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Banking
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August 27, 2024
Wells Fargo Seeks To Scrap Ex-Worker's $22M ADA Verdict
Wells Fargo urged a North Carolina federal court to upend a jury's $22.1 million verdict in favor of a former investment director who alleged he was laid off so the company wouldn't have to accommodate his paralyzed colon and bladder, arguing the evidence presented doesn't support jurors' conclusions.
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August 27, 2024
First Busey, CrossFirst Bankshares Merging In $917M Deal
Sullivan & Cromwell LLP-led First Busey Corp. and CrossFirst Bankshares Inc. said Tuesday they have agreed to merge, setting the path for First Busey to absorb CrossFirst in an all-stock deal that the companies valued at approximately $916.8 million.
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August 27, 2024
Morgan Stanley Applicant Drops Suit After Pseudonym Order
A Massachusetts woman on Tuesday dropped her proposed class action claiming Morgan Stanley illegally used protected criminal history information to discriminate against applicants, after a federal judge ruled she couldn't advance the lawsuit under a pseudonym.
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August 27, 2024
Duane Morris Hires Ex-Dickinson Wright Fintech Expert
A former financial institutions mergers and acquisitions and regulatory enforcement partner from Dickinson Wright PLLC who also has experience at the Federal Reserve Bank has joined Duane Morris LLP's corporate practice group in Chicago.
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August 26, 2024
Businessmen Say Feds' Ky. Tower Seizure Suit Can't Proceed
Two Miami businessmen have objected to a federal magistrate judge's recommendation opposing their attempt to toss litigation by the U.S. government as it looks to seize about $9.1 million from the sale of a Kentucky office tower, saying the United States can't prove its case.
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August 26, 2024
Banks' $20M Platinum Traders Antitrust Deal Gets Initial OK
A New York federal judge preliminarily approved Saturday a $20 million deal to resolve a nearly decade-old putative class action alleging Goldman Sachs, German industrial company BASF and two other banks fixed platinum and palladium prices.
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August 26, 2024
'Jarkesy 2.0': SEC Sees New Attack On In-House Courts
A new lawsuit calling into question the U.S. Securities and Exchange Commission's ability to boot alleged lawbreakers from the securities industry follows a long line of attacks on the regulator's use of its in-house courts, including a recent U.S. Supreme Court ruling that limited the SEC's ability to litigate fraud cases via administrative proceedings.
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August 26, 2024
BNY To Pay $5M CFTC Fine Over Swap Reporting Issues
The Commodity Futures Trading Commission and the Bank of New York Mellon reached a $5 million deal on Monday to resolve claims that the bank repeatedly failed to correctly report millions of swap transactions to a registered swap data repository and failed to properly supervise its swap dealer business.
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August 26, 2024
11th Circ. Won't Revive JPMorgan Chase Whistleblower Suit
The Eleventh Circuit on Monday refused to revive a whistleblower suit against JPMorgan Chase Bank NA for allegedly forging mortgage loan documents and submitting false reimbursement claims to Fannie Mae and Freddie Mac, finding the allegations had already been publicized prior to the lawsuit.
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August 26, 2024
CFPB Defeats Challenge To Small-Biz Lending Rules
The Consumer Financial Protection Bureau landed an early win Monday in an industry-backed challenge to its reporting requirements for small business lenders, with a Texas federal judge finding the rule "is much more modest than plaintiffs would lead the court to believe."
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August 26, 2024
Health System Sues JPMorgan Over Funds Lost In Scam
Massachusetts-based healthcare system Baystate Health Inc. sued JPMorgan Chase & Co. on Monday over $420,000 it lost as a result of an email scam it said the bank should have prevented.
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August 26, 2024
Bank Co. Disputes AIG's Reading Of Covered Defense Costs
A bank owner defended its amended claims that an AIG unit violated the Texas Insurance Code, telling a Texas federal court that AIG unlawfully issued it late defense payments and refused to cover defense costs that "incidentally" benefited its affirmative underlying claims.
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August 26, 2024
Telegram CEO Arrested In French Probe Of Messaging App
The founder and CEO of messaging platform Telegram has been arrested in Paris as part of an investigation into allegations the company is complicit in illegal transactions, child pornography and organized fraud, French prosecutors said Monday.
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August 26, 2024
JPMorgan Cash Sweep 'Shortchanged' Customers, Suit Says
JPMorgan Chase has been hit with a proposed class action in New York federal court alleging its securities branch "shortchanged" customers by automatically "sweeping" their uninvested cash balances into deposit accounts at its affiliate, Chase Bank.
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August 23, 2024
FDIC Says Ex-Lender Can't Have 3rd Bite At In-House Apple
The Federal Deposit Insurance Corp. on Friday urged a Washington, D.C., federal judge to reject a former small-business financier's bid to immediately halt an agency enforcement proceeding against him, saying a key recent U.S. Supreme Court decision doesn't apply to his case.
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August 23, 2024
Justices Urged To Tackle Arbitral 'Manifest Disregard' Split
A former Morgan Stanley financial adviser is asking the U.S. Supreme Court to review an appellate panel's refusal to toss the bank's arbitral award and revive his $13.7 million counterclaims, arguing that the dispute presents the ideal vehicle to resolve the "clear" circuit split over whether "manifest disregard of the law" remains a valid ground for vacating such awards.
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August 23, 2024
Conn. Adviser Wants FINRA Complaint Records Deleted
An investment adviser has sued the Financial Industry Regulatory Authority in Connecticut state court, saying a complaint on his FINRA registration record is not valid and should be removed because, after filing it, the customers who complained realized they were in error and withdrew the complaint.
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August 23, 2024
Wire Verification Not Vital In Fla. Fraud Suit, Wells Fargo Says
Wells Fargo urged a Florida federal court Friday to toss a lawsuit alleging the bank allowed a hacker to steal a real estate transaction's proceeds, saying there's no obligation to match a wire beneficiary to their account, and it didn't know the transfer was fraudulent because the process is automated.
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August 23, 2024
Western Union Seeks To Toss Most Claims In $8M Breach Suit
Western Union looks to shake off the bulk of a point-of-sales device manufacturer's $8.1 million breach of contract case, telling a Colorado federal court that much of the suit arose from purchase orders to which the financial services company hadn't been party.
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August 23, 2024
JPMorgan's $26K Atty Fee Award Overturned By Conn. Panel
A Connecticut appeals court on Friday reversed JPMorgan's nearly $26,000 attorney fee-shift and cost award in a case involving a $250,000 promissory note, holding a trial judge improperly awarded the recovery because the bank waited "more than one year" to seek it after scoring summary judgment.
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August 23, 2024
Patent Case Against USPTO Mimics Failed Suit, Feds Say
The federal government has moved to toss a suit alleging that the U.S. Patent and Trademark Office's website infringes patents covering the idea of two-factor authorization, arguing that a patent in the same "family" was thrown out in 2016 by a different court that said it contained "nothing inventive."
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August 23, 2024
Cape Cod Bookkeeper To Cop To $1.3M Embezzlement
The longtime bookkeeper of a Cape Cod flooring business has agreed to plead guilty to embezzling more than $1.3 million from the company, Massachusetts federal prosecutors announced.
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August 22, 2024
10th Circ. Pauses Debt Relief Appeal After 8th Circ. Ruling
The Tenth Circuit on Thursday paused several states' appeal challenging a Kansas federal judge's injunction that partially barred the Biden administration's latest student debt relief plan, citing a broader injunction the Eighth Circuit issued earlier this month.
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August 22, 2024
3rd Circ. Denies Liberian Bank Whistleblower's Asylum Bid
The Third Circuit ruled Thursday that a Liberian man can't claim asylum despite having "suffered horrors" after unearthing a fraud scheme involving Liberian government officials' relatives and refusing a politician's bribe, saying he did not show evidence that his alleged perpetrators targeted him for having an anti-corruption political opinion.
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August 22, 2024
State Bank Coalition Establishes AI Advisory Group
The Conference of State Bank Supervisors has created a new advisory group to guide it on the development and use of artificial intelligence in the financial services sector, according to a Thursday statement.
Expert Analysis
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Roundup
North Carolina Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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When Patents As Loan Collateral Can Cost You Standing
The Federal Circuit's recent decision in Intellectual Tech v. Zebra Technologies shines a light on loan default provisions' implications for patent infringement litigation, as a default may inadvertently strip a patent owner of constitutional standing to sue over a patent pledged as collateral, say Joseph Marinelli and Suet L. Lee at Irwin IP.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.