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Banking

  • April 23, 2019

    PG&E's $350M Worker Bonus Plan OK'd Over Objections

    A California bankruptcy judge on Tuesday approved PG&E Corp.'s plan to pay up to $350 million in bonuses to 10,000 employees over objections from fire victims, saying during a hearing that cutting workers' compensation due to wildfire concerns seems to be the "wrong way to deal with the problem."

  • April 23, 2019

    Utah Tribe Says HUD Letter Wiped Out Its Home Mortgage Biz

    A Utah tribe has urged a federal court to rip up a recent U.S. Department of Housing and Urban Development letter updating certain requirements for federally insured mortgages, alleging HUD is illegally clamping down on tribes that help provide down payments for homes.

  • April 23, 2019

    Puerto Rico Fed Board Wants High Court Take On Its Makeup

    Puerto Rico's financial oversight board Tuesday asked the U.S. Supreme Court to overturn a First Circuit finding that its members were unconstitutionally appointed, saying the decision ignored two centuries of law on how U.S. territories are run.

  • April 23, 2019

    Gov't Drops Software Exec Spoofing Case After Mistrial

    An Illinois federal judge on Tuesday permanently tossed federal prosecutors' case against an Illinois software executive who they claimed made a program he knew would help a trader to spoof the commodities market, after a jury deadlocked on those charges at trial.

  • April 23, 2019

    Emulex Doomed By Procedural Issues In Tender Offer Case

    The U.S. Supreme Court’s unusual decision Tuesday to drop an appeal after hearing oral arguments caught many court watchers off guard, yet a procedural issue unique to Emulex Corp.'s dispute involving the standard for bringing certain tender offer claims is the likely culprit.

  • April 23, 2019

    2nd Circ. Presses Pause On Madoff Foreign Clawback Ruling

    Until the U.S. Supreme Court responds to an impending review bid, the Second Circuit will not issue a mandate on its ruling that the trustee for Bernie Madoff’s fraudulent investment firm can claw back billions in Ponzi scheme proceeds from foreign parties.

  • April 23, 2019

    Big Biz Universally Beefing Up Compliance Units, KPMG Finds

    Big companies and other organizations across a variety of industries are boosting their ethics and compliance efforts, particularly in internal investigations, according to a new report from KPMG LLP.

  • April 23, 2019

    Doc Storage Patents Abstract Under New Guidance: PTAB

    Applying the patent office's new eligibility guidance, the Patent Trial and Appeal Board found four Mirror Imaging patents on document storage methods are invalid because they cover only an abstract idea, according to documents made public Monday.

  • April 23, 2019

    Remorse Cuts Ex-NFL Player's Fraud Term To Under 3 Years

    A former NFL lineman shaved a year and a half off a potential four-year prison stay with a sincere expression of remorse Tuesday for embezzling $2.5 million in payments on home loans that were sold as government-backed securities, receiving a 32-month sentence instead.

  • April 23, 2019

    Abraaj Partner To Be Tried Separately From PE Firm's CEO

    A Manhattan federal judge targeted November for Abraaj Group managing partner Mustafa Abdel-Wadood to stand trial on fraud charges, after hearing Tuesday it could take two years for his ex-boss, CEO Arif Naqvi, to be extradited from England.

  • April 23, 2019

    Deals Rumor Mill: Centerbridge, Pampa Energia, Leong Hup

    Centerbridge Partners is reportedly discussing a deal to snap up Advisor Group, Pampa Energia is mulling selling off its majority stake in Edenor, and poultry producer Leong Hup wants to raise as much as $291 million in a May initial public offering.

  • April 23, 2019

    9th Circ. Cements DOL's $7.4M Win In 401(k) Fee Battle

    City National Corp. can’t get out of paying $7.4 million to the U.S. Department of Labor to atone for collecting millions more than it should have in fees for 401(k) plan recordkeeping, the Ninth Circuit held Tuesday.

  • April 23, 2019

    CFPB Says It Will Add More Detail To Investigative Demands

    The Consumer Financial Protection Bureau said Tuesday it will start providing more details about the nature of and basis for agency investigations when it issues civil investigative demands, tightening up a key information-gathering tool that industry has often complained is used for fishing expeditions.

  • April 23, 2019

    Feds Seek $4M From Mexican Co. Accused Of Bank Fraud

    The federal government has accused a Mexican farming equipment company of forging documents and hiding its common ownership with a U.S. exporter to procure loans, telling a D.C. federal court that it is entitled to more than $4 million in treble damages.

  • April 23, 2019

    GE Mortgage Unit Opens Ch. 11 To Wrap Up Subprime Claims

    GE Capital Corp. subsidiary WMC Mortgage LLC filed for bankruptcy Tuesday, saying it needs to resolve remaining legal liabilities after paying more than $1.5 billion to settle claims that it sold toxic subprime loans in the years leading up to the housing crisis.

  • April 23, 2019

    Justices Drop Emulex Appeal Over Tender Offer Suits

    The U.S. Supreme Court on Tuesday punted a decision about the appropriate standard for alleging false statements and omissions related to tender offers and whether private plaintiffs can bring such lawsuits at all. 

  • April 22, 2019

    Chicago Developer Can't Beat Fraud Conviction At 7th Circ.

    The Seventh Circuit affirmed the conviction Monday of a major Chicago real estate developer who was found guilty of misleading the city and two banks about his company's financial health in order to keep money flowing in and stave off foreclosure on some of his properties.

  • April 22, 2019

    Great-West ERISA Class Can't Get Redo At 10th Circ.

    A Tenth Circuit panel won't revisit its finding that Great-West didn't act as a fiduciary in an Employee Retirement Income Security Act class action over how the company distributed investment profits to 401(k) plan participants, although the judges did tweak their ruling.

  • April 22, 2019

    Creditors' Effort To Sue On Puerto Rico's Behalf Rebuffed

    The unsecured creditors' committee in Puerto Rico's financial restructuring proceedings is facing considerable pushback in its bid to potentially sue over the past issuance of billions in commonwealth debt, seeing recent challenges from the island government, federal control board, and commonwealth bondholders.

  • April 22, 2019

    NRA Says NY Regulator Is Impeding Its Lloyd's Subpoenas

    The National Rifle Association has asked for a New York federal court's help subpoenaing material from Lloyd's of London underwriters for the organization's lawsuit alleging New York authorities have tried to snuff it out, saying the state's financial services regulator is interfering with discovery by resisting service of those subpoenas.  

Expert Analysis

  • Rebuttal

    Jury Trials, Though In Decline, Are Well Worth Preserving

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    In a recent Law360 guest article, the author applauded the disappearance of jury trials as an inefficient, costly mechanism, but in doing so he overlooked the greater value of jury trials for our justice system, says Stephen Susman, executive director of the Civil Jury Project at NYU School of Law.

  • A Broader View Of The US Supreme Court Bar

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    During the past 15 years, three widely read articles bolstered by starstruck media have promulgated the incorrect perception — sorely in need of revision — that the U.S. Supreme Court bar is limited to a handful of elite lawyers, says Lawrence Ebner of Capital Appellate Advocacy.

  • New FinCEN Action Is A Warning To P2P Crypto Exchangers

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    The Financial Crimes Enforcement Network recently assessed its first civil penalty against a peer-to-peer exchanger of convertible virtual currency, indicating that virtual currency exchanges of any size that fail to comply with the Bank Secrecy Act do so at their own peril, say Wade Thomson and E.K. McWilliams of Jenner & Block.

  • Opinion

    Post-Lucia, It’s Deja Vu With The SEC

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    Given last year's U.S. Supreme Court ruling that the U.S. Securities and Exchange Commission administrative law judge who tried Raymond Lucia's case had not been constitutionally appointed, Lucia should not be facing an SEC ALJ again on remand, says Joel Nolette of Mintz.

  • 5 Tips For Lawyers Entering The Cannabis Industry

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    As the cannabis industry continues to grow, it will need more legal professionals to help navigate the turbulent business landscape, but lawyers should understand the industry's unique limitations and characteristics before diving in, says Sabas Carrillo of consulting firm Adnant.

  • CFPB’s Proposed Payday Rule Rescission Reshapes UDAAPs

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    Though the Consumer Financial Protection Bureau's proposal to rescind portions of a 2017 payday lending rule covers much ground, three aspects focusing on unfair, deceptive, or abusive acts or practices have potential application outside of payday lending, say Jason Tompkins and Jonathan Hoffmann of Balch & Bingham.

  • New Chancery Guidance On Books And Records Law

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    The Delaware Court of Chancery’s recent decisions in Schnatter, Tempur-Sealy and CHC Investments further delineate the metes and bounds of a stockholder's right to obtain a company's books and records, say attorneys with Winston & Strawn.

  • Justices Could Trigger Sea Change For Tender Offer Suits

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    U.S. Supreme Court oral arguments Monday in Emulex v. Varjabedian — a case that could alter the landscape of tender offer litigation under Section 14(e) of the Securities Exchange Act — confirmed the potentially significant nature of the forthcoming decision, as well as the justices’ sharp divide on the issues, say attorneys with Ropes & Gray.

  • Opinion

    Jury Trials Are In Decline For Good Reason

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    A recent Law360 article reported on federal judges bemoaning jury trials' nationwide decline, but these laments are unfounded as jury trials have been replaced by better alternatives, says J.B. Heaton of J.B. Heaton Research.

  • Series

    Why I Became A Lawyer: A Circuitous Path To The Law

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    Instead of going to college after high school, I followed in my father’s footsteps and became an electrician. Later I became an electrical engineer, and then an IP attorney. Every twist and turn along the way has made me a better lawyer, says Joseph Maraia of Burns & Levinson.