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March 26, 2024
Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY
An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Law Firm Can't Ditch Class Cert. In Interest Rate Challenge
A Michigan federal judge on Tuesday declined to decertify a class of debtors alleging a law firm charged unlawfully high post-judgment interest rates, saying the defendants were confused about what was needed to show standing.
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March 26, 2024
Mitsubishi Seeks $88.9M From Canadian Truck Sellers In US
Mitsubishi's commercial financing arm has asked federal judges in Connecticut, Illinois and New York to issue at least $89 million in judgments against two individuals in Canada, saying the men in question breached promises to stand behind credit lines extended to two companies that sell tractor trailers and lease equipment.
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March 26, 2024
Jurisdiction Snafu Sinks US Bank Exec's Second Firing Suit
A former U.S. Bank managing director has lost a second lawsuit challenging his firing, after a Colorado federal judge on Tuesday ruled that the executive is precluded from bringing a wrongful termination claim after a procedural misstep in the first case.
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March 26, 2024
Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute
Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options.
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March 26, 2024
Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse
Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.
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March 26, 2024
NC Justices Find BofA Mortgage Fraud Suit Filed Too Late
The North Carolina Supreme Court has ruled that homeowners accusing Bank of America NA of fraud in a mortgage modification program filed their claims too late, finding they knew or should have known about the alleged fraud when their homes were foreclosed upon — four to seven years before they sued.
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March 26, 2024
Wells Fargo Denies Liability Over Texas Atty's Fraud Scheme
Arguing a San Antonio lawyer's widespread fraud scheme predated his relationship with the bank, Wells Fargo has asked a Texas federal judge to trim a suit launched by the attorney's former clients, who accused the bank of enabling the scheme that landed the attorney behind bars for 50 years.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 25, 2024
Lender Groups Sue Over Colorado's Rate 'Opt-Out' Law
A coalition of lender trade groups filed suit Monday to block Colorado officials from enforcing a new, impending law to rein in high-cost online lending by out-of-state banks, alleging it violates federal law and risks harming Colorado borrowers instead of helping them.
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March 25, 2024
Merchants Hit AmEx With Antitrust Claims Over Its Fee Rules
American Express faces a proposed merchant class action alleging it violated federal antitrust law by barring businesses from taking certain measures to keep their credit card swipe costs down.
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March 25, 2024
Bank Groups Ask 5th Circ. To Block CFPB Card Late-Fee Rule
Bank trade groups on Monday escalated their fight against the Consumer Financial Protection Bureau's credit card late-fee rule, asking the Fifth Circuit to intervene and stay the regulatory measure after a Texas federal judge declined to act on their request for an immediate injunction last week.
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March 25, 2024
Truist Says Plastic Co. Trying To Dodge $20M Default
Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.
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March 25, 2024
MLB's Ohtani Denies Betting Ties, Alleges Theft By Interpreter
Los Angeles Dodgers superstar Shohei Ohtani on Monday squarely accused his former interpreter of stealing from him to fund a sports betting habit, denying any direct involvement or knowledge of illegal wagering.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Jury Hands Mortgage Co. $73K Win In Trade Secrets Fight
An Ohio federal jury has found that Revolution Mortgage owes just over $73,700 to competitor Equity Resources in a case where Equity accused its rival of misappropriation of trade secrets.
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March 25, 2024
Bank Says Immunity In Terrorism Suit Not Issue For Justices
A Lebanese bank has urged the U.S. Supreme Court not to review a Second Circuit ruling that it could have sovereign immunity over terrorism victims' claims that it funded Hezbollah, saying the appeals court had not offered a final ruling appropriate for review.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
Lazard Beats Fired Indian Exec's Bias, Retaliation Suit
Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.
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March 25, 2024
Northwind Breaks Office Lending Drought With $65M Loan
Northwind Group announced Monday it has loaned $65 million to the new owner of a 33-story Class A office building in Jersey City, New Jersey, known as Harborside 5, marking the first office loan the private equity firm has extended in three years.
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March 25, 2024
M&T Bank Execs Seek Exit From Fla. Law Firm's $1.5M Suit
Two M&T Bank Corp. representatives want out of a lawsuit claiming they participated in the unlawful restriction of a Florida law firm's trust account amid a chargeback dispute, arguing they are protected from such claims by Florida's corporate shield doctrine.
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March 25, 2024
Lender Curo Group Hits Ch. 11 To Slash $1B In Debt
Consumer lender Curo Group Holdings Corp. filed for Chapter 11 protection in Texas on Monday with a plan of reorganization supported by a majority group of creditors, saying it crumbled under a $2.1 billion debt load with high interest rates.
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March 25, 2024
Trump Gets Late Reprieve After Failing To Post $465M Bond
A New York appellate panel said Monday that Donald Trump can pause enforcement of the state attorney general's $465 million civil fraud judgment by posting just $175 million while he appeals, after the former president complained that he was unable to secure a bond for the entire amount.
Expert Analysis
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SEC, NY Cybersecurity Rules Create Complexity For Insurers
Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.
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How Attorneys Can Be More Efficient This Holiday Season
Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.
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Top 10 Whistleblowing And Retaliation Events Of 2023
The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.
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A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up
Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.
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Series
Children's Book Writing Makes Me A Better Lawyer
Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.
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The State Of CFPB Focus On Credit Reporting Of Medical Debt
An increase in credit reporting complaints and the Consumer Financial Protection Bureau's recent annual report on the Fair Debt Collection Practices Act — which focuses on medical debt in credit reporting — are both evidence of the fact that the bureau will continue to prioritize oversight of credit reporting of medical debt, says Kristen Watson at Burr & Forman.
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Parsing 2023's Energy Markets Enforcement
A review of the Federal Energy Regulatory Commission's and Commodity Futures Trading Commission's recently released fiscal year 2023 enforcement reports highlight the significant energy market enforcement activities, litigation pursued and settlements reached by both agencies, as well as their respective strategic goals and focus areas, say attorneys at Morgan Lewis.
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A Review Of 2023's Most Notable Securities Litigation
There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.
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ESG Investing Caught In Culture War Crosshairs In 2023
As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.
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4 Key Ways CFIUS Affected Private Equity In 2023
Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.
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3 FinCEN Fraud Alerts To Remember In 2024
With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.
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How Clients May Use AI To Monitor Attorneys
Excerpt from Practical Guidance
Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.
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What Banks Should Know About TCPA Exam Policy Updates
As banking organizations consider revisions to their automated communications policies in light of the Office of the Comptroller of the Currency's recent updates to its Telephone Consumer Protection Act examination procedures, they should also consider conducting a full review of their TCPA compliance practices, say attorneys at Debevoise.
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7 Enforcement Predictions For US Export Controls, Sanctions
Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.
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DOJ Comments Reveal Road Ahead For Mortgage Redlining
Comments from two U.S. Department of Justice representatives at a recent fair lending conference show that the DOJ is prioritizing investigations and enforcement against redlining risks, and highlight important compliance steps for lenders, say Lori Sommerfield and Chris Willis at Troutman Pepper.