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March 06, 2024
Latham Passes Skadden As Busiest Securities Defense Firm
Despite a downward trend in securities case filings over the past three years, Latham & Watkins LLP has remained one of the most active law firms on the defense side, taking over the top spot from Skadden Arps Slate Meagher & Flom LLP, according to reports released by Lex Machina.
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March 06, 2024
Citibank Sued Over Surprise Fee For Bounced Checks
Citibank blindsides customers with an undisclosed fee for deposited checks that ultimately bounce, according to proposed class claims filed in South Dakota federal court.
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March 06, 2024
SVB Parent Co. Sues Receivers Over $1.9B In Withheld Funds
Silicon Valley Bank's former parent company has sued the Federal Deposit Insurance Corp. in its capacity as receiver for its defunct subsidiary and Silicon Valley Bridge Bank in California federal court, alleging it was wrongfully denied its administrative claims to recover approximately $1.9 billion in account funds and other deposit claims.
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March 06, 2024
CFPB Faces Call To Close Deposit Rate Disclosure 'Loophole'
A rulemaking petition filed with the Consumer Financial Protection Bureau said the agency should close a regulatory "loophole" allowing banks to quietly lower the savings rate they pay on certain deposit accounts.
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March 06, 2024
Co. Says Chubb Unit Must Cover $5M Merger Dispute Defense
A holding company subsidiary of Banco Santander told a Delaware federal court that a Chubb unit must contribute to $5 million in legal expenses the company has incurred in defending itself in an underlying class action brought by minority shareholders who objected to a merger with another subsidiary.
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March 06, 2024
M&A Values Getting Boost Amid Election-Year Scramble
The value of U.S. mergers and acquisitions as of Wednesday has doubled year over year, as economic concerns subside and deal-makers scramble to get deals done in an election year, but middle-market transaction activity isn't panning out as some had hoped.
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March 06, 2024
NYCB Gets $1B Infusion, Names Ex-OCC Chief As CEO
New York Community Bancorp Inc. has lined up a $1 billion investment from several institutional investors, including former U.S. Secretary of the Treasury Steve Mnuchin's firm, in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Sullivan & Cromwell LLP.
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March 06, 2024
Startup Investors' Attys Want $1.5M In Fees On Disclosure Suit
Lawyers for a class of investors have asked a New York federal court to approve their attorney fees of $1.5 million for a $4.5 million settlement with a Chinese analytics startup over claims the company misrepresented its tax liability before its initial public offering.
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March 06, 2024
Most States Allow Abusive Debt Collection, Report Says
A majority of states lack legal guardrails preventing people burdened by debt from facing legal jeopardy and even jail time, the National Center for Access to Justice at Fordham University School of Law recently found.
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March 06, 2024
Sidley Adds 11-Year Wiley Rein Leaders To DC Group
Sidley Austin LLP has hired two members of Wiley Rein LLP's leadership, one of whom joins to help co-lead its global arbitration, trade and advocacy practice, the firm announced Wednesday.
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March 06, 2024
CFPB Rebuffs Bid By MV Realty To End Investigation
The Consumer Financial Protection Bureau has denied a plea from MV Realty to set aside the agency's investigation of the Florida-based company's use of 40-year exclusive listing agreements to force homeowners to pay thousands of dollars in junk fees.
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March 06, 2024
Fed's Powell Expects 'Material Changes' For Capital Hike Plan
Federal regulators' so-called Basel III endgame proposal to raise large bank capital requirements will likely undergo "broad and material changes," Federal Reserve Chair Jerome Powell told House lawmakers Wednesday.
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March 06, 2024
Divided SEC Adopts Scaled-Back Climate Reporting Regs
The U.S. Securities and Exchange Commission on Wednesday adopted climate reporting standards that will require some of the nation's largest companies to publicly disclose their greenhouse gas emissions, and it was met almost immediately with a lawsuit despite the final rule scrapping a controversial proposal to mandate so-called Scope 3 disclosures.
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March 05, 2024
NY Targets Yellowstone Capital In $1.4B Suit Over Lending
New York Attorney General Letitia James on Tuesday slapped Yellowstone Capital and dozens of other lenders with a suit seeking at least $1.4 billion for allegedly predatory lending practices that James said exploit small businesses through fraudulent loans at "sky-high interest rates."
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March 05, 2024
Wells Fargo Accused Of Enabling Ex-Texas Atty's Fraud
Victims of a former San Antonio lawyer's multimillion-dollar fraud scheme claim his theft was enabled by Wells Fargo willfully turning a blind eye to the lawyer's misuse of trust accounts holding client funds, according to a lawsuit in Texas federal court that alleges the bank profited from this scheme.
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March 05, 2024
5 Things To Know About CFPB's Cut To Credit Card Late Fees
The Consumer Financial Protection Bureau's new rule to cut credit card late fees has ignited a banking industry firestorm, with at least one trade group warning it will "imminently" sue. Here are five things to know as the fallout from the rule begins to take shape.
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March 05, 2024
White House To Crack Down On Illegal, Unfair Pricing
President Joe Biden launched a new "strike force" Tuesday to stop companies from imposing unfair price hikes on consumers amid a rash of measures supporting the administration's push to boost competition and lower prices across the economy.
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March 05, 2024
Rochester, NY, Denied Early Win In SEC's $119M Bond Suit
A New York federal judge has declined to grant early wins to the city of Rochester, New York; its former finance director; and an advisory firm named in a suit by the U.S. Securities and Exchange Commission alleging they misled investors in a $119 million bond offering.
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March 05, 2024
Philly, Dallas Feds Name New Top Attys
The Federal Reserve Bank of Philadelphia on Tuesday announced it has promoted its deputy general counsel to senior vice president and general counsel, following a similar announcement from the Federal Reserve Bank of Dallas about its former interim general counsel.
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March 05, 2024
UPS, AT&T Can't Avoid ESG Proxy Proposals, But BofA Can
U.S. Securities and Exchange Commission staff have indicated they won't let UPS and AT&T get out of including shareholder proposals on environmental and social matters from their upcoming proxy statements, while letting Bank of America exclude two ESG-related proposals.
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March 05, 2024
Gibson Dunn AI Leader On Weathering The AI Policy Blizzard
Like a mountaineer leading a team through a snowstorm, Gibson Dunn & Crutcher LLP's artificial intelligence co-chair Cassandra L. Gaedt-Sheckter is guiding companies developing and using artificial intelligence through a blizzard of new laws and regulations coming online in Europe and the U.S., saying that assessing AI risks is the North Star to mitigating them.
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March 05, 2024
CryptoQueen's Brother Avoids More Prison For OneCoin Fraud
A Manhattan federal judge on Tuesday allowed the younger brother of fugitive OneCoin founder Ruja Ignatova to avoid additional prison time for his role in the $4 billion, global cryptocurrency scam, after he testified for the feds at a high-profile trial.
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March 05, 2024
Capital One Beats Foreign Currency Swap Overcharge Suit
A Virginia federal judge on Monday tossed a proposed class action claiming Capital One overcharges credit and debit card customers on transactions made in foreign currencies, saying the plaintiffs' card agreements do not specify the rates they will be charged.
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March 05, 2024
Biz Owner Gets 10 Months For Evading Tax On Foreign Income
The owner of a manufacturing company was sentenced in California federal court to 10 months in prison for avoiding taxes on almost $4.5 million in income by failing to report his foreign sales to the Internal Revenue Service, the U.S. Department of Justice said.
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March 05, 2024
Ill. Atty Tells 1st Circ. Feds Botched Venue For Scam Case
An Illinois lawyer convicted of receiving proceeds from business email compromise schemes orchestrated by others told the First Circuit on Tuesday that Massachusetts was the wrong place for him to have been tried, urging the appeals court to dismiss the charges underlying the guilty verdict.
Expert Analysis
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9th Circ. ERISA Ruling Informs DOL's New Fiduciary Proposal
The Ninth Circuit's reasoning in its recent Bugielski v. AT&T decision illustrates the importance of the U.S. Department of Labor's proposals to expand the reach of Employee Retirement Income Security Act third-party compensation disclosure rules and their effect on investment adviser fiduciaries, says Jeff Mamorsky at Cohen & Buckmann.
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AI Can Help Lawyers Overcome The Programming Barrier
Legal professionals without programming expertise can use generative artificial intelligence to harness the power of automation and other technology solutions to streamline their work, without the steep learning curve traditionally associated with coding, says George Zalepa at Greenberg Traurig.
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Are CCOs Really In The SEC's Crosshairs?
U.S. Securities and Exchange Commission Enforcement Director Gurbir Grewal recently gave a speech to address the concerns of chief compliance officers in light of recent enforcement actions taken against them, but CCOs need to understand when to push back against management, quit, or report issues to the board or to regulators, say Brian Rubin and Adam Pollet at Eversheds Sutherland.
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Total Stay Of CFPB Small Biz Data Rule Is Boon To Lenders
The Southern District of Texas’ nationwide halt of the Consumer Financial Protection Bureau’s Small Business Lending Rule would end if the CFPB wins a pending U.S. Supreme Court case, but the interim pause allows valuable extra time for financial institutions to plan their compliance strategies, say attorneys at Greenberg Traurig.
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Key Takeaways From CFPB's Proposed Data-Sharing Rules
The Consumer Financial Protection Bureau's recently announced proposed rule for regulating personal financial data rights sheds light on the bureau's stance regarding practices like screen-scraping and may presage further activity that could involve more concrete enforcement actions, say attorneys at Wilson Sonsini.
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Transparency And Explainability Are Critical To AI Compliance
Although there is not yet a comprehensive law governing artificial intelligence, regulators have tools to hold businesses accountable, and companies need to focus on ensuring that consumers and key stakeholders understand how their AI systems operate and make decisions, say Chanley Howell and Lauren Hudon at Foley & Lardner.
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Inside Bank Regulators' Community Lending Law Overhaul
The federal banking agencies' recently finalized changes to the Community Reinvestment Act not only account for the gradual shift to an environment where lending and deposit-taking are primarily conducted online, but also implement other updates such as diversity initiatives and a new series of lending tests, say attorneys at Norton Rose.
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Preparing Law Students For A New, AI-Assisted Legal World
As artificial intelligence rapidly transforms the legal landscape, law schools must integrate technology and curricula that address AI’s innate challenges — from ethics to data security — to help students stay ahead of the curve, say Daniel Garrie at Law & Forensics, Ryan Abbott at JAMS and Karen Silverman at Cantellus Group.
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SEC Fines Mean Cos. Should Review Anti-Whistleblower Docs
The Securities and Exchange Commission’s expanding focus on violations of whistleblower protection laws — as seen in recent settlements where company contracts forbade workers from reporting securities misconduct — means companies should review their employment and separation agreements for language that may discourage reporting, says Caroline Henry at Maynard Nexsen.
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Series
ESG Around The World: South Korea
Numerous ESG trends have materialized in South Korea in the past three years, with impacts ranging from greenwashing prevention and carbon neutrality measures to workplace harassment and board diversity initiatives, say Chang Wook Min and Hyun Chan Jung at Jipyong.
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General Counsel Need Data Literacy To Keep Up With AI
With the rise of accessible and powerful generative artificial intelligence solutions, it is imperative for general counsel to understand the use and application of data for myriad important activities, from evaluating the e-discovery process to monitoring compliance analytics and more, says Colin Levy at Malbek.
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5 Credit Card Practices Drawing CFPB Notice In New Report
The Consumer Financial Protection Bureau's biennial consumer credit report may offer insight into the future of the watchdog's enforcement priorities, particularly when it comes to trends in consumer credit card interest rates and novel products like installment payment plans, among other practices, says Rich Zukowsky at Davis Wright.
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A Tale Of 2 SVB Reports: Where The Fed's Barr And OIG Differ
Some have said the recent report on Silicon Valley Bank's failure prepared by the Federal Reserve Board's Office of Inspector General is nearly identical to one conducted by Vice Chair for Supervision Michael Barr earlier in the year, but in reality, the OIG report is far more critical and less forgiving of the Fed supervisory staff, say attorneys at Davis Polk.
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AI Isn't The Wild West, So Prepare Now For Bias Risks
In addition to President Joe Biden's recent historic executive order on safe, secure and trustworthy artificial intelligence, there are existing federal and state laws prohibiting fraud, defamation and even discrimination, so companies considering using or developing AI should take steps to minimize legal and business risks, says civil rights attorney Farhana Khera.
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Retailers: Beware Legislator And Regulator Junk Fee Focus
In light of the Biden administration’s recent focus on restricting so-called junk fee surcharges across industries, attorneys at Benesch discuss what retailers should know about several evolving developments, including a new California law, a proposed Federal Trade Commission rule, an expanding litigation landscape, and more.