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Banking
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April 11, 2024
CFPB Says Credit Card Shares Disqualifying In 5th Circ. Case
The Consumer Financial Protection Bureau sparred Thursday with a coalition of trade groups over recusal standards in their Fifth Circuit lawsuit challenging the agency's new $8 credit card late fee rule, arguing that a judge's ownership of stock in a major card-issuing bank ought to be disqualifying in itself.
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April 11, 2024
DC Circ. Mulls Jurisdiction In Fight Over Jewish Texts
The D.C. Circuit is set to decide whether a D.C. federal court can consider a Jewish group's allegations that Russia is illegally holding onto its long-lost sacred religious texts, after hearing arguments early Thursday in the appeal of a case that's been kicking around the lower court's docket for two decades.
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April 11, 2024
3 Firms Guide Safety Inspection Firm UL's Upsized $946M IPO
Safety inspection company UL Solutions Inc. on Thursday completed a larger-than-anticipated $946 million initial public offering near the top of its price range, guided by three law firms.
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April 11, 2024
Feds Bring MLB's Messy Betting Scandal Into Focus
The federal bank fraud charge against Shohei Ohtani's former interpreter doubled as a de facto exoneration of Ohtani himself, as prosecutors built a detailed case that experts say brings clarity to an explosive saga marked by confusion and shifting narratives.
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April 11, 2024
Wells Fargo Wants Ex-CEO's $34M Back-Pay Suit Tossed
Wells Fargo & Co. has asked a California state court to throw out a lawsuit filed by former CEO Timothy Sloan that seeks $34 million in compensation he alleges was wrongfully withheld from him, a payout the bank maintains it doesn't owe.
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April 11, 2024
JPMorgan Analyst's Acquittal Sinks Stock Tip Case, Man Says
A Los Angeles man is planning a Ninth Circuit appeal after he was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, reasoning that he could not be guilty because the friend was acquitted at a separate trial.
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April 11, 2024
Visa Beats Some Merchant Claims In Antitrust MDL
A New York federal judge has trimmed claims lodged by Home Depot and other merchants against Visa and several banks in sprawling multidistrict antitrust litigation dating back to 2005 over network rules forcing merchants to accept the companies' cards.
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April 11, 2024
Canadian Trucking Co. Needs More Time For US DIP Approval
At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.
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April 11, 2024
CFPB, EU Say Teamwork 'Critical' As Fintech Bridges Atlantic
The consumer protection watchdogs in Europe and the U.S. said Thursday that their ongoing dialogue has yielded three shared focuses — the expansion of technology firms' payment services, the use of artificial intelligence in consumer markets and buy now, pay later products.
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April 11, 2024
Investors Get OK For $111M Ponzi Case Receiver Passed On
A Colorado federal judge has given the green light for a group of investors to seek over $111 million from a forex-focused financial technology firm in the U.K. and its affiliate, in a lawsuit alleging they played an instrumental role in a scheme that duped investors and drew the attention of U.S. securities regulators and prosecutors.
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April 11, 2024
BNY Can't Nix Suit Alleging Mutual Fund Conflict Of Interest
The Bank of New York Mellon must face most of the remaining claims in a proposed self-dealing class action alleging it failed to disclose conflicts of interest when funneling client assets into mutual funds and other investment vehicles that favored the bank.
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April 11, 2024
Judge Grants $3.2M In Fees For Wawa Class Counsel
There is no evidence of side agreements or collusion between attorneys representing a proposed class in a suit against Wawa Inc. and the convenience store's defense counsel, according to a Pennsylvania federal judge's order approving $3.2 million in attorney fees following appellate court review.
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April 11, 2024
Insurer Says Firm Not Covered For Bogus Check Scheme
An insurance firm has filed a complaint in Washington federal court seeking a declaration that it doesn't owe coverage to a Seattle-area firm and its sole attorney, who are embroiled in litigation with a bank after the firm fell prey to a counterfeit check scheme.
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April 11, 2024
FTX Brass, Investors Can't Move Bankruptcy Suit To MDL
The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.
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April 11, 2024
Ohtani's Ex-Interpreter Charged In $16M Theft From MLB Star
The former interpreter for Los Angeles Dodgers player Shohei Ohtani has been charged with stealing around $16 million from the superstar to place illegal sports bets, federal officials in Los Angeles announced Thursday, saying Ohtani was a victim and had no knowledge of his interpreter's gambling.
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April 11, 2024
Treasury Proposes Steeper Foreign Investment Law Penalties
The U.S. Department of the Treasury issued a notice Thursday proposing to sharpen its procedures and enforcement practices for reviewing foreign investment deals for national security issues, according to an announcement.
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April 10, 2024
Push For Bank Capital Hike Has 'Damaged' Fed, Quarles Says
Federal regulators' Basel III endgame proposal to raise big-bank capital requirements has "damaged" the reputation of the Federal Reserve and cannot be salvaged just by watering it down, the central bank's former bank regulatory chief said Wednesday.
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April 10, 2024
GOP Rep. Calls On SEC To Delay Climate Rule Compliance
A Republican congressman said Wednesday that he plans to ask the U.S. Securities and Exchange Commission to push back the compliance timeline for controversial rules governing corporate climate disclosures, indicating that the agency's agreement to temporarily stay the rules' implementation during the course of a legal challenge is not enough.
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April 10, 2024
Cadence Bank Sued Over Numerous Out-Of-Network Fees
Texas-based Cadence Bank has been hit with a proposed class action accusing it of imposing multiple fees on customers who check their account balances when withdrawing cash from out-of-network ATMs.
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April 10, 2024
Deported Man Can't Undo Fraud Conviction After Feds' Error
A deported Nigerian national who confessed to fraud on promises that prosecutors would submit a letter to immigration authorities supporting his deportation defense couldn't convince the Eighth Circuit to toss his guilty plea after prosecutors mistakenly disavowed the letter.
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April 10, 2024
Wells Fargo Can't Bar Atty From Deposition, NC Judge Rules
Wells Fargo lost its bid to stop the lawyer of a fired investment director, who is accusing the bank of disability discrimination, from questioning his former supervisor, with a North Carolina federal judge saying the bank fell short of showing that the attorney's previous representation of the supervisor was related in any way to the current action.
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April 10, 2024
FDIC Details Prep For Winding Down Failing Financial Giants
The Federal Deposit Insurance Corp. on Wednesday laid out its most comprehensive overview to date of how it would seek to resolve a failing U.S. banking giant, a scenario that would make use of as-yet untested authorities put in place after the 2008 financial crisis.
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April 10, 2024
Frost Brown Recruits 9 Attys For Denver Launch
Frost Brown Todd LLP said Wednesday it is the latest Big Law firm to launch in Denver, hiring nine mostly real estate attorneys from Moye White LLP, Brownstein Hyatt Farber Schreck LLP and Lewis Roca Rothgerber Christie LLP with plans to double in size by the end of the year.
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April 10, 2024
IRS' DOJ Referral Rules 'A Disaster,' Sen. Whitehouse Says
The IRS protocols for referring cases to the U.S. Department of Justice are "a disaster" for enforcing laws against bankers and other actors who help U.S. taxpayers evade taxes, Sen. Sheldon Whitehouse said Wednesday during a hearing on offshore tax evasion before the Senate Budget Committee.
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April 10, 2024
Activists Can't Show LexisNexis Violated Ill. Consumer Law
Activists were unable to convince an Illinois federal court that LexisNexis Risk Solutions Inc. had violated an Illinois consumer protection law by collecting and selling personal information to immigration and other law enforcement agencies, with the court saying the data was not private.
Expert Analysis
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Money Transmitter Licensing: An Issue Too Costly To Ignore
Money transmitter licensing has become particularly relevant in recent years as digital currencies and payment technologies have piqued regulator interest, and companies should consider whether they need to be licensed to avoid disruption of operations, as well as significant fines and penalties, says Clayton Swears at Hudson Cook.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.
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The 7th Circ.'s Top 10 Civil Opinions Of 2023
Attorneys at Jenner & Block examine the most significant decisions issued by the Seventh Circuit in 2023, and explain how they may affect issues related to antitrust, constitutional law, federal jurisdiction and more.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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Opinion
CFPB Must Clarify When Anti-Fraud Benefits Offset Harms
The Consumer Financial Protection Bureau's ill-explained orders against two banks, concerning legitimate unemployment accounts that were frozen in attempts to control COVID-era fraud, illustrate an urgent need for bureau guidance on when the systemwide benefits of a potentially unfair practice outweigh the risk of harming a minority of consumers, says Jonathan Joshua at Joshua Law Firm.
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Series
Competing In Triathlons Makes Me A Better Lawyer
While practicing law and competing in long-distance triathlons can make work and life feel unbalanced at times, participating in the sport has revealed important lessons about versatility, self-care and perseverance that apply to the office as much as they do the racecourse, says Laura Heusel at Butler Snow.
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OCC Guidance May Lead Off 'Buy Now, Pay Later' Regulations
The Office of the Comptroller of the Currency's bulletin released last month to assist national and federal savings banks with managing the risks posed by "buy now, pay later" lending may be the start of increased state legislation or guidance specifically aimed at regulating such loans, say Susan Seaman and Jacob Huston at Husch Blackwell.
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NJ Foreclosure Law Will Have Multifaceted Impact On Lenders
New Jersey's A.B. 5664 introduces significant reforms to foreclosure proceedings in the state, potentially lessening the burden on lenders and servicers to maintain foreclosed properties, but also brings new limitations and time frames, say Christina Livorsi and Wael Amer at Day Pitney.
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Where Justices Stand On Chevron Doctrine Post-Argument
Following recent oral argument at the U.S. Supreme Court, at least four justices appear to be in favor of overturning the long-standing Chevron deference, and three justices seem ready to uphold it, which means the ultimate decision may rest on Chief Justice John Roberts' vote, say Wayne D'Angelo and Zachary Lee at Kelley Drye.
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Perspectives
6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Series
ESG Around The World: Canada
In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.
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Bank M&A Considerations Amid 2024's Regulatory Uncertainty
Following the decline in banking mergers to the lowest level in more than a decade last year, receptiveness to community bank combinations and positive macroeconomic factors may help banks with less than $50 billion in assets see increased deal-making opportunities this year, despite regulatory uncertainty, say Robert Azarow and Amber Hay at Arnold & Porter.