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Banking
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May 03, 2024
Binance Founder's Sentence Shaped By Plea And Apology
Binance founder Changpeng Zhao's willingness to cooperate with law enforcement and accept responsibility in court for the crypto exchange's anti-money laundering violations helped the former CEO land a deal with prosecutors that got him a relatively short prison sentence to close out a yearslong investigation.
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May 03, 2024
NY's Citi Suit Imperils Wire Transfer Market, Bank Groups Say
Major banking trade groups are backing Citibank NA in its fight against the New York attorney general's lawsuit over the bank's payment fraud protocols, warning that the state's claims seek to change how wire transfers are regulated in a way that could "upend" the marketplace for such services.
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May 03, 2024
5th Circ. Stands By Keeping CFPB Late Fee Case In Texas
A Fifth Circuit panel will not reconsider its decision rejecting the cross-country transfer of a bank industry-backed challenge to the Consumer Financial Protection Bureau's $8 credit card late fee standard, denying the agency's bid to move the case back to Washington, D.C., from Texas.
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May 03, 2024
Goldman Settles Decade-Old Metal-Rigging Class Action
Goldman Sachs Group Inc. has settled a decade-old putative class action claiming the investment bank and others conspired to manipulate platinum and palladium market values, according to a Friday filing with the U.S. Securities and Exchange Commission.
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May 03, 2024
Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told
Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.
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May 03, 2024
Fintech Co. Says PNC Acknowledged Use Of Logo For Years
Fintech company Plaid Inc. tried to fend off PNC Bank's allegations it tricked customers into handing over confidential account information, telling a Pennsylvania federal judge on Friday that the bank knew its trademarks were being used on Plaid's system.
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May 03, 2024
SoFi Unit To Pay FINRA $1.1M To Settle Customer ID Claims
SoFi Securities has agreed to pay $1.1 million to settle Financial Industry Regulatory Authority claims that it lacked a suitable user verification process for the firm's cash management brokerage business, allowing the opening of 800 accounts used by third parties to illegally transfer $8.6 million from other financial institution accounts.
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May 03, 2024
Cash App's Parent Co. Can't Ditch Referral Text Suit
Block Inc., the parent company of mobile payment service Cash App, can't escape a suit alleging it bombarded cellphone users with "annoying and harassing spam texts," a Washington federal judge ruled, finding the plaintiff has alleged sufficient facts to support a plausible claim for relief under Washington's Consumer Electronic Mail Act.
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May 03, 2024
Judge Says Lender Can't Escape CFPB's Loan Data Suit
A Florida federal judge has refused to dismiss the Consumer Financial Protection Bureau's suit accusing mortgage servicer and lender Freedom Mortgage Corp. of violating federal law by submitting inaccurate government mortgage loan data.
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May 03, 2024
Texas Rep. Cuellar Charged With Taking Bribes
U.S. Rep. Henry Cuellar and his wife have been indicted on federal charges they accepted bribes from entities in Azerbaijan and Mexico in exchange for political favors, prosecutors said Friday.
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May 03, 2024
4th Circ. Preview: Hemp, Wells And A Withdrawal
The Fourth Circuit's second session of 2024 will have the court pondering the tension between Virginia's recent hemp restrictions and federal regulations, and how the Truth in Lending Act impacts a case accusing PNC Bank of an unauthorized account withdrawal.
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May 03, 2024
SEC Fines Trump Media's Audit Firm For 'Massive Fraud'
The U.S. Securities and Exchange Commission said on Friday that it has fined and permanently suspended the public accounting firm of former President Donald Trump's social media company for allegedly running a "sham auditing mill" by failing to meet industry standards in reviewing the financial statements of hundreds of clients.
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May 03, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.
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May 02, 2024
SEC Lands $25M Judgment In TikToker-Wannabe Ponzi Suit
A South Carolina man and his companies must pay the U.S. Securities and Exchange Commission nearly $24.9 million to settle claims that he misappropriated investors' money to make Ponzi payments to earlier investors and to pay for luxury cars and over $1 million to TikTok creators, according to judgments issued in Georgia federal court.
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May 02, 2024
Wells Fargo Discloses Zelle Dispute-Handling Scrutiny
Wells Fargo & Co. on Thursday became the latest financial institution to disclose government scrutiny of how customers' dispute claims for potentially mistaken or fraudulent instant payments are being handled.
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May 02, 2024
No Atty Fees For Objectors To $5.6B Swipe Fees Settlement
Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard cannot collect nearly $1 million in attorney fees, a New York federal judge ruled Thursday, saying they haven't shown their objections to the original 2013 settlement substantially benefited the class.
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May 02, 2024
Ex-JPM Trader Slams DOJ's 'Rank Opportunism' In Doc Suit
A former JPMorgan Chase & Co. foreign exchange trader is pressing a D.C. federal court to order the release of investigative material from the government's failed market manipulation criminal case against him, saying the U.S. Department of Justice's arguments against disclosure amount to "rank opportunism."
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May 02, 2024
Barnes & Noble Joins Visa, Mastercard Settlement Objectors
A new collection of major retailers is joining Target Corp. and Grubhub in objecting to a proposed settlement deal cut by Visa and Mastercard, saying the deal would actually codify an illegal price-fixing agreement.
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May 02, 2024
State Legislators Urge Feds To Change Cannabis' Status
A coalition of state lawmakers on Thursday urged the heads of the U.S. Department of Justice and its drug enforcement agency to prioritize changing cannabis' status as a highly restricted drug.
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May 02, 2024
2nd Circ. Skeptical About Ex-TD Bank Manager's Bias Suit
The Second Circuit appeared unwilling Thursday to wipe out TD Bank's win over a former manager's suit alleging he was ousted because he asked for parental leave and had anxiety, with an appellate panel seeming unconvinced that the bank's claim that unethical conduct got him fired was dishonest.
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May 02, 2024
Recent BigLaw Moves Show Boston Is 'Clearly On The Map'
Three BigLaw firms' recent moves to build out physical footprints in Boston are a testament to the region's thriving technology, healthcare, life sciences and finance industries — a trend that shows no signs of slowing down, experts say.
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May 02, 2024
Discover Ups Liability Costs For Card Pricing Issue To $1.2B
Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.
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May 02, 2024
Feds Want Prison For Ex-Public Defender For Tax Fraud
A former chief public defender in Minneapolis who in seeking leniency said he resigned in disgrace amid accusations that he failed to pay taxes for years on his private law firm should nonetheless spend eight months in prison after pleading guilty, prosecutors told a Minnesota federal court.
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May 02, 2024
Sullivan & Cromwell Creates National Security Practice Group
Sullivan & Cromwell LLP has launched a national security practice to help clients with matters stemming from the increased use of economic sanctions, anti-money laundering laws, the Foreign Corrupt Practices Act, foreign investment regulations, export controls and import restrictions, the firm said Thursday.
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May 01, 2024
Republicans Say Bank Merger Reviews 'Need A Shot Clock'
House Republicans on Wednesday raised concerns with federal banking officials about how long it can take their agencies to sign off on proposed bank mergers, a long-standing industry complaint that the lawmakers say a tight "shot clock" could help address.
Expert Analysis
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Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
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SEC Regs Give Banks Chance To Step Up Cyber Safety Game
Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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NY's Revamped Card Surcharge Ban Is Unique Among States
Newly revised New York legislation bolsters the state's ban on credit card surcharges, potentially reinvigorating similar laws across the country despite the fact that many of them have been ruled unconstitutional, say Tom Witherspoon and Audrey Carroll at Stinson.
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Preparing For DOJ's Data Analytics Push In FCPA Cases
After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.
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How High Court SEC Case Could Affect The ITC
While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.
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CFPB Overdraft Rule Could Mean Big Shift In Banking Biz
The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.
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Challenges Remain In Financing Energy Transition Minerals
COP28, the latest U.N. climate conference, reached a consensus on a just and equitable transition from fossil fuels to renewable energy, but more action and funding will be needed to ensure that developed countries responsibly source the minerals that will be critical for this process, say attorneys at Watson Farley.
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$32.4M Fine For Info Disclosure Is A Stark Warning For Banks
The New York State Department of Financial Services and the Federal Reserve's fining of a Chinese state-owned bank $32.4 million last month underscores the need for financial institutions to have policies and procedures in place to handle confidential supervisory information, say attorneys at Sidley.
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Loan Transparency Proposals May Bring Some Clarity
U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.