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Banking
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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.
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May 01, 2024
3 Takeaways From The DOJ's Cannabis Recommendation
The marijuana advocacy and business world responded with guarded optimism after the U.S. Department of Justice's announcement this week that it recommended relaxing restrictions on marijuana for the first time in more than 50 years.
Expert Analysis
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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NJ Ruling Offers Road Map To Fight Dishonored Check Claims
As ATM and mobile check deposits become more common, a New Jersey state appellate court’s recent ruling in Triffin v. Neptune shows that issuers can rely on copies of checks to defend against claims that checks were wrongfully dishonored after being electronically deposited, say attorneys at Sherman Atlas.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
The first quarter of the year brought the usual onslaught of new regulatory developments in California — including a crackdown on junk fees imposed by small business lenders, a big step forward for online notarizations and a ban on predatory listing agreements, says Alex Grigorians at Hanson Bridgett.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.
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Fears About The End Of Chevron Deference Are Overblown
While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Overdraft Opt-In Practices Hold Risks For Banks
A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.
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AI In Accounting Raises OT Exemption Questions
A recent surge in the use of artificial intelligence in accounting work calls into question whether professionals in the industry can argue they are no longer overtime exempt under the Fair Labor Standards Act, highlighting how technology could test the limits of the law for a variety of professions, say Bradford Kelley at Littler and Stephen Malone at Peloton Interactive.