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Banking
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April 04, 2024
Real Estate Fraudster Wins 3rd Circ. Bid To Testify
The real estate agent who helped ex-NFL player Irving Fryar in a scheme to defraud several banks out of $1 million in mortgages was wrongly denied the ability to testify on his own behalf at a hearing over alleged violations of his supervised release, the Third Circuit ruled in a precedential opinion Thursday.
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April 04, 2024
Attys Awarded $1.5M In Fees On Tax Disclosure Suit
Attorneys who won a $4.5 million settlement for a class of investors claiming a Chinese startup misrepresented its tax liability will receive their requested $1.5 million in attorney fees, a New York federal judge ruled.
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April 04, 2024
SEC Voluntarily Puts Climate Regs On Ice During Court Battle
The U.S. Securities and Exchange Commission announced Thursday that it is voluntarily delaying the implementation of climate disclosure regulations while it fights an Eighth Circuit challenge seeking to vacate the rules, with the regulator saying that it hopes the voluntary stay will speed resolution of the case.
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April 04, 2024
Top M&A Advisers Of Q1 Include Kirkland, Skadden
Global law firms Kirkland & Ellis LLP, Skadden Arps Slate Meagher & Flom LLP, Goodwin Procter LLP and Wachtell Lipton Rosen & Katz were among the most active legal counsel providers for global mergers and acquisitions in the first quarter of this year, according to a new report from the London Stock Exchange Group.
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April 04, 2024
Deals Rumor Mill: Alphabet, Honeywell, Syngenta IPO
Google parent Alphabet is exploring whether to make an offer to acquire software company HubSpot; Chinese regulators encouraged pesticides giant Syngenta to pull its $9 billion IPO over concerns it could unsettle China's volatile market, and Honeywell wants to sell its personal protective equipment unit. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 03, 2024
CFPB's Overdraft Plan Is Unlawful Price Control, Banks Say
A Consumer Financial Protection Bureau proposal to curb overdraft fees at large banks is encountering stiff resistance from leading bank industry groups, which say the measure would amount to a backdoor usury cap and potentially unconstitutional price control.
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April 03, 2024
Winning Foreign Patent Damages Just Became A Lighter Lift
The Federal Circuit has clarified that patent owners can ask for reasonable royalties when pursuing damages for foreign infringement and expanded what constitutes eligible infringement in those instances, a ruling attorneys say should make it easier to recover damages from abroad.
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April 03, 2024
Judge Consolidates Wells Fargo Unwanted Products Suits
A San Francisco federal judge has consolidated five suits asserting proposed class claims that the bank sought to shortchange customers who deserved compensation after they were enrolled in financial products without their knowledge.
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April 03, 2024
OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud
The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world.
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April 03, 2024
Nationstar Adds 'Junk Fee' For Loan Payoff Quote, Suit Says
A proposed class hit Nationstar Mortgage LLC with a suit alleging the mortgage servicing firm illegally charges homeowners a "junk fee" for written payoff quotes in violation of the Fair Debt Collection Practices Act.
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April 03, 2024
Mortgage Co. Targeted In News Report Hit With RICO Suit
United Wholesale Mortgage LLC, its parent company and its CEO were hit with a proposed class action Tuesday in Michigan federal court accusing them of scheming with mortgage brokers to steer borrowers into more expensive loans the same day that Hunterbrook Media, a new journalism and hedge fund outfit, published its first investigative piece focused on the company.
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April 03, 2024
SEC Atty Says Macquarie 'Overstated' High Court Case
A leading attorney for the U.S. Securities and Exchange Commission said a U.S. Supreme Court ruling in favor of a Macquarie Infrastructure Corp. investor would be unlikely to open the "floodgates" to private disclosure litigation, as the company claims, reminding a Washington, D.C., audience Wednesday that the agency is backing the investor before the high court.
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April 03, 2024
Bank Wraps Up Ex-VP's Age Discrimination Suit
A community bank reached an agreement with a former senior vice president to end his age bias lawsuit accusing the bank of forcing him into a rigorous interview process and then replacing him with someone 20 years his junior, the parties told a Florida federal court Wednesday.
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April 03, 2024
NY Bank, Investors Want Derivative Suits Merged, Paused
New York Community Bancorp Inc. and several of its investors asked a New York federal judge to consolidate and stay the investors' derivative shareholder suits against the bank.
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April 03, 2024
Investors Want $1.5B Penalty Awarded After PE Buyout
A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.
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April 03, 2024
Colo. Law Doesn't Account For Risky Borrowers, Court Told
A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.
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April 03, 2024
US Bank Beats $100M Suit Over Role As CDO Trustee
A New York federal judge has freed U.S. Bank from a more than $100 million conflict-of-interest lawsuit brought by a group of mortgage-backed CDOs, which accused the bank of obstructing their efforts to sue over underlying mortgage bond losses tied to the 2008 financial crisis.
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April 03, 2024
SEC Investigators Say Attys Harm Clients By 'Behaving Badly'
U.S. Securities and Exchange Commission staff warned attorneys at a Washington, D.C., conference Wednesday that delaying regulatory investigations destroys their credibility and could potentially harm their clients' chances of striking a favorable deal as the agency's Enforcement Division pushes for more cooperation from targeted businesses and individuals.
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April 03, 2024
Pharma Exec, Cousin Cop To Insider Trading On Kodak Loan
A pharmaceutical company's executive and his cousin on Wednesday pled guilty to trading on information they acquired through the company's partnership with Eastman Kodak Co. about a government loan the photography giant was set to receive during the COVID-19 pandemic.
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April 03, 2024
Top 10 Deals Of Q1 Led By GE Energy Spinoff, Capital One
It may be wishful thinking to imagine that earlier hopes for a major rebound in 2024 mergers and acquisitions activity will pan out, but by many indications the year was at least off to a better start than 2023.
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April 03, 2024
UK Regulators Propose Special Regime For Digital Securities
Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness.
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April 02, 2024
Citi Says 'Misguided' NY Fraud Protection Suit 'Mangles' Law
Citibank NA on Tuesday urged a New York federal court to throw out the Empire State attorney general's suit claiming it lacks necessary online security measures, slamming the complaint as "misguided" and arguing that it "mangles" the text of the Electronic Fund Transfer Act.
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April 02, 2024
Gas Tycoon Owes $100M To UBS, Lenders After Trial Loss
Energy titan Charif Souki owes more than $100 million to lenders, including a fund managed by a UBS division, a U.S. bankruptcy judge has ruled, rejecting Souki's claims that his lenders recklessly sold off collateral posted for the loan, including a luxury yacht, a Colorado ranch and shares of his liquefied natural gas export business Tellurian Inc.
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April 02, 2024
SEC Republicans Criticize 'Punishing' Rulemaking Agenda
U.S. Securities and Exchange Commission Chair Gary Gensler opened an annual agency conference Tuesday by defending efforts to write new regulations addressing the changing U.S. capital markets, while his Republican colleagues called on the commission to pare back a "punishing" rulemaking agenda that has included a controversial rule governing climate change disclosures.
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April 02, 2024
USPTO Targeted In Brothers' Patent Litigation Campaign
Two brothers who are software engineers and claim to have invented two-factor authorization are accusing the U.S. Patent and Trademark Office of infringing their patents with its sign-in website.
Expert Analysis
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SEC's Final Climate Disclosure Rules: What Cos. Must Know
While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.
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3 Notification Pitfalls To Avoid With Arbitration Provisions
In Lipsett v. Popular Bank, the Second Circuit found that a bank's arbitration provision was unenforceable due to insufficient notice to a customer that he was bound by the agreement, highlighting the importance of adequate communication of arbitration provisions, and customers' options for opting out, say attorneys at Covington.
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BIPA's Statutory Exemptions Post-Healthcare Ruling
The Illinois Supreme Court's November opinion in Mosby v. Ingalls Memorial Hospital, which held that the Biometric Information Privacy Act's healthcare exemption also applies when information is collected from healthcare workers, is a major win for healthcare defendants that resolves an important question of statutory interpretation, say attorneys at Quinn Emanuel.
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2nd Circ.'s Nine West Ruling Clarifies Safe Harbor Confusion
The Second Circuit’s recent ruling in Nine West’s Chapter 11 suit clarifies that courts in the circuit will apply a transfer-by-transfer analysis to determine the applicability of Section 546(e) of the Bankruptcy Code, and that to be safe harbored, a financial institution must act as an agent with respect to the specific transfer at issue, says Leonardo Trivigno at Carter Ledyard.
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What Fed's Credit-Linked Note FAQ Means For Capital Relief
U.S. banks that seek to mitigate their loss of liquidity under the Basel III capital requirements by issuing direct credit-linked notes should turn to recent Federal Reserve FAQs for insight into how this new use of synthetic securitizations may reshape risk and regulation in the U.S. market, says Cris Cicala at Stinson.
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Fintech Compliance Does Not Always Equal Bank Compliance
Recent enforcement actions are a reminder for banks working with financial technology providers — whether as partners to extend their reach or as internal resources to support existing operations — that few areas of risk need more frequent attention than Bank Secrecy Act and anti-money laundering compliance, says Christopher Couch at Phelps Dunbar.
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Del. Dispatch: How Moelis Upends Stockholder Agreements
The Delaware Court of Chancery's Moelis decision last month upended the standard corporate practice of providing governance rights in stockholder agreements and adds to a recent line of surprising decisions holding that long-standing, common market practices violate Delaware law, say attorneys at Fried Frank.
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Fla. Bankruptcy Ruling Is Cautionary Tale For Debt Collectors
A Florida bankruptcy court recently rejected the assertion that a debt purchaser was entitled to enforce a debt not correctly listed on the debtor's bankruptcy schedules, and the sanctions imposed provide a stark reminder on due diligence in debt collection practices, say Deborah Kovsky-Apap and Stefanie Jackman at Troutman Pepper.
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A New Push To Clear Up Marijuana's Foggy Legal Status
A recently publicized U.S. Food and Drug Administration recommendation to reschedule marijuana has reignited discourse over the drug's federal legal status — and although rescheduling would mitigate the legal risks for the industry and drastically increase the resources available for industry participants, the path forward will not be clear cut, say Joseph Cioffi and Louis DiLorenzo at Davis+Gilbert.
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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How Breach Reporting Is Changing For Financial Institutions
In May, the Federal Trade Commission's amended Safeguards Rule will extend the data protections that apply to information held by banks to information held by nonbanking financial institutions — and sweep even more broadly in some critical aspects, say Evan Yahng and Kurt Hunt at Dinsmore.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.