Banking & Finance
Deutsche Bank Agrees to $150 Million Settlement for Jeffrey Epstein Lapses
News
Deutsche Bank AG agreed Tuesday to pay a $150 million penalty to settle “significant compliance failures” in its dealings with convicted sex offender and financier Jeffrey Epstein.
Tezos Likely Avoiding SEC Action With $25M Class-Action Lawsuit Settlement
News
The Tezos class-action lawsuit from law firm Block & Leviton will likely conclude in a $25-million settlement on August 27.
Wirecard’s Former CEO Arrested in the Case of the Missing Billions
News
Wirecard AG’s former chief executive officer was detained by Munich prosecutors after 1.9 billion euros ($2.1 billion) went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry.
Coalition of State Attorneys General Secures $550M Settlement with Subprime Auto Lender
News
“A coalition of 34 state attorneys general announced on May 19, 2020, that it had secured a settlement with one of the nation’s largest subprime auto financing companies for alleged violations of state consumer protection laws.
Lloyds Bank Fined $81 Million for Overcharging Mortgage Customers
News
Britain’s biggest domestic bank Lloyds has been fined 64 million pounds ($81.2 million) by the Financial Conduct Authority for mistreating hundreds of thousands of mortgage customers in financial difficulties.
Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal
News
Lawyers for the bank have asked Deputy Attorney General Jeffrey Rosen to review demands by some federal prosecutors that Goldman pay more than $2 billion in fines and plead guilty to a felony charge.
J.P. Morgan Chase Agrees to $9 Million Settlement in 401(K) Suit
News
J.P. Morgan Chase agreed to pay $9 million to settle allegations by current and former participants in the company’s 401(k) plan that fiduciaries violated their ERISA duties by retaining expensive investment options and failing to look for cheaper and better-performing replacements.
Santander Consumer Reaches $550M Settlement With State AGs
News
Santander Consumer USA will pay $65 million to states and forgive hundreds of millions more in consumer debt as part of a settlement with a group of attorneys general over practices in its subprime auto lending business.
Big Banks Accused of Favoring More Lucrative Small Business Loans in Coronavirus Program
News
Four of America’s biggest banks have been accused of harming thousands of coronavirus-hit small businesses by unfairly prioritizing emergency loan requests from large customers to earn fatter fees.
Equifax To Pay Mass. $18.2 Million In Settlement, AG Healey Announces
News
Equifax will pay Massachusetts $18.2 million and change its security practices as part of a settlement between the credit reporting agency and the state stemming from a major 2017 data breach, Attorney General Maura Healey announced Friday.
Wells Fargo’s Top Lawyer Turned CEO Made $9.6 Million in 2019
News
Former Wells Fargo & Co. general counsel C. Allen Parker Jr. took home outsized pay of more than $9.6 million last year thanks to his elevation to interim CEO.
Former U.S. Congressman Sentenced to 26 Months for Insider Trading
News
As a board member of a biotech company, Chris Collins gave insider information on the company to his son.
2019 Bad Guys in Energy
Insight
Gray Reed partner Charles Sartain takes a look back at some of 2019’s malefactors in the energy business in a post in the firm’s Energy & the Law blog.
Solar Company Executive Pleads Guilty to Defrauding Investors of $1 Billion
News
DC Solar Solutions of California made solar generators mounted on trailers that provided event lighting and emergency power for communications companies.
Increased Swaption Activity May Present Financial Reporting Challenges for Oil & Gas Companies
Insight
An increased use of swaptions may help upstream oil and gas producers weather lower natural gas prices, but they present financial reporting challenges.
The Biggest Supreme Court Cases to Watch in 2020
News
The Supreme Court will hear a slate of highly charged disputes when the justices return to the bench in the new year and resume one of the most politically volatile terms in recent memory.
Biglaw Firm Sued by Crypto Fund Manager for Alleged Malpractice
News
Digital Capital Management’s complaint alleges that the law firm provided “inaccurate analysis and advice.”
Frequently Overlooked Technology Provisions in Vendor Agreements and Why They Matter
News
Banks need to ensure the products and vendors in which they invest will operate reliably, compliantly, and safely – and that the bank’s rights and remedies are preserved in the event of failure, according to Caitlin B. Houlton Kuntz and Nadja Baer.
Model Data Access Agreement to Foster Fintech Growth
Insight
The model agreement is intended to provide a standardized foundation that speeds up data access agreement negotiations.
As Trump Cases Arrive, Supreme Court’s Desire to Be Seen as Neutral Arbiter Will Be Tested
News
The court will consider whether to schedule a full briefing and argument on the president’s request that it overturn a lower-court ruling giving New York prosecutors access to Trump’s tax returns and other financial records.
