Banking

  • February 01, 2024

    Ex-Trump Org. CFO Faces Possible Perjury Charge, Mulls Plea

    Donald Trump's longtime top financial officer Allen Weisselberg is in plea negotiations related to potential perjury charges stemming from his testimony in the New York attorney general's civil fraud trial, according to a source familiar with the matter.

  • February 01, 2024

    Barnes & Thornburg Expands Atlanta Finance Practice

    A commercial finance team from an Atlanta-based AmLaw 200 law firm has joined Barnes & Thornburg corporate department, the firm announced on Wednesday.

  • February 01, 2024

    Kirkland Adds 5 Goodwin Investment Fund Attys In DC

    Kirkland & Ellis LLP said Thursday it is growing its investment funds group with the addition of five attorneys from Goodwin Procter LLP.

  • February 01, 2024

    Real Estate Rumors: Fortinet, Kayne Anderson, Northwind

    Fortinet has reportedly bought a Santa Clara campus for $192 million, Kayne Anderson is believed to be associated with the buyer of a $55.8 million apartment complex near Ohio State University and Northwind Group is said to be the lender behind a $70 million mortgage for a property in Jersey City.

  • February 01, 2024

    Greenberg Traurig Hires Ballard Spahr's Ex-Fintech Leader

    Greenberg Traurig LLP announced the addition of the former co-leader of Ballard Spahr LLP's financial technology and payment solutions team on Wednesday, touting its new shareholder's experience helping consumer finance industry clients get approval to put new fintech products on the market.

  • February 01, 2024

    NY Strip Club Loses PPP Suit Despite 'Discriminatory' Claim

    A New York federal judge tossed a suit brought by a Buffalo-area strip club that was denied Paycheck Protection Program loans during the COVID-19 pandemic, agreeing with a magistrate judge's reasoning that the government was within its rights to exclude adult entertainment businesses from the program.

  • February 01, 2024

    EU Leaders Slow Plan To Use Frozen Russian Assets

    European Union leaders reined in the bloc's rush to use frozen and immobilized Russian state assets for the reconstruction of Ukraine, as leaders from Germany, France and Italy called for caution Thursday.

  • February 01, 2024

    2nd Circ. Backs Wall Street In Treasury Auction-Rigging Case

    The Second Circuit declined Thursday to revive antitrust litigation accusing major Wall Street banks of conspiring to rig U.S. Treasury auctions and defend their secondary-market middlemen roles, ruling that the pension funds and other investors behind the case failed to paint plausible pictures of collusion.

  • January 31, 2024

    Banks Making 'Brazen' Bid To Block Basel, House Panel Told

    The threat of litigation over tough new bank capital requirements proposed by federal regulators sparked debate at a U.S. House hearing on Wednesday as a former Federal Reserve attorney said critics of the so-called Basel III endgame proposal were making a "brazen" play to scuttle the plan.

  • January 31, 2024

    Digital Lender, Partner Bank Seek To Sink Usury Claims

    Lender Helix Financial and its partner bank, Lead Bank, have asked a Georgia federal judge to toss a proposed class action alleging their relationship was a "front" to issue loans with unreasonably high interest rates, arguing the allegations in the suit are "simply not plausible."

  • January 31, 2024

    City National Bank Fined $65M By OCC For Poor Risk Controls

    Los Angeles-based City National Bank has agreed to pay a $65 million penalty over its failure to maintain effective risk controls related to money laundering and fair lending practices, the Office of the Comptroller of the Currency announced Wednesday.

  • January 31, 2024

    Laundry Card Biz Secures At Least $40M In Deal With Rival

    A company that makes payment cards for laundry services says that it is settling a patent lawsuit in Florida federal court with an Oregon software business, with the agreement involving paying out "a base license of $40 million."

  • January 31, 2024

    Senate Urged To Move Quickly On AI Regulation For Housing

    Members of the U.S. Senate Subcommittee on Housing, Transportation, and Community Development examined the "promise and the threats" of artificial intelligence for housing in America, as Chair Tina Smith described it, when they convened Wednesday morning with expert witnesses to raise concerns and questions and seek advice on regulating this rapidly developing technology.

  • January 31, 2024

    FTX Intends To Pay Customers In Full Under New Ch. 11 Plan

    Attorneys for bankrupt cryptocurrency exchange FTX Trading Ltd. told a Delaware judge on Wednesday that it intends to file a new Chapter 11 plan that projects payment in full for all customers and general unsecured creditors.

  • January 31, 2024

    FTX Can Estimate Digital Claims In US Dollars, Judge Says

    Bankrupt cryptocurrency exchange FTX Trading Ltd. can estimate the value of digital asset claims of customers in U.S. dollars after a Delaware judge said Wednesday that conducting individual valuations of each claim would be costly and time-consuming.

  • January 31, 2024

    NYC Developer Gets OK To Seek Votes For Ch. 11 Plan

    The developer of a stalled construction project in New York City's West Chelsea can solicit votes on its most recent Chapter 11 plan, which includes an $87.4 million sale of the property, a Delaware bankruptcy judge said at a hearing Wednesday.

  • January 31, 2024

    CFPB Says Mortgage Biz Can't Deny SAFE Act Claims

    The Consumer Financial Protection Bureau has asked a Connecticut federal judge to grant it an early win in a case against a now-shuttered mortgage company accused of violating the Secure and Fair Enforcement for Mortgage Licensing Act.

  • January 31, 2024

    BofA Escapes Investor Suit Over Pandemic-Era Market Losses

    A Washington, D.C., federal judge has ended an investor's lawsuit seeking to hold Bank of America liable for economic losses he sustained at the height of the COVID-19 pandemic, saying the investor had again failed to show that the bank deceived him or failed to advise him of risks associated with cashing out.

  • January 31, 2024

    Visa Refuses To Safeguard Prepaid Cards, Suit Says

    Visa has been hit with a proposed class action accusing it of failing to warn consumers that its "Vanilla"-branded prepaid gift cards are vulnerable to tampering and theft due to their easily accessible packaging.

  • January 31, 2024

    Haynes Boone Adds Reed Smith's Real Estate Chair In NY

    Haynes and Boone LLP has hired the former chair of Reed Smith LLP's real estate practice group, the firm announced on Wednesday, touting the more than $200 billion in transactions for banking and private equity clients the New York attorney has under his belt.

  • January 31, 2024

    Ex-Chair Of 1 Global Gets 5 Years For $250M Ponzi Scheme

    The former chair of 1 Global Capital LLC was sentenced Wednesday to five years in prison for his role in orchestrating a more than $250 million Ponzi scheme that attracted investors by falsely hyping the profitability of his business.

  • January 31, 2024

    Ex-Credit Union Compliance Officer Admits To AML Failures

    A former banking compliance officer from Connecticut copped Wednesday in Brooklyn federal court to a count of failing to install anti-money laundering controls at a New York City credit union, after prosecutors said he facilitated big-dollar transactions through the now-shuttered institution.

  • January 31, 2024

    First Republic Bank Atty Resumes Private Practice At Hinshaw

    Hinshaw & Culbertson LLP announced Wednesday the hiring of a First Republic Bank vice president and assistant general counsel as a partner in its New York office.

  • January 31, 2024

    Errors Tank $10K Sanction In Deutsche Bank Foreclosure Row

    The First Circuit vacated $10,000 in sanctions against a Massachusetts attorney who sued Deutsche Bank and its outside counsel over the foreclosure of his home, finding that the sum was only won thanks to a "string of procedural errors."

  • January 31, 2024

    Calif. Says FDIC Owes Signature Bank's Unpaid Taxes

    California's state tax collection agency asked a New York federal court to force the Federal Deposit Insurance Corp. to pay five years' worth of unpaid taxes on behalf of the shuttered Signature Bank, saying the FDIC is responsible for the debt as the bank's receiver.

Expert Analysis

  • A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up

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    Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • The State Of CFPB Focus On Credit Reporting Of Medical Debt

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    An increase in credit reporting complaints and the Consumer Financial Protection Bureau's recent annual report on the Fair Debt Collection Practices Act — which focuses on medical debt in credit reporting — are both evidence of the fact that the bureau will continue to prioritize oversight of credit reporting of medical debt, says Kristen Watson at Burr & Forman.

  • Parsing 2023's Energy Markets Enforcement

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    A review of the Federal Energy Regulatory Commission's and Commodity Futures Trading Commission's recently released fiscal year 2023 enforcement reports highlight the significant energy market enforcement activities, litigation pursued and settlements reached by both agencies, as well as their respective strategic goals and focus areas, say attorneys at Morgan Lewis.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • 3 FinCEN Fraud Alerts To Remember In 2024

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    With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • What Banks Should Know About TCPA Exam Policy Updates

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    As banking organizations consider revisions to their automated communications policies in light of the Office of the Comptroller of the Currency's recent updates to its Telephone Consumer Protection Act examination procedures, they should also consider conducting a full review of their TCPA compliance practices, say attorneys at Debevoise.

  • 7 Enforcement Predictions For US Export Controls, Sanctions

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    Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.

  • DOJ Comments Reveal Road Ahead For Mortgage Redlining

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    Comments from two U.S. Department of Justice representatives at a recent fair lending conference show that the DOJ is prioritizing investigations and enforcement against redlining risks, and highlight important compliance steps for lenders, say Lori Sommerfield and Chris Willis at Troutman Pepper.

  • 8 Ways To Negotiate Improved Disgorgement Outcomes

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    The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.

  • How The NY AG Leads Investigations In Civil Securities Fraud

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    Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.

  • Series

    ESG Around The World: Singapore

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    Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.

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