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Banking
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March 13, 2024
CFPB Slams 'Forum-Shopping' Bid To Halt Card Late-Fee Rule
The Consumer Financial Protection Bureau is urging a Texas federal judge to refuse bank industry groups' request for an emergency injunction over the agency's recently finalized $8 credit card late-fee rule, arguing their case is too flimsy to justify putting the new rule on hold.
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March 13, 2024
Amazon Groups Ask To Meet Banks Over Oil Co. Financing
A coalition of Indigenous people and fishing groups in Peru is asking to meet with leaders of JPMorgan Chase & Co. and Citigroup Inc. to discuss concerns about state-owned oil company Petroperú and demand that the banks not help it secure more financing, according to the nonprofit Amazon Watch.
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March 13, 2024
Ex-CFO Raided Corporate Funds, Trulieve Suit Claims
Florida's largest medical marijuana company, Trulieve, is suing its former chief financial officer in federal court, claiming he misused his corporate credit card, charging "hundreds of thousands of dollars" for expensive clothing, vacations and attorney fees and fraudulently received reimbursement for personal expenses.
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March 13, 2024
Blackstone Closes $600M Credit Deal For Utah Data Center
Blackstone Credit & Insurance has provided a $600 million senior secured credit facility for Aligned Data Centers' data center development project in West Jordan, Utah, the companies have announced.
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March 13, 2024
EB-5 Suit Says Hotel Project Tricked Non-English Speakers
A real estate investment company is facing a proposed class action in California federal court alleging it took advantage of immigrant investors' limited English by fraudulently making them agree that the company and an Embassy Suites project could keep their investments indefinitely.
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March 13, 2024
Greenberg Traurig Hires Ballard Spahr Counsel In DC
Greenberg Traurig LLP has hired a former Ballard Spahr LLP of counsel, who joins the firm's Washington, D.C., office to continue his practice focused on financial service regulatory matters, the firm announced Monday.
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March 12, 2024
Crypto Bank Anchorage Brings On Ex-SEC Atty As Legal Chief
Crypto bank Anchorage Digital has hired a former U.S. Securities and Exchange Commission senior attorney and Bain Capital regulatory adviser to head its legal operations after the departure of its general counsel, the bank announced early Wednesday.
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March 12, 2024
Wells Fargo Can Arbitrate Cardholders' Suit, Conduent Can't
New Mexico residents who claim Wells Fargo mishandled reports of fraud involving their state-issued debit cards will see their proposed class action claims against the bank sent to arbitration — but their claims against a third-party contractor can stay in court, a federal magistrate judge has determined.
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March 12, 2024
Bolt Financial's Chairman Is Controlling Board, Suit Says
Stockholders of Bolt Financial Inc. on Monday updated their derivative complaint against the company's board of directors, alleging chairman, controlling shareholder and former CEO Ryan Breslow purposely defaulted on a $30 million loan that was secured by Bolt and that he has repeatedly appointed and removed directors for his personal interests.
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March 12, 2024
Treasury Sanctions More Iran-Backed Terrorist Operatives
The U.S. Department of the Treasury on Tuesday unveiled new sanctions against a handful of individuals with ties to the designated terrorist group Al-Ashtar Brigades, singling out "key Iran-based operatives" as well as a financier for the group.
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March 12, 2024
Wells Fargo Shortchanges Its Fake-Account Victims, Suit Says
Wells Fargo has been hit with another proposed class action alleging that the bank engaged in a "deceptive campaign" by sending letters designed to give the appearance of correcting its practice of opening fake customer accounts and enrolling them in products without their consent, but offering no substantial reparations.
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March 12, 2024
Judge Questions If Citibank Can Avoid Escrow Theft Burden
A Washington appellate judge questioned Tuesday if Citibank and a loan servicer could escape liability after a rogue escrow agent stole nearly $1 million from a real estate company's refinancing deals, suggesting during oral arguments that the bank gets loan payments as successor lender and should bear some burden.
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March 12, 2024
Wells Fargo Hit With Class Action Over Bounced Check Fees
Wells Fargo is the latest bank to face claims it unfairly charged customers when checks bounced in their accounts.
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March 12, 2024
OCC's Hsu Says 'Operational Resilience' Regs May Be Coming
The Office of the Comptroller of the Currency's acting chief, Michael Hsu, said Tuesday that federal regulators are looking at pursuing new rules to bolster larger banks' ability to withstand and recover from external and internal disruptions to their critical operations.
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March 12, 2024
Crypto Mixer Operator Found Guilty Of Money Laundering
A Washington, D.C., jury on Tuesday found the operator of crypto mixing service Bitcoin Fog guilty of facilitating tens of millions of dollars in transactions linked to illicit activities on darknet marketplaces.
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March 12, 2024
Ex-Boy Scout Can Seek $120M Award From Insurers
A Delaware bankruptcy judge has ruled that a former Boy Scout can keep suing the organization's insurers to collect a $120 million abuse judgment against his ex-Scoutmaster, even though the court entered an injunction barring similar lawsuits.
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March 12, 2024
TransUnion Unit Pays $37M On Credit Card Data Misuse Claim
TransUnion's data unit Argus Information & Advisory Services will pay $37 million to the federal government to resolve allegations it violated the False Claims Act by allegedly misusing anonymized credit card data it obtained from banks under contracts with federal regulators over a decade-long period, the U.S. Department of Justice announced Tuesday.
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March 12, 2024
Mich. Firms Mishandled $38M Trusts, Suit Says
A pair of Michigan law firms didn't properly advise the trustee of a construction mogul's trusts worth more than $38 million, leading the trusts to pay excessive attorney fees, lose most of their value and miss out on tax breaks, a special fiduciary tasked with investigating the trusts' handling has alleged.
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March 12, 2024
UnitedHealth Can't Get Early Win In Workers' ERISA Suit
A Minnesota federal court denied most of UnitedHealth Group Inc.'s bid for a pretrial win in a lawsuit alleging mismanagement of an employee 401(k) plan, finding Tuesday that allegations the company refused to ax underperforming funds to preserve a business relationship with Wells Fargo should go to trial.
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March 12, 2024
Businessman Hid $20M In Swiss Accounts, US Says
A Brazilian-American businessman hid $20 million from the Internal Revenue Service over 35 years using accounts at Swiss banks including UBS and Credit Suisse, the U.S. government said in a criminal complaint that accuses him of conspiring to defraud the U.S. and lying to authorities.
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March 12, 2024
Paul Weiss' Digital Tech Chair On AI's Promises And Perils
While generative artificial intelligence promises to increase access to justice and kill the billable hour, we don't know how to prevent it from unleashing misinformation and disinformation on the electorate, says Katherine Forrest, a former Manhattan federal judge who is now chair of Paul Weiss Rifkind Wharton & Garrison LLP's digital technology group.
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March 12, 2024
Judge OKs Deal Ending DACA Holders' Lending Bias Suit
A California federal court gave the all-clear for a $120,000 settlement to resolve claims that a credit union unlawfully denied loans to unauthorized immigrants with Deferred Action for Childhood Arrivals status, including one of its former employees.
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March 11, 2024
Fed, Others Tell Judge New Community Lending Rule Is Legal
The Federal Reserve Board and other banking agencies say that the American Bankers Association and other groups only sued to rewrite the Community Investment Act for their own ends, asking Friday for a Texas federal judge to reject the plaintiffs' call for a preliminary injunction.
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March 11, 2024
Forex Firm Wants CFTC Sanctioned For 'Bad Faith' Behavior
A foreign exchange firm accused by the U.S. Commodity Futures Trading Commission of defrauding customers is calling on a New Jersey federal judge to sanction the agency for a "pattern of misconduct" that includes knowingly submitting false statements to the court and attempting to intrude on attorney-client privilege.
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March 11, 2024
4 Things To Know About SEC Climate Reporting Compliance
While the U.S. Securities and Exchange Commission scaled back its long-awaited climate disclosure rules last week, the requirements still pose plenty of compliance challenges, not least of which is figuring out how the new rules will mesh with similar — but not identical — regimes out of California and the European Union.
Expert Analysis
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5 Steps To Meet CFTC Remediation Expectations
After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.
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Asserting 'Presence-Of-Counsel' Defense In Securities Trials
As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.
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Forecasting The Impact Of High Court Debit Card Rule Case
John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.
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Series
ESG Around The World: Mexico
ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.
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The Case For Post-Bar Clerk Training Programs At Law Firms
In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.
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Taking Action On Interagency Climate Financial Risk Guidance
Recent joint guidance from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on climate-related financial risk management for large institutions makes it clear that banks should be proactive in assessing their risks and preparing for further regulation, says Douglas Thompson at Snell & Wilmer.
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CFPB, DOJ Signal Focus On Fair Lending To Immigrants
New joint guidance from the Consumer Financial Protection Bureau and the U.S. Department of Justice effectively broadens the scope of protected classes under the Equal Credit Opportunity Act to include immigration status, indicating a significant shift in regulatory scrutiny, say Alex McFall and Leslie Sowers at Husch Blackwell.
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Attorneys Have An Ethical Duty To Protect The Judiciary
The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.
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Best Practices For Defense Tech Startup Financing
Navigating the expanding and highly regulated defense technology sector requires careful planning and execution, starting at incorporation, so startups should prepare for foreign investor issues, choose their funding wisely and manage their funds carefully, say attorneys at WilmerHale.
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Paths Forward For RE Buyers In Turbulent Market Conditions
Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.
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DOL's Retirement Security Rule Muddies Definitional Waters
The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.
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Why The Debt Maturity Wall Is Still A Figment, For Now
While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.
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A Deep Dive Into FSOC's Expansion Of Nonbank Oversight
The Financial Stability Oversight Council's new nonbank guidance, designed to provide the council with added flexibility in risk response, not only modifies the process for designating nonbanks as systemically important institutions, but also sends a clear signal that the FSOC may assume a more active role in addressing financial stability risks across the economy, say attorneys at Simpson Thacher.
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.