Banking

  • July 27, 2021

    Singapore's Nium Raises $200M For B2B Payment Platform

    Business-to-business payment platform Nium said Tuesday it raised more than $200 million in a Series D funding round that vaulted its valuation to more than $1 billion, making it Southeast Asia's first B2B payments "unicorn," the announcement said.

  • July 26, 2021

    SEC Fines Firms For Allegedly Blowing Investor Info Deadline

    The U.S. Securities and Exchange Commission on Monday announced settlements and fines with 27 entities accused of failing to supply their retail investor clients with required disclosures summarizing their offerings.

  • July 26, 2021

    Solarisbank Eyes Expansion With Fintech Merger And $224M

    German banking-as-a-service platform Solarisbank said Monday it raised €190 million ($224 million) in financing and will combine with fellow European banking platform Contis to create "a pan-European banking-as-a-service champion."

  • July 26, 2021

    Feds Say Latham PowerPoints Are Off-Limits To Huawei

    Federal prosecutors are fighting Huawei Technologies Co. Ltd.'s bid to unveil a trove of evidence, including PowerPoint presentations given by Latham & Watkins LLP to the government, that could help the Chinese telecommunications giant defend itself in a case accusing it of dodging U.S. sanctions and scheming to steal trade secrets.

  • July 26, 2021

    Zinc Buyers Nab $9.85M In Price-Fixing Antitrust Row

    A group of zinc buyers has struck a $9.85 million deal with commodities giant Glencore PLC in an antitrust class action, marking what could be the end of over seven years of litigation.

  • July 26, 2021

    Judge OKs $22M Add-On To Wells Fargo Foreclosure Deal

    A federal judge on Monday gave Wells Fargo home loan borrowers an early nod to a supplemental settlement of nearly $22 million for additional class members over allegations that they were wrongly denied loan modifications from the bank and lost their homes, tacking it onto an $18.5 million deal mortgage borrowers struck with Wells Fargo.

  • July 26, 2021

    Dykema Adds Ex-Exall Corporate Atty In Dallas

    Dykema Gossett PLLC has added a corporate attorney previously with Exall Legal Advisors PLLC who specializes in transactions as senior counsel in its Dallas office, the firm announced.

  • July 26, 2021

    Where Have All The Associates Gone?

    Nonpartner attorney headcounts declined slightly across the Law360 400 last year amid the pandemic, leaving many law firms scrambling for associate talent that seems to be evaporating even as many firms see an uptick in work.

  • July 26, 2021

    The Law360 400: Tracking The Largest US Law Firms

    As much of the U.S. emerges from the worst of the coronavirus pandemic that upended the world last year, law firms are taking stock of how much their business and their bench strength were affected by the unprecedented pressures of a global health crisis.

  • July 23, 2021

    Will SEC Be Told To Butt Out Of AML Reporting Enforcement?

    A penny stock broker wants the U.S. Supreme Court to reject authority that the U.S. Securities and Exchange Commission has used to obtain millions of dollars in fines for anti-money laundering-related lapses, but some observers see it as a big ask that faces long odds.

  • July 23, 2021

    ​​​​​​​7th Circ. Vacates $59M CFPB Penalty Against Mortgage Firms

    The Seventh Circuit on Friday ruled that while the Consumer Financial Protection Bureau was correct to find that two now-defunct mortgage relief law firms and their principals accused of scamming struggling homeowners weren't practicing law, further proceedings are needed to recalculate the approximately $59 million judgment awarded to the bureau.

  • July 23, 2021

    NYC Condo Board's 1MDB Appeal Is Moot, 9th Circ. Says

    The Ninth Circuit won't reconsider whether a New York City condo board should have had the right to buy a penthouse unit in its building that the U.S. government had seized as part of a settlement to recover some of the millions siphoned out of Malaysia's sovereign wealth fund, known as 1MDB.

  • July 23, 2021

    Grocer Hy-Vee's Class Deal OK'd With Reduced Lawyer Fees

    An Illinois federal judge approved a settlement between supermarket chain Hy-Vee and its customers for a 2019 data breach after the class's counsel agreed to reduce their fees following concerns by the judge that the attorneys would score a bigger reward than the class members.

  • July 23, 2021

    CFPB Seeks To Lift Stay On Payday Rule's Compliance Date

    The Consumer Financial Protection Bureau has urged a Texas federal judge to lift a stay imposed on its payday lending regulations after a 2018 challenge, arguing that a recent U.S. Supreme Court ruling invalidated any lingering reasons to keep the provision on ice.

  • July 23, 2021

    Payoneer Pays $1.4M To Settle Apparent Sanctions Violations

    Money transmitting company Payoneer reached a $1.4 million settlement with the Office of Foreign Assets Control over 2,260 apparent sanctions violations that spanned six different sanctions programs, the U.S. Department of Treasury said Friday.

  • July 23, 2021

    Goldman Sachs Wants Women's Gender Bias Class Undone

    Goldman Sachs urged a Manhattan federal judge to decertify a class of women associates and vice presidents in a decade-old gender bias case, saying its allegedly discriminatory performance review process was decentralized and couldn't glue the class members together.

  • July 23, 2021

    US Holds Off On Vietnam Tariffs After Currency Deal

    The Biden administration on Friday withdrew the threat of new tariffs against Vietnam following a bilateral agreement that saw Hanoi promise to refrain from improper manipulation of its currency.

  • July 23, 2021

    Accountant Gets 8 Years For $1.1M Employer, Lender Theft

    A suburban Chicago accountant has been sentenced to more than eight years in prison for misappropriating more than $1.1 million from several employers and making Ponzi-style repayments to some of his victims, federal prosecutors announced Friday.

  • July 23, 2021

    Freddie Mac Names CCO Amid Broader Top-Level Reshuffle

    The Federal Home Loan Mortgage Corporation has named a former Capital One and BNP Paribas risk and compliance veteran as its chief compliance officer after appointing a new chief executive this spring and a new chief financial officer last year.

  • July 23, 2021

    Lender Loses Appeal In Lord & Taylor Ch. 11 Rent Battle

    Wilmington Trust lost an appeal Thursday in Virginia federal court after a judge found it didn't have standing to challenge an order of the local bankruptcy court that the lender didn't have the ability to force formerly bankrupt clothing retailer Lord & Taylor to pay $30 million of rent to its landlords.

  • July 23, 2021

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

    This past week in London has seen HSBC and Danske Bank targeted with contract claims, a Lloyd's of London broker sued by a Hungarian insurer and Daimler facing more claims from car owners. Here, Law360 looks at those and other new claims filed in the U.K.

  • July 23, 2021

    Pryor Cashman Hotel Leader Sees Lender Patience Waning

    Lenders are increasingly moving to take action against borrowers as the COVID-19 pandemic continues and patience wears thin, Pryor Cashman LLP's hotel practice leader told Law360 in a recent interview.

  • July 22, 2021

    Debt Collector Sued Over Disclosing NJ Consumers' Info

    A debt collection business has unlawfully disclosed information about Garden State consumers without their permission by using outside vendors to send collection letters, according to a proposed class action the company dragged into federal court on Thursday.

  • July 22, 2021

    SEC Puts Advisers On Notice With 'Wrap Fee' Risk Alert

    The U.S. Securities and Exchange Commission issued a warning calling out compliance deficiencies uncovered during the examinations of registered investment advisers' wrap fee programs, noting that the exams led to a "range of actions" and urging advisers to bolster their programs.

  • July 22, 2021

    Trump's Ex-CFPB Chief Signs With Crypto-Monitoring Firm

    The Consumer Financial Protection Bureau's former director Kathleen Kraninger is stepping into a top regulatory strategy role at cryptocurrency risk-monitoring and market surveillance provider Solidus Labs, becoming the latest high-profile ex-regulator to land in the burgeoning digital asset industry.

Expert Analysis

  • Series

    Embracing ESG: Exelon GC Talks Diversity Initiatives

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    Executing a commitment to diversity, equity and inclusion programming, through recruitment, inclusive legal pipelines and community empowerment via pro bono efforts, can ensure a strong environmental, social and governance proposition, says Gayle Littleton at Exelon.

  • How Wyoming Is Leading On Cryptocurrency

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    This month, Wyoming became the first state to classify decentralized autonomous organizations as a new form of LLC, which could bring new liability principles and chip away at Delaware's dominance as the corporate capital of the U.S., says Emily DiBenedetto at Shaw Keller.

  • Recent SPAC Settlement Signals SEC Enforcement Wave

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    The U.S. Securities and Exchange Commission's recent settlement with special purpose acquisition company Stable Road — and its sponsor, CEO and proposed merger target — over false representations to investors illustrates the agency's heightened focus on policing SPAC transactions and should prompt participants to ensure adequate due diligence, say attorneys at Pillsbury.

  • 5 Questions On Standing In The Wake Of TransUnion

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    While the U.S. Supreme Court's decision in TransUnion v. Ramirez provided some clarity on the contours of Article III standing, it opens the door to several potential shifts in where and how consumer class actions will be litigated, say attorneys at Troutman Pepper.

  • Revamping Law Firm Marketing Lists — With Partner Buy-In

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    Jackson Lewis’ Paige Bowser shares lessons from the firm's recent overhaul of an outdated email marketing database, including tips for getting partners on board, ensuring compliance with privacy laws and augmenting outreach strategies.

  • NFTs May Come With Rewards, But Also Legal Risks

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    While some buyers of nonfungible tokens are experiencing enormous returns on their investments, those just entering the market should proceed with caution, and be sure to understand the risks related to contracts, taxation, intellectual property and money laundering regulations, says Anne-Laure Alléhaut at Patterson Belknap.

  • TransUnion Ruling Limits Standing But Could Hurt Defendants

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    The U.S. Supreme Court's recent decision in TransUnion v. Ramirez could represent a pyrrhic victory for the defense bar by further shifting class standing from a motion-to-dismiss argument to one that is not ripe until summary judgment, which could present a multibillion-dollar problem for defendants in data privacy litigation, say David Saunders and Peter Scheyer at McDermott.

  • The Murky World Of Legal Rankings Gets Some Clarity In NJ

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    New Jersey's new, stringent approach to legal rankings will make accolade advertising more transparent, benefiting both attorneys and clients and offering legal marketers a new set of best practices amid evolving standards, say Penny Paul at Lowenstein Sandler and Susan Peters at Greybridge.

  • Awaiting High Court Answer On Post-Cyan Discovery Issue

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    The U.S. Supreme Court’s forthcoming decision in Pivotal Software v. Tran next term may clarify a question begat by the court’s 2018 Cyan decision — whether the Private Securities Litigation Reform Act’s automatic discovery stay provision applies in state courts — and thereby lessen the burden on parties litigating amid the ambiguity, says Liz Cassady at Steptoe & Johnson.

  • Series

    Embracing ESG: Cigna Counsel Talks Employee Wellness

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    Building employee well-being into corporate environmental, social and governance priorities required our legal team to focus more closely on cross-functional collaboration within the company and increased communication with our board of directors and shareholders, says Julia Brncic at Cigna.

  • FINRA Shows Subtle Shift On Evaluating Best Execution

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    McGuireWoods’ Elizabeth Hogan and Alexander Madrid analyze the Financial Industry Regulatory Authority's recent notice on best execution and payment for order flow, identifying an isolated focus on price that pivots from prior guidance emphasizing a more holistic approach.

  • Hybrid Work Models Are Key To Gender Parity In Law Firms

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    To curb the historically high rates of attrition among female lawyers, Roberta Liebenberg at Fine Kaplan and Stephanie Scharf at Scharf Banks suggest firms must normalize hybrid work schedules, and they recommend best practices to promote engagement among all attorneys, regardless of where they work.

  • Credit-Sensitive Rates Could Allay Libor Transition Hurdles

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    Adopting a Libor replacement requires careful understanding of the Secured Overnight Financing Rate's performance issues, comprehensive price term negotiation, and consideration of alternative benchmarks — like Ameribor — whose base rate and credit spread advantages come in contrast to U.S. banking officials' recent critiques of credit-sensitive rates, says Jeffrey Armstrong at Berkeley Research.

  • 3 Keys To Winning Your Next Oral Argument

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    To leverage the unique opportunity oral arguments provide to talk directly to judges and contribute to their decision making, attorneys must mind the three hallmarks of persuasiveness: projecting credibility, exuding likability and gaining the listener's trust, says Daniel Karon at Karon LLC.

  • Don't Expect 2008-Style Suits After Next Housing Crash

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    As pandemic-related supply and demand issues have led to a massive surge in housing prices, market corrections are sure to follow, and the legal fights that emerge will probably differ from the 2008 subprime mortgage crisis in key ways, says Eric Madsen at Berkeley Research Group.

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