Tag: Banking
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.
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.
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.
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.
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.
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.
Payday Loan Mogul Scott Tucker’s $1.3 Billion Judgment is a Record for the FTC
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.
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.
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.
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.
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.
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.
Bank Regulators Revive Restrictions on Incentive-Based Compensation
Article
The new rules seek to establish general requirements applicable to the incentive-based compensation arrangements of covered persons working in covered institutions.
Liberty Reserve Head Sentenced to 20 Years in Prison
News
A federal judge sentenced the leader of digital currency company Liberty Reserve to 20 years in prison for running a global money-laundering scheme that prosecutors said was unprecedented in size and scope, reports Reuters.
Want to Sue Your Bank? Regulators Push to Make It Easier
News
The Consumer Financial Protection Bureau proposed a rule Thursday that would ban arbitration clauses, which would affect the entire financial industry and the hundreds of millions of bank accounts, credit cards and other financial services Americans use, reports the Associated Press.
CFPB Arbitration Rule Vulnerable to Legal Challenge, Industry Lawyers Say
News
Financial services lawyers are predicting that efforts by the Consumer Financial Protection Bureau to prevent companies from keeping consumer complaints out of a courtroom will wind up being challenged in court, reports The Wall Street Journal.
Former Assistant Director and Deputy GC of CFPB, Joins Stroock in Washington
News
Quyen Truong, former assistant director and deputy general counsel of the Consumer Financial Protection Bureau (CFPB), has joined Stroock & Stroock & Lavan LLP as a partner in the firm’s Washington, DC office.
The End of Consumer Arbitration As We Know It?
Article
As a result of the passage of the Dodd-Frank Act in 2010, the use of mandatory pre-dispute arbitration in consumer transactions has become tenuous, according to an article written by Maurice Shevin for Sirote & Permutt, PC.
Former BigLaw Counsel Who Lied to Lenders in Maxim Deal Gets Jail
News
Prosecutors described Harvey Newkirk as “a facile liar lacking shame, remorse or sympathy for his many victims.”
How Close Are Smart Contracts to Impacting Real-World Law?
Article
Banks, exchanges, and other financial institutions are actively developing blockchain technologies that will enable them to store and trade real assets over blockchain systems.
