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Banking
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April 04, 2024
Crypto Bank, Chair Blast FTX Investors' 'Gatling Gun' Claims
A crypto bank and its chairman have urged a Florida federal judge to toss a second amended complaint from FTX investors alleging they helped Sam Bankman-Fried abscond with $8 billion in customer assets, saying the investors "employ a Gatling gun approach to pleading."
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April 04, 2024
OCC's Hsu Floats Splitting Refund Costs For AI-Enabled Fraud
Requiring banks and artificial intelligence platforms to share financial responsibility for reimbursing victims of AI-enabled payment fraud could help incentivize better anti-fraud controls, the Office of the Comptroller of the Currency's acting chief said Thursday.
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April 04, 2024
Morgan Stanley, Goldman Sachs Can't Duck Archegos Claims
A New York appellate court on Thursday affirmed a decision refusing to dismiss ViacomCBS investors' claims against Morgan Stanley, Goldman Sachs and a long list of banks over the collapse of Archegos Capital Management, finding that investors plausibly identified statements the banks made that could have been misleading.
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April 04, 2024
BofA Can't Escape Suit Over Pandemic Fee-Relief Pledge
A California federal judge has ruled that a group of Bank of America account holders can move forward with a case against the bank as they have adequately alleged it ended a COVID-19 fee-relief program without notice, while continuing to advertise the benefit through the bank's website, mobile app and social media accounts.
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April 04, 2024
FDIC Reports Discriminatory Lending At SouthStar Bank
The Federal Deposit Insurance Corp. has downgraded SouthStar Bank's community lending rating, reporting that a review of the institution's lending practices revealed evidence of redlining, according to an evaluation released by the agency.
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April 04, 2024
Huawei Slated For 2026 Sanctions, IP Theft Trial
A Brooklyn federal judge on Thursday set the trial of China's Huawei Technologies and affiliates for 2026, over prosecutors' claims that Huawei deceived banks and the U.S. government for years about its business dealings in sanctioned countries and conspired to steal intellectual property from U.S. companies.
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April 04, 2024
Wells Fargo Hit With Del. Suit Targeting Account Abuses
Citing billions of dollars in regulatory agency sanctions, fines and judgments and allegedly chronic disregard of "red flag" reports and fake account investigations, a Wells Fargo & Co. stockholder has sued 23 current and former bank directors and officers in Delaware's Court of Chancery, seeking derivative recoveries for the losses.
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April 04, 2024
Ginnie Mae, HUD Must Face Bank's Vacated Lien Suit
A Texas federal judge trimmed but declined to dismiss Texas Capital Bank's suit against the U.S. Department of Housing and Urban Development and its Government National Mortgage Association program over a vacated loan lien that the bank says was worth tens of millions of dollars.
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April 04, 2024
NY AG Wants Trump Insurer To Guarantee $175M Bond
New York Attorney General Letitia James asked a Manhattan judge Thursday to make sure the California insurer that agreed to post Donald Trump's $175 million bond in his civil business fraud case can actually pay.
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April 04, 2024
Divided PTAB Invalidates RFID Claim It Previously Upheld
A Patent Trial and Appeal Board panel has invalidated part of an AmaTech Group Ltd. smart card patent on rehearing, finding fault in its earlier decision to uphold the claim across two opinions and a dissent.
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April 04, 2024
Citibank Can't Force Arbitration In Fees Suit, Veterans Say
A proposed class of military members has told the Fourth Circuit that Citibank cannot force them to arbitrate claims the bank overcharged credit card fees, arguing federal laws on military-member lending negate arbitration agreements.
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April 04, 2024
Fifth Third Hit With Fee Suit Over Bounced Check Deposits
Cincinnati-based Fifth Third Bank NA got hit with a proposed class action alleging it charges consumers unlawful fees when they try to deposit a check that bounces, with three customers arguing they got unfairly punished for someone else giving them a bad check without their knowledge.
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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.
Expert Analysis
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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Steps For Companies New To Sanctions Compliance
Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.
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Bank Secrecy Act Lessons For Casinos After DOJ Settlements
The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.
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Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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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.