http://www.abajournal.com/news/ en Copyright 2013 2013-05-18T15:46:48-06:00 http://www.abajournal.com/news/article/holder_spars_with_issa_over_email_release_says_the_lawmakers_behavior_is_sh/ Attorney General Eric Holder clashed with a Republican lawmaker from California on Wednesday during questioning about a purported deal to drop a lawsuit against the city of St. Paul, Minn. Holder told U.S. Rep. Darrell Issa that his behavior was “unacceptable” and “shameful,” report ABC News, the… Attorney General, Banking Law, Civil Rights, Labor & Employment, U.S. Supreme Court Thu, 16 May 2013 08:54:17 -0500 44213.abajournal.com http://www.abajournal.com/news/article/stunned_by_45m_cyberheist_banks_have_limited_options_for_trying_to_rec/ It isn't just bank customers who can see their funds vanish in a short time, with little or no recourse, when hackers take over their accounts. As a $45 million cyberheist revealed last week illustrates, banks themselves can have much the same problem. Two Middle Eastern banks lost the money… Banking Law, Contracts, Criminal Justice, Cybersecurity, International Law, 2nd Circuit Court, International, Middle East, States, New York Mon, 13 May 2013 11:35:13 -0500 44148.abajournal.com http://www.abajournal.com/news/article/son_of_salomon_bros_founder_sues_citigroup_says_secretary_assigned_in_consu/ The 99-year-old son of a founder of Salomon Brothers has sued Citigroup, contending that the bank breached a retirement contract by assigning him and failing to supervise adequately a personal secretary who allegedly stole $3 million of his personal funds. William Salomon, who began working for the famed investment bank… Banking Law, Contracts, Labor & Employment, Trials & Litigation, 3rd Circuit Court, States, New Jersey, New York Mon, 13 May 2013 10:45:05 -0500 44146.abajournal.com http://www.abajournal.com/news/article/former_dewey_partner_settles_lawsuit_against_citibank_over_capital_loan/ A federal judge in New York issued a brief order Thursday dismissing without explanation all claims and counterclaims in a lawsuit concerning a capital loan for a little over $200,000 made by Citibank to a former partner of Dewey & LeBoeuf, reports Reuters. After Citibank sued ex-partner Steven… Banking Law, Business of Law, Law Firms, Large Firm, Partners, Trials & Litigation, Verdicts & Settlements, 2nd Circuit Court, States, New York Fri, 10 May 2013 11:29:59 -0500 44125.abajournal.com http://www.abajournal.com/news/article/florida_supreme_court_authorizes_judges_to_appoint_foreclosure_magistrates/ Some lawyers who represent homeowners are criticizing an order by the Florida Supreme Court that authorizes chief judges to appoint “general magistrates” to handle foreclosure cases. The court issued the order on Thursday, saying it would help “efficiently process,” foreclosures, report the Associated Press and the Banking Law, Judiciary, Real Estate & Property Law, States, Florida Fri, 10 May 2013 08:18:29 -0500 44122.abajournal.com http://www.abajournal.com/news/article/white-collar_defense_lawyers_draw_ire_of_federal_judge/ Lawyers defending a former bank executive clashed with a federal judge Wednesday who complained their questioning was taking too long. Lawyers Sol Wisenberg and Vincent "Trace" Schmeltz are defending Stephen Fields, one of several former executives accused in the collapse of the Bank… Banking Law, Trials & Litigation Thu, 09 May 2013 13:40:55 -0500 44111.abajournal.com http://www.abajournal.com/news/article/lawyer_learns_the_hard_way_about_limits_of_bank_safe-deposit_box_protection/ The fine print in contracts for renting a bank safe-deposit box explain that valuables placed in them by customers, unlike ordinary checking and savings accounts, aren't covered by the FDIC insurance. But a lot of people may not understand that. Among those who learned this information the hard way was… Banking Law, Consumer Law, Contracts, Insurance Law, Personal Lives, States, Illinois Fri, 26 Apr 2013 11:35:55 -0500 43935.abajournal.com http://www.abajournal.com/news/article/credit-ratings_firm_seeks_dismissal_of_us_suit_says_its_statements_about_in/ In a motion to dismiss a civil suit by the U.S. Justice Department, Standard & Poor’s is arguing that its statements about independence and objectivity were classic puffery. The agency said such statements were too general and vague to form the basis for a fraud claim, report the Banking Law, Recession, Securities Law, Tort Law, Trials & Litigation Tue, 23 Apr 2013 07:18:59 -0500 43862.abajournal.com http://www.abajournal.com/news/article/law_firm_2_attorneys_sued_by_fdic_accused_of_helping_now-defunct_bank_make_/ The Federal Deposit Insurance Corp. has sued a Florida law firm and two of its attorneys, contending that they failed to take note of “glaring red flags” when representing Orion Bank in making $82 million in illegal loans in 2009. Nason, Yeager, Gerson, White & Lioce, as well as a… Banking Law, Criminal Justice, White Collar Crime, Law Firms, Associates, Midsize Firm, Partners, Tort Law, Trials & Litigation, 11th Circuit Court, States, Florida Thu, 18 Apr 2013 14:42:08 -0500 43815.abajournal.com http://www.abajournal.com/news/article/americans_with_student_debt_have_lower_rates_of_home_ownership/ In a reversal of past trends, Americans who borrowed money to finance their education are less likely to have mortgages at age 30 than their student-debt-free counterparts. The Federal Reserve Bank of New York issued the statistics on Wednesday, the Wall Street Journal (sub. req.) reports.… Banking Law, Law Schools Thu, 18 Apr 2013 10:20:59 -0500 43810.abajournal.com http://www.abajournal.com/news/article/some_checks_issued_to_homeowners_in_foreclosure_settlement_are_bouncing/ Banking regulators are urging homeowners to try once more to deposit settlement checks that bounced on the first try. The checks were issued as a result of a $3.6 billion settlement in January with the nation’s largest banks, according to the New York Times DealBook blog. The banks… Banking Law, Real Estate & Property Law, Trials & Litigation, Verdicts & Settlements Thu, 18 Apr 2013 09:56:22 -0500 43809.abajournal.com http://www.abajournal.com/news/article/swiss_lawyer_is_accused_of_helping_americans_evade_taxes_on_income_from_off/ A Swiss lawyer who is also licensed in New York is being accused of helping Americans hide money in overseas accounts. An indictment in Manhattan federal court describes lawyer Edgar Paltzer as a partner in a Swiss law firm. He is charged with one count of conspiracy, report the Banking Law, Criminal Justice, Tax Law Wed, 17 Apr 2013 08:37:44 -0500 43772.abajournal.com http://www.abajournal.com/news/article/law_firm_fell_victim_to_phishing_scam_precipitating_336k_overseas_wire_tran/ A North Carolina bank claims in a lawsuit that it isn’t responsible for a $336,600 wire transfer to Russia from a law firm account. The suit by Charlotte-based Park Sterling Bank claims the law firm of Wallace & Pittman fell victim to a phishing scam that began with a click… Banking Law, Business of Law, Law Practice Management, Trials & Litigation Thu, 04 Apr 2013 05:40:08 -0500 43544.abajournal.com http://www.abajournal.com/magazine/article/foreclosure_attorney_wins_prize_for_uncovering_robosigning/ Banking Law, Business of Law, Law Practice Management, Pro Bono, Careers, Consumer Law, Real Estate & Property Law, Opening Statements Mon, 01 Apr 2013 04:10:29 -0500 43342.abajournal.com http://www.abajournal.com/news/article/extreme_home_takeover_nonlawyer_uses_poorly_punctuated_deeds_to_claim_title/ It seems obvious that Presscott Rosche may not actually hold legitimate title to the dozen or so foreclosed homes to which the company has claimed ownership rights through poorly punctuated "deeds" and other documents filled with legalistic jargon filed by an "attorney in fact." But South Florida authorities have shown… Banking Law, Government Law, Real Estate & Property Law, Trials & Litigation, States, Florida Tue, 26 Mar 2013 13:31:38 -0500 43430.abajournal.com http://www.abajournal.com/news/article/new_government-issued_debit_cards_charge_hefty_fees_may_raise_privacy_issue/ Government entities in California and Illinois have come up with a novel way to cut costs and, potentially, even raise money. New cards being issued to individuals—to pay transit fares, in Chicago, and for identification, in Oakland—will have an optional dual feature. Those who wish to can also use them… Banking Law, Consumer Law, Contracts, Government Law Wed, 20 Mar 2013 13:41:01 -0500 43373.abajournal.com http://www.abajournal.com/news/article/accused_ringleader_in_70m_law_firm_scam_takes_plea/ A foreign citizen accused of acting as a ringleader in a scheme in which prosecutors say U.S. and Canadian law firms were scammed out of some $70 million has pleaded guilty in federal court in Harrisburg, Pa. Emmanuel Ekhator, 42, pleaded guilty earlier this year to conspiracy to commit mail… Banking Law, Business of Law, Law Practice Management, Criminal Justice, International Law, Law Firms, 3rd Circuit Court, States, Pennsylvania Fri, 15 Mar 2013 11:24:20 -0500 43288.abajournal.com http://www.abajournal.com/news/article/judge_axes_ex-partners_suit_saying_citibank_misled_them_about_howrey_financ/ A California judge has dismissed a lawsuit by two former Howrey partners who contended that Citibank misled them and should have disclosed more to them about their own law firm's dismal financial situation before they took out loans to make capital contributions. Judge Peter Busch on Friday declined to give… Banking Law, Contracts, Law Firms, Large Firm, Partners, Trials & Litigation, Verdicts & Settlements, States, California Tue, 12 Mar 2013 10:55:28 -0500 43218.abajournal.com http://www.abajournal.com/news/article/massive_robo-signing_case_dismissed_over_allegations_of_prosecutorial_misco/ A massive mortgage fraud case against two California title officers has been dismissed over allegations of prosecutorial misconduct by the Nevada attorney general's office. Lawyers for the two defendants claimed that prosecutors in the attorney general's office gave a grand jury an improper definition of what constitutes forgery and threatened… Banking Law, Criminal Justice, White Collar Crime, Legal Ethics, Trials & Litigation, States, California, Nevada Thu, 28 Feb 2013 13:57:28 -0600 43045.abajournal.com http://www.abajournal.com/news/article/sued_by_bank_lawyer_says_he_was_also_victimized_by_overseas_clients_297k_ch/ An Ohio lawyer is now embroiled in litigation after apparently being victimized in an overseas check scam perpetrated by a purported client. F. Stephen Chamberlain says he deposited a $297,500 cashier's check into his Union Bank trust account and, after being assured by a JPMorgan Chase Bank representative that the… Banking Law, Business of Law, Law Practice Management, International Law, Trials & Litigation, States, Ohio Wed, 27 Feb 2013 13:58:02 -0600 43031.abajournal.com