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Banking

  • June 20, 2019

    BREAKING: Justices Won't Revive Doctrine Curbing Executive Power

    The U.S. Supreme Court refused to strike down a sex offender law Thursday that gives the U.S. attorney general broad discretion over how it should be enforced, declining to revive a legal doctrine that experts said could vastly diminish the power of the executive branch.

  • June 19, 2019

    Facebook's Libra Prepared To Counter Privacy Concerns

    Scrutiny of Facebook’s new cryptocurrency Libra is expected to be intense, but experts say early regulatory inspection, a carefully designed governance system and a slate of established partners put the digital token on solid footing.

  • June 19, 2019

    Target Cardholders Ink $8M Deceptive Marketing Deal

    A proposed class of Target debit card holders asked a California federal judge on Wednesday to sign off on an $8.2 million deal resolving claims that the retail giant deceptively marketed its store debit card, causing customers to incur fees when the card did not operate as a traditional debit card.

  • June 19, 2019

    Chase Ducks Late Reinsurance Kickback Suit At 3rd Circ.

    JPMorgan Chase Bank NA has escaped a proposed class action alleging the company referred home buyers to mortgage insurers for kickbacks via reinsurance payments after the Third Circuit said Wednesday in a published opinion that borrowers filed their claims too late.

  • June 19, 2019

    Huawei Judge Will Hear Sidley Atty DQ Bid In Fall

    A New York federal judge on Wednesday set a September date to hear arguments over whether to disqualify a former U.S. deputy attorney general turned Sidley Austin LLP partner from representing Huawei Technologies Co. Ltd. in its fight against charges including bank fraud and sanctions violations.

  • June 19, 2019

    Mass. Regulator Ready To Rumble On SEC Broker Standards

    Massachusetts securities regulator William F. Galvin is confident that federal law leaves room for states to pass their own fiduciary duty rule for broker-dealers and is vigorously pursuing one of the nation’s first, telling Law360 that investors deserve better than the standards recently set by the U.S. Securities and Exchange Commission.

  • June 19, 2019

    BofA Workers' Suit Crumbles; Judge Slams 'Silly' Calif. Law

    A California federal judge said Wednesday he was leaning against certifying a class of Bank of America workers who claim they were misclassified as exempt from overtime pay, while at the same time criticizing elements of the state's employment law as "silly" and "arbitrary."

  • June 19, 2019

    Real Estate Rumors: Goodman, Starwood, TA Realty

    Developer Goodman Group has reportedly dropped roughly $130 million on a Los Angeles manufacturing facility, Starwood Property Trust is said to be close to listing a portfolio of Ireland office properties for roughly €530 million, and TA Realty is said to have picked up a Florida office property for nearly $60 million.

  • June 19, 2019

    Mass. Securities Regulator Examining Cannabis Investments

    Massachusetts' state securities enforcement division will be taking a closer look at investment offerings involving the state's cannabis businesses, it said Wednesday, after charging a man with selling $1.3 million in unregistered cannabis securities.

  • June 19, 2019

    Feds Say HSBC Holding Out On Key Docs In FIRREA Case

    A Brooklyn federal prosecutor asked a judge on Tuesday to compel HSBC to comply with a year-old subpoena in a civil fraud case against a former Deutsche Bank trader over the financial crisis, saying the government needs the files to prove its case under the Financial Institutions Reform, Recovery, and Enforcement Act.

  • June 19, 2019

    MoneyLion Accused Of Making Illegal Loans To NC Borrowers

    Online lending startup MoneyLion on Tuesday removed a suit to federal court accusing it of knowingly saddling North Carolina borrowers with short-term loans that have exorbitant interest rates and “draconian” terms without a license to lend in the state, in violation of state and federal law.

  • June 19, 2019

    CitiMortgage To Pay $7.8M In Calif. Escrow Interest Deal

    CitiMortgage Inc. will pay $7.8 million in overdue interest to more than 94,000 California homeowners, according to a deal the lending company made with the state’s Department of Business Oversight, stemming from a 2017 regulatory investigation.

  • June 19, 2019

    Wells Fargo Must Face Claim It Inflated Atty Fee Request

    A Florida trial court erred in finding that borrowers could not sue Wells Fargo for expenses they allegedly incurred as a direct result of the bank "grossly" inflating its attorney fees claim after suing them for a loan default, a state appeals court said Wednesday.

  • June 19, 2019

    Credit Suisse Hit With Disclosure Fine In Hong Kong

    Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.

  • June 19, 2019

    Traders' Euribor Messages Were 'Inappropriate,' Jury Told

    The former head of global trading at Deutsche Bank told a London jury on Wednesday it was "inappropriate" for traders at the bank to ask colleagues working on its cash desk to influence a key interest rate benchmark.

  • June 19, 2019

    Danske Bank, Ex-Execs Want Suit Over Estonia Scandal Axed

    Danske Bank and its former leadership fired back at an investor suit on Tuesday, saying the European money-laundering scandal miring the Danish bank has little to do with securities and nothing to do with fraud.

  • June 18, 2019

    Trump Urges 2nd Circ. To Freeze Financial Record Subpeonas

    President Donald Trump on Tuesday urged the Second Circuit to block congressional subpoenas that seek a vast array of financial records from Deutsche Bank and Capital One, saying the records are being sought for illegitimate, political purposes.

  • June 18, 2019

    FHFA, Wells Fargo Agree To Put Suit Over $1B RMBS On Hold

    The Federal Housing Finance Agency has agreed to pause its lawsuit against Wells Fargo over $1 billion in pre-crisis residential mortgage-backed securities purchased by Freddie Mac, a truce that means the agency will proceed first with its Second Circuit fight to have the case's claims excluded from a related $165 million settlement.

  • June 18, 2019

    Exchanges Want Another 2nd Circ. Look At 'Flash Boys' Suits

    A group of seven major U.S. stock exchanges are hoping the Second Circuit will take a second look at a consolidated group of class actions inspired by the high-frequency trading exposé “Flash Boys” that recently survived a dismissal bid.

  • June 18, 2019

    Wedbush To Pay $8.1M To Settle SEC's ADR Handling Claims

    The U.S. Securities and Exchange Commission said Tuesday that Wedbush Securities Inc. will pay $8.1 million to resolve claims over its alleged mishandling of “pre-released” American depositary receipts, the latest of nearly a dozen such settlements that the agency has reached with banks and brokers since 2017.

  • June 18, 2019

    Facebook's Cryptocurrency Immediately In Legislators' Sights

    Facebook announced Tuesday its intention to launch its cryptocurrency Libra, which aims to target the 1.7 billion global unbanked population by creating a global digital currency, facing immediate pushback from U.S. legislators and European officials.

  • June 18, 2019

    Edward Jones Wants Ex-Trainees' Wage Suit Axed For Good

    Edward D. Jones & Co. LP told an Illinois federal judge Monday that the latest attempt by a group of former financial adviser trainees alleging the company illegally recoups training costs from those who fail out should be tossed permanently.

  • June 18, 2019

    Wells Fargo Dodges Philly, Baltimore Bond Rate-Rigging Suit

    Philadelphia and Baltimore officials agreed in New York federal court Monday to let Wells Fargo out of their suit accusing several financial institutions of conspiring to inflate the interest rates on bonds used to fund major municipal projects.

  • June 18, 2019

    Debt Collection Co. Files Ch. 11 After Health Data Breach

    The parent company of a billing collections firm that has been blamed for a breach that exposed personal data from 11.9 million Quest Diagnostics Inc. patients has filed for Chapter 11 protection in New York bankruptcy court, citing the consequences of the breach.

  • June 18, 2019

    DC Circ. Upholds SEC's Pay-To-Play Rule Over GOP Protest

    The D.C. Circuit affirmed Tuesday the U.S. Securities and Exchange Commission's authority to implement a rule meant to address "pay-to-play" practices by which government officials managing public funds might hire investment advisers based on their political contributions.

Expert Analysis

  • Key Differences In Nev. And Calif. Data Privacy Laws

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    Nevada’s recently enacted Senate Bill 220 gives state residents a broad right to opt out of the sale of their personal information. Companies currently preparing for the California Consumer Privacy Act cannot assume that CCPA compliance equates to compliance with S.B. 220, say Sadia Mirza and Yanni Lin at Troutman Sanders.

  • A Look At China's New Cybersecurity Guidance

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    Businesses providing services over the internet are likely to face continued challenges to comply with the expanding implementation of China's cybersecurity law, especially with respect to broadening definitions of personal information holders under new guidance, say Xiaoyan Zhang and Vincent James Barbuto of Reed Smith.

  • Financial Services Regulation For Fintech Companies: Part 2

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    In the second part of this series on regulatory challenges faced by fintech innovators, Nathan Greene and Justin Reda of Shearman & Sterling caution entrepreneurs in the financial space to be aware of when their products could be categorized as securities, and of the many regulatory obligations that can arise as a result.

  • 5 Ways Law Firms Can Improve Their Job Interviews

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    When evaluating potential new hires, law firms should utilize structured interviews in order to create a consistent rating system that accurately and effectively assesses candidates' skills and competencies, says Jennifer Henderson of Major Lindsey.

  • Financial Services Regulation For Fintech Companies: Part 1

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    Firms in the U.S. financial sector are surrounded by a virtual moat of complex regulations, mandatory disclosures and compliance infrastructure. Nathan Greene and Justin Reda of Shearman & Sterling offer an overview of the regulatory context — and some of the crocodiles lurking in that moat — for fintech entrepreneurs entering the sector.

  • What To Expect When You're Expecting The End Of Libor

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    The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.

  • The State Of Article III Standing 3 Years After Spokeo

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    Three years after the U.S. Supreme Court's landmark consumer privacy decision in Spokeo v. Robins, Mary-Christine Sungaila and Marco Pulido at Haynes and Boone examine how courts have applied the opinion, the role of congressional findings in Article III standing cases, and a developing litigation trend.

  • Opinion

    Retailers Should Stay Away From Cryptocurrency

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    A number of big-name retailers are reportedly poised to begin accepting bitcoin and other digital currency, but given cryptocurrency's complete and utter lack of oversight, these companies run a perilous gamut of legal, regulatory, financial, ethical and reputational dangers, says cybersecurity consultant John Reed Stark.

  • What's Ahead For LGBTQ Rights Legislation

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    The U.S. House of Representatives recently passed the Equality Act to amend various civil rights laws for explicit inclusion of sexual orientation and gender identity as protected characteristics. However, critics have raised several concerns and the bill faces tougher odds in the Senate, say Jason Brown and Robert Quackenboss at Hunton.

  • Series

    Why I Became A Lawyer: A Fateful Phone Call

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    When I was growing up, my mother was always the more mild-mannered parent. But during a trans-Atlantic phone call in 1991, when I told her I wanted to go to culinary school instead of law school, she started yelling — at a volume I had never heard from her, says Jason Brookner of Gray Reed.

  • Law Firms Can Do Better With Their Mentoring Programs

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    There are a few practical, proactive steps law firms can take to create a mentoring program that pays dividends — instead of creating a mediocre program that both parties see as an obligation, says Kate Sheikh of Major Lindsey & Africa.

  • What To Know About New CFPB Investigative Demand Policy

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    The Consumer Financial Protection Bureau recently announced an update to its civil investigative demand process to provide entities with more information about the nature of its investigations, signaling that the CFPB’s new director favors transparency and is attuned to industry concerns, say Tori Shinohara and Ori Lev of Mayer Brown.

  • The Latest Developments In Criminal Cases Against Execs

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    This spring, there was some noteworthy news in white collar government investigations impacting executives, including the first successful prosecution in the opioid bribery scheme and the first criminal charges for failure to report under the Consumer Product Safety Act, say attorneys at Miller & Chevalier.

  • 'Rocket Docket' Justifies Its Name For 11th Straight Year

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    The U.S. District Court for the Eastern District of Virginia “rocket docket” is still the fastest federal civil trial court in the country despite some recent trends causing its median time to trial to grow to 13.2 months, says Robert Tata of Hunton.

  • Mass. Foreclosure Ruling Offers Lessons For Lenders

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    A recent Massachusetts appellate decision is a wake-up call for foreclosing lenders to make sure they get the best price and a reminder of gray areas in the rules of the Massachusetts foreclosure game, says Francesco De Vito of Rackemann Sawyer.