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Banking

  • February 15, 2019

    Facing Up To 24 Years, Manafort Gets No Help From Mueller

    Former Donald Trump campaign chairman Paul Manafort is facing the possibility of spending nearly a quarter-century behind bars for bank and tax fraud, and special counsel Robert Mueller's office said Friday it didn't see "any mitigating factors" that the Virginia federal court should consider when handing down a final sentence.

  • February 15, 2019

    TCPA Challengers Can't Go Around Gov't, High Court Told

    The federal government has jumped into a U.S. Supreme Court fight over the proper channel for challenging the Federal Communications Commission's reading of the Telephone Consumer Protection Act, arguing that private litigants aren't allowed to go around the government to launch collateral attacks on the validity of agency orders. 

  • February 15, 2019

    Puerto Rico Fed Board Was Illegally Appointed: 1st Circ.

    The federal board charged with overseeing Puerto Rico’s financial overhaul and addressing its debt crisis was unconstitutionally appointed and must either be confirmed by the U.S. Senate or replaced in accordance with the law within the next 90 days, the First Circuit ruled Friday.

  • February 15, 2019

    7th Circ. Asked To Revive RICO Suit Against Seyfarth

    Seyfarth Shaw LLP should not have escaped a lawsuit over bad tax shelter advice it allegedly gave to an insurance executive who ended up reaching a $10 million settlement with the IRS, the executive told the Seventh Circuit in a filing made public Friday.

  • February 15, 2019

    SEC Charges 4 In Elaborate Microcap Stock Fraud

    The U.S. Securities and Exchange Commission filed suit on Friday against four individuals and businesses in their control for allegedly conducting a pair of elaborate fraud schemes in which fake debt notes for microcap companies were converted into stock and then sold to the public at a profit.

  • February 15, 2019

    Optum Can't Get 1st Circ. To Block Ex-Exec From Startup

    The First Circuit on Friday rejected Optum’s bid to block a former executive from working at a health care startup created by Amazon, Berkshire Hathaway and JPMorgan Chase, instead kicking the dispute back to the lower court.

  • February 15, 2019

    Jurisdiction Key In 2nd Circ.'s Reviving Of US Bank-BofA Row

    The Second Circuit on Friday revived U.S. Bank's New York federal court suit seeking to make Bank of America buy back a $9 million mortgage loan from a commercial mortgage-backed securities trust, ruling that the case shouldn't be sent back to where it began in Indiana but should be decided under Hoosier state law.

  • February 15, 2019

    Goldman Launches 2nd Appeal Of Class Cert. In 2nd Circ.

    A New York federal judge incorrectly recertified a class of investors who accused Goldman Sachs Group Inc. of lying about its ethical compliance efforts before it lost $1 billion in securities known as collateralized debt obligations, the Wall Street giant argued in its appeal to the Second Circuit on Friday.

  • February 15, 2019

    Banker's Fake Doc Didn't Cinch Feds' Forgery Extradition Bid

    A Polish banker accused of submitting a phony letter exonerating himself in order to avoid being extradited from the U.S. to face forgery charges in Poland won a month's delay from a Brooklyn federal magistrate judge on Friday, with the court asking Polish prosecutors to be a bit more clear about their evidence first.

  • February 15, 2019

    Taxation With Representation: Kirkland, McAfee, Latham

    In this week’s Taxation with Representation, Ingersoll Rand Co. lobs a $1.45 billion offer for Precision Flow Systems, Morgan Stanley takes over Solium Capital Inc. in a $900 million deal, and Toro Co. buys The Charles Machine Works Inc. for $700 million.

  • February 15, 2019

    Wells Fargo Wants Quick OK On Samuels Jewelers Credit Bid

    Wells Fargo told a Delaware bankruptcy judge Friday that its $16 million credit bid for specialty retailer Samuels Jewelers Inc.’s assets should be approved quickly as the debtor is in default under the bank’s post-petition lending facility and no other bidders have emerged.

  • February 15, 2019

    Ex-Goldman Exec Agrees To Face 1MDB Charges In US

    Former Goldman Sachs Group Inc. managing director Roger Ng Chong Hwa has agreed to be extradited from Malaysia to the U.S. to face charges of conspiring to misappropriate more than $2.7 billion from Malaysia's sovereign wealth fund, 1Malaysia Development Berhad.

  • February 15, 2019

    Ex-Vinson & Elkins Atty Joins Pillsbury In NY

    Pillsbury Winthrop Shaw Pittman LLP has added a former Vinson & Elkins LLP commercial litigator to its New York City office as a partner.

  • February 15, 2019

    Restitution In Kohl's Credit Card Fight Is Up To Jury

    A Pennsylvania federal judge has agreed to allow jurors to decide whether Kohl’s and Capital One NA unjustly profited by charging a class of consumers for a credit monitoring program that allegedly did not include all of the services the retailer advertised.

  • February 15, 2019

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

    The last week has seen the European arm of a Japanese investment bank sue a Saudi billionaire, the former prime minister of Qatar face action involving a pricey mansion and a Swiss bank file claims against executives of a defunct business group being investigated by the U.K.'s fraud watchdog. Here, Law360 looks at those and other new claims in the U.K.

  • February 15, 2019

    Russia Liable For Seizing Crimea Investments, Tribunal Finds

    Russia unlawfully expropriated investments in Crimea held by Ukraine's largest commercial bank and the operator of a private airport following the country's 2014 takeover of the peninsula, an international tribunal has concluded, while leaving claims for damages totaling more than $1 billion for a later stage.

  • February 15, 2019

    SEC's Evidence In Brokerage Fraud Suit Lacking, Judge Says

    The U.S. Securities and Exchange Commission was partially denied a quick win on Thursday when a Pennsylvania federal judge decided that some of the evidence presented in its suit against two former brokerage executives accused of bilking their investors with hidden costs failed to definitively prove its argument.

  • February 15, 2019

    German Watchdog Widens Deutsche Bank AML Investigation

    Germany’s financial regulator announced Friday it has ordered an independent investigator to subject Deutsche Bank’s role in a money laundering scandal involving Danish lender Danske Bank to closer scrutiny.

  • February 15, 2019

    RBS Says Brexit Threatens $56B In Payments Business

    Political uncertainty surrounding the U.K.’s fast-approaching exit from the European Union threatens Royal Bank of Scotland's ability to clear 300,000 daily cross-border payments valued at more than €50 billion ($56 billion), the lender warned Friday.  

  • February 14, 2019

    Tribe's Laws Trump Mont. Court In Crow Tribe's Bank Dispute

    A federal judge in Montana on Thursday granted a Crow Tribe lawmaker's request to quash a temporary restraining order in a dispute over nearly $2.5 million in tribal funds, saying an earlier tribal civil court restraining order should stand and dismissing the case over jurisdictional grounds.

Expert Analysis

  • How Newly Broadened Venezuela Sanctions Affect Securities

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    The U.S. Treasury Department’s Office of Foreign Assets Control recently amended the general licenses that authorize dealings in bonds and securities otherwise prohibited by U.S. sanctions on Venezuela — apparently to target parties that would facilitate transactions between Petróleos de Venezuela SA securities holders and blocked individuals, say attorneys at Hunton Andrews Kurth LLP.

  • 5 Considerations For Both Sides In Stadium Naming Deals

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    The stadium and arena naming rights deal market remains highly active. The complexity of these agreements and the importance of the terms are growing, say Ryan Davis and Steve Smith of Bryan Cave Leighton Paisner LLP.

  • Maker-Taker Fees In A Fragmented Equity Market

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    Competing U.S. equity exchanges attract liquidity by offering rebates to orders that make liquidity, and charging fees to orders that take liquidity, which may distort brokers’ incentives against their fiduciary duty. Such maker-taker fees are likely to attract further scrutiny from regulators and courts, say Ilan Guedj and Zhong Zhang of Bates White LLC.

  • Mediation Opening Arguments Should Not Be A Throwdown

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    Presenting a powerful opening statement at mediation plays an important role in achieving success, but you need to reach into your toolbox for more than just a hammer, says Anthony Rospert of Thompson Hine LLP.

  • Recent Trends In FTC Consumer Protection Enforcement

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    The Federal Trade Commission is focusing its enforcement efforts on financial services, web services and emerging technologies, data security and consumer privacy, telecommunications, and health care — these five areas represented 88 percent of consumer protection actions in 2017 and 2018, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • PCAOB Enforcement Actions Decline As Board Faces Change

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    Along with the appointment of five new members and other personnel changes at the Public Company Accounting Oversight Board, last year saw fewer settled disciplinary orders made public by the board. The decline is consistent with the trend at the U.S. Securities and Exchange Commission, says Robert Cox of Briglia Hundley PC.

  • How Calif. Cannabis Rules Will Impact Investors And Lenders

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    Those seeking to invest, lend or rent to commercial cannabis businesses in California must understand the state's new disclosure requirements, which are different for individuals considered "owners" and those considered "financial interest holders," say attorneys at Geraci LLP.

  • Fresh Takes On Seeking Costs And Fees Under Rule 45

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    Recent case law reveals that courts vary widely in their approaches to shifting the costs and fees incurred in responding to a Federal Rule of Civil Procedure 45 subpoena. Nonparties responding to such requests should consider certain district court trends, say attorneys at Pepper Hamilton LLP.

  • Series

    Judging A Book: Smith Camp Reviews 'Echo Of Its Time'

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    "Echo of Its Time" is the story of Nebraska’s federal district court from statehood in 1867 to the demise of Prohibition in 1933. Professors John Wunder and Mark Scherer have written an objective, unsentimental and insightful history, layered with context and rich in character study, says U.S. District Judge Laurie Smith Camp of the District of Nebraska.

  • Securities Class Action Filings Show No Signs Of Abating

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    The number of securities class action filings has remained high over the last year, and this trend is likely to continue, particularly if the markets remain volatile. But the good news for corporate America is that the number of dismissals also appears to be increasing, say attorneys at Skadden Arps Slate Meagher & Flom LLP.