Banking

  • August 11, 2020

    German Cops Launch Raids In Money Laundering, Tax Probes

    German authorities raided a business and private residence Tuesday as part of a money laundering and tax fraud investigation into a suspected network using offshore banks to recycle criminal proceeds.

  • August 10, 2020

    Facebook Builds Group Focused On All Its Payment Initiatives

    Facebook is putting all of its payment initiatives under one roof with the creation of a group called Facebook Financial, or F2, headed by David Marcus, who oversees the Facebook-affiliated digital currency Libra, the social media giant confirmed Monday.

  • August 10, 2020

    Cadence Investors Didn't Show Fraud, Judge Says

    A federal judge in Houston ended investors' securities fraud allegations against Cadence Bancorp. and two of its executives, finding that the proposed class action didn't detail alleged lies or other intentional wrongdoing that would have constituted a violation of federal securities law.

  • August 10, 2020

    US Bank Can't Arbitrate Fee Suit After 9th Circ. Clarifies McGill

    A California federal judge on Monday rescinded her prior decision sending a proposed class action challenging U.S. Bank's fees to arbitration, finding that the arbitration provision is invalid in light of the Ninth Circuit's recent rulings that clarify the state high court's McGill v. Citibank precedent.

  • August 10, 2020

    Payment Co. Settles Trade Secrets Suit With Ex-Workers

    A payment processing company let several former employees off the hook in California federal court after reaching a "confidential" settlement in its suit accusing them of helping its former CEO steal trade secrets and form a competing payment processing business.

  • August 10, 2020

    Confusion Prevails Over Extent Of Trump's TikTok 'Ban'

    President Donald Trump's efforts to "ban" TikTok using legal tools that aren't usually aimed at popular mobile apps have left attorneys confused about how exactly the social media platform will be targeted as U.S.-China relations continue to fray.

  • August 10, 2020

    Judge Needs More Before Ruling On Fraudster's Virus Release

    A D.C. federal judge said Monday he doesn't have enough for an "informed" ruling on a request for COVID-19-related release from the ex-owner of an Afghanistan marble mining company who is serving 4½ years in prison for defrauding the U.S. government on a $15.8 million loan.

  • August 10, 2020

    HSBC Hong Kong Beats Ponzi Scheme Suit

    A New York federal judge held Monday that a group of California investors who alleged that HSBC Hong Kong aided a $37 million Ponzi scheme lacked jurisdiction to sue the bank and tossed the suit without prejudice.

  • August 10, 2020

    Thompson Hine Adds Pair Of Investment Management Attys

    Thompson Hine LLP said Monday it added two attorneys to its corporate transactions and securities practice group from in-house positions to focus on financial technology, broker-dealer regulations and fund governance.

  • August 10, 2020

    Interactive Brokers To Pay $38M To Multiple Regulators

    Interactive Brokers LLC has agreed to pay $38 million in fines to resolve claims that the electronic trading platform failed to file suspicious activity reports for certain securities trades and ran afoul of anti-money laundering rules, regulators said Monday.

  • August 10, 2020

    Salisbury Bank Beats FCRA Claims At 2nd Circ.

    A Second Circuit panel on Monday affirmed a Connecticut district court decision to dismiss a Fair Credit Reporting Act suit against Salisbury Bank and Trust Company because a customer hadn't notified a consumer reporting agency of the credit reporting error.

  • August 10, 2020

    Huntington Bancshares Settles ERISA Suit For $10.5M

    Huntington Bancshares Inc. has struck a $10.5 million deal to settle a proposed class action that challenges its decision to make allegedly underperforming company-owned mutual funds the centerpiece of its 401(k) plan.

  • August 07, 2020

    Fintech-Driven SPAC Leads 2 IPOs Tapping Market For $1.27B

    FTAC Olympus Acquisition, the fourth blank-check company formed by management of financial services business The Bancorp, led a pair of blank-check companies that set terms Friday for initial public offerings aiming to raise a combined $1.27 billion, according to regulatory filings.

  • August 07, 2020

    JPMorgan Fights Class Cert. Bid In Interest Rate Swaps Suit

    JPMorgan Chase & Co. in a letter Friday pointed to two recent decisions in New York federal court and the Third Circuit that it says support the rejection of a class certification bid in an antitrust suit over interest rate swaps trading.

  • August 07, 2020

    Services Firm Claims Client Shut It Out Of $3.75M Deal

    An investment banking services company on Thursday alleged it's owed $187,500 for helping a tech company prepare for a sale, only to be left in the dust when the deal actually closed.

  • August 07, 2020

    White House Seeks 2022 Cutoff In China Listings Crackdown

    A White House task force issued policy proposals on Thursday that would give Chinese companies until 2022 to either comply with U.S. audit requirements or get delisted from U.S. exchanges.

  • August 07, 2020

    Attys Request $20.8M After Chase Servicemembers Settlement

    A three-firm team of attorneys who reached a $62 million settlement with Chase bank on behalf of a class of servicemembers on Thursday asked a North Carolina federal judge to approve a $20.8 million sum to cover the class counsel's fees and costs in the matter.

  • August 07, 2020

    Soldier Can't Sue Over Car Financing, Court Told

    Car financing company United Auto Credit Corp. urged a California federal court to permanently toss a soldier's Military Lending Act claims that it failed to properly disclose certain costs and fees, arguing Thursday the financing contract is not subject to the law.

  • August 07, 2020

    Questions Linger Over Coinbase's Potential Public Listing

    Coinbase's potential public listing would mark a breakthrough toward mainstream acceptance for the cryptocurrency industry, experts say, though legal and practical questions swirl around how the U.S.'s best-known crypto exchange will go about its plans.

  • August 07, 2020

    Coronavirus Q&A: Cassin Real Estate Leader

    In this edition of Coronavirus Q&A, one of Cassin's real estate leaders discusses the challenges of building affordable housing amid the pandemic, but also the continued lending activity for those projects from Fannie Mae and Freddie Mac.

  • August 07, 2020

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

    The past week in London has seen a U.K. insurance technology company take aim at PwC after an acquisition went south, a major cruise line sue to curb travelers' insurance claims, and the U.K.'s criminal investigator file for civil recovery from a real estate company. Here, Law360 looks at those and other new claims in the U.K.

  • August 07, 2020

    Senate Approves Peirce, Crenshaw As SEC Commissioners

    The U.S. Senate confirmed the nominations of Hester Peirce and Caroline A. Crenshaw as commissioners of the SEC by a voice vote on Thursday evening.

  • August 06, 2020

    4 Firms Guide $140M Fintech Merger With Blank Check Co.

    Financial technology group BankMobile Technologies said Thursday it was going public through a merger with special purpose acquisition company Megalith Financial Acquisition Corp. in a deal that values the combined business at $140 million and that was guided by four law firms: Nelson Mullins, Stradley Ronon, Duane Morris and Ellenoff Grossman.

  • August 06, 2020

    DOJ Seeks $70M In Properties Tied To Ukraine Bank Fraud

    The U.S. government is trying to seize commercial real estate properties in Louisville, Kentucky, and Dallas valued at a combined $70 million, which it claims in suits filed Thursday were acquired using funds misappropriated from one of Ukraine's largest banks.

  • August 06, 2020

    Feds Charge 9 With $24M Virus Relief Loans Fraud Scheme

    Federal prosecutors on Thursday announced charges against nine Florida and Ohio individuals for allegedly trying to scam the Paycheck Protection Program out of more than $24 million in loans, one of the biggest fraud cases yet involving the coronavirus relief program for small businesses.

Expert Analysis

  • Key Points For Lenders Taking Control Of Oil And Gas Assets

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    As oil and gas producers' revenues fall, and their creditors see the value of their reserve-based collateral plummet, some lenders may want to protect their interests by taking temporary ownership of the assets through foreclosure, credit bid or other remedy, say attorneys at Hunton.

  • Opinion

    ADA Protects Lawyers With Disabilities, But We Must Do More

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    As an attorney with cerebral palsy, Danielle Liebl at Reed Smith says that while the 30-year-old Americans with Disabilities Act has protected her against discrimination, the legal industry must do more to accommodate lawyers with disabilities and make them more comfortable in self-identifying.

  • Considerations For NY Small Biz Truth In Lending Compliance

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    Michael Karpen and Richard Eckman at Troutman Pepper analyze New York state’s pending Small Business Truth in Lending Act, including the types of transactions, lenders and financing providers to which the statute applies, specific disclosure requirements, and unique challenges for the merchant cash advance industry.

  • Perspectives

    Legal Deserts Threaten Justice In Rural America

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    Many small towns and rural counties have few lawyers or none at all, which threatens the notion of justice for all Americans and demands creative solutions from legislators, bar associations and law schools, says Patricia Refo, president of the American Bar Association.

  • How COVID-19 May Change Long-Term Aviation Outlook

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    Survival is an immediate concern for many airlines facing pandemic-related drops in air travel, which is exerting economic pressure that will fundamentally change the landscape for companies throughout the aviation ecosystem, say Matthew Herman and Amna Arshad at Freshfields Bruckhaus.

  • Using Blockchain To Settle Trades Could Alter Litigation

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    On the heels of Paxos Trust's and the Depository Trust Clearing Corp.’s recent interest in using distributed ledger technology to settle equities trades, analysts at The Brattle Group explore how having a record of every transaction can help answer a thorny damages question in securities class actions.

  • Analyzing Upward And Downward Trends In Legal Tech

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    Advances in legal technology are often accompanied by bombastic overstatements, but it is important to separate the wheat from the chaff by looking at where various technologies stand on the hype curve, says Lance Eliot at Stanford Law School.

  • Health Providers Should Beware FCA Risks Of COVID-19 Aid

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    Health care providers accepting pandemic aid from the Public Health and Social Services Emergency Fund or Paycheck Protection Program should take steps to protect themselves from criminal and civil exposure under the False Claims Act, even if they receive the funds automatically, say attorneys at Orrick.

  • Opinion

    Congress Should Revisit CARES Act Tax Provisions

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    To bolster the Coronavirus Aid, Relief and Economic Security Act, Congress should consider provisions that accelerate tax refunds for net operating losses and abrogate flawed IRS Paycheck Protection Program guidance that undermines prior stimulus legislation by eliminating loan recipients' tax deductions, says Joseph Mandarino at Smith Gambrell.

  • What UK Insolvency Law Changes Mean For US Finance Cos.

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    In light of recent amendments to the U.K. insolvency regime that enhance restructuring options, introduce stay and moratorium powers, and include new safe harbors, U.S. financial institutions should determine whether rights under existing arrangements could be stayed, say attorneys at Allen & Overy.

  • Opinion

    ABA's New Guidance On Litigation Funding Misses The Mark

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    The American Bar Association should revise its recently approved best practices on third-party litigation funding as they do not reflect how legal finance actually works and could create confusion among lawyers, says Andrew Cohen at Burford Capital.

  • What Firms Should Ask Before Hiring Attorneys From Gov't

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    In the final year of any presidential administration, there is an undeniable appetite on the part of large law firms for government-savvy legal talent, but firms need to first consider how they will actually utilize their new star hire, says Michael Ellenhorn at Decipher.

  • The Ethics Of Using Chatbots For Legal Services

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    Delegating legal work to robots involves several risks, including running afoul of statutes dictating unauthorized practice of law, but with the right precautions, law firms can lawfully employ artificially intelligent chatbots that can imitate human conversations, say attorneys at Haynes and Boone.

  • Pending SEC Rules Could Dampen Whistleblower Activity

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    The U.S. Securities and Exchange Commission’s anticipated enactment of highly criticized whistleblower program rules may discourage participation, on the heels of recent headwinds already presented by the COVID-19 pandemic and the U.S. Supreme Court’s decision in Liu v. SEC, says George Talarico at Alaric Compliance.

  • FIFA Ruling Brings New Risks For Development Bank Projects

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    After the Second Circuit's recent decision upholding FIFA officials' bribery convictions, foreign businesses with multilateral development bank-sponsored projects whose financing emanates from the U.S. must ensure they are not violating U.S. wire fraud statutes, even if commercial bribery is legal in the foreign country, says Joshua Ray at Rahman Ravelli.

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