News and Events for Attorneys and Executives

Tag: Banking

New U.S. Rule on Class Actions Survives First Challenge

New U.S. Rule on Class Actions Survives First Challenge

News
Reuters reports that the Consumer Financial Protection Bureau’s rule abolishing “mandatory arbitration clauses” was released on July 10, and was immediately threatened by Republicans in Congress and President Donald Trump’s administration

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HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

HSBC, UBS Settle U.S. Rate-Rigging Litigation; 10 Banks’ Total Payout Tops $408 Million

News
If approved by the judge overseeing the case, the settlements would boost the total payout from 10 settling banks to $408.5 million. HSBC and UBS denied wrongdoing.

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Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

News
The Los Angeles Times offers some answers to typical questions that consumers may have about the settlement and what it can mean for the customer individually.

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Madden Remand Muddles Contract Law: SDNY Decision or Sign of National Trend?

Insight
Madden is the latest decision to look past the contractual agreement of the parties to apply state usury and other consumer protection requirements to consumer credit and collections activity, according to an article published by Paul Hastings LLP.

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JPMorgan Software Does in Seconds What Took Lawyers 360,000 Hours

News
A new JPMorgan Chase & Co. a learning machine is parsing financial deals that once kept legal teams busy for thousands of hours, according to a Bloomberg report.

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Current Trends in Loan Terms: Large Cap and Middle Market Loans

Current Trends in Loan Terms: Large Cap and  Middle Market Loans

Event, March 8, 1 p.m. EST
On March 8, Practical Law and experts from Davis Polk & Wardwell LLP and Thompson & Knight LLP will host a free webinar to discuss the effects of market forces on loans and agreement negotiations.

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Judge Nixes $360-An-Hour Fees For ‘Associates’ Who Looked More Like Temps

News
The fee order provides evidence at least some judges are starting to figure out the economics of the class-action business, reports Forbes.

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GOP Banking Chair: Dodd-Frank Dismantling is First-Year Priority for Trump

GOP Banking Chair: Dodd-Frank Dismantling is First-Year Priority for Trump

News
Dismantling President Obama’s financial reform law is not a priority for President-elect Trump’s first 100 days, the author of GOP legislation to undo the law said Thursday, but it is a task for Trump’s first year, reports The Washington Examiner.

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Wells Fargo Killing Sham Account Suits by Using Arbitration

News
Customers argue that they couldn’t have agreed to arbitration, considering they didn’t sign up for the accounts in the first place. The bank counters that the agreements in the customers’ original contracts also cover the disputed accounts.

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Post-Election Rally Profits Morgan Stanley GC, Execs

Post-Election Rally Profits Morgan Stanley GC, Execs

News
Reuters is reporting that most of the executives’ profits came from an election-fueled rally in bank stocks, according to securities filings.

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Wells Fargo to Pay $50 Million to Settle Home Appraisal Overcharges

Wells Fargo to Pay $50 Million to Settle Home Appraisal Overcharges

News
Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit that accused the bank of overcharging hundreds of thousands of homeowners for appraisals ordered after the homeowners defaulted on their mortgage loans, reports The New York Times.

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Reviewing Banks’ Third-Party Vendor Service Contracts (Part 6)

Insight
The sixth installment in Bryan Cave LLP’s series about banks’ third-party vendor service contracts covers two subjects: first, ownership of trademarks, copyrights, patents and other trade secrets, source code escrow agreements; and second, confidentialty.

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Inside the Secret Society of Wall Street’s Top In-House Lawyers

News
Attendees at the recent gathering wanted to discuss a common foe: class-action lawyers who seek billions of dollars from top banks for alleged market manipulations and related bad behavior.

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New York Proposes Cybersecurity Regulation for Insurance Companies, Banks, Financial Institutions

New York Proposes Cybersecurity Regulation for Insurance Companies, Banks, Financial Institutions

Insight
If enacted, this change would bring the first statewide regulation mandating that insurance companies, banks, and other financial institutions create such a program, reports Jason O. Balogh, a partner with Hickey Smith LLP.

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Payday Loan Mogul Scott Tucker’s $1.3 Billion Judgment is a Record for the FTC

News
The Federal Trade Commission, in its first public remarks since a federal judge last week entered a $1.3 billion judgment against payday loan businessman Scott Tucker, called the penalty the largest of its kind, reports The Kansas City Star.

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Deutsche Bank Rebuffs $14 Billion Settlement Demand in U.S. Mortgage Probe

Deutsche Bank Rebuffs $14 Billion Settlement Demand in U.S. Mortgage Probe

News
Deutsche Bank AB is saying it has no intention of paying the U.S. Justice Department’s demand of $14 billion to settle high-profile probes into its packaging of mortgages in the run-up to the financial crisis, reports MarketWatch.

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Big Bank’s General Counsel Fired Over ‘Personal Matter’

News
Cincinnati-based Fifth Third Bancorp has reportedly fired its general counsel, Heather Russell Koenig, over what the bank called “a personal matter,” reports the Cincinnati Business Courier.

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FBI Says It’s Conducting 30 Undisclosed Insider Trading Probes

News
Reuters is reporting that the FBI in New York City has undisclosed probes into about 30 suspected insider trading schemes, in a sign investigators remain focused on building cases despite a court ruling that could curtail such prosecutions.

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Succeeding in the New Paradigm for Corporate Governance

Insight
Institutional investors are developing a new paradigm for corporate governance that prioritizes sustainable value over short-termism, writes Martin Lipton of Wachtell, Lipton, Rosen & Katz.

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Why Not Having an Employment Contract With Bank Officers Will Hurt You

Insight
Having an employment agreement with an officer and other key employees is advisable, as it is the easiest way to protect the bank’s interest when an officer departs, write Amber M. Rogers and Alan J. Marcuis for Hunton & Williams.

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