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Banking

  • December 14, 2018

    No IRS Project On Guarantee Pricing, Treasury Official Says

    The U.S. Treasury Department and the Internal Revenue Service aren’t working on transfer pricing regulations that cover the pricing of guarantees in cross-border financing arrangements, a Treasury official said Friday in sharing the government’s current thinking.

  • December 14, 2018

    House Dems Press For CFPB Military Lending Oversight

    The likely next chair of the House Financial Services Committee and nearly two dozen other Democrats urged the Consumer Financial Protection Bureau’s new director on Friday to proactively supervise firms for compliance with servicemember lending rules, calling her predecessor’s reported pullback plans "nothing less than a dereliction of duty."

  • December 14, 2018

    PayPal Dodges Stock-Drop Suit Over Data Breach

    PayPal Holdings Inc. and its executives escaped a proposed shareholder class action accusing the company of concealing a data breach, which allegedly led to a stock drop when the hack was revealed, after a California federal judge dismissed the investors' complaint Thursday.

  • December 14, 2018

    $4.9M State Street Settlement Gets Initial OK From Judge

    A Massachusetts federal judge Friday granted preliminary approval of a $4.9 million settlement in a proposed class action filed by shareholders against State Street Corp., in which they claimed the bank overcharged clients and blew up revenue and profits in its financial statements.

  • December 14, 2018

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

    The last week has seen an Italian investment boutique sue a film production company, MMA and Axa sue shipper MSC and a wealth management firm lodge a part 8 action against major banks like Barclays and HSBC.

  • December 14, 2018

    Deals Rumor Mill: Sprint, McAfee, Bankia

    A U.S. national security panel is reportedly expected to OK a Sprint-T-Mobile merger, Intel Corp. and TPG Capital are in talks to sell McAfee to Thoma Bravo, and Bankia is close to offloading €3 billion ($3.4 billion) worth of bad loans and repossessed property.

  • December 14, 2018

    Naftogaz Can Get BNY Mellon Info For $2.56B Award Suits

    A New York federal judge has signed off on a request by Ukraine's Naftogaz to seek information from the Bank of New York Mellon that the national oil and gas company said it needs for pending and planned proceedings regarding a $2.56 billion arbitral award against Russia's Gazprom stemming from a contract dispute.

  • December 14, 2018

    Chinese Fintech, Tiny House Maker Raise $99M Total In IPOs

    Chinese online consumer lending platform 360 Finance Inc. on Friday said it raised more than $51 million in an initial public offering, the same day Texas-based manufactured-home maker Legacy Housing Corp. said it raised $48 million in its own public offering.

  • December 14, 2018

    ECB To Supervise Irish Units Of Barclays, Bank Of America

    The European Central Bank said Friday that it will assume direct supervision of the Irish subsidiaries of Barclays Bank and Bank of America Merrill Lynch to reflect expectations of their growing size and importance after Brexit.

  • December 13, 2018

    Deutsche Bank Not Liable For Iran Bomb, 7th Circ. Says

    Deutsche Bank cannot be held liable for the death of a U.S. soldier killed in Iraq by a bomb supplied by Iran, the Seventh Circuit ruled Wednesday, saying the bank's violations of U.S. sanctions on Iran were too far removed from the soldier’s death to create liability under anti-terrorism law.

  • December 13, 2018

    Fed Says Banking Duo Snooped For Executive Roles At Rival

    Two banking executives acted as moles at a community bank in Wyoming, feeding information and customers to a rival institution to secure ownership stakes and executive positions, the Federal Reserve Board claimed in a disciplinary notice Thursday.

  • December 13, 2018

    Treasury Floats Rules On Withholding Payments Under FATCA

    The U.S. Department of the Treasury proposed regulations Thursday to eliminate or defer withholding taxes on certain payments out of America to foreign banks that have fallen short on their requirements under the Foreign Account Tax Compliance Act.

  • December 13, 2018

    Senate Dems Call For Deutsche Bank Probe After AML Raid

    Two Senate Democrats called for a bipartisan investigation into Deutsche Bank AG's compliance with federal anti-money laundering laws and its correspondent banking operations in a letter to their colleagues in the Senate Banking Committee on Thursday, citing German authorities' recent raid on the bank and its "history of regulatory problems."

  • December 13, 2018

    Ellenoff-Led Blank-Check Co. CF Finance Scores $250M IPO

    CF Finance Acquisition Corp. began trading on the Nasdaq on Thursday after pricing a $250 million initial public offering guided by Ellenoff Grossman & Schole LLP, as the blank-check company sets its sights on an acquisition in the financial services or real estate services industries.

  • December 13, 2018

    Shareholder’s Suit Over Terror Financing Gets Second Wind

    A Jordanian businessman will get a second chance to hold the directors of a Lebanese bank accountable for losses he suffered when it allegedly financed Hezbollah terror attacks and human rights violations after a New York federal judge gave him leave to amend his complaint on Thursday.

  • December 13, 2018

    The Biggest Securities Decisions Of 2018

    From district courts to the highest court, judges decided major issues in 2018 affecting the U.S. Securities and Exchange Commission’s enforcement process, the protections afforded to whistleblowers and the ability of investors and corporate defendants to pursue and defend themselves against securities claims.

  • December 13, 2018

    Steptoe Adds Blockchain Atty To Ranks In Chicago

    Steptoe & Johnson LLP has added a securities, cryptocurrency and blockchain pro from Barnes & Thornburg LLP as a partner in its Chicago office, the firm has announced.

  • December 12, 2018

    Mortgage Co. Settles Loan Insurance FCA Case For $14.5M

    Finance of America Mortgage will pay $14.5 million to resolve a whistleblower lawsuit alleging that a predecessor company originated and underwrote deficient loans backed by federal insurance in violation of the False Claims Act, the U.S. Department of Justice announced Wednesday.

  • December 12, 2018

    AriseBank Execs Settle SEC's ICO Scam Claims For $2.7M

    Two top executives of the now-shuttered AriseBank have agreed to pay a combined $2.7 million to settle claims by the U.S. Securities and Exchange Commission that the cryptobank fraudulently raised money in an unregistered initial coin offering, the regulator told a Texas federal court on Tuesday.

  • December 12, 2018

    UBS Balks At Whistleblower Case's $3.2M In Attys' Fees

    UBS Securities asked a New York federal judge Tuesday to reject a “jaw-dropping” and “excessive” $3.2 million in attorneys' fees requested by a former analyst who won a $1 million verdict in his whistleblower trial under representation by Herbst Law PLLC and Broach & Stulberg LLP.

Expert Analysis

  • How To Work With Regulators During Internal Investigations

    David Chaiken

    The recent courtroom battle over the admissibility of statements made by former Deutsche Bank traders shines a spotlight on a potentially recurring problem — excessive government entanglement in an internal investigation. Counsel conducting such investigations should take certain steps to minimize the risk, say attorneys with Troutman Sanders LLP.

  • Guest Feature

    The Subtle Art Of Fred Fielding

    Fred Fielding

    He was White House counsel to two presidents. When Reagan was shot, he explained the chain of command to a four-star general. And until a few years ago, many people still thought he was Deep Throat during the Watergate scandal. Fred Fielding of Morgan Lewis & Bockius may be the quintessential Washington insider. White and Williams attorney Randy Maniloff learned more.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 2

    John Reed Stark

    By interacting with a cryptocurrency institution for tax payments, Ohio is exposing its operations to a potential cyberattack. In addition, the noxious mix of federal and state regulatory requirements creates a foggy compliance labyrinth, even for a U.S. state, says John Reed Stark of John Reed Stark Consulting LLC.

  • Recent Trends In Intercreditor Agreements

    Excerpt from Lexis Practice Advisor
    Bruce Cybul

    In the current commercial real estate market, mortgage lenders' cautious approach should continue to provide mezzanine lenders with ample opportunities. By maintaining an important role in transactions, mezzanine lenders can gain more leverage when negotiating intercreditor agreements, say attorneys at Schulte Roth & Zabel LLP.

  • Few Taxpayers Should Use New Offshore Disclosure Protocol

    Patrick McCormick

    Last month, the IRS updated its voluntary disclosure practices. For taxpayers without criminal exposure, the updated protocol can provide the optimal route for an offshore disclosure, but more palatable options likely exist for the significant majority of noncompliant taxpayers, says Patrick McCormick of Drucker & Scaccetti.

  • 10 Tips For Law Firms To Drive Revenue Via Sports Tickets

    Matthew Prinn

    Many law firms have tickets or luxury suites at sporting events to host clients and prospects. Matthew Prinn of RFP Advisory Group and Matt Ansis of TicketManager discuss some of the ways that firms can use those tickets effectively.

  • Opinion

    Ohio's Risky Foray Into Bitcoin: Part 1

    John Reed Stark

    Last month, cryptocurrency hit yet another milestone when Ohio began accepting bitcoin payments for taxes. However, Ohio’s treasury, or any other state or federal government entity, should be the very last institutions to even consider accepting this dubious form of payment, says John Reed Stark of John Reed Stark Consulting LLC.

  • Inside Key ABA Guidance On Attorneys' Cybersecurity Duties

    Joshua Bevitz

    A recent opinion from the American Bar Association provides useful guidance on attorneys’ obligations to guard against cyberattacks, protect electronic client information and respond if an attack occurs, says Joshua Bevitz of Newmeyer & Dillion LLP.

  • Prudential Framework For Large Banks Is Set To Change

    Satish Kini

    The Federal Reserve Board recently issued two proposals that represent a significant change in the prudential regulation of large banking organizations. Attorneys with Debevoise & Plimpton LLP examine the notable aspects of the new framework.

  • A New, Focused Regulatory Agenda For The SEC

    Richard Marshall

    The U.S. Securities and Exchange Commission's regulatory agenda for the coming year — announced last week — is not excessively long, which means Chairman Jay Clayton takes it seriously and intends to act on it, says Richard Marshall of Katten Muchin Rosenman LLP.