Blank Rome Welcomes Experienced Derivatives Attorney Andrew Cross in Pittsburgh

Blank Rome LLP is pleased to announce that Andrew P. Cross has joined the firm’s Pittsburgh office as of counsel in the Finance, Restructuring, and Bankruptcy group. Andrew focuses his practice on derivatives transactions and investment management regulatory matters. He joins from Perkins Coie LLP.

Nationally, Blank Rome has experienced significant and strategic growth since the start of the year, including opening a Dallas office with a team of leading corporate, real estate, and finance partners, adding a team of nine leading litigators in New York, welcoming a group of nine international trade attorneys and legal professionals in Washington, D.C., and bolstering its Chicago office with a real estate finance trio.

“We are pleased to welcome Andrew to our firm’s leading finance practice and our growing Pittsburgh office,” said Grant S. Palmer, Blank Rome’s Chair and Managing Partner. “Andrew’s derivatives transactional experience and extensive background in the investment management space will further strengthen our national finance team and will be of great value to our clients.”

Concentrating his practice on complex financial transactions and regulatory matters, Andrew advises a diverse client base that includes financial institutions, commodity trading firms, family offices, public companies and other corporate end-users, registered investment advisers, registered investment companies, and private funds. Andrew routinely negotiates complex derivatives transactions and related trade agreements, so that clients can achieve their investment and risk management objectives. On the regulatory front, Andrew’s practice covers issues arising under federal statues that govern the use of derivatives for investment or hedging purposes. He routinely advises clients regarding the application of the Commodity Exchange Act, the Securities Act, the Securities Exchange Act, the Investment Company Act, and the Investment Advisors Act.

Additionally, Andrew has more than 20 years of experience as an investment management attorney, regularly advising mutual funds and their boards and investment advisers with respect to regulatory matters, including client commission arrangements and related fiduciary oversight matters, as well as fintech regulatory issues.

“We are thrilled to have Andrew join our finance team as his derivatives transactional experience and ability to provide regulatory analyses will greatly benefit our financial services clients in Pittsburgh and across the country,” said Lawrence F. Flick II, Partner and Chair of Blank Rome’s Financial Services industry group. “Combined with Blank Rome’s innovative work with commodity and energy finance transactions, Andrew’s experience will help us expand our asset-management focused derivatives regulatory and transactions practices.”

“Blank Rome has an incredible reputation in the finance industry, and I am excited to work with such talented and experienced attorneys,” added Cross. “There are already synergies with several partners who practice in the derivatives transactional space, including David Kronenberg and Brendan Delany, making Blank Rome a great fit for me to serve my clients, further develop my practice, and contribute to the growth of the firm’s derivatives and investment management service offerings.”

Andrew earned his J.D./M.B.A from the University of Pittsburgh, his M.A. from the University of Balamand, and his B.A., summa cum laude, from Washington & Jefferson College. Andrew has been recommended by The Legal 500 and recognized in DerivAlert’s “Who’s Who in OTC Derivatives Reform.”

About Blank Rome
Blank Rome is an Am Law 100 firm with 15 offices and more than 680 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. Our professionals have built a reputation for their leading knowledge and experience across a spectrum of industries and are recognized for their commitment to pro bono work in their communities. Since our inception in 1946, Blank Rome’s culture has been dedicated to providing top-level service to all of our clients and has been rooted in the strength of our diversity and inclusion initiatives. For more information, please visit blankrome.com.




Western Alliance Bank Launches National Commercial Banking Service Devoted to “NewLaw” Clients”

Western Alliance Bank Launches National Commercial Banking Service Devoted to “NewLaw” Clients
NewLaw Banking Caters to Law Firms and Legal Tech Companies Navigating Change in the Industry

PHOENIX, AZ—August 9, 2023—In a forward-looking response to seismic changes in the legal industry, Western Alliance Bank today announced that it has launched a national commercial banking service dedicated to enabling law firms and other companies in the legal ecosystem to thrive in the NewLaw economy. NewLaw Banking, part of Western Alliance Bank’s Juris Banking Group, serves the complete banking needs of law firms, legal technology providers and other businesses that are adapting to—and driving—change in the market for legal services.

“Western Alliance Bank has been a valued steady, reliable resource for law firms and legal service providers for nearly 20 years. As students of the industry, we have observed the recent and dramatic shift in the way corporations buy legal services, particularly their intense focus on efficiency,” said Francesca Castagnola, senior managing director of Western Alliance Bank’s Juris Banking Group. “That has created a massive opportunity for law firms and others willing to develop and use new tools to improve and streamline services. NewLaw Banking helps the profession’s leaders to seize that opportunity.”

Informed by an understanding of clients’ unique business needs, the group provides secure depository and treasury services and lending solutions for the launch of new firms and for innovative projects at established firms of all sizes, regardless of how far along they are in the innovation journey. NewLaw Banking also provides legal techs and ALSPs, or alternative legal service providers, with corporate financing in the start-up, early growth and later stages of their business journeys.

The launch of NewLaw Banking builds on Western Alliance Bank’s history of leadership in the evolution of business practices within the legal profession. Its Juris Banking Group offerings include Settlement Services for class action, mass tort and bankruptcy attorneys, claims administrators and related businesses; Digital Disbursements to facilitate payments to claimants in these matters; and now nationwide full-service banking solutions under the same umbrella.

“Law firms have long been an important client base for the bank, and our team has been at the forefront of innovation for all their banking needs, including settlement services and digital disbursement capabilities. We keep our fingers on the pulse of the changes happening across the legal ecosystem, so it only makes sense that we expand our legal banking services to include all members of that ecosystem and on a national level,” said Dale Gibbons, chief financial officer at Western Alliance Bank. “Simply put, we are the bank for the future of the legal profession.”

About Western Alliance Bank
With more than $65 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored solutions and outstanding service delivered by banking and mortgage experts who put customers first. Major accolades include being ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands and has offices in key markets nationwide. For more information, visit Western Alliance Bank.

About NewLaw Banking
Western Alliance NewLaw Banking, a national banking service within the Juris Banking Group at Western Alliance Bank, Member FDIC, is a group built for the future of the legal services industry. We deeply understand the business of law and where it is going. Combining this knowledge with creative financing solutions, leading technology and a white-glove approach to client service, our NewLaw group is the right choice for law firms and other players in the legal ecosystem that are ready to go beyond tradition and ensure their future. The NewLaw Banking Group is part of Western Alliance Bancorporation, which has more than $65 billion in assets and ranked #1 among top-performing large banks with assets greater than $50 billion in 2021 by both American Banker and Bank Director. With significant national capabilities, the NewLaw Banking Group delivers the reach, resources and deep industry knowledge that make a difference for customers. For more information, visit Western Alliance NewLaw Banking Group.




Eversheds Sutherland Welcomes Finance and Restructuring Partner Renée Dailey to Finance Practice Group

Eversheds Sutherland is pleased to announce that Renée Dailey has joined the US Finance Practice Group as partner. Ms. Dailey advises institutional investors in US, Australian and cross-border debt finance and financial restructuring matters. Her practice also includes advising insurance companies on their front-end investment structures, intercreditor arrangements and workouts.

“I am thrilled that Renée has joined our Finance Practice Group, which is experiencing dynamic growth brought on by expanding market opportunities,” said Mark D. Wasserman, Co-CEO of Eversheds Sutherland. “Renée’s first-rate experience representing institutional investors will deepen our restructuring services and benefit clients with needs throughout the restructuring process,” he said.

“Renée is a trusted advisor and team player who brings a market-leading practice representing insurance companies, noteholder groups and individual institutions in connection with restructuring matters,” said Peter A. Fozzard, Practice Group Leader Finance (US). “Her industry experience, which includes advising insurance companies on the investment side of their businesses, will greatly enhance our ability to support US and international clients in additional areas of their origination, restructuring and workout objectives.”

Ms. Dailey’s extensive knowledge base, built over two decades of advising insurance companies and institutional investors, will be a strong addition to the firm’s Insurance and other practice teams that advise such clients on complex business matters, including in connection with transactions, regulation, product design and taxation. For example, Ms. Dailey frequently represents private noteholder groups and bank groups in amendment and consent requests, complex out-of-court restructurings, and in-court proceedings in the US and internationally. She also advises clients on their general investment activities and proposed investment structures, with a focus on mitigating financial risk.

Prior to joining Eversheds Sutherland, Ms. Dailey was a partner at Akin Gump. She is the President and a board member of the American College of Investment Counsel.

Ms. Dailey’s arrival to the Finance team follows the addition of senior counsel Jennifer Kimble, a corporate restructuring attorney, in May.

About Eversheds Sutherland

As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 77 of the Fortune 100, 68 of the FTSE 100 and 129 of the Fortune 200.

With more than 3,000 lawyers, Eversheds Sutherland operates in over 70 offices in more than 30 countries across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalized alliances in Latin America, Asia Pacific and Africa, provide support around the globe.

Eversheds Sutherland provides the full range of legal services, including corporate and M&A; dispute resolution and litigation; energy and infrastructure; finance; human capital and labor law; intellectual property; real estate and construction; and tax.

Eversheds Sutherland is a global legal practice and comprises two separate legal entities: Eversheds Sutherland (International) LLP (headquartered in the UK) and Eversheds Sutherland (US) LLP (headquartered in the US), and their respective controlled, managed, affiliated and member firms. The use of the name Eversheds Sutherland is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global LLP. For more information, visit eversheds-sutherland.com.




Foley Expands Latin America Cross-Border Corporate Offerings with Addition of Two Partners in Miami

Foley Expands Latin America Cross-Border Corporate Offerings with Addition of Two Partners in Miami

MIAMI – Foley & Lardner LLP announced today that it has further enhanced its cross-border capabilities with the addition of Ruben Diaz and Federico Goudie in Miami. Diaz and Goudie, who respectively join the firm’s Transactions and Finance Practice Groups, bring decades of experience advising companies, particularly those operating within Latin American markets, in a wide array of corporate and transactional matters.

“Foley’s corporate team is continually finding new paths for strategic growth,” said Steven Vazquez, chair of Foley’s Business Law Department. “Ruben and Federico are well-regarded domestically and internationally for their work on complex corporate matters and add invaluable Latin America cross-border corporate experience to the firm’s already dynamic transactional and disputes service offerings in the region. We are thrilled to welcome them to the firm.”

Diaz has significant experience advising on cross-border investments, mergers and acquisitions, joint ventures, and corporate finance, as well as international arbitration and dispute resolution. He has worked across key industries, including banking and finance, agribusiness, food and beverage, energy, health care, real estate, and technology.

Goudie advises international financial institutions, multinational corporations, and sovereigns in capital markets transactions and structured and trade financings, project financings, and derivative transactions. In addition, he counsels his clients in mergers and acquisitions, private equity, and general corporate and commercial matters.

“Ruben and Federico are welcome additions to our team,” said Leslie Smith, managing partner of Foley’s Miami office. “Their Latin American networks and deep cross-border experiences amplify our existing team’s reputation for unparalleled client service as Miami continues to expand its prominence as a global business hub.”

“The combination of Foley’s collaborative culture, commitment to client service, deep bench, and widely recognized experience in assisting clients with inbound, outbound, and cross-border matters, will provide a superior platform to serve existing clients and allow us to continue to grow our practices,” said Diaz and Goudie. “We are excited to join the team.”

About Foley & Lardner LLP
Foley & Lardner LLP is a preeminent law firm that stands at the nexus of the energy, health care and life sciences, innovative technology, and manufacturing sectors. We look beyond the law to focus on the constantly evolving demands facing our clients and act as trusted business advisors to deliver creative, practical, and effective solutions. Our 1,100 lawyers across 25 offices worldwide partner on the full range of engagements from corporate counsel to IP work and litigation support, providing our clients with a one-team solution to all their needs. For nearly two centuries, Foley has maintained its commitment to the highest level of innovative legal services and to the stewardship of our people, firm, clients, and the communities we serve.




SEC takes shots at meme stocks, retail trading, and crypto bros in a PSA. Reddit responds that it’s victim blaming

“The Securities and Exchange Commission just revealed that it thinks meme stocks are a joke—and took some shots at crypto bros while it was at it. Retail trading communities on the internet are saying they feel scapegoated,” reports Christine Mui in the Fortune.

“The financial watchdog released an unusual video as part of a campaign dubbed “Investomania” to educate the public to do careful research before making investment decisions, themed like a game show, with one 30-second video spot and three others at 15 seconds apiece. In the longest clip, a contestant named Brad starts with negative $5,250 and buzzes in “meme stocks” from a game board of investment options. Among the other categories are “stock tips from your uncle,” “crypto to the moon,” and “timing the market.””

Read the article.

 




SEC v. Ripple: Hinman Docs Become Focus of New Conference

“Magistrate Judge Sarah Netburn has scheduled a new conference between the U.S. Securities and Exchange Commission and Ripple lawyers to discuss renewed assertions of attorney-client privilege,” reports Alex Dovbnya in the U Today.

“Internal documents related to former high-ranking SEC official William Hinman will be at the core of the discussion. The conference is scheduled to take place on June 7. Since no call-in information has been provided, this appears to be an in-person conference only.”

Read the article.

 




WEF 2022: Ripple CEO reveals he visited SEC several times before lawsuit struck

“Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion Monday at the World Economic Forum in Davos, Switzerland.,” reports Tom Farren in the Coin Telegraph.

“Garlinghouse, who also occupies a role as a member of the company’s board of directors, commented on a wide range of topics, most notably the current status of regulation in the United States versus G20 nations.”

Read the article.

 




What are Governance Tokens? How Token Owners Shape a DAO’s Direction

“Blockchain technology has opened up a world of new possibilities. From decentralized finance (DeFi) to digital scarcity and ownership through NFTs, there’s been an explosion of innovation around products, services, and platforms,” reports moreReese and DJ in Decrypt.

“Cryptoeconomics and tokenization are unlocking new models for organization and ownership. The products, services, and platforms emerging from these new models are user-owned and operated, built for and by the communities they serve. These communities are composed of individuals from all parts of the globe, with diverse backgrounds and skillsets.”

Read the article.

 




Climate Plan Puts SEC in Rare Role as Accounting Rule-Writer

“The U.S. Securities and Exchange Commission’s landmark climate change proposal thrusts the Wall Street regulator into a role it usually takes pains to avoid: setting accounting rules,” reports Nicola M. White in the Bloomberg Tax.

“Almost 50 pages of the 500-plus page plan the agency issued Monday covers details of new financial statement disclosures big companies would have to make about climate change’s impact on financial statement metrics and how much they spend to combat risk.”

Read the article.

 




2021 Antitrust Year in Review

“Wilson Sonsini Goodrich & Rosati is pleased to present its 2021 Antitrust Year in Review. This report summarizes the most significant antitrust matters and developments of the past year,” reports Wilson Sonsini Goodrich & Rosati in JD Supra.

“We examine policies and enforcement activity by U.S. and global antitrust agencies and enforcers across a range of merger review, civil conduct, and criminal enforcement matters as well as antitrust litigation filed by private plaintiffs.”

Read the article.

 




The Pandemic Drove Up Compliance Costs; Here’s How To Get Back On Track

“The Covid-19 pandemic’s impact on the economy is far from over. Ripple effects spread far beyond the typical business’s bottom line. Besides obvious health and safety concerns and the operational difficulties that accompany remote work, and in addition to supply chain problems plaguing much of the economy, the typical enterprise has also seen its regulatory compliance obligations change dramatically, altering risks and increasing costs,” reports Kayvan Alikhani in Forbes.

“With 2022 just around the corner, now is the time to chart a new path forward that makes sure 2020 and 2021 were anomalies, not the new normal”

Read the article.

 




Five Trends Shaping Governance, Risk and Compliance

“As a result of the pandemic, businesses have been forced to rethink their operational resilience — especially when you consider 2020 was a record year for data breaches, despite seeing an increase in cybersecurity spending,” reports Gaurav Kapoor in Forbes.

“Adjusting governance, risk management and compliance (GRC) systems is one way that organizations can bounce back and transform potential problems into an advantage — even small adjustments made organization-wide can lead to millions of dollars in recovered revenues if the right risks are mitigated. Take note of these five post-pandemic trends that will be shaping GRC over the next several years.”

Read the article.




Swiss Bank Julius Baer Agrees to Pay $79M Settlement for Role In FIFA Corruption Scandal

“A Swiss bank implicated in FIFA corruption investigations said Monday it has agreed to a settlement in principle with the US Department of Justice and set aside $79.7 million to pay expected fines,” reports The Associated Press in First Posts’ Sports.

“Zurich-based Julius Baer said the agreement sees the bank ‘entering into a three-year deferred prosecution agreement’ and financial settlement to be charged against its accounts for 2020.”

The bank has cooperated with American authorities since 2015, when a sprawling investigation of corruption in international football was unsealed.”

“In 2017, a former banker with Julius Baer pleaded guilty in federal court in New York for his part in managing accounts that laundered bribes for South American football officials. They included Julio Grondona, who was FIFA’s former senior vice president and finance committee chairman when he died in 2014.”

Read the article.




DOJ Sues to Block Visa Acquisition of Fintech Startup Plaid

“The federal government is suing to block Visa’s $5.3 billion acquisition of fintech startup Plaid, alleging the merger violates antitrust laws,” reports Clare Duffy of CNN Business in KTEN News.

“Visa in January announced plans to acquire Plaid, which makes digital infrastructure linking financial data from people’s bank accounts to the apps they use to manage their money such as Venmo, Coinbase and Expensify.”

“The US Justice Department alleged Thursday that Visa is a ‘monopolist in online debit transactions’ — and a new service in development by Plaid could pose legitimate competition to Visa’s business, according to the complaint in US District Court in Northern California.”

Read the article.




Coral Gables Attorney Accused of Multiple Bank Robberies

“A South Florida lawyer has been arrested for his involvement in at least five robberies or attempted robberies of local banks, FBI officials said Wednesday,” was reported in NBC South Florida’s Miami Dade County.

“Aaron Honaker, 41, was arrested Tuesday night as he was attempting to enter a bank in Coral Gables, officials said.

“According to allegations in the complaint affidavit, Honaker would follow a consistent approach during his robbery attempts and succeeded twice: Honaker would walk up to a teller and ask for assistance in making a withdrawal. He would then pass a handwritten note to the teller that would say messages like, ‘don’t touch the alarm or call the police,’ ’empty all of your $50s and $100s and put it in an envelope,’ and ‘keep calm, and give me all the money in the drawer, I have a gun.’ Honaker would take his note with him on the way out of the bank.

Read the article.




Attorney Prominent in the Crowdfunding Sector is Target of SEC Enforcement Action

“The Securities and Exchange Commission (SEC) issued a litigation release today alleging charges of microcap fraud that involved an attorney prominent in the US crowdfunding sector,” reports JD Alois in Crowdfund Insider.

“According to the SEC complaint, Jillian Sidoti, affiliated with the law firm known as CrowdfundingLawyers.net, facilitated alleged fraudulent dumping of securities of penny stock company Blake Insomnia Therapeutics.”

“According to the SEC complaint, as an attorney for Blake, Sidoti apparently drafted and signed documents that contained materially false information regarding the operations and control of Blake, including a private placement memorandum and registration statements filed with the Commission.”

Read the article.




DOJ Reached $46M Settlement with 5Dimes for Illegal Sports Betting

“5Dimes and the U.S. Department of Justice reached a $46.8 million settlement of an investigation into illegal US sports betting operations, as well as money laundering and wire fraud,” reports Matthew Waters in Legal Sports Report.

“The company announced an intent to enter the US sports betting market following the deal, although state regulators likely will balk at the long list of criminal activity detailed in the settlement.”

“5D Holdings and owner Laura Varela will forfeit the illegally obtained gambling proceeds as part of a settlement with the US Attorney’s Office Eastern District of Pennsylvania into the criminal investigation of 5Dimes’ offshore operations in Costa Rica.”

Read the article.




South Florida Lawyer Charged with Fraud Related to 1 Global Capital Investment Scheme

“A Florida attorney and former outside counsel for 1 Global Capital LLC (1 Global), has been charged today with conspiring to commit wire fraud and securities fraud in connection with an investment fraud scheme that, as alleged, impacted more than 3,600 investors in 42 different states, and involved him personally and fraudulently raising more than $100 million from investors,” released the Department of Justice in The United States Attorney’s Office for the Southern District of Florida.

“Andrew Dale Ledbetter, 78, of Fort Lauderdale, Florida, is charged in an information with conspiracy to commit wire fraud and securities fraud. The case is assigned to U.S. District Judge Darrin P. Gayles of the Southern District of Florida.”

“According to the allegations in the information, 1 Global was a commercial lending business based in Hallandale Beach, Florida, that made the equivalent of “pay day” loans with high interest rates to small businesses, termed merchant cash advance loans (MCAs). To fund these loans, 1 Global obtained funds from investors nationwide, offering short-term investment contracts that promised to “place” the investors’ money onto MCAs.”

Read the article.




JPMorgan to Pay a Record $1B to Settle Market-Manipulation Charges

“JPMorgan is set to pay nearly $1 billion to settle with US authorities investigating whether the bank manipulated the metals and Treasury markets, Bloomberg reported on Wednesday,” writes Ben Winck in Business Insider’s Markets.

“The sum would set a record for spoofing-related settlements and could be announced as soon as this week, sources familiar with the matter told Bloomberg. The payment would be in line with other market-manipulation sanctions but surpass previous spoofing fines.”

“The payment would resolve investigations by the Justice Department, the Commodity Futures Trading Commission, and the Securities and Exchange Commission, according to the report. The agencies have been looking into whether traders on JPMorgan’s metals-futures and Treasury desks interfered with the respective markets.”

Read the article.




E-Signatures White Paper: Beyond Business Continuity

OneSpan has published a white paper titled “Beyond Business Continuity, The New Normal in Remote Banking and Insurance” and made it available for downloading at no charge. (See the download form below.)

The COVID-19 pandemic accelerated trends toward remote banking, digitization, and remote work as the world embraced new technologies and processes to keep our financial institutions, businesses, and society functional. Around the world, people now rely more than ever on digital solutions for interactions and transactions that have traditionally involved a visit to the branch or a face-to-face meeting with an advisor.

In this paper, we explore the top financial processes to digitize with e-signatures and digital identity verification technology – as well as key security considerations to support the rise of the digital-first financial services provider.

The new normal is here, and electronic signatures are key to continued success.

In this white paper, you will learn:

  • Global regulatory responses shaping the new normal
  • The top financial processes to digitize with e-signatures
  • How to determine your organization’s readiness to deploy e-signatures

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