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July 11, 2024 | National Law Journal

'I'd Send a Clear Message': Nominee Wants to Change FDIC's Toxic Culture

The law firm Cleary Gottlieb Steen & Hamilton released an independent report in May on the FDIC, finding that the agency failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct. Last month, Goldsmith Romero was nominated to succeed Martin Gruenberg, who has come under fire for the FDIC's reportedly toxic work culture.
4 minute read
July 11, 2024 | The Recorder

Gibson Dunn Secures Defense Win for HSBC in 'Trade Secrets' Lawsuit

In an order released Tuesday in the California Northern District Court, Magistrate Judge Laurel Beeler dismissed most of the claims made against London-based HSBC Holdings, HSBC entities HSBC USA (HUSI) and HSBC UK (HBUK), current HBUK employee and former SVB senior executive David Sabow and six former SVB employees.
4 minute read
May 24, 2024 | New York Law Journal

'Buy and Shelve': A Deadly Strategy for Life Insurance

Corporations typically have risk management departments that stay on top of their coverage portfolios, but individual policyholders all too often purchase policies and simply file them away in the apparent hope that the mere act of buying coverage serves as a hedge against ever needing it. This is the "buy and shelve" approach to insurance. And, while it's never a good strategy, it is particularly dangerous in the context of life insurance.
7 minute read
May 01, 2024 | National Law Journal

Republicans Urge US Banking Agencies to Provide Clarity in Merger Review Process

"Clear expectations and timeliness surrounding merger reviews are critical so banks can make informed decisions about whether to pursue a merger when approval is likely or withdraw an application when it is not," said Rep. Andy Barr, R-Kentucky.
4 minute read
April 29, 2024 | The Legal Intelligencer

Sullivan & Cromwell Reps Fulton Bank in Absorption of Republic First

Republic First's recent struggles included a clash between its ousted founder and the board, which prompted a lawsuit—since resolved—accusing Holland & Knight of overbilling.
2 minute read
April 29, 2024 | National Law Journal

'Mortified and Ashamed' Ex-FDIC Attorney Seeks 15 Years in Child-Exploitation Case

The government is seeking a sentence twice as long, saying Mark Alan Black's more than $250,000 income gave him the resources "to obtain assistance with his proclivity."
4 minute read
April 29, 2024 | Corporate Counsel

'Mortified and Ashamed' Ex-FDIC Attorney Seeks 15 Years in Child-Exploitation Case

The government is seeking a sentence twice as long, saying that Mark Alan Black's more than $250,000 income gave him the resources "to obtain assistance with his proclivity."
4 minute read
April 16, 2024 | New Jersey Law Journal

'Delay and Pray': Short- and Long-Term Loan Accommodations and Workout Arrangements

"Operating under such regulatory edicts, lenders remain under pressure to triage underperforming and/or unrefinanceable loans without employing harsh enforcement mechanisms," according to Rosh Jaffe of CSG Law.
7 minute read
March 28, 2024 | The American Lawyer

RPL Hits New Peak at Reed Smith, as Profits Stagnate Amid Mounting Costs

"We saw financial growth from top 200 clients, including significant increases in international engagements, which indicates that our global platform is working for our international clients," said global managing partner Casey Ryan.
5 minute read
March 13, 2024 | New York Law Journal

Financial Services Industry Group Update: $30M Fine Issued to NY Bank for Misuse of Confidential Information: What Happened?

The New York Department of Financial Services imposed a $30 million penalty on the New York branch of a foreign bank. The fine had nothing to do with employment discrimination or wage-and-hour issues—but it was the outcome of an internal transfer of a single New York-based employee to an overseas affiliate, and is a lesson in how financial services clients are at risk of penalties going far beyond those that are normally imposed by employment law regulators.
6 minute read

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