Banking

  • August 08, 2024

    Monroe, Triad Team Up In $300M Collab To Buy Rental Loans

    Asset manager Monroe Capital LLC, advised by Schulte Roth & Zabel LLP, and Triad Financial Services Inc. on Thursday announced that they have formed a partnership with a roughly $300 million asset-based financing pool to originate and buy commercial community rental loans made to owners of manufactured housing communities.

  • August 08, 2024

    Deals Rumor Mill: Roche, Thoma Bravo, Klarna

    Roche is considering divesting cancer data specialist Flatiron Health, Thoma Bravo is exploring a sale of compliance software maker Cority, and fintech startup Klarna is preparing a secondary-share sale ahead of a planned IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • August 07, 2024

    FTC, CFPB Turn Up Scrutiny On Solar Energy Sales Practices

    The federal government on Wednesday stepped up efforts to police shady solar energy sales and financing practices, with the Federal Trade Commission, Consumer Financial Protection Bureau and other agencies releasing consumer advisories and announcing a new partnership to better monitor the industry.

  • August 07, 2024

    TD Bank Shared Customer Data With Meta, Suit Claims

    A new proposed class action in New Jersey federal court alleges TD Bank wrongfully shared customers' personal information with Meta Platforms Inc. without consent for marketing purposes.

  • August 07, 2024

    Fintech Firm Says Plaintiff Is 'Forum Shopping' With NC Suit

    Fintech company Figure Lending is urging a North Carolina federal judge to toss a proposed class action over its home equity lines of credit, saying the plaintiff who brought the case is forum shopping with insufficient claims that have been dismissed in other courts. 

  • August 07, 2024

    Judge Says PNC's TM Suit Against Plaid Must Go To Trial

    A Pennsylvania federal judge has ruled that PNC Financial Services Group's trademark infringement complaint against third-party software broker Plaid Inc. will proceed to trial after he denied each party's summary judgment motion on Wednesday, saying jurors must decide claims that "could reasonably come out either way."

  • August 07, 2024

    NC Biz Court Bulletin: The Battles Making Summer Sizzle

    A 1983 championship basketball team's intellectual property rights and a public feud between Cadwalader Wickersham & Taft LLP and its insurer are among the legal battles that have kept North Carolina Business Court judges and Tar Heel state private practice attorneys busy this summer. In case you missed those and others, here are the highlights.

  • August 07, 2024

    Fla. Bank Shareholders Lose Bid To Stop Recapitalization Deal

    A Florida federal judge has denied a post-trial bid by Eastern National Bank NA shareholders to halt a recapitalization deal and stop the bank's board from implementing an equity compensation plan following claims that the bank didn't have proper authorization from the U.S. government to implement the plan.

  • August 07, 2024

    Weak Link Doomed $690M Whistleblower Claim, DC Circ. Says

    A whistleblower could not get up to $690 million, or 30% of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program, because the connection between his actions and the program was weak, the D.C. Circuit said Wednesday.

  • August 07, 2024

    Lender Says Mogul's Privacy Concerns Stymying Trial Prep

    Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.

  • August 07, 2024

    6 Swipe Fee Plaintiffs 'Arbitrarily' Picked For 2025 Trial

    Six retailers including department store giant Target will go to trial in 2025 on claims that Visa and Mastercard overcharged them, a Manhattan federal judge said Wednesday, explaining that he arbitrarily chose from among 60 plaintiffs in a long-running, multibillion-dollar antitrust battle.

  • August 07, 2024

    Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta

    The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.

  • August 07, 2024

    Mortgage Banker Says Experian Can't Tie Him To 'Sham' Suits

    A New Jersey-based licensed mortgage banker is urging a California federal judge to let him escape Experian's suit alleging that he helped credit reporting law firms identify clients and created false evidence of a mortgage denial in a nationwide scheme to "extort" the credit reporting agency into settling "sham" lawsuits.

  • August 07, 2024

    Morgan Stanley Loses Bid To Arbitrate Background Check Suit

    A Boston federal judge ruled Tuesday that Morgan Stanley & Co. LLC can't force arbitration in a proposed class action claiming the bank illegally used protected criminal history information to discriminate against job applicants.

  • August 07, 2024

    CFPB Backs Homeowners In Nationstar Mortgage Fee Suit

    The Consumer Financial Protection Bureau asked a Washington federal court to allow it to file a brief in support of a proposed class action accusing Nationstar Mortgage of illegally charging fees whenever homeowners request payoff statements for their loans.

  • August 06, 2024

    2nd Circ. Says Citi Whistleblower Can't Get Cut Of $400M Fine

    The Second Circuit on Tuesday upheld a lower court's dismissal of a Citibank executive's whistleblower lawsuit seeking a piece of a $400 million fine the bank paid, finding that she failed to allege a valid False Claims Act claim and therefore has no right to a portion of financial recovery.

  • August 06, 2024

    Zelle Fraud Victims Seek Class Cert. In BofA Refunds Suit

    Consumers suing Bank of America NA for allegedly stiffing them on reimbursement for Zelle fraud and scam losses asked a California federal judge to grant class action status to their case, seeking certification for several classes of customers with denied refund claims from the past four years.

  • August 06, 2024

    Piper Sandler Says It Will Pay $16M In Recordkeeping Fines

    Piper Sandler Cos. disclosed Tuesday that it has reached tentative agreements with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to end investigations into off-channel business communications for a total of $16 million.

  • August 06, 2024

    Fifth Third Bank Faces MDL Bid Over Allegedly Hidden Costs

    A group of consumers is urging the Judicial Panel on Multidistrict Litigation to centralize in New Jersey five proposed class actions alleging Fifth Third Bank NA's solar panel financing business hid loan costs from consumers.

  • August 06, 2024

    CFPB Pans Bid For 5th Circ. To Reopen Payday Rule Fight

    The Consumer Financial Protection Bureau has urged the Fifth Circuit to deny a rehearing bid for a payday loan industry rule challenge that previously foundered at the U.S. Supreme Court, arguing it's time to put the long-running case to bed.

  • August 06, 2024

    Finance Co. EasyKnock Scams Poor Homeowners, Suit Says

    Home finance company EasyKnock Inc. has been sued on allegations it targeted a low-income Philadelphia resident in an "equity-theft" scheme designed to dupe homeowners with an upfront cash payment for a gradual sale of their home that secretly transfers the title to the company.

  • August 06, 2024

    DC Circ. Rules Russia Is Immune From Suit Over Jewish Texts

    The D.C. Circuit ruled Tuesday that the federal court never had jurisdiction over a Jewish group's decades-old allegations that Russia is illegally holding on to its long-lost sacred texts, finding that the country has sovereign immunity and voiding nearly $200 million in fines levied against Russia.

  • August 06, 2024

    Atty Rips Lawyer's Suit Over $30K Law School Loan Judgment

    A Florida employment lawyer's "absurdly long" federal complaint alleging his onetime romantic partner and her attorneys conspired with a Wells Fargo consultant to concoct a vexatious lawsuit against him should be trimmed, one defendant argued Tuesday, noting that an underlying judgment was entered against the plaintiff.

  • August 06, 2024

    Mich. Judge OKs FTC's Deal With Credit Repair Businesses

    Several credit repair companies agreed to turn over about $12 million and either exit the credit repair industry or stop claiming their products can clean up negative credit histories to resolve Federal Trade Commission allegations that they scammed consumers.

  • August 06, 2024

    DC Circ. Urged To Revive Investor's Pandemic-Era Losses Suit

    An investor vying to hold Bank of America liable for losses he sustained at the height of the COVID-19 pandemic told the D.C. Circuit that a trial court judge prematurely tossed his suit claiming that the bank failed to explain the risks of cashing out his investments.

Expert Analysis

  • New Crypto Reporting Will Require Rigorous Recordkeeping

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    The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.

  • A Comparison Of FDIC, OCC Proposed Merger Approaches

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    Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.

  • Crypto Mixer Laundering Case Provides Evidentiary Road Map

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    A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.

  • Series

    Being An EMT Makes Me A Better Lawyer

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    While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.

  • Colo. Lending Law Could Empower State-Chartered Banks

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    Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.

  • SEC Amendments May Launch New Execution Disclosure Era

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    The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.

  • Tiny Tweaks To Bank Merger Forms May Have Big Impact

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    The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.

  • How CFPB Credit Card Rules Slot Into Broader Considerations

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    Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.

  • Novel Applications May Fizzle After Fed Master Account Wins

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    Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Devil's In The Details On FDCPA, Article III Standing

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    The Third Circuit’s recent decision in Barclift v. Keystone Credit Services concerning the alleged harm needed to support a class action under the Fair Debt Collection Practices Act is in line with other circuits' interpretations of Article III of the Constitution, notwithstanding disagreement over the minutiae of a proper Article III analysis, says Nick Agnello at Burr & Forman.

  • Global Bribery Probes Are Complicating FCPA Compliance

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    The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • Opinion

    State-Regulated Cannabis Can Thrive Without Section 280E

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    Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.

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