Banking

  • February 05, 2024

    Steptoe Adds IP Trial Partner From Orrick

    Steptoe LLP picked up an intellectual property litigation partner from Orrick Herrington & Sutcliffe LLP in its latest step to grow its new Houston-based practice, the firm said Monday.

  • February 05, 2024

    Feds Want 20-Year Term For $30M Laundering Scheme Head

    A Georgia man convicted for his role in a $30 million money laundering scheme has urged a federal court to reject prosecutors' recommended 20-year prison sentence for his "horrendous criminal conduct" and for fleeing his trial.

  • February 05, 2024

    First National Bank Strikes $13.5M Deal In NC Redlining Case

    The U.S. Department of Justice and North Carolina's attorney general said Monday that they have reached a $13.5 million settlement with First National Bank, a Pennsylvania-based regional lender, to resolve redlining claims tied to two of the Tar Heel State's largest cities.

  • February 05, 2024

    McGlinchey Stafford Nabs Bankruptcy Veteran From PNC

    McGlinchey Stafford said it hired one of PNC Bank's senior legal counsel, a lawyer with more than 35 years of bankruptcy experience, to join its team in Cleveland.

  • February 05, 2024

    BCLP Sees 2nd Group Depart As 7 Head To Arnold & Porter

    A group of seven lawyers, including six partners, has departed Bryan Cave Leighton Paisner LLP and joined Arnold & Porter Kaye Scholer LLP, according to a Monday announcement that comes on the heels of a three-partner group leaving BCLP at the end of January, which included the firm's global banking sector leader.

  • February 02, 2024

    Atty Says Feds Duped Grand Jury In $12M Somali Fraud Case

    Newly disclosed evidence of prosecutorial misconduct should end charges against a Maryland lawyer headed to trial in March over the alleged misappropriation of over $12 million in Somali state assets, his legal team told a federal judge Friday.

  • February 02, 2024

    Wells Fargo Gets Elder Abuse Suit Dismissed, For Now

    A California federal judge on Thursday dismissed a lawsuit accusing Wells Fargo of facilitating a financial scam against a senior, saying that while the bank's employees should have known something was suspicious about the victim's transactions, the bank's alleged actions did not inherently constitute elder abuse.

  • February 02, 2024

    FDIC Going 'Backwards' On Innovation, GOP Lawmakers Say

    Republican lawmakers on Friday called out the Federal Deposit Insurance Corp. over a move last year to scale back a Trump-era innovation unit at the agency, saying they are concerned about a shift in regulatory posture chilling banks' engagement with fintech. 

  • February 02, 2024

    NYC Sues FDIC For $7M Of First Republic's Back Taxes

    New York City sued the Federal Deposit Insurance Corp. in D.C. federal court in the agency's capacity as receiver for failed First Republic Bank, alleging the bank understated its rent and income taxes it owed to the city for several years and now owes more than $7 million.

  • February 02, 2024

    Feds Charge 9 With Trafficking Sanctioned Iranian Oil

    Nine foreign nationals have been charged with running an oil trafficking network to sell sanctioned fuel that helped finance the Iranian Islamic Revolutionary Guard Corps, which the U.S. government considers a terrorist organization, the Department of Justice said Friday.

  • February 02, 2024

    Russian Bank Chasing $900M Judgment Wins Conn. Appeal

    Connecticut's intermediate appeals court handed a Russian bank a win Friday as it pursues a $900 million damages award against a former majority owner who engaged in a Ponzi-like fraud scheme, refusing to order a lower court to open the U.K. judgment.

  • February 02, 2024

    New Claims Emerge Over Mortgage Biz Cyberattacks

    Mortgage lenders LoanDepot Inc. and Planet Home Lending LLC are facing new proposed class claims in federal court over cyberattacks that follow a spree of recent incidents visiting the mortgage-servicing industry.

  • February 02, 2024

    Gazprom Subsidiary Told To Halt Claim Proceedings In Russia

    A London appeals court on Friday granted an anti-suit injunction against a Gazprom joint venture, putting a halt to its €450 million ($488 million) claim in the Russian courts against UniCredit Bank AG for allegedly refusing to pay out under seven bond contracts.

  • February 02, 2024

    6th Circ. Revives Bank's $32M Ponzi Settlement Coverage Suit

    A bank can seek coverage for a $32 million settlement it paid to resolve a bankruptcy suit alleging it allowed a Ponzi scheme to continue so it could recover loans to the company running the scheme, the Sixth Circuit ruled, reversing a win for a pair of AIG insurers.

  • February 02, 2024

    FTX Looks To Sell $175M Crypto Claim Against Genesis

    Defunct cryptocurrency giant FTX has asked Delaware's bankruptcy court for permission to sell a $175 million claim it was granted against Genesis Global through a settlement last year with the also-insolvent virtual assets business.

  • February 01, 2024

    Binance Enabled Hamas Fundraising, Oct. 7 Survivors Say

    A mother and daughter taken by Hamas during the Oct. 7 attack in Israel as well as the family of two victims sued crypto-exchange Binance for allegedly allowing Hamas-linked accounts to transact on its platform and hiding that activity from U.S. regulators.

  • February 01, 2024

    Ex-Worldpay Exec Loses Bid To Revive Discrimination Suit

    An Ohio state appeals court refused to reverse a trial defeat for a fired Worldpay executive who alleged he endured retaliation for complaining about discrimination, among other things, rejecting his assertion that the company inappropriately wielded attorney-client privilege as both a "sword and a shield."

  • February 01, 2024

    NC, SC Banks To Merge, Form Entity With $2.2B In Assets

    North Carolina-based Dogwood State Bank and South Carolina-based Community First Bancorporation said on Thursday that they planned to merge, with Dogwood acquiring Community First and its subsidiary Community First Bank in a deal guided by Williams Mullen and Brooks Pierce.

  • February 01, 2024

    FTX Customers Sue Over Digital Asset Ownership In Ch. 11

    Customers of defunct crypto exchange FTX Trading Ltd. filed a Chapter 11 adversary suit in Delaware bankruptcy court seeking a decision on whether the exchange or the customer owns digital assets in customer accounts.

  • February 01, 2024

    5 Mass. Rulings You Might Have Missed In January

    Massachusetts justices in Suffolk County's Business Litigation Session weighed in on the impact of a major ruling involving Robinhood Financial, a proposed class action on overdraft fees charged by a credit union, and two pandemic-related cases. Here are five January decisions that might have flown under the radar.

  • February 01, 2024

    Genesis Strikes $21M Deal In SEC Crypto Enforcement Action

    Bankrupt cryptocurrency company Genesis Global asked a New York judge to approve a settlement it has reached with the U.S. Securities and Exchange Commission that would end the agency's enforcement action by granting it a subordinated claim for a $21 million civil penalty.

  • February 01, 2024

    Fired Ohio Megachurch Pastor Can't Revive Suit Against Bank

    An Ohio appellate court has affirmed Union Bank & Trust Co.'s win against a former megachurch pastor who claimed the bank wrongfully pushed for his firing, ruling the bank was justified in urging the church to remove the pastor after his extramarital affairs were revealed in 2018.

  • February 01, 2024

    Biden Admin. Sanctions Israeli Settlers In West Bank

    President Joe Biden signed an executive order on Thursday imposing financial and visa restrictions on "extremist" actors in the West Bank, with the first round of sanctions being levied against four Israeli settlers found to have assaulted Palestinian civilians and Israeli activists. 

  • February 01, 2024

    Judge OKs SVB Atty Fees In Ch. 11 Despite 'Sticker Shock'

    A New York bankruptcy judge gave initial approval on Thursday to millions of dollars in fees requested by professionals working on the bankruptcy case of Silicon Valley Bank's former parent company, despite his "sticker shock" at Sullivan & Cromwell's $1,500 hourly rate.

  • 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.

Expert Analysis

  • 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.

  • Series

    The Pop Culture Docket: Judge D'Emic On Moby Grape

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    The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.

  • 4 Key Types Of Coming FHLBank Reforms To Watch

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    Though the Federal Housing Finance Agency's recent report on the Federal Home Loan Bank System has received relatively little attention, the regulatory and legislative changes it proposes in four categories herald the start of a significant effort by the agency to reform the system’s structure and operations and overhaul requirements for member banks, say attorneys at Mayer Brown.

  • The Basics Of Law Firm Cyber Liability Insurance Applications

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    Cyber liability insurance has become a common consideration for law firms as cyber threats have escalated, but these insurance forms can be quite complicated given the nature of the industry and associated risks, so simply filling out the form won't necessarily result in an ideal policy for your firm, says Kevin Haight at WAMS.

  • Lender Agreements And Unitranche Facilities: A Fresh Look

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    Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.

  • What Banks Should Know About FDIC Assessment Rule

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    Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.

  • Series

    Performing Music Makes Me A Better Lawyer

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    The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.

  • How 'As Such' Changes LPs' Self-Employment Tax Exposure

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    In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.

  • Expect CFPB Flex Over Large Nonbank Payment Cos.

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    A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.

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