News and Events for Attorneys and Executives

Tag: Banking

Citigroup Pays $12 Million to Settle Dark Pool Probe

Citigroup Pays $12 Million to Settle Dark Pool Probe

News
The bank will pay a penalty of $6.5 million and disgorgement and prejudgment interest totaling $5.4 million, while its affiliate, Citi Order Routing and Execution, will pay a penalty of $1 million.

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Recovering Data Breach Losses from Non-Contractual Parties

Recovering Data Breach Losses from Non-Contractual Parties

Insight
Often, the loss initially falls on the financial institution through account or card agreement provisions or deadlines imposed by statutes or regulations, according to a Dykema blog post.

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Banks Cannot Skirt Contract Remedies in Data Breach Suit Against Retail Merchant

Banks Cannot Skirt Contract Remedies in Data Breach Suit Against Retail Merchant

Insight
The financial institutions sought to recover some of their costs from the grocery store chain that was allegedly responsible for the loss of the data.

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GC Roles at Large Banks Went Mostly to Women in 2017

GC Roles at Large Banks Went Mostly to Women in 2017

News
The ranks of women general counsel in the Fortune 500 continued to grow in 2017, particularly in the financial services industry, though it remains more male-dominated than other sectors, according to a Bloomberg Law report.

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Commentary: Wells Fargo’s Board Members Are Getting Off Too Easy

Commentary: Wells Fargo’s Board Members Are Getting Off Too Easy

Commentary
Lawrence Summers asks: Why aren’t the Wells Fargo directors who are leaving being named and asked to resign effective immediately with an element of humiliation?

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SEC Halts Dallas-Based Bank’s Cryptocurrency Sale – But Not Before It Says It Raised $600 Million

SEC Halts Dallas-Based Bank’s Cryptocurrency Sale – But Not Before It Says It Raised $600 Million

News
The Securities and Exchange Commission has halted the sale of AriseCoin, saying it was all part of a more straightforward, old-fashioned investment scam, according to The Dallas Morning News.

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Insurance Giant Receives New York Subpoena on Sales Practices

News
New York’s attorney general has subpoenaed TIAA, the giant insurance company and investment firm, seeking documents and information relating to its sales practices, according to people briefed on the inquiry, reports The New York Times.

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Feds Accuse Georgia GC of Helping Orchestrate Client’s Ponzi Scheme

News
Georgia lawyer was an “active participant” in fleecing elderly and unsophisticated investors out of their savings, reports the Atlanta Journal Constitution.

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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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