amid Patchwork Of Regs

    Excerpt from Practical Guidance
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    As the cannabis industry continues to grow, so does its widely varied patchwork of local, state and federal regulation, and practitioners should familiarize themselves with the specific rules on tax, real estate, intellectual property and banking applicable in the jurisdictions where their clients operate, say Patrick Hines and Fallon Martin at Hodgson Russ.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Determining Interest Rate Floors With Transition To SOFR

    Excerpt from Practical Guidance
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    As commercial loans shift from Libor to Secured Overnight Financing Rate term rates, counsel should review existing credit agreements and any amendments, and pay close attention to whether any floors are transitioned or become applicable as a result of an agreement's transition, says Ann Dziuba at LexisNexis.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • SEC Crypto Unit Expansion Is A Warning To Industry

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    The U.S. Securities and Exchange Commission’s recent decision to expand its Crypto Assets and Cyber Unit is a clear signal that federal regulators may increase enforcement against those violating securities laws in the digital asset space, say attorneys at BakerHostetler.

  • A Robust Tool For Defending Against Illinois Biometric Suits

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    Many defendants in class actions brought under the Illinois Biometric Information Privacy Act may be able to avail themselves of the law's financial institution exemption, which, as two recent cases demonstrate, covers a range of entities beyond traditional banks — but parties must be able to establish their entitlement to this defense, says David Oberly at Squire Patton.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • 2 Years Since Liu, Disgorgement Case Law Is Favoring SEC

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    In the two years since the U.S. Supreme Court’s decision in Liu v. the U.S. Securities and Exchange Commission, circuit courts have weighed in to answer the decision's open questions, and recent cases suggest that courts are unwilling to disrupt disgorgement orders, even where the awards would not survive Liu scrutiny, say attorneys at Ropes & Gray.

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