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Banking
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April 25, 2024
Mr. Cooper's $3.6M Convenience Fee Settlement Gets Final OK
A D.C. federal judge on Thursday gave the final nod to a nearly $3.6 million settlement to resolve class action claims that Mr. Cooper unlawfully charged processing fees to borrowers who made mortgage payments over the phone.
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April 25, 2024
Atty Slams Mogul's Fight For Bank Records As Waste Of Time
An attorney struck back against an airline mogul's attempt to acquire his bank records as part of a hacking lawsuit, telling a federal court that a subpoena was invalid because it was sent under an improper bank name.
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April 25, 2024
Quinn Emanuel, Morgan Lewis Make Strides In Saudi Arabia
Quinn Emanuel Urquhart & Sullivan LLP and Morgan Lewis & Bockius LLP have set their sights on Saudi Arabia, announcing steps toward establishing themselves in its capital city of Riyadh on Thursday.
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April 24, 2024
FDIC Pushes Back On Lender Groups Suing Over Colo. Law
The Federal Deposit Insurance Corp. has weighed in on a legal challenge to a Colorado law aimed at curbing higher-cost online lending in the state, arguing that the lender trade groups behind the challenge are misconstruing the agency's past words to support their case.
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April 24, 2024
Hedge Fund Says Credit Suisse Misled On Bonds' Health
U.S.-based hedge fund Appaloosa LP is accusing the former Credit Suisse in New Jersey federal court of misleading investors about its financial health before $17 billion of its bonds were wiped out in a merger with its Swiss competitor UBS.
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April 24, 2024
Crypto Mixer Execs Arrested Over $2B In Illicit Transactions
New York federal prosecutors announced Wednesday that they have arrested the co-founders of crypto mixing service Samourai Wallet over their operation of a crypto service that authorities say executed over $2 billion in unlawful transactions.
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April 24, 2024
Backpage Execs Win Partial Acquittal In Prostitution Ad Retrial
An Arizona federal judge has partially overturned jury retrial convictions against two former Backpage.com executives and the now-defunct classifieds website's co-founder, but she refused to acquit the trio of all charges or grant a second retrial in a sprawling criminal case alleging they facilitated Backpage's $500 million prostitution scheme.
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April 24, 2024
Borrower Asks Full 4th Circ. To Hear Debt Canceling Case
A student loan borrower has asked the full Fourth Circuit to rehear his claims that a Pennsylvania loan servicer thwarted forgiveness of his federal student loans, arguing that the circuit court had overlooked parts of the loan servicing agreement that provided important context to his argument.
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April 24, 2024
Sanction Bank Workers Who Hid IP Grab, Branding Firm Says
An architectural and marketing firm has asked a Philadelphia federal judge for sanctions against two of its former employees who jumped ship for Republic Bank, saying that texts between the ex-employees show the "nadir of bad faith" about evidence destruction in their trade secrets misappropriation suit.
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April 24, 2024
Investors Say Macquarie No Magic Bullet For Citi In Fraud Suit
Citigroup investors fighting for another chance to sue the bank over allegations that it concealed risk management failures that led to a $400 million regulatory fine told a New York federal judge Tuesday that the U.S. Supreme Court's recent decision to limit corporate disclosure lawsuits is not terminal to their case.
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April 24, 2024
Boston Pension Doubles Down On Bid To Lead NYCB Suit
Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP stood firm on their bid to lead a proposed securities class action against New York Community Bancorp, saying their chief rival for lead status bought their shares too late and is too sketchy to be a potential plaintiff.
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April 24, 2024
Private Equity Lag Continues To Stunt M&A Growth
Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.
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April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
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April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
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April 23, 2024
Feds Ask 30 Years For Ex-FDIC Atty In Child Exploitation Case
A former attorney with the Federal Deposit Insurance Corp. who admitted to participating in online groups aimed at sexually exploiting children should be sentenced to 30 years behind bars, prosecutors told a Virginia federal judge Tuesday, saying he "treated the online enticement of children like a sport."
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April 23, 2024
SEC Critics Preview Future Challenges To Agency Action
The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.
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April 23, 2024
CFTC Formalizes Policy On Uncleared Swaps Recordkeeping
The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.
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April 23, 2024
Seller Fights Lender Over First Dibs On $3 Million Property
A lender that took possession of a $3 million property in Haslet, Texas, seems to have negotiated the sale of the tract to an unaffiliated party, Texas appeals court justices said during oral arguments in Fort Worth on Tuesday, in a fight over whether the original seller gets right of first refusal after the land went into foreclosure.
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April 23, 2024
Citi Says 401(k) Suit No Different From Others That Were Axed
Citigroup Inc. has urged a Connecticut federal judge to permanently toss a proposed class action brought by former employees who claim the company mismanaged their 401(k) plans, arguing that decisions made in other courts dismissing similar challenges support the suit's dismissal.
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April 23, 2024
Ex-Banker Says HSBC Can't Blame Wage Policy On Manager
A former HSBC Bank employee accusing the company of violating the federal wage and hour law by making employees work through lunch told a New York federal court the company's attorneys are trying to offload responsibility for their client's actions to a former manager.
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April 23, 2024
Biz Ownership Law Constitutional, Lawmakers Tell 11th Circ.
The Corporate Transparency Act is a garden-variety exercise of Congress' powers to address threats to national security, foreign affairs, commerce and tax collection, five Democratic lawmakers told the Eleventh Circuit, disputing a ruling that the law is unconstitutional.
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April 23, 2024
BofA Nears Deal Over 'Hidden' Wire Transfer Junk Fees
Bank of America has agreed to resolve a proposed class action accusing it of tacking on $15 "junk fees" for incoming wire transfers, and a North Carolina federal judge on Monday gave the parties until May 24 to submit a motion for preliminary approval of the settlement.
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April 23, 2024
Boies Schiller Attys For Epstein Victims Beat Sanctions Bid
A New York federal judge on Tuesday evening rejected a request by associates of Jeffrey Epstein to sanction Boies Schiller Flexner LLP's chair and a co-managing partner, while also denying the Boies Schiller attorneys' subsequent motion to sanction the Epstein associates' counsel.
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April 23, 2024
Feds Want About 3 Years In Prison For LA Bank Embezzler
The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.
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April 23, 2024
DOL's Final Investment Advice Regs Expand ERISA's Reach
The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.
Expert Analysis
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Stay Ruling Challenges Sovereign Debt Dynamics
The Southern District of New York’s recent ruling in Hamilton Reserve Bank v. Sri Lanka, which provides sovereigns with a de facto bankruptcy stay in restructuring scenarios, may create uncertain consequences for sovereign creditors and borrowers alike, says Jeff Newton at Omni Bridgeway.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Series
ESG Around The World: Brazil
Environmental, social and governance issues have increasingly translated into new legislation in Brazil since 2020, and in the wake of these recently enacted regulations, we are likely to see a growing number of legal disputes in the largest South American country related to ESG issues such as greenwashing if companies are not prepared to adequately adapt and comply, say attorneys at Mattos Filho.
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The FINRA Reports That May Foreshadow New AI Rules
By reading the Financial Industry Regulatory Authority’s 2024 annual report detailing the regulatory implications of artificial intelligence tools alongside a similar 2020 FINRA publication, member firms may be able to anticipate which industry areas may soon face AI-specific regulations, say attorneys at Mintz.
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Series
Competing In Dressage Makes Me A Better Lawyer
My lifelong participation in the sport of dressage — often called ballet on horses — has proven that several skills developed through training and competition are transferable to legal work, especially the ability to harness focus, persistence and versatility when negotiating a deal, says Stephanie Coco at V&E.
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Breaking Down FDIC's New Advertising And Signage Rule
The Federal Deposit Insurance Corp.’s final rule on signage and advertising, coming on the heels of a campaign against nonbank businesses purporting to offer FDIC-insured deposit products, introduces important new requirements and clarifies existing regulations for both traditional depository institutions and novel digital platforms, say attorneys at Venable.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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The Double-Edged Sword Of Biometrics In Financial Services
Financial institutions are increasingly turning to biometrics for identity verification and fraud prevention, and while there are many benefits to such features, banks must remain vigilant against growing AI technologies that could make users' information vulnerable to biometrics hackers, say Elizabeth Roper at Baker McKenzie and Chris Allgrove at Ingenium Biometric Laboratories.
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.