Banking

  • December 13, 2019

    Chicago Exchanges Urge 7th Circ. To Uphold Antitrust Win

    Two Chicago exchanges urged the Seventh Circuit on Friday to uphold their pretrial win over claims that they conspired to block a competing outfit from entering the market, arguing the First Amendment protects their conduct in responding to related legislative inquiries.

  • December 13, 2019

    Justices Will Take Up Trump's 3 Subpoena Appeals

    The U.S. Supreme Court on Friday said it would review President Donald Trump's appeals to block subpoenas by congressional committees and the Manhattan district attorney for his personal and business financial records, including his tax information.

  • December 13, 2019

    Fuel Card Co. FleetCor Settles Stock-Drop Suit For $50M

    FleetCor Technologies Inc. has agreed to pay $50 million to resolve a securities suit in Georgia federal court from investors who claim the fuel-card company covered up its fraudulent overcharging of customers.

  • December 13, 2019

    Taxation With Representation: Mayer, Sullivan, Covington

    In this week's Taxation With Representation, Nestle sells its U.S. ice cream business for $4 billion, Texas Capital and Independent Bank Group merge in a $3 billion deal, and Merck buys cancer-focused biotech ArQule Inc. for $2.7 billion.

  • December 13, 2019

    Chinese Fintech, US Social Media Co. Nab $462M Total In IPOs

    Chinese fintech company OneConnect and U.S. social media management business Sprout Social each began trading publicly on Friday after raising $312 million and $150 million, respectively, in initial public offerings that took place Thursday.

  • December 13, 2019

    WorldPay Agrees To $15M Settlement With Small Businesses

    Customers of payment processor WorldPay US Inc. on Friday asked a Georgia federal judge to approve a $15 million agreement they reached with their former service provider, which would settle a breach of contract suit alleging that the company overcharged its users.

  • December 13, 2019

    7th Circ. Won't Rehear Seyfarth Tax Shelter RICO Suit

    The Seventh Circuit has declined to review its decision that an insurance executive failed to prove racketeering claims against Seyfarth Shaw LLP for selling bad tax advice.

  • December 13, 2019

    Justices Told US Bank's Take On Pensions Is 'Backwards'

    U.S. Bank retirees have urged the U.S. Supreme Court to overturn a lower court decision that would curb lawsuits against corporate pension plans, arguing that U.S. Bank's claim that workers can't file fiduciary-breach cases against fully funded pension plans is "just as backwards as it sounds."

  • December 13, 2019

    Wells Fargo Again Fights Cert. Bid In Mortgage Glitch Suit

    Wells Fargo mortgage borrowers can't renew their class certification bid in their suit accusing the bank of allowing a software glitch to deny them mortgage aid because individual concerns clearly overwhelm common ones, the bank argued in California federal court Thursday.

  • December 13, 2019

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

    The past week in London has seen fruit producers team up with their insurers to sue Swiss shipping giant MSC Mediterranean, a £1.5 billion penthouse dispute involving the former emir of Qatar spill over into a libel fight, and lenders like NatWest, HSBC and American Express get roped into a product liability case involving eye care specialists. Here, Law360 looks at those and other new claims in the U.K.

  • December 12, 2019

    Insurer Says Title Fee Suit Belongs In Federal Court

    First American Title Insurance Co. on Thursday asked to remove to federal court a proposed class action accusing it of improperly charging real estate buyers closing fees, saying the Middle District of Florida has jurisdiction under the Class Action Fairness Act.

  • December 12, 2019

    New Hemp Banking Guidance Unlikely To Sway Wary Lenders

    When four federal banking regulators, including FinCEN, announced they were easing the reporting requirements for banks working with hemp producers, many stakeholders took it as a welcome sign of the industry’s legitimization. But cannabis attorneys say the guidance on its own is not enough to persuade jittery financial institutions to enter the space.

  • December 12, 2019

    Weil's $17.7M Legal Bill In Ditech Ch. 11 Approved

    A New York bankruptcy judge on Thursday approved just over $17.7 million in legal fees for Weil Gotshal & Manges LLP's work on mortgage servicer Ditech Holding Corp.'s Chapter 11 after the firm accepted a $150,000 haircut to end government watchdog objections.

  • December 12, 2019

    JPMorgan Looks To Narrow Massive 401(k) Class Action

    JPMorgan is urging a New York federal court to narrow a class action brought on behalf of a quarter-million 401(k) participants who allegedly paid too much for proprietary investment options, insisting the 401(k) plan was overseen by "sophisticated individuals" who kept a vigilant eye on its activities. 

  • December 12, 2019

    Regulators Unveil Overhaul Of Community Lending Rules

    Federal banking regulators on Thursday released their highly anticipated proposed revamp of regulations requiring banks to lend in underserved communities, marking the next phase in the banking agencies’ effort to give the rules their first major update in more than two decades.

  • December 12, 2019

    PayPal Sues CFPB Over Recent Digital Wallet Rule Change

    PayPal has opened fire on an eight-month-old rule from the Consumer Financial Protection Bureau that treats digital wallets the same as prepaid debit cards, saying it has led to customer confusion that the agency should have seen coming.

  • December 12, 2019

    Rabobank Sues Ex-Trader For Exit Package Over Libor Fight

    Rabobank has demanded that a former trader repay a £119,000 ($157,000) exit package that he allegedly violated by suing the Dutch lender for not coming to his defense when U.S. prosecutors charged him with rigging a key benchmark interest rate.

  • December 11, 2019

    FDIC Head Previews Plan To Update Brokered Deposits Regs

    The Federal Deposit Insurance Corp. will propose setting a "bright-line standard" on who qualifies as a deposit broker and creating a better process for seeking agency determinations as part of a forthcoming plan to update its brokered deposit regulations, the head of the agency said Wednesday.

  • December 11, 2019

    Waypoint Administrator Says Lenders Were Overpaid By $4M

    The plan administrator for bankrupt helicopter leasing firm Waypoint Leasing has filed an adversary action in a New York bankruptcy court against five banks he claims are refusing to repay $4.1 million they received from the estate due to an accounting error.

  • December 11, 2019

    Lenders Urge Justices To Review Payday Loan Ruling

    Two companies that provided funding for a tribe-linked lender accused of charging exorbitant interest rates have pressed the U.S. Supreme Court to take up their challenge to a Second Circuit ruling that found arbitration clauses in the loan agreements unenforceable.

  • December 11, 2019

    EU Officials Press Treasury Over FATCA Reciprocity Efforts

    European Union officials have pressed the U.S. Treasury Department for information on efforts to improve reciprocity when the IRS gets information from EU banks under the Foreign Account Tax Compliance Act, according to a letter shared with bloc members Wednesday.

  • December 11, 2019

    Truist Buys Charlotte Tower From Cousins For $456M

    Truist Financial Corp. has exercised its option to buy an office tower in Charlotte, North Carolina, from real estate investment trust Cousins Properties for $455.5 million, according to an announcement on Wednesday from Cousins.

  • December 11, 2019

    Fed. Circ. Won't Redo Capital One's IP Firm Antitrust Ruling

    The Federal Circuit is standing firm on its decision barring Capital One from pursuing antitrust claims against patent licensing firm Intellectual Ventures, despite federal regulators' concerns over the lower court decision the panel has left intact.

  • December 11, 2019

    Congress Needs Trump Bank Docs To Legislate, Justices Told

    Two House committees need President Donald Trump’s bank records to write pressing legislation and the U.S. Supreme Court should allow immediate enforcement of subpoenas to Deutsche Bank and Capital One, House attorneys told the court Wednesday.

  • December 11, 2019

    3 Firms Guide Brazilian Finance Co.'s Upsized $2B IPO

    Brazilian financial services company XP began trading Wednesday after pricing an upsized $2 billion initial public offering steered by Davis Polk & Wardwell LLP, Maples and Calder, and Barbosa Müssnich & Aragão Advogados.

Expert Analysis

  • Managing Financial Product Data In Antitrust Cases

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    The data considerations required in antitrust cases involving financial products are different than those for tangible products when it comes to economic analyses for class certification, liability and damages, say George Korenko and Matthew Milner at Edgeworth Economics.

  • What The Federal Green Light On Hemp Means For Banks

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    Banks adapting to federal regulators' recent guidance clarifying hemp's legal status should establish and review policies for compliance with state laws, the federal Bank Secrecy Act, new account requirements, transaction monitoring and know-your-customer due diligence to work with companies in this growing industry, says Kelly Huff at Montgomery McCracken.

  • Pros And Cons Of Allowing Student Loan Bankruptcy Relief

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    As proponents and critics of the federal Student Borrower Bankruptcy Relief Act argue over the benefits and risks of allowing the discharge of student loans, the education debt crisis gets a much-needed spotlight, say Jeph Ledda of Stretto and Lynda Bui of Shulman Hodges.

  • EU Tax Scandal Is Sure To Reach London

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    With powerful states in Europe using their full resources to investigate and prosecute those involved in the tax fraud scheme known as cum-ex trading, it seems all but inevitable that shared information will prompt significant investigations in London by the U.K. authorities, says Bambos Tsiattalou of Stokoe.

  • Strategies To Maintain Privilege In Crisis Response Scenarios

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    In several recent cases, courts have overridden claims that attorney-client privilege applies to communications with public relations firms in connection with litigation and to documents generated in internal investigations, but businesses can use several best practices to avoid the potential risk of waiving privilege, say attorneys at Ropes & Gray.

  • US Strengthened And Expanded Economic Sanctions In 2019

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    Stateside regulation of economic sanctions continued at a breakneck pace this year, with new rules targeting Venezuela, Cuba, Turkey and Iran, expanded guidance from the Office of Foreign Assets Control, and one of the most active enforcement years on record, say attorneys at Ropes & Gray.

  • How To Ward Off Nonclient Suits Over Lawyers' Speech

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    Because lawyers are often sued by nonclients based on public statements they have made, lawyers should be trained to avoid potentially actionable statements when speaking and writing, and they should also understand the overarching defenses against such lawsuits, says Matthew O’Hara at Freeborn & Peters.

  • State Protections For Vulnerable Investors Advance In 2019

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    This year several states passed laws aiming to improve protections for seniors and other vulnerable investors by expanding report and hold laws to cover suspicious transactions, extending hold periods for investigations, and broadening the range of people who can be contacted in investigations, say Lawrence Fenster and Andrew Mount at Bressler Amery.

  • What Is A 'Reasonably Useful Form' For Production Of ESI?

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    While federal rules require production of electronically stored information in its native format or a "reasonably useful form," recent court rulings offer guidance on avoiding production of ESI in its native format when it would be unduly burdensome, say Matthew Hamilton and Donna Fisher at Pepper Hamilton.

  • Key Takeaways From CFTC's Compliance Officer Guidance

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    The U.S. Commodity Futures Trading Commission's newly issued guidance on chief compliance officer reporting raises important questions about materiality thresholds and enterprise-level compliance operations, says Steptoe & Johnson's Matt Kulkin, former director of the CFTC’s Division of Swap Dealer and Intermediary Oversight.

  • Bank Regulators' Proposals Won't Erase Madden Uncertainty

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    While recently proposed rules from the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency aim to clarify that a bank loan's interest rate doesn't change when it is sold or securitized, they're unlikely to fully resolve the ambiguity introduced by the Second Circuit’s controversial Madden decision, say attorneys at White & Case.

  • Patent Decision Highlights Cross-Appeal Considerations

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    The Federal Circuit's recent decision in IPR Licensing overruled precedent to hold that the cross-appeal rule is not jurisdictional, demonstrating the complexity of this seemingly simple rule and its various applications within the circuit courts, says Michael Soyfer at Quinn Emanuel.

  • What NY And Mass. Exxon Climate Suits Mean For Other Cos.

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    New York state's securities fraud case against Exxon Mobil over its public stance on climate change has some weaknesses, but Massachusetts' climate-related suit against the company on consumer protection grounds should lead other companies to consider their exposure to such claims, says Alana Rusin of Goulston & Storrs.

  • Opinion

    FSOC Should Overhaul Approach To Examining Systemic Risk

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    At its meeting this week, the Financial Stability Oversight Council should abandon its bank-oriented approach in favor of an activities-based process for identifying risks to the financial system, say former SEC Commissioner Paul Atkins and eight former U.S. Securities and Exchange Commission and Commodity Futures Trading Commission officials.

  • Financial Cos. Face A New Normal Under State Privacy Laws

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    The California Consumer Privacy Act may presage a new regulatory reality for financial institutions, whereby the federal Gramm-Leach-Bliley Act no longer shields them completely from a plethora of coming state consumer privacy laws inspired by the CCPA, say Kristen Mathews and Adam Fleisher of MoFo.