Banking Law

Nelson Mullins opens NYC office, expands capital markets practice

A Southern regional powerhouse has planted its flag in New York City. Nelson Mullins Riley & Scarborough announced Monday that it has opened a Manhattan office with two partners who focus on real estate and corporate financial matters, reports The State. With the help of the new office in the…

Jun 9, 2015 11:00 AM CDT

Former senator exits Bryan Cave after his testimony helped widow win $77M judgment from firm client

A former U.S. senator and state attorney general has exited Bryan Cave—after a career there that dated back to the early 1960s—following friction over his court testimony for a friend’s widow that helped her win a $77 million verdict against Wells Fargo. The $77 million judgment won by Barbara Morriss…

Jun 3, 2015 12:55 PM CDT

Elizabeth Warren targets auto loans

U.S. Sen. Elizabeth Warren is trying to find a co-sponsor for a bill to bring auto lending within the oversight of the Consumer Financial Protection Bureau, but so far she has found no takers. Warren raised the issue in speeches this spring, Politico reports. “While the CFPB has oversight for…

Jun 3, 2015 10:57 AM CDT

Former Dewey partner testifies she lost $621K in equity capital while two leaders earned millions

Retired Dewey & LeBoeuf partner Jane Boisseau offered insight into the financial problems of the collapsed law firm and its impact on her in testimony Thursday in the fraud trial of three former Dewey leaders. Bouisseau, a former member of the executive committee, testified that firm chairman Steven Davis asked…

May 29, 2015 10:44 AM CDT

Defense in Dewey leaders’ trial blames disloyal partners who ‘picked up their marbles and ran’

Defense lawyers told Manhattan jurors on Tuesday that former leaders of Dewey & LeBeouf who are accused of defrauding lenders had little knowledge of accounting and were themselves victimized by powerful partners who brought about the firm’s collapse. Prosecutors, on the other hand, told jurors that the three accused men…

May 27, 2015 8:43 AM CDT

Five banks agree to pay $5.6B for conspiring to manipulate currency and interest rates

Five large banks have agreed to pay $5.6 billion to resolve an antitrust investigation into manipulation of currency prices and interest rates. Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland will plead guilty to antitrust violations for conspiring to manipulate the prices of U.S. dollars and euros, report…

May 20, 2015 10:07 AM CDT

2nd Circuit appears sympathetic to Litvak’s argument that Wall Street traders often lie

Counsel for a former Wall Street trader convicted of lying to customers about how much he paid for securities argued in federal appeals court Wednesday that he was simply following common industry practice, as was well understood by the sophisticated investors with whom he was dealing. And the New York-based…

May 13, 2015 1:55 PM CDT

Los Angeles sues Wells Fargo for fraud, says bank workers opened accounts without customer OK

The city of Los Angeles has filed suit against Wells Fargo Bank, contending that it engaged in unfair business practices by encouraging employees “in unfair, unlawful and fraudulent conduct.” Pressured by their employer to meet sales quotas, Wells Fargo workers routinely opened bank and credit card accounts for existing customers…

May 5, 2015 9:45 AM CDT

Dewey trial expected to be ‘long legal slog’; what type of jurors will defense seek?

Defense lawyers for three former leaders of Dewey & LeBoeuf probably won’t want school teachers and administrators on the jury in the trial that is set to begin today. Those professionals are “punishers” used to handing out discipline, and will be inclined to side with prosecutors, according to Roland Riopelle,…

Apr 27, 2015 7:56 AM CDT

Bank didn’t tell widow she had mortgage insurance, even as home foreclosed

A California widow nearly lost her longtime home through foreclosure and had to declare bankruptcy to buy enough time to save it, ruining her credit. Meanwhile, the mortgage servicer, Bank of America, Select Portfolio Servicing, didn’t tell Laura Coleman Biggs that her husband had purchased a $100,000 insurance policy to…

Apr 16, 2015 2:30 PM CDT

Former investment adviser charged with defrauding JP Morgan Chase clients of $20M

A longtime former investment adviser for wealthy clients of J.P. Morgan Chase was arrested Thursday and is facing federal charges after allegedly defrauding them of $20 million over a three-year period.` Michael Oppenheim, 48, allegedly lost most of the money almost immediately through what the U.S. Securities and Exchange Commission…

Apr 16, 2015 12:55 PM CDT

Is time on homeowners’ side? Foreclosure case tossed without prejudice may not pause clock

Lawyers for homeowners in several states are arguing banks can’t foreclose on their clients’ homes because the statute of limitations has expired. An issue in the cases is when the clock begins to run and whether a tossed foreclosure case pauses the clock, the New York Times reports. Lawyers for…

Mar 30, 2015 7:21 AM CDT

One year after massive mudslide, owners of destroyed homes still trying to resolve mortgage issues

Dozens of Washington state homeowners whose former houses are not only underwater in terms of equity, but in some cases literally buried underground, are still struggling to resolve mortgage issues a year after a massive mudslide that killed 43 people. For example, it makes no sense to force people to…

Mar 25, 2015 9:15 AM CDT

Will consumer agency ban mandatory arbitration in consumer contracts? Study could be first step

Tens of millions of consumers use financial products or services that require arbitration of disputes, according to a new report by the Consumer Financial Protection Bureau. Most of the contracts studied bar class-action arbitrations, and most include a carve-out that allows consumers to sue in small claims court, the report…

Mar 13, 2015 6:45 AM CDT

Jones Day to open office in Detroit

After representing the city of Detroit in a big-bucks municipal bankruptcy case that brought in over $50 million in fees, Jones Day has decided to maintain an office in Detroit permanently. The new office, which will open its doors July 1 in a location that has not been announced, will…

Mar 11, 2015 3:00 PM CDT