Week Ahead in Banking: July 19, 2021 – Reuters

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(Reuters) – Here are some upcoming events of interest to the banking law community. Unless otherwise noted, all times are local.

Monday, July 19

9:00 a.m. – The trial of two Merrill Lynch traders accused of spoofing the commodities markets between 2008 and 2014 is scheduled to begin before U.S. District Judge John Lee in Chicago. John Pacilio and Edward Bases face wire fraud, conspiracy and commodities fraud charges, and Pacilio is charged with spoofing. Both men have pleaded not guilty.

Spoofing, a manipulative tactic involving placing and then cancelling fake trades meant to move prices, was outlawed by the Dodd-Frank Act of 2010. Prosecutors have alleged that earlier instances of the practice amounted to fraud. The judge has set aside three weeks for the trial.

The case is U.S. v. Bases et al., U.S. District Court, Northern District of Illinois, No. 18-cr-00048. For the government: Avi Perry and Scott Armstrong of the Department of Justice. For Pacilio: Sean Buckley and David McGill of Kobre & Kim. For Bases: Alfred Pavlis and Andrew Calamari of Finn Dixon & Herling.

10:00 a.m. – U.S. District Judge LaShann DeArcy Hall in Brooklyn will hold a hearing ahead of Paul Manafort’s anticipated motion to dismiss The Federal Savings Bank’s lawsuit seeking to foreclose on his Carroll Gardens brownstone. The bank claims Manafort, former President Donald Trump’s onetime campaign chairman, defaulted on loans worth $8.3 million. Manafort has said in a filing that the complaint does not actually allege he is in default.

The case is Federal Savings Bank v. Manafort et al., U.S. District Court, Eastern District of New York, No. 21-cv-01400. For Manafort: Rodney Perry of Riley Safer Holmes & Cancila. For the bank: Thomas McGowan of Meltzer, Lippe, Goldstein & Breitstone.

3:00 p.m. – U.S. District Judge Richard Leon in Washington, D.C., will hear arguments on competing motions for summary judgment in an insurance industry group’s challenge to an Obama-era rule that held insurers liable for practices that disproportionately impact people of color. With the support of banking and other business groups, the National Association of Mutual Insurance Companies has argued that the rule went beyond limits set by the Supreme Court and the Fair Housing Act.

The case is National Association of Mutual Insurance Companies v. U.S. Department of Housing and Urban Development et al., U.S. District Court, District of Columbia, No. 13-cv-00966. For the group: Kannon Shanmugam of Paul, Weiss, Rifkind, Wharton & Garrison. For HUD: Emily Newton of the U.S. Department of Justice.

Tuesday, July 20

10:00 a.m. – Noble Capital will urge the 5th U.S. Circuit Court of Appeals in New Orleans to overturn a ruling compelling the private credit fund to arbitrate its claim against real estate developer US Capital Partners. Noble claims it was fraudulently induced to agree to the arbitration agreement, which US Capital disputes.

The case is Noble Capital Group et al. v. US Capital Partners et al., 5th U.S. Circuit Court of Appeals, No. 20-50721. For Noble: Jason Hopkins of DLA Piper. For US Capital: Dan Woodall of Woodall Batchelor.

Know of an event that could be included in Week Ahead in Banking? Contact Jody Godoy at jody.godoy@thomsonreuters.com

Jody Godoy reports on banking and securities law. Reach her at jody.godoy@thomsonreuters.com

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