Banking Law

Paul Hastings hiring spree includes new Brazil office overseen by 3 former Allen & Overy partners

Following news of a record $1 billion in gross revenue in 2014, Paul Hastings is on a hiring spree. The approximately 875-attorney firm brought in two BigLaw practice leaders this week, and is opening a new office in Brazil overseen by three partners from a Magic Circle firm in the…

Mar 6, 2015 12:55 PM CST

Does federal law protect loan guarantors from marital-status bias? SCOTUS accepts case

The U.S. Supreme Court on Monday agreed to hear a case involving two women who signed a personal guarantee for a $2 million loan on behalf of their husbands and the property development company they owned. The women assert that the Equal Credit Opportunity Act protects guarantors from marital-status discrimination.…

Mar 2, 2015 12:23 PM CST

Banks and law firms are collaborating on project to share info about cybersecurity threats

A number of Wall Street banks are collaborating with BigLaw firms on a project that would potentially allow the legal industry to share information, anonymously, about cybersecurity threats they may be experiencing. “A lot of this started because the banks were individually talking to the law firms about security information…

Feb 24, 2015 9:00 AM CST

Court: BigLaw firms missed $1.5B error, erasing JPMorgan’s security interest in GM loan

An error by a paralegal at Mayer Brown went undiscovered by higher-ups at the law firm as well as by lawyers at Simpson Thacher & Bartlett, erasing JPMorgan Chase Bank’s security interest in a loan to General Motors, a federal appeals court says. Mayer Brown represented GM, so its client…

Jan 22, 2015 9:16 AM CST

S&P to pay nearly $80M to settle claim over 2011 ratings of mortgage securities; bigger deal looms

Standard & Poor’s has agreed to pay nearly $80 million to resolve claims that it failed to disclose a loosened approach to rating commercial mortgage-backed securities after the 2008 financial crisis, even as the ratings agency negotiates a bigger deal over its behavior before the downturn. The settlement resolves allegations…

Jan 21, 2015 2:00 PM CST

Lawyer persuades jury that accused bank robber, 66, simply wanted to open an account

A 66-year-old man who was convicted of burglary a decade ago didn’t rob a New Jersey bank in 2013, a jury decided Tuesday. After two hours of deliberation, the six-man, six-woman panel acquitted Henry Kidd, apparently persuaded by his lawyer’s argument that Kidd had simply been trying to open an…

Jan 13, 2015 3:30 PM CST

Lawsuit isn’t required to rescind mortgage loan for disclosure violations, Supreme Court rules

Homeowners who sent a letter notifying their lender of an intent to rescind a mortgage loan for disclosure violations satisfied the requirements of the Truth in Lending Act, the U.S. Supreme Court has ruled. The lender, Countrywide Home Loans, had contended homeowners Larry and Cheryle Jesinoski could not rescind unless…

Jan 13, 2015 11:04 AM CST

Accused bank robber, 66, was simply trying to open an account, his lawyer argues

A 66-year-old man wasn’t trying to rob a Trenton, New Jersey, bank when he walked up to a teller window and put his hand in his pocket on Oct. 4, 2013. Henry Kidd Sr. just wanted to open an account so he could arrange to have his Social Security checks…

Jan 12, 2015 5:30 PM CST

Akerman Senterfitt settles FDIC suit in bank failure

Akerman Senterfitt has agreed to pay $250,000 to settle a suit by the Federal Deposit Insurance Corp. claiming negligence in the law firm’s representation of a failed Florida bank. The FDIC had claimed the law firm and two of its lawyers failed to secure the Peninsula Bank of Englewood’s interest…

Jan 12, 2015 8:38 AM CST

Looking for a promotion or a new job? Secret statistical programs could doom or aid your chances

If you’ve been checking LinkedIn to search for a job, your employer may know. That’s the conclusion of a new book called The Reputation Economy: How to Optimize Your Digital Footprint in a World Where Your Reputation Is Your Most Valuable Asset. The New York Bits blog has a story.…

Dec 30, 2014 5:45 AM CST

US judge’s name is a household word in Argentina

A federal judge who rarely makes headlines in the United States is a household name in Argentina, and not in a good way. The judge is Thomas Griesa of Manhattan, who supported the claims of “vulture” hedge funds that purchased Argentina’s bonds for pennies on the dollar when the country…

Dec 5, 2014 5:45 AM CST

Marijuana class ‘sold out fast’ at this law school

The University of Denver’s Sturm College of Law will be offering a class on cannabis law this January called “Representing the Marijuana Client.” Law professor Sam Kamin, who created the course, says he doesn’t know of any other law professor teaching a similar class, the Denver Post’s Cannabist blog reports.…

Dec 2, 2014 6:15 AM CST

Fannie Mae pursues borrowers for foreclosure losses in ‘robo-signer redux’

Mortgage finance giant Fannie Mae is pursuing borrowers for its foreclosure losses in Florida, where a new law required the deficiency suits to be filed by July 1 of this year. Fannie Mae is seeking to recover the difference between the amount owed on foreclosed properties and the amount collected…

Nov 18, 2014 5:45 AM CST

Unusual suit says banks are linked to Iraq attacks, seeks damages under terrorism-support law

An unusual federal lawsuit filed Monday says some members of the U.S. military injured and killed in Iraq weren’t casualties of war. They were victims of a terror campaign, for which funding and training was provided by groups in Iran, the complaint (PDF) in the Brooklyn case alleges. And some…

Nov 11, 2014 12:50 PM CST

Law firms face cybersecurity audits by banking clients; are they a ‘weak link’?

Banks are increasingly scrutinizing their law firms’ cybersecurity efforts, including the law firms’ protection of confidential information released to vendors such as word-processing firms and print shops. The law firms are increasingly facing on-site technology audits by banks, even as the banks themselves face cybersecurity pressures from regulators, the Wall…

Oct 27, 2014 8:09 AM CDT