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Banking
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March 26, 2024
Meridian Capital Taps Former Top Regulator As New CEO
Meridian Capital Group announced Tuesday that it has appointed top banking executive and former financial regulator Brian Brooks as its CEO and chairman amid a breakdown in the firm's relationship with Freddie Mac.
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March 26, 2024
Ally Bank Beats Class Action Over Data Leak For Good
A New York federal judge has permanently thrown out a proposed class action against Ally Bank that sought to hold it liable for a data leak of customer login information, after finding that the suit still fails to show that the leaked data caused any harm to customers.
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March 26, 2024
Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY
An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Law Firm Can't Ditch Class Cert. In Interest Rate Challenge
A Michigan federal judge on Tuesday declined to decertify a class of debtors alleging a law firm charged unlawfully high post-judgment interest rates, saying the defendants were confused about what was needed to show standing.
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March 26, 2024
Mitsubishi Seeks $88.9M From Canadian Truck Sellers In US
Mitsubishi's commercial financing arm has asked federal judges in Connecticut, Illinois and New York to issue at least $89 million in judgments against two individuals in Canada, saying the men in question breached promises to stand behind credit lines extended to two companies that sell tractor trailers and lease equipment.
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March 26, 2024
Jurisdiction Snafu Sinks US Bank Exec's Second Firing Suit
A former U.S. Bank managing director has lost a second lawsuit challenging his firing, after a Colorado federal judge on Tuesday ruled that the executive is precluded from bringing a wrongful termination claim after a procedural misstep in the first case.
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March 26, 2024
Visa, Mastercard Cut Deal In Long-Running Swipe Fee Dispute
Visa and Mastercard reached a settlement Tuesday that merchants in a long-running antitrust case say will reduce fees by $30 billion over the next several years, while eliminating restrictions on steering customers to cheaper payment options.
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March 26, 2024
Clyde & Co. Eyes Case Against Switzerland Over Credit Suisse
Clyde & Co. LLP said it is currently soliciting claimants for a possible mass claim to be filed against Switzerland a year after the country forced a distressed sale of Credit Suisse to UBS along with a write-down of $17.5 billion of the bank's bonds to zero.
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March 26, 2024
NC Justices Find BofA Mortgage Fraud Suit Filed Too Late
The North Carolina Supreme Court has ruled that homeowners accusing Bank of America NA of fraud in a mortgage modification program filed their claims too late, finding they knew or should have known about the alleged fraud when their homes were foreclosed upon — four to seven years before they sued.
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March 26, 2024
Wells Fargo Denies Liability Over Texas Atty's Fraud Scheme
Arguing a San Antonio lawyer's widespread fraud scheme predated his relationship with the bank, Wells Fargo has asked a Texas federal judge to trim a suit launched by the attorney's former clients, who accused the bank of enabling the scheme that landed the attorney behind bars for 50 years.
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March 26, 2024
Crypto Co. KuCoin, Execs Charged With Enabling Laundering
Manhattan federal prosecutors unveiled an indictment Tuesday charging foreign cryptocurrency exchange KuCoin and its two China-based founders with failing to implement anti-money laundering protocols and allowing more than $5 billion worth of criminal funds to flow through its trading platform.
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March 25, 2024
Lender Groups Sue Over Colorado's Rate 'Opt-Out' Law
A coalition of lender trade groups filed suit Monday to block Colorado officials from enforcing a new, impending law to rein in high-cost online lending by out-of-state banks, alleging it violates federal law and risks harming Colorado borrowers instead of helping them.
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March 25, 2024
Merchants Hit AmEx With Antitrust Claims Over Its Fee Rules
American Express faces a proposed merchant class action alleging it violated federal antitrust law by barring businesses from taking certain measures to keep their credit card swipe costs down.
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March 25, 2024
Bank Groups Ask 5th Circ. To Block CFPB Card Late-Fee Rule
Bank trade groups on Monday escalated their fight against the Consumer Financial Protection Bureau's credit card late-fee rule, asking the Fifth Circuit to intervene and stay the regulatory measure after a Texas federal judge declined to act on their request for an immediate injunction last week.
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March 25, 2024
Truist Says Plastic Co. Trying To Dodge $20M Default
Faced with the threat of a Georgia plastics company absconding with millions in assets after defaulting on a series of loans, Truist Financial Corp. has asked a federal court to halt an alleged fraud in progress by the manufacturer by appointing a receiver to take control of its property.
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March 25, 2024
MLB's Ohtani Denies Betting Ties, Alleges Theft By Interpreter
Los Angeles Dodgers superstar Shohei Ohtani on Monday squarely accused his former interpreter of stealing from him to fund a sports betting habit, denying any direct involvement or knowledge of illegal wagering.
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March 25, 2024
FTX Reaches Deals For $884M In Ch. 11 AI Biz Stock Sales
Bankrupt cryptocurrency exchange FTX Trading Ltd. informed a Delaware court that it has reached agreements with two dozen purchasers for sales of the debtor's holdings in artificial intelligence company Anthropic PBC worth $884.1 million.
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March 25, 2024
Jury Hands Mortgage Co. $73K Win In Trade Secrets Fight
An Ohio federal jury has found that Revolution Mortgage owes just over $73,700 to competitor Equity Resources in a case where Equity accused its rival of misappropriation of trade secrets.
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March 25, 2024
Bank Says Immunity In Terrorism Suit Not Issue For Justices
A Lebanese bank has urged the U.S. Supreme Court not to review a Second Circuit ruling that it could have sovereign immunity over terrorism victims' claims that it funded Hezbollah, saying the appeals court had not offered a final ruling appropriate for review.
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March 25, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's Court of Chancery, litigants battled as Truth Social went public, Carl Icahn and Tripadvisor hit a roadblock, and more shareholders wailed about "invasive" bylaws. Oil drilling and pharmaceutical mergers sparked new lawsuits, and a sewing machine trademark owner sued to end a contract.
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March 25, 2024
Amex GBT To Buy CWT In Deal Valued At $570M
American Express Global Business Travel announced Monday that it has agreed to purchase CWT in a transaction that values the global business travel and meetings solutions provider at about $570 million.
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March 25, 2024
Lazard Beats Fired Indian Exec's Bias, Retaliation Suit
Lazard Asset Management defeated a former senior vice president's suit alleging he was fired because of his Indian and Hindu background while on parental leave, with a New York federal judge ruling he failed to show that his negative performance evaluations stemmed from discrimination.
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March 25, 2024
Northwind Breaks Office Lending Drought With $65M Loan
Northwind Group announced Monday it has loaned $65 million to the new owner of a 33-story Class A office building in Jersey City, New Jersey, known as Harborside 5, marking the first office loan the private equity firm has extended in three years.
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March 25, 2024
M&T Bank Execs Seek Exit From Fla. Law Firm's $1.5M Suit
Two M&T Bank Corp. representatives want out of a lawsuit claiming they participated in the unlawful restriction of a Florida law firm's trust account amid a chargeback dispute, arguing they are protected from such claims by Florida's corporate shield doctrine.
Expert Analysis
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Securities Question Stands After Contradicting Crypto Rulings
The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Series
Texas Banking Brief: All The Notable Legal Updates In Q4
Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.
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SDNY Ruling Highlights Fed's Broad Master Account Power
In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.
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Cybersecurity Issues For Financial Industry To Track In 2024
In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.
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How State AGs Process And Prioritize Consumer Complaints
Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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What To Expect From The CFPB This Year
The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.