Banking

  • August 20, 2019

    Fintech Adoption Poised For Growth In US Despite Lag

    The adoption of fintech products that provide online banking and money transmission services has been uneven across the globe, with U.S. consumers lagging behind those in China and India, but with regulatory clarity potentially on the horizon, some see the potential for a surge in use in the U.S.

  • August 20, 2019

    Investor Slams Bid To Ax Claim In $28.7M Award Row

    An investor in a Chilean wine company seeking to enforce a $28.7 million arbitral award against a controlling shareholder in the business told a federal court that a Florida company cannot toss a claim alleging it is an alter ego of the shareholder.

  • August 20, 2019

    Money Laundering Row Can't Be Litigated, NY Court Hears

    A New York businessman accused of helping to launder some $440 million stolen from the Kazakh city of Almaty and a Kazakh bank has urged a New York federal court to send their dispute to arbitration, calling the litigation a "blatant" violation of an underlying arbitration agreement.

  • August 20, 2019

    Bankruptcy Tech Co. Owner Looks To Duck Antitrust Suit

    The owner of a bankruptcy software provider urged a New Jersey federal court Monday to toss a suit accusing it of maintaining a conspiracy to inflate fees charged in Chapter 7 bankruptcy cases, saying the issue has already been litigated.

  • August 20, 2019

    2nd Ex-JP Morgan Metals Trader Cops To Spoofing

    A former JPMorgan Chase metals trader pled guilty in Brooklyn federal court Tuesday to spoofing commodities transactions for most of his 12-year career, making him the second trader at the bank to admit to such a scheme.

  • August 20, 2019

    Crypto Platform Sets $130M Target In Rare IPO Filing

    Cryptocurrency trading platform INX Ltd. filed plans to raise up to $129.5 million in an initial public offering with the help of McDermott Will & Emery LLP, Horn & Co. Law Offices and Hassans International Law Firm, making it one of a few cryptocurrency companies to pursue a U.S. listing. 

  • August 20, 2019

    Navajo Nation Ends Appeal Of Wells Fargo Fake Accounts Suit

    The Navajo Nation has reached a $6.5 million settlement with Wells Fargo, ending the Tenth Circuit appeal that sought to revive claims the bank systematically targeted tribe members as part of a campaign involving opening fraudulent bank accounts in their names or pressuring them to open unnecessary accounts.

  • August 20, 2019

    9th Circ. Says Schwab Can Push ERISA Case To Arbitration

    The Ninth Circuit ruled Tuesday that Charles Schwab Corp. can send a proposed class action accusing Schwab of using its retirement plan as a cash cow to arbitration, striking down decades-old case law that said Employee Retirement Income Security Act lawsuits can't be arbitrated. 

  • August 20, 2019

    Bank Regulators Sign Off On Finalized Volcker Rule Changes

    Federal banking regulators on Tuesday approved a final set of changes to the Volcker Rule's proprietary trading ban, dropping an industry-criticized plan to introduce an accounting-based test for vetting whether trades are prohibited under the rule.

  • August 20, 2019

    Judicial Immunity Ends Suit Over Mass. Judge's Rulings

    A Massachusetts federal judge is protected by judicial immunity in a suit accusing him of misconduct and various criminal claims tied to his dismissing an employment suit against Liberty Mutual Group, according to a dismissal order filed Tuesday.

  • August 19, 2019

    Ex-Morgan Stanley Worker Can't Duck Arbitration: 7th Circ.

    A former Morgan Stanley financial adviser must take his discrimination claims against the investment bank to arbitration, the Seventh Circuit ruled Monday, finding he's still beholden to an arbitration agreement that changed after his hiring, even though he purportedly didn’t see the email announcing the changes.

  • August 19, 2019

    Casino Cameras Need To Record Cellphones, Pa. Court Told

    Pittsburgh's Rivers Casino couldn’t have violated Pennsylvania’s Wiretap Act with silent recordings of two patrons’ cellphone screens, because gambling establishments are required to have cameras capable of picking up tiny details and those patrons knew they were being watched, the casino argued Monday in state court.

  • August 19, 2019

    Credit Unions Get Initial OK For Hemp Banking

    The National Credit Union Administration on Monday gave credit unions initial approval to do business with hemp producers, responding to requests from lawmakers who asked for clarity on how lenders should handle money connected to the crop.

  • August 19, 2019

    NRA Denied Sit-In On NY AG's Oliver North Deposition, Twice

    Both a New York state trial court judge and an appeals court judge on Monday rejected bids by the National Rifle Association to fight its way into a Tuesday deposition of its former president Oliver North by the New York attorney general, who is investigating the group's finances.

  • August 19, 2019

    Commerzbank Bids For Quick Wins In BNY Mellon RMBS Suit

    Commerzbank AG has asked the Manhattan federal judge overseeing its residential mortgage-backed securities trustee suit against the Bank of New York Mellon for key rulings that it said would leave damages as the only question remaining to be tried for nearly half of the dozens of mortgage trusts at issue in the case.

  • August 19, 2019

    BofA Seeking Patent For 'Multi-Tiered' Crypto Wallet Security

    Bank of America has filed a patent application for a digital wallet security system that can be used to partition cryptocurrency holdings into different tiers with distinct passwords, ostensibly giving wallet holders more control over their digital assets.

  • August 19, 2019

    Binance Eyes Gov't Partnerships With New Crypto Initiative

    Binance, one of the largest cryptocurrency exchanges in the world, on Monday announced its Venus initiative, a blockchain project aimed at developing “localized stablecoins and digital assets” with companies and government partners.

  • August 19, 2019

    GE Again Denies Report Of $38B Accounting Fraud

    General Electric Co. on Monday again pushed back against allegations by well-known whistleblowers who accuse the conglomerate of a $38 billion accounting fraud executed in part by hiding losses from its insurance business, saying the state of its current reserves is sound.

  • August 19, 2019

    Hong Kong Agencies Ink Pact To Combat Financial Crime

    Hong Kong’s Securities and Futures Commission and the Independent Commission Against Corruption on Monday agreed to strengthen their collaboration in order to more effectively combat financial crime.

  • August 19, 2019

    4 Life Science Cos. Lead 5 IPO Filings Totaling $476M

    Four life science companies and a financial services provider have filed initial public offerings preliminarily projected to raise a combined $476 million, adding to a growing pipeline of deals that could price after Labor Day and restart IPO activity after the customary August slowdown.

  • August 19, 2019

    Thornton Slams Ex-Judge For 'Misleading' Court In Fee Fight

    Thornton Law Firm LLP on Friday hammered a retired federal judge tasked with overseeing a messy $75 million fee fight following a $300 million State Street Corp. settlement over its foreign exchange practices, saying he was "intentionally misleading" the court about why a quote in his report had been erroneously attributed to a Thornton partner.

  • August 19, 2019

    Feds Beef Up Boustani Indictment Before Dismissal Args

    Federal prosecutors filed a new indictment in the Mozambique corruption case against Lebanese salesman Jean Boustani on Monday, days ahead of a hearing on Boustani’s claim that the case should be dismissed for lacking a connection to the U.S.

  • August 19, 2019

    CFTC Fights Kraft's Sanctions Bid Over $16M Wheat Suit Deal

    Any problem Kraft Group Foods Inc. has with the U.S. Commodity Futures Trading Commission's announcement of a $16 million settlement of a wheat price manipulation suit should be taken up with the company's own lawyers, the agency told an Illinois federal court over the weekend.

  • August 19, 2019

    Argentina Hit With €384M UK Suit Over Bond Payout

    Three investment funds holding billions of dollars of Argentinian government bonds sued the country for €384.7 million ($427 million), claiming the South American country had improperly changed the baseline used to assess when payments were owed. 

  • August 16, 2019

    Kraft Says CFTC Press Release Broke $16M Wheat Suit Deal

    Kraft Foods Group Inc. and Mondelez Global LLC urged an Illinois federal judge Friday to impose sanctions against the U.S. Commodity Futures Trading Commission, arguing that the agency violated their $16 million deal in a wheat price manipulation suit by making public statements about the deal.

Expert Analysis

  • CFTC's Silence Stings In Wheat Futures Manipulation Case

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    The U.S. Commodity Futures Trading Commission v. Kraft and Mondelez case was expected to clarify new standards for prosecuting market manipulation, but instead ended in a settlement that failed to provide any guidance or context, and even barred the CFTC from publicly commenting on the case, says Braden Perry at Kennyhertz Perry.

  • A Robust Federal Consumer Protection Law May Be Ahead

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    The U.S. Department of Justice, the Federal Trade Commission and the Consumer Financial Protection Bureau all recently announced pushes into data privacy and security through consumer protection enforcement, suggesting that they could be developing the foundation for a new U.S. federal privacy statute, say Brad Elbein and Linda Priebe of Culhane Meadows.

  • Breaking Down The SEC's Regulation Best Interest

    Excerpt from Lexis Practice Advisor
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    The U.S. Securities and Exchange Commission's recently adopted Regulation Best Interest represents a significant rulemaking for the retail financial services industry that will require significant time and resources to make the necessary operational and compliance changes, say Jay Baris and Russell Sacks at Shearman & Sterling.

  • Issues To Avoid In Fintech, Consumer Financial Services M&A

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    Fintech-specific considerations and persistent regulatory scrutiny highlight the need to understand the risks involved — and necessary due diligence — before acquiring a consumer financial products and services business, says Jonathan Pompan at Venable.

  • What 2 Recent OFAC Cases Say About Compliance Priorities

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    Findings of violation issued by the Office of Foreign Assets Control earlier this month to U.S. companies DNI Express Shipping and Southern Cross Aviation are illustrative of the continued focus, by OFAC and other agencies, on completeness and accuracy in both responsive and voluntary disclosures, say attorneys at Akin Gump.

  • Crisis Messaging To Protect Law Firm Brand And Bottom Line

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    When crises occur, such as data security incidents or gender bias suits, a well-prepared law firm has a thoroughly tested communications plan at the ready, which ensures the firm is the most proactive news source, prevents the crisis from escalating and notifies stakeholders about mitigation efforts, says Zach Olsen at Infinite Global.

  • The Escalating Sanctions Against Venezuela, Russia And Iran

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    The past few weeks saw a flurry of activity demonstrating that imposition and enforcement of economic sanctions against Venezuela, Russia and Iran — and by extension China — continues to be a key driver for the Trump administration in confronting foreign policy challenges, say attorneys at Kirkland.

  • Unpacking The OFCCP's Proposed Audit Compliance Letters

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    If implemented, the new compliance review scheduling letters proposed by the Office of Federal Contract Compliance Programs will demand more detailed data at the commencement of an audit than ever sought before, say attorneys at Jackson Lewis.

  • Ohio's Payday Lending Regs May Inform Other State Efforts

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    With the U.S. Consumer Financial Protection Bureau's rules to rein in payday lending on hold indefinitely, state legislatures seeking to fill the regulatory void may look to the successes and failures of Ohio's Fairness in Lending Act, elements of which recently went into effect, say attorneys at Isaac Wiles.

  • Assessing The Cost, Legal Fallout Of Capital One Data Breach

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    Following Capital One's recent massive data breach, Jack Lu of IPMAP estimates the incremental direct cost incurred for management of the breach and for post-breach legal and regulatory processes, shedding light on the economic and legal uncertainties.

  • Perspectives

    What You Should Know About Courtroom Closures

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    At attorney Greg Craig’s trial in D.C. federal court this week, the courtroom was cleared so prospective jurors could answer sensitive questions. Even seasoned litigators were left wondering about the nature of this subtle, yet significant, issue involving Sixth Amendment public trial rights, says Luke Cass at Quarles & Brady.

  • Next US Move Against Iran Could Block Humanitarian Aid

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    If the U.S. government uses its anti-money laundering authority under the USA Patriot Act to further isolate Iran, the consequences are likely to extend far beyond the purported aim of ensuring the exclusion of Iranian banks from the international financial system, says Jeremy Paner at Ferrari & Associates.

  • Series

    Why I Became A Lawyer: A Seaweed Scientist's Odyssey

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    In the early 1980s, I was working on my Ph.D. in marine biology and ecology. As part of an international team of scientists studying oil spill impacts on marine ecosystems, I saw a niche opportunity to combine science and law, says Andrew Davis of Shipman & Goodwin.

  • Advisers Can Borrow From Banking's Model Risk Playbook

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    In the absence of U.S. Securities and Exchange Commission rules to govern the investment management industry's use of models, asset managers can look to the Federal Reserve Board and U.S. Office of the Comptroller of the Currency's supervisory guidance on model risk management amid ongoing regulatory scrutiny of this area, say Michael Sullivan and Nicholas Kiritz at Promontory Financial Group.

  • Blockstack Token Offering Establishes Reg A+ Prototype

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    The market's first-ever regulated digital token offering — from Blockstack in July — outlines the U.S. Securities and Exchange Commission's position on issuing digital securities under Reg A+, but token-specific guidance is still needed to fill in the gaps, says Daniel Payne at Murphy & McGonigle.