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Banking
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March 21, 2024
Wisconsin Gov. Signs Earned Wage Access Bill Into Law
Wisconsin on Thursday solidified a licensing framework for so-called earned wage access services when Gov. Tony Evers signed a state law regulating the cash-advance products.
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March 21, 2024
CFPB Wants Late-Fee Suit In DC As Judge Notes Busy Docket
The Consumer Financial Protection Bureau on Thursday asked a Texas federal judge to move a challenge to its new credit card late-fee rule to a Washington, D.C., federal court, a day after the court denied a bid for an immediate injunction brought by a trade group coalition suing to overturn the rule.
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March 21, 2024
Navy Federal Wants Racial Lending Discrimination Suit Axed
Navy Federal Credit Union on Thursday urged a Virginia federal court to toss a consolidated proposed class action accusing it of racial lending discrimination following a CNN report last year, arguing the plaintiffs have not shown that they were qualified for the loans they applied for, or that the credit union considered race when denying their applications.
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March 21, 2024
Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud
The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.
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March 21, 2024
Conn. Judge Awards $59M Damages Payment In Crypto Feud
A Connecticut state court judge has ordered an overseas business partner and his companies to pay $59.4 million to a bitcoin mining venture after he allegedly lied about both his criminal history and the legal woes of several other companies he controls while siphoning revenue and causing lost profits.
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March 21, 2024
Wells Fargo Overcharged Military Members, Suit Says
Wells Fargo was hit with a potential class action Wednesday alleging that the bank violated federal law and broke a program's promises by overcharging active duty military members in fees and interest while trying to hide the indiscretion.
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March 21, 2024
Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties
The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.
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March 21, 2024
Barings' Exec Helped Raid Employees To Join Rival, Suit Says
A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.
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March 21, 2024
CFPB Head Sees Flaws In Capital One-Discover Deal Rationale
The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.
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March 21, 2024
The LA Boutique Repping MLB's Ohtani Amid Betting Scandal
An unfolding sports betting scandal has prompted Los Angeles Dodgers superstar Shohei Ohtani to lawyer up, enlisting the West Hollywood boutique Berk Brettler LLP to advise him in a saga that has already led the club to fire his longtime interpreter.
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March 21, 2024
8th Circ. Wins SEC Climate Rule Litigation Lottery
The wave of cases against the U.S. Securities and Exchange Commission's recently finalized climate disclosure rules will be consolidated and proceed in the Eighth Circuit, the U.S. Judicial Panel on Multidistrict Litigation ordered Thursday, after the agency requested a random draw.
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March 21, 2024
Shumaker Hires Kass Shuler Atty In Tampa As Partner
A 13-year Kass Shuler PA attorney and one-time Florida assistant state's attorney, has joined Shumaker Loop & Kendrick LLP in Tampa as a partner, the firm announced Thursday.
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March 21, 2024
Wyden Probes Swiss Bank's Ties To Billionaire Under Scrutiny
The Senate Finance Committee's Democratic majority launched an inquiry into Swiss bank Pictet Group's involvement with a U.S. billionaire under criminal investigation, raising questions about the bank's deferred prosecution agreement and $123 million fine by the U.S. Justice Department, committee Chairman Ron Wyden announced Thursday.
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March 21, 2024
6th Circ. Judge Doubts Challenge To $39B Student Debt Relief
A Sixth Circuit judge was skeptical Thursday that two libertarian think tanks had shown the Biden administration's plan to wipe out billions of dollars in student loan debt puts them at a disadvantage to recruit indebted lawyers, saying the groups didn't fully explain who they were competing against.
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March 21, 2024
FDIC To Target Deals Creating Cos. With $100B-Plus In Assets
The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."
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March 20, 2024
RBC Top Atty Sees Role Expand As Strategy Officer Exits
Royal Bank of Canada confirmed Wednesday that its top attorney has taken on an expanded role as a key strategy executive with the financial institution prepares to leave.
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March 20, 2024
Spanish Investment Co. Beats Slovak TM Opposition In EU
A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.
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March 20, 2024
NY AG Scoffs At Trump's Claim Of 'Impossible' $465M Bond
The New York Attorney General's office on Wednesday disputed Donald Trump's claim that posting bond while he appeals a $465 million civil fraud judgment is a "practical impossibility," arguing the former president and his business empire haven't exhausted all avenues.
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March 20, 2024
Health And Safety Top Risk For Directors, Global Survey Says
Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.
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March 20, 2024
Bank of Cyprus Eyes €137M Investor Return After ECB Nod
The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.
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March 20, 2024
Swiss Watchdog To Inspect UBS Closely For Merger Impact
The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.
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March 20, 2024
Russian Exec Argues Jailed Biz Partner Can't Escape Judgment
A Russian businessman has pressed a California federal court not to vacate a default entered against his former business partner as the businessman attempts to collect an award of more than $92 million, saying it "strains credulity" to believe that his ex-partner couldn't answer the litigation while jailed in France.
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March 20, 2024
SEC Proxy Roundup: Verizon, UPS Escape ESG Proposals
Verizon and UPS may exclude from their proxy statements shareholder proposals on social policy and climate change matters, according to U.S. Securities and Exchange Commission staff, who also denied various other requests from corporations looking to escape separate social and politics-related proposals.
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March 20, 2024
British Bank CEOs Shift Blame For Pay Fraud To Social Media
Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.
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March 20, 2024
How The Supreme Court Could Narrow Chevron
After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.
Expert Analysis
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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.
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8 Ways To Negotiate Improved Disgorgement Outcomes
The U.S. Securities and Exchange Commission's nearly $3.4 billion collected in disgorgements in 2023 shows that substantial disgorgement claims from regulators and law enforcement are the new norm, but corporations may be able to dramatically reduce what they owe by using eight strategies to argue for reduced net profit calculations, say experts at AlixPartners.
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How The NY AG Leads Investigations In Civil Securities Fraud
Although investigating white collar fraud can put significant strain on state and local resources, the New York Attorney General's Office has continued to use its expansive statutory authority to take a leading role in bringing civil enforcement actions in highly complex financial matters, say Carrie Cohen and Nathan Reilly at MoFo.
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Series
ESG Around The World: Singapore
Singapore is keen to establish itself as a leading international financial center and a key player in the sustainable finance ecosystem, and key initiatives led by its government and other regulatory bodies have helped the Asian nation progress from its initially guarded attitude toward ESG investment and reporting, say attorneys at Morgan Lewis.
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Series
The Pop Culture Docket: Judge D'Emic On Moby Grape
The 1968 Moby Grape song "Murder in My Heart for the Judge" tells the tale of a fictional defendant treated with scorn by the judge, illustrating how much the legal system has evolved in the past 50 years, largely due to problem-solving courts and the principles of procedural justice, says Kings County Supreme Court Administrative Judge Matthew D'Emic.
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4 Key Types Of Coming FHLBank Reforms To Watch
Though the Federal Housing Finance Agency's recent report on the Federal Home Loan Bank System has received relatively little attention, the regulatory and legislative changes it proposes in four categories herald the start of a significant effort by the agency to reform the system’s structure and operations and overhaul requirements for member banks, say attorneys at Mayer Brown.
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The Basics Of Law Firm Cyber Liability Insurance Applications
Cyber liability insurance has become a common consideration for law firms as cyber threats have escalated, but these insurance forms can be quite complicated given the nature of the industry and associated risks, so simply filling out the form won't necessarily result in an ideal policy for your firm, says Kevin Haight at WAMS.
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Lender Agreements And Unitranche Facilities: A Fresh Look
Unitranche facilities — which offer blended interest rates in a single loan document — are gaining prevalence, and lenders and borrowers should understand their advantages, as well as concerns over the enforceability of a unitranche-style agreement among lenders in bankruptcy, say attorneys at Mayer Brown.
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What Banks Should Know About FDIC Assessment Rule
Max Bonici at Venable answers questions banking organizations may have about the Federal Deposit Insurance Corp.'s recent approval of a rule implementing a special assessment on banks to recoup costs associated with protecting uninsured depositors after the bank failures earlier this year, and highlights other considerations for uninsured deposits.
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Series
Performing Music Makes Me A Better Lawyer
The discipline of performing live music has directly and positively influenced my effectiveness as a litigator — serving as a reminder that practice, intuition and team building are all important elements of a successful law practice, says Jeff Wakolbinger at Bryan Cave.
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How 'As Such' Changes LPs' Self-Employment Tax Exposure
In light of the U.S. Tax Court’s recent Soroban Capital Partners decision hinging on "as such" to define the statutory limited partners exemption, state law limited partnerships should consider partners' roles and responsibilities before determining whether they are obligated to pay self-employment income tax, say attorneys at Morgan Lewis.
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Expect CFPB Flex Over Large Nonbank Payment Cos.
A recent enforcement action and a new rule proposal from the Consumer Financial Protection Bureau indicate a growing focus on the nonbank payment ecosystem, especially larger participants, in 2024, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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Breaking Down High Court's New Code Of Conduct
The U.S. Supreme Court recently adopted its first-ever code of conduct, and counsel will need to work closely with clients in navigating its provisions, from gift-giving to recusal bids, say Phillip Gordon and Mateo Forero at Holtzman Vogel.