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Banking
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April 18, 2024
Senate Dems Question 4 Biggest Banks Over Fraud Controls
Two Democratic senators have asked the nation's four largest banks to share their systems to combat wire fraud and protect consumers from the fallout of unauthorized transfers.
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April 18, 2024
Lebanese Bank To Face Victims' Hezbollah Terrorism Suit
New York's highest court ruled Thursday that an entity that acquires another entity's liabilities and assets inherits its status for purposes of personal jurisdiction even if there is no merger, greenlighting litigation targeting a Lebanese bank over its predecessor's alleged assistance to Hezbollah.
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April 18, 2024
OCC Fines Sterling Bank's Ex-CEO And SF Giants Owner
The Office of the Comptroller of the Currency said Thursday that it has issued more fines over a fraud-plagued loan program at Sterling Bank and Trust FSB, ordering a total of $700,000 in penalties for the bank's former CEO and its founder, who is also an owner of the San Francisco Giants.
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April 18, 2024
BNP Paribas Can't Escape Suit Over Sudan's Rights Abuses
A New York federal judge on Thursday largely denied BNP Paribas SA's request for an early win in a lawsuit accusing it of funding the former Sudan government's human rights violations, saying the Sudanese refugee plaintiffs have pointed to a "multitude of proofs" showing the bank's "conscious assistance" and knowledge of Sudan' genocidal acts.
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April 18, 2024
Coventry Building Society Makes £780M Offer For Co-Op Bank
The Coventry Building Society is offering to buy the Co-operative Bank for £780 million ($970 million) in a move that comes after the two revealed in December that they were in exclusive talks to merge.
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April 18, 2024
Bank Regulators Appeal Texas Judge's Halt Of New CRA Rules
Federal regulators said Thursday that they are appealing a Texas federal judge's decision to block their rollout of new community lending rules amid a legal challenge from the banking industry.
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April 18, 2024
Bank Wants To Exit Suit Over $100M Of Special Needs Trusts
American Momentum Bank has for the second time asked a Florida federal judge to let it get out of a lawsuit from the parents of a disabled child claiming it abetted a predatory scheme to misappropriate more than $100 million of special needs trust assets, saying the parents failed to show what role the bank played in the alleged misdeeds.
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April 18, 2024
J. Singer Law Group Adds New Bankruptcy Of Counsel
J. Singer Law Group PLLC has announced it hired bankruptcy attorney Ira Reid as the firm's new of counsel who will focus on its Chapter 11 bankruptcy practice.
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April 18, 2024
Ex-Ant Group Counsel Joins Troutman Pepper In NY
Troutman Pepper Hamilton Sanders LLP has announced that a former in-house attorney at Alibaba financial services affiliate Ant Group joined the firm's corporate practice as counsel.
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April 18, 2024
Atty Wants Law Firm Subpoenaed In $12M Somali Fraud Case
A Maryland attorney accused of misappropriating more than $12 million in Somali state assets has asked a federal judge to subpoena his former firm, Shulman Rogers Gandal Pordy & Ecker PA, to produce his employment records.
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April 18, 2024
Alston & Bird Adds A Former New York Insurance Deputy
Alston & Bird LLP has hired the former deputy superintendent for the life insurance bureau of the New York State Department of Financial Services, who joins the firm as a partner in its New York office, the firm announced Wednesday.
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April 18, 2024
Deals Rumor Mill: Tapestry-Capri, StubHub IPO, Salesforce
The FTC is preparing to sue to block Tapestry's $8.5 billion takeover of designer brands' owner Capri, StubHub is eyeing a summer IPO at an estimated $16.5 billion valuation, and Salesforce is making a play to acquire data-management software firm Informatica. Here, Law360 breaks down these and other notable deal rumors from the past week.
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April 18, 2024
Wife Of Alleged $3B TelexFree Scammer 'Hounded' In MDL
The estranged wife of alleged TelexFree Ponzi schemer Carlos Wanzeler said Thursday that plaintiffs in a decade-old civil suit are needlessly "hounding" her for information they already have and urged a Massachusetts federal court to free her from the "litigation purgatory."
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April 17, 2024
Ethics Panel Douses Judge DQ Talk In 5th Circ. CFPB Case
A judicial ethics panel has concluded that recusal isn't automatically required for the Fifth Circuit judge whose financial disclosures have fueled calls for his disqualification from litigation challenging the Consumer Financial Protection Bureau's $8 credit card late fee rule.
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April 17, 2024
NY Settles With Payroll, Prepaid Card Bank For $700K
Pathward, formerly MetaBank, has reached a $700,000 agreement with New York Attorney General Letitia James to resolve allegations the bank broke the law by freezing certain customer accounts and illegally handing over customer money to debt collectors.
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April 17, 2024
SEC Urged To Rethink Whistleblower Awards To Short-Sellers
A University of Kansas law professor has released research showing that a growing number of corporate outsiders, including short-sellers, are receiving whistleblower rewards from the U.S. Securities and Exchange Commission, and he told Law360 on Wednesday the agency should reconsider giving money to those who also seek to profit from trading on the tips they call in.
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April 17, 2024
Wells Fargo Headed To Trial In Ex-Exec's COVID-Era ADA Suit
Wells Fargo is headed to trial over a former investment director's Americans with Disabilities Act claim in a suit alleging he lost his job following an accommodation request after his employer prepared to mandate a return to office, with a North Carolina federal judge also trimming the former employee's age discrimination suit.
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April 17, 2024
New Stablecoin Bill Eyes Investor Protections, AML Regime
Sens. Cynthia Lummis, R.-Wyo., and Kirsten Gillibrand, D.-N.Y., have unveiled their long-awaited proposal to regulate stablecoins, which would require issuers to hold full reserves, ban algorithmic stablecoins and define the authority that state and federal banking regulators will have over the tokens.
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April 17, 2024
Flagstar Bank Beats Overdraft 'Fee Maximization' Suit
A Michigan federal judge has shut down a proposed consumer class action that accused Flagstar Bank of unlawfully charging millions of dollars in surprise overdraft fees, ruling that the bank had provided clarifying disclosures that left no more room for surprise.
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April 17, 2024
Judge Says Ex-Bank Rep Worse Than Robber For Film Fraud
An Illinois federal judge handed down a 2½-year prison sentence Wednesday for a former Citigroup and Wells Fargo financial adviser who admitted to swindling clients out of nearly $1.5 million by soliciting them to invest in purported movie productions, saying the only difference between her and a bank robber is that "she didn't have a mask and a gun."
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April 17, 2024
Coding Bootcamp Fined $164K For Misleading Student Loans
A company that runs coding "bootcamps" has been permanently banned from consumer lending after U.S. regulators found it inflated its job placement rates to students and lied to them about a tuition financing program that turned out to be risky loans.
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April 17, 2024
Missouri Moves To Block Biden's Student Loan Relief Plan
A Missouri-led state alliance wants a federal court to block further student loan relief planned by the Biden administration, claiming the president's lending forgiveness scheme will cost them hundreds of millions of dollars and is doomed to fail under U.S. Supreme Court precedent.
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April 17, 2024
Bankman-Fried Appeal May Cite Unusual Preview Testimony
Sam Bankman-Fried's appeal of his conviction and 25-year prison sentence may cite a "rather unprecedented" trial procedure in which the FTX founder gave provisional testimony before officially taking the witness stand last year, one of his attorneys said Wednesday.
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April 17, 2024
Judge Merges Axos Bank Suits But Won't Appoint Counsel Yet
A California federal judge has agreed to consolidate a pair of cases over how Axos handled interest rates on savings deposit accounts offered through an online banking division, but rejected its customers' bid to name three law firms as interim co-lead counsel, saying it is not necessary at this time since more consolidation could occur.
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April 17, 2024
Judge Delays Trial Over $20M Allegedly Hidden From IRS
A Florida federal judge agreed Wednesday to delay the trial of a Brazilian-American businessman accused of hiding $20 million from the Internal Revenue Service by using Swiss bank accounts, but told the defendant the new deadlines are firm.
Expert Analysis
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Securities Class Actions Show No Signs of Slowing In 2024
Plaintiffs asserted securities class actions at elevated levels in 2023 — a sign that filings will remain high in the year ahead — as they switched gears to target companies that allegedly have failed to anticipate supply chain disruptions, persistent inflation, rising interest rates and other macroeconomic headwinds, say attorneys at Skadden.
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How Corp. Transparency Act Can Unmask Crypto Owners
With the federal Corporate Transparency Act in effect as of Jan. 1, litigants may now have a less burdensome path toward determining the identities of owners behind convoluted corporate entities, and, by extension, any digital assets they own that could be subject to a potential judgment, says Brett Sager at Ehrenstein Sager.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.
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ESG Concerns Can No Longer Be Ignored In 2024
While the long wait for the U.S. Securities and Exchange Commission's ESG rule continues, government attention to regulations, increased litigation efforts and shareholder resolutions seeking transparency highlight the importance of placing an emphasis on ESG considerations, say attorneys at Wollmuth Maher.
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CFPB As Pay App Watchdog May Invite More Fintech Regs
While the Consumer Financial Protection Bureau's recent proposal to enhance federal oversight of the biggest consumer payment applications would impose no new regulatory obligations, the rulemaking could provoke heightened scrutiny for all participants in the digital payments market, say attorneys at Steptoe.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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Bank-Fintech Partnerships Can Thrive Despite A Tough 2023
Many banking-as-a-service players experienced regulatory enforcement activities in 2023, including consent orders and more targeted, detailed guidance aimed at bank-fintech partnerships, and while it seems this trend will continue in 2024, savvy banks can use the turmoil of last year as a guide for how to better manage the risks inherent in partnerships, says Justin Steffen at Barack Ferrazzano.
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5 Securities Litigation Issues To Watch In 2024
There is yet another exciting year ahead for securities litigation, starting with the U.S. Supreme Court hearing argument next week in a case presenting a key securities class action question that has eluded review for the last eight years, say attorneys at Willkie.
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A Look At Consumer Reporting In 2023, And What's To Come
The legal landscape of consumer reporting is evolving as courts, federal regulators and state legislatures continue to weigh in — and while last year may have seen a slight downtick in the overall volume of Fair Credit Reporting Act litigation, 2024 is set to be a watershed year for this area of the law, say attorneys at Troutman Pepper.
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Roundup
Georgia Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Georgia banking regulation, litigation and policymaking.
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Series
Ga. Banking Brief: All The Notable Legal Updates In Q4
In last year's fourth quarter, Georgia Sen. Raphael Warnock raised concerns regarding the proposed Secure and Fair Enforcement Regulation Banking Act, among other matters, at a Senate Banking Committee hearing, while recent and varied new rules enacted by Georgia's banking and finance department went into effect, say Nancy Baughan and Joe Wilson at Bradley Arant.
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Anti-Money Laundering Compliance Must Put Officers On Alert
Recent government actions against FTX and other crypto companies have put a laser focus on corporate compliance failures, with added pressure on compliance officers — making the need for personal risk assessment particularly acute given today's novel anti-money laundering issues, say Poppy Alexander at Constantine Cannon and Caleb Hayes-Deats at MoloLamken.
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Cannabis Banking Bill Uncertainty May Actually Be A Blessing
The passage of a cannabis banking law is alluring, but little will be lost if the Secure and Fair Enforcement Regulation Banking Act — facing stiff competition from other congressional priorities — gets tabled because the bill ultimately does little to meaningfully propel the industry toward full legalization, says Michael Rosenblum at Thompson Coburn.
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Series
ESG Around The World: South Africa
While South Africa has yet to mandate the reporting of nonfinancial and environmental, social, and corporate governance issues, policy documents and recent legislative developments are likely to have a material impact in the country's transition to a low-carbon economy and in meeting its international obligations, say Glynn Kent at Eversheds Sutherland.
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Roundup
California Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in California banking regulation, litigation and policymaking.