News and Events for Attorneys and Executives

Tag: BankingLaw

Justice Department Charges 4 Over Panama Papers Tax Schemes

Justice Department Charges 4 Over Panama Papers Tax Schemes

News
Those charged include a former investment manager, a former U.S. resident, an American accountant and a Panamanian lawyer, reports The Washington Post.

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Dallas Cryptocurrency CEO Faces Charges of Scamming Investors Out of $4 Million

News
Jared Rice Sr.’s arrest followed his indictment on three counts each of securities fraud and wire fraud, according to The Dallas Morning News.

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Best Practices in Commercial Real Estate: Commitment Letter

Best Practices in Commercial Real Estate: Commitment Letter

Insight
While a commitment letter in the real estate lending process fleshes out any issues or misunderstandings between the parties prior to the preparation of the ultimate loan documents, it is important to be aware of some potential pitfalls and issues that it can present.

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Ex-JPMorgan Trader Pleads Guilty in Six-Year Spoofing Plot

News
A former precious-metals trader said to have worked at JPMorgan Chase & Co. admitted he engaged in a six-year spoofing scheme that defrauded investors in futures contracts with the help of his colleagues and bosses, Bloomberg Law reports.

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Forex-Rigging Settlements Yield $300M for Class Counsel

News
The settlement is the third largest antitrust class action settlement in history, according to plaintiffs.

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HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds

News
Housing Wire is reporting that HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis.

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SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes

News
In a lawsuit filed in federal court in New York, the SEC alleged OPKO Health chairman and CEO Phillip Frost took part in three pump-and-dump schemes between 2013 and 2018, according to MedCity News.

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JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers

News
The company will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a coaching program for black advisers.

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Judge Rejects Ex-Bank Executives’ Bids for Acquittals, New Trials

News
Judge Richard Andrews refused to enter judgments of acquittal or set new trials for the former Wilmington Trust executives.

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Requiring Buyers to Buy Service Contracts? Read This.

Insight
When a dealer requires a service contract in financing transactions, but not in similar cash transactions, the charge for the service contract must be treated as a finance charge, according to a Hudson Cook post.

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Seventh Circuit Hands Win to Merchants in Data Breach Case

Seventh Circuit Hands Win to Merchants in Data Breach Case

Insight
Data breaches inflict additional costs on financial institutions, leading those institutions to turn to litigation to recoup their losses from merchants, writes Ehren M. Fournier in a post on the website of Schoenberg Finkel Newman & Rosenberg LLC.

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BofA’s Merrill Admits Misleading Customers, to Pay $42 Million SEC Fine

News
The SEC said Merrill falsely told customers that more than 15.8 million orders worth over $141 billion had occurred in-house, reports Reuters.

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Citigroup Agrees to Pay Fine Over State Libor Probes

Citigroup Agrees to Pay Fine Over State Libor Probes

News
The accord is the latest development in probes by governments around the globe into manipulation of benchmark interest rates, reports Bloomberg.

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Wells Fargo Not the Only Bank to Have Created Unauthorized Accounts – But Regulator Won’t Identify Others

News
The Office of the Comptroller of the Currency found “bank-specific instances of accounts being opened without proof of customer consent” as part of a review of more than 40 banks, reports the Los Angeles Times.

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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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With Its 2018 Tax Cut, Wells Fargo Could Pay Its $1 Billion Fine 3 Times and Still Have Cash to Spare

News
The Washington Post reports that the tax cut is expected to boost Wells Fargo’s profits by $3.7 billion, according to a Goldman Sachs report.

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Wells Fargo Faces $1 Billion Fine to Settle Loan Abuses

Wells Fargo Faces $1 Billion Fine to Settle Loan Abuses

News
Reuters reports that Wells Fargo & Co. has been offered a penalty of $1 billion by regulators to resolve outstanding investigations related to auto insurance and mortgage lending abuses, the third-largest U.S. bank by assets said on Friday.

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Enforcement Actions at Consumer Watchdog Agency Halt Under Trump

Enforcement Actions at Consumer Watchdog Agency Halt Under Trump

News
The Consumer Financial Protection Bureau has not recorded a single enforcement action against banks, credit card companies, debt collectors or any finance companies whatsoever since a Trump appointee took over.

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PwC Faces Largest-Ever Auditor Malpractice Damages Verdict

PwC Faces Largest-Ever Auditor Malpractice Damages Verdict

News
The judge in the case has already ruled that PwC had been professionally negligent in not detecting the criminal fraud that led to the failure of Colonial Bank Group in 2009.

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JPMorgan Juror Says Doomed $8 Billion Award Was Message to Bank

JPMorgan Juror Says Doomed $8 Billion Award Was Message to Bank

News
Bloomber reports that the jury award was the largest of 2017 and the ninth-largest in U.S. history.

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