Banking

  • October 05, 2022

    CFPB, Mass. AG Rip Credit Repair Co.'s 'Harassing' Depo Bid

    The U.S. Consumer Financial Protection Bureau and the Massachusetts attorney general have asked a Boston federal judge to block a purported credit repair company from seeking new depositions in an enforcement case, arguing the company's requests are "untimely, unduly burdensome, harassing" and would prejudice the plaintiffs.

  • October 05, 2022

    Blockchain Payments Firm's $3.6B SPAC Merger Falls Apart

    Special-purpose acquisition company Goldenstone Acquisition Ltd. told regulators on Wednesday that its $3.6 billion take-public merger with blockchain payment firm's Roxe Holding Inc. has been terminated.

  • October 05, 2022

    Funko Inc. To Pay $7M To Settle Investor Class Action

    A group of Funko Inc. stockholders have asked a California federal judge to finalize a $7 million class-action settlement with the company to end litigation over whether the company misled investors about excess inventory and sales projections.

  • October 05, 2022

    Citigroup GC On Journey From Midwest To Wall Street

    Brent McIntosh became Citigroup Inc.'s general counsel after the most challenging period of his career helping the U.S. Treasury Department navigate the COVID-19 pandemic that threatened a global economic collapse — a challenge he never imagined he would have as a boy growing up in a small Midwest town. He recently spoke with Law360 Pulse about his career, cryptocurrency and the next big challenges for the banking industry.

  • October 05, 2022

    Ex-Amazon Coder Avoids Prison For Capital One Data Breach

    A former Amazon.com coder who was convicted of compromising 100 million people's personal data in the 2019 Capital One breach received a sentence of five years probation and three years of house arrest Tuesday.

  • October 05, 2022

    Holland & Knight DC Tax Pro Lands At Foley & Lardner

    Foley & Lardner LLP has added a partner to its taxation practice group and health care and life sciences group, the firm recently announced.

  • October 04, 2022

    UBS To Pay FINRA $2.5M Over Short-Selling Regs Violations

    The Financial Industry Regulatory Authority has fined investment bank UBS Securities LLC $2.5 million for failing to comply with regulations aimed at curtailing "potentially abusive" short-selling practices, FINRA said Tuesday.

  • October 04, 2022

    NY Fed Taps BlackRock's Managing Director For Next GC

    The Federal Reserve Bank of New York has named a managing director at multinational investment management company BlackRock as its new general counsel and head of the legal group, the New York Fed announced Monday.

  • October 04, 2022

    Patomak Picks Up Ex-CFPB Deputy From Alston & Bird

    Financial services consulting firm Patomak Global Partners has grown its banking supervision and regulation group, adding as a managing director the former deputy director of the Consumer Financial Protection Bureau.

  • October 04, 2022

    The CFTC Commish Who Wants Wrongdoers To Fess Up

    U.S. Commodity Futures Trading Commission member Christy Goldsmith Romero has become the lone voice calling for changes to the way the agency pursues settlements with alleged wrongdoers, but she told Law360 that she's determined to bring her fellow commissioners on board with her proposal to require more defendants to face the music and admit they broke the rules. 

  • October 04, 2022

    Liberty Mutual Says Ceradyne Not Covered For 3M Deal Suits

    Liberty Mutual told a California federal court it shouldn't have to cover Ceradyne Inc. for now-settled shareholder lawsuits stemming from the company's acquisition by 3M, pointing to an insurance policy's "bump-up" exclusion and arguing that Ceradyne didn't suffer any loss since 3M paid to settle those suits.

  • October 04, 2022

    As Celebs Shill Crypto, SEC Aims To Be Ultimate Influencer

    Kim Kardashian's $1.26 million run-in with the U.S. Securities and Exchange Commission for touting the "crypto security" EthereumMax on Instagram without disclosing that she was a paid promoter sends a blaring warning to influencers that crypto promotion on social media is not immune from securities laws.

  • October 04, 2022

    Deal Maker Seeks To Close 2 Big SPACs After Empty Searches

    Investor Bill Foley plans to dissolve two large special purpose acquisition companies that raised more than $2 billion combined after failing to land acquisition targets, making Foley the latest high-profile deal maker seeking to liquidate SPACs under harsh market conditions.

  • October 04, 2022

    CFPB Fines Remittance Biz $950K Over Compliance Slips

    The Consumer Financial Protection Bureau on Tuesday levied a $950,000 fine against a New Jersey-based money transfer service for allegedly failing to disclose important prepayment information to consumers sending remittances and for having deficient record-keeping practices, among other things.

  • October 04, 2022

    Fintech Lender OppFi Can't Duck Calif. Agency's Usury Claims

    A California state judge denied a bid by Opportunity Financial LLC to reject claims from the state's financial regulator that it ripped off borrowers in the state with high-cost, "rent-a-bank" lending, saying the fintech firm failed to adequately argue that the disputed loans are "immune from scrutiny" under state law.

  • October 04, 2022

    Calif. Bank, Insurer To Settle D&O Coverage Dispute

    A California bank and its insurer have agreed to settle a dispute in federal court over whether the bank should receive coverage for an underlying suit accusing the financial institution of poaching employees and clients from another bank.

  • October 04, 2022

    Cooperator In Failed $500M Fraud Case Asks For No Prison

    A defendant who cooperated with the government during the failed fraud prosecution of his family's real estate business is asking a New York federal court to receive no jail time, probation or restitution because of the lenient sentences given to his co-defendants and his assistance in the investigation.

  • October 04, 2022

    Chipmaker Plans $100B Facility Investment In New York

    Memory chipmaker Micron Technology Inc. unveiled plans Tuesday to pour $100 billion over the next 20 years into the construction of a semiconductor factory in upstate New York, aided by state and federal incentives and funding.

  • October 04, 2022

    EU Confirms Blacklisting Of 3 Island Jurisdictions

    The European Union council of member states placed three island jurisdictions on its so-called blacklist of uncooperative jurisdictions for tax purposes Tuesday, confirming a draft document that previewed the decision last week.

  • October 04, 2022

    Online Lender Kabbage Says PPP Loan Fights Spurred Ch. 11

    Online lender Kabbage Inc. has filed a Chapter 11 liquidation plan in Delaware bankruptcy court, saying it made the move in the face of the "extreme" cost of dealing with disputes stemming from its $7 billion in Paycheck Protection Program loans.

  • October 04, 2022

    Retailers Lose Challenge To Card Swipe Fees Decision

    An appellate court ruled on Tuesday that Visa and Mastercard did not overcharge hundreds of U.K. retailers with swipe fees after the European Union passed legislation capping the charges.

  • October 03, 2022

    Warren's Report Says Zelle Scam Victims Left 'High And Dry'

    Fraud is flowing on digital payment network Zelle, but banks aren't refunding most customers who fall victim to scams and theft, breaking their promises to protect consumers and potentially flouting federal law, according to a report published on Monday by Sen. Elizabeth Warren's office.

  • October 03, 2022

    High Court Declines To Hear Challenge To Libor Jurisdiction

    The U.S. Supreme Court said Monday that it wouldn't be hearing an appeal brought by Lloyds Bank, the Royal Bank of Scotland and other banks challenging a Second Circuit decision allowing antitrust claims to proceed against them in litigation over their alleged manipulation of the London Interbank Offered Rate.

  • October 03, 2022

    FSOC Urges Legislation To Curb Crypto's Systemic Risks

    The Financial Stability Oversight Council is calling for Congress to equip federal regulators with explicit authority to oversee stablecoin issuers and rein in the spot market for cryptocurrencies like bitcoin as part of a package of recommendations aimed at curtailing digital asset risks to the financial system.

  • October 03, 2022

    US Tells 9th Circ. It Has Rights To $380M Award Held In UK

    The U.S. government has urged the Ninth Circuit to uphold a lower court decision letting American prosecutors seize a nearly $380 million arbitral award held by a U.K. court in a dispute over embezzled funds in Malaysia, saying the U.K. court expressly embraced U.S. jurisdiction.

Expert Analysis

  • Limiting The Scope Of Representation Is Critical For Lawyers

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    A Mississippi federal court's recent decision in Kee v. Howard L. Nations PC highlights the importance of well-written engagement letters, and specifically why it is vital for attorneys to specify exactly which services they intend to supply, says Ronald Levine at Herrick Feinstein.

  • Latest Ripple Development Highlights SEC's Crypto Approach

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    As U.S. Securities and Exchange Commission v. Ripple faces summary judgment, the SEC's aggressive positioning on digital asset regulation comes in contrast to the coin provider’s significant concerns over the comprehensive application of federal securities laws to diverse digital offerings, say Katherine Stoller and John Nathanson at Shearman.

  • Fine Over Bank Texts Signals Books, Records Crackdown

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    Federal securities regulators' recent $1.8 billion settlement with 15 broker-dealers and an investment adviser for failing to preserve employees' communications on unauthorized messaging apps demonstrates heightened regulatory focus on books and records requirements, and highlights compliance considerations for financial institutions, say attorneys at Ropes & Gray.

  • Attys Shouldn't Assume Judicial Critique Is Protected Speech

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    As it becomes more commonplace to see criticism of the judiciary in the media, licensed attorneys are well advised to remember that they may have less freedom than nonlawyers to make protected speech critical of the judiciary, says Mark Hinderks at Stinson.

  • COVID Relief Borrowers, Lenders May See Increased Scrutiny

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    Armed with a recently extended statute of limitations, federal prosecutors are building increasingly complex fraud cases focused on misuse of COVID-19 relief loans, involving larger dollar amounts and more defendants, and necessitating vigilance from lenders, say attorneys at Polsinelli.

  • 4 Strategies For Drafting Effective Consumer Breach Notices

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    Businesses should consider key strategies when drafting consumer breach notification letters, such as knowing their audience and what is on their mind, and prioritizing user-friendliness and tone, say attorneys at Troutman Pepper.

  • Series

    Keys To A 9-0 High Court Win: Practicality Over Perfection

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    When I argued for the petitioner in Wooden v. U.S. last year, I discovered that preparation is key, but so is the right kind of preparation — in giving decisive answers to the U.S. Supreme Court justices' hypothetical questions I was not aiming for perfection, just the best response available, says Allon Kedem at Arnold & Porter.

  • Opinion

    Time To Rethink The Federal Home Loan Bank System

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    As the Federal Housing Finance Agency looks to review its Federal Home Loan Bank system, we should reflect on the system's drift away from its original mission and recognize the need for Congress to reform the entire federal housing finance infrastructure, says David Reiss of Brooklyn Law School.

  • What New Bar Exam Means For Law Students And Schools

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    Stephanie Acosta at UWorld discusses how law students and law schools can start preparing now for the new bar exam launching in 2026, which is expected to emphasize real-world lawyering skills-based tasks over rote memorization.

  • Del. Bankruptcy Rulings Instruct On Creditors' Rights To Sue

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    Recent Delaware bankruptcy court rulings are a reminder that a creditor's right to sue a company's directors depends on whether a borrower is a corporation or a limited liability company, and that LLC creditors cannot sue directors for fiduciary breaches or otherwise pursue derivative claims, say David Hillman and Peter Antoszyk at Proskauer.

  • Apple's New Messaging Features Will Complicate E-Discovery

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    Apple's newest mobile operating system allows users to edit and recall messages and recover deleted messages, which could significantly increase the time, burden and expense of processing and analyzing cellphones if messages or their associated metadata become an area of scrutiny in a case, says Jarrett Coco at Nelson Mullins.

  • Law Firm Inclusion Efforts Often Overlook Business Staff

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    Law firms committed to a culture of universal inclusion can take steps to foster a sense of belonging in their business services teams, says Jennifer Johnson at Calibrate Consulting.

  • An Associate's Guide To Rebounding After A Layoff

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    Law firm associates laid off due to economic conditions can recuperate and move forward by practicing self-care, identifying key skills to leverage during the job search, engaging in self-reflection and more, say Kate Sheikh at Major Lindsey and wellness consultant Jarrett Green.

  • AML Regulation Of Lawyers Is Imminent And Controversial

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    The U.S. House of Representatives' recently passed National Defense Authorization Act subjects lawyers engaged in certain financial-related activities to anti-money laundering regulation under the Bank Secrecy Act, which could pit lawyers against clients in ways harmful to the rule of law and administration of justice, says Jeremy Glicksman at the Nassau County District Attorney’s Office in New York.

  • Overseas Cos. Are Well Within Reach Of SEC Enforcement

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    As suspect payments, false disclosures and trading schemes metastasize and seep across borders, the U.S. Securities and Exchange Commission has become the chief participant in a robust international enforcement network cracking down on individuals and entities based overseas, says Eugene Goldman at McDermott.

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