Try our Advanced Search for more refined results
Banking
-
May 08, 2024
Credit Suisse Urges Mich. Panel To Reverse Biz Loss Denial
A Credit Suisse attorney pressed the Michigan Court of Appeals on Wednesday to clarify how the state's tax laws account for losses from real estate mortgage investment conduits, saying a lower court incorrectly denied its attempt to carry forward $21.3 million in losses.
-
May 08, 2024
Digitex Founder Pleads Guilty To Bank Secrecy Act Violation
The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.
-
May 08, 2024
Sens. Call For Revamp Of SEC's Nixed Stock Buyback Rules
The U.S. Securities and Exchange Commission should "promptly" reissue disclosure rules vacated by the Fifth Circuit last year so that companies are required to publicly disclose more information on their share repurchase plans, a bipartisan pair of U.S. senators told the agency's leader on Monday.
-
May 08, 2024
Bill To Undo SEC Crypto Accounting Bulletin Passes House
Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.
-
May 08, 2024
Labaton, Boston Pension Win Bid to Lead NYCB Investor Suit
A New York magistrate judge appointed Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP to lead a proposed securities class action against New York Community Bancorp Inc. after the pension plan successfully showed that the plaintiff with the greatest losses bought their shares too late.
-
May 08, 2024
In Final Memo, Blumenauer Eyes Path Forward For Cannabis
Rep. Earl Blumenauer, D-Ore., a longtime champion of cannabis reform in Congress who plans to retire this year, is calling marijuana reform a "winning issue" for policymakers and outlined numerous actions both legislators and federal agencies can take to move the issue forward.
-
May 08, 2024
4th Circ. Asks If High Court Ruling Bars Credit Suisse Tipster
A Fourth Circuit panel questioned Wednesday whether a U.S. Supreme Court ruling prevented it from reviving a whistleblower case by a former Credit Suisse employee alleging the bank helped U.S. citizens evade taxes after paying a $2.6 billion criminal penalty.
-
May 08, 2024
Japanese Crypto Exchange Coincheck Eyes US Listing In '24
Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.
-
May 08, 2024
Ohtani's Ex-Interpreter To Plead Guilty In Betting Scam
The former interpreter for Shohei Ohtani agreed to plead guilty to criminal charges Wednesday in connection with a scheme to steal nearly $17 million from the Los Angeles Dodgers star to pay off debts he amassed through an illegal gambling operation.
-
May 08, 2024
Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners
Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.
-
May 08, 2024
Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles
Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.
-
May 07, 2024
PNC Bank Entitled To Atty Fees In Defamation Suit, Court Says
The Georgia Court of Appeals granted an appeal by PNC Bank to receive attorney fees from a customer-launched defamation suit it defeated, finding that the award is mandatory under Georgia law while also ruling that the bank does not have to turn over documents requested by the suing customer.
-
May 07, 2024
Ex-Tugboat CEO Can't Reinstate $75M Defamation Verdict
A Washington state appeals panel won't let the former CEO of boating company Harley Marine Services Inc. reinstate a $75 million defamation verdict against his former business partners, finding that the comments that formed the basis for the verdict are covered under the state's "absolute" litigation privilege.
-
May 07, 2024
CFPB Fines Chime Financial Over Delayed Consumer Refunds
The Consumer Financial Protection Bureau on Tuesday ordered fintech company Chime Financial to pay more than $4.5 million for allegedly leaving thousands of its users waiting weeks and sometimes months for their balance refunds after their accounts were closed.
-
May 07, 2024
Lender Shanks Bid To Halt Ga. Golf Course Auctions
A Georgia federal judge on Tuesday denied successive efforts from a lender to wrest control of the assets of an Atlanta-area golf club owner, whom attorneys for the lender describe as a "serial fraudster" likely to abscond with his assets while still owing millions on a 2023 loan.
-
May 07, 2024
Russian Charged Over $100M LockBit Ransomware Scheme
Federal prosecutors said Tuesday they have charged a Russian national with founding and heading the prolific ransomware group LockBit, which is accused of stealing more than $100 million from its victims.
-
May 07, 2024
Top Dem Cuts Cuellar Slack Not Given Santos, Menendez
House Democratic leadership has continued its defense of Rep. Henry Cuellar, D-Texas, following the recent bribery indictment against him and his wife, saying the situation is different from the indictments last year against Rep. George Santos, R-N.Y., and Sen. Bob Menendez, D-N.J.
-
May 07, 2024
Chase Aims To Sink Florida Law Firm's $100K Wire Theft Suit
JPMorgan Chase Bank NA has asked a federal court to dismiss a lawsuit brought by a Florida law firm, saying it is not responsible for the $100,000 payment that a client mistakenly transferred to a fraudster instead of the firm's account at the bank.
-
May 07, 2024
FDIC Review Flags 'Patriarchal' Workplace, Chief's 'Temper'
The Federal Deposit Insurance Corp.'s workplace culture has suffered "far too long" from sexual harassment, discrimination and other abuses that higher-ups failed to adequately address, according to a report released Tuesday that is drawing renewed calls for FDIC Chairman Martin Gruenberg's exit.
-
May 07, 2024
Past FDIC Exec Is Troutman Pepper's Latest Davis Wright Hire
Troutman Pepper Hamilton Sanders LLP said Monday that a former Federal Deposit Insurance Corp. executive is the fourth bank regulatory lawyer to join the firm this year, reuniting with multiple previous Davis Wright Tremaine LLP colleagues.
-
May 07, 2024
Ex-SEC Trading And Markets Atty Rejoins Davis Wright In DC
A former 30-year veteran of the U.S. Securities and Exchange Commission's division of trading and markets, has left retirement to rejoin the ranks of Davis Wright Tremaine LLP as an of counsel in Washington, D.C., the firm announced Monday.
-
May 06, 2024
Coinbase Operates As Unregistered Broker, Investors Say
Coinbase and its CEO have been hit with a proposed class action in California federal court alleging the crypto exchange "has been a part of a shadowy crypto ecosystem operating just outside of the law since formed over 10 years ago."
-
May 06, 2024
Unclaimed Property Class Action Against Pa. Treasurer Axed
A Pennsylvania federal judge has tossed a potential class action challenging the constitutionality of the state's unclaimed property law, finding that the state treasurer doesn't have to pay interest on property that was otherwise abandoned.
-
May 06, 2024
Crypto Platform's Ex-Brass Charged With $783M Fraud
Three former executives behind bankrupt cryptocurrency investment platform Cred Inc. face wire fraud and money laundering charges after they allegedly lied to customers about the firm's lending and investing practices ahead of a collapse prosecutors say wiped out $783 million in customer crypto.
-
May 06, 2024
Amazon Loses Bid To Ship Patent Case From EDTX To Wash.
An Eastern District of Texas judge has denied Amazon's motion to transfer a two-factor authentication patent suit against it to the Western District of Washington, ruling that the e-commerce giant didn't show that its home base was clearly a more convenient location.
Expert Analysis
-
What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
-
Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
-
What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
-
New Federal Bill Would Drastically Alter Privacy Landscape
While the recently introduced American Privacy Rights Act would eliminate the burdensome patchwork of state regulations, the proposed federal privacy law would also significantly expand compliance obligations and liability exposure for companies, especially those that rely on artificial intelligence or biometric technologies, says David Oberly at Baker Donelson.
-
Opinion
CFPB Could, And Should, Revise Open Banking Rulemaking
In light of continued global developments in open banking, the Consumer Financial Protection Bureau should evaluate whether it actually should use its proposed rule on Section 1033 of the Dodd-Frank Act to amplify personal financial data rights in the U.S., says Brian Fritzsche at the Consumer Bankers Association.
-
FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
-
Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
-
Don't Fall On That Hill: Keys To Testifying Before Congress
Because congressional testimony often comes with political, reputational and financial risks in addition to legal pitfalls, witnesses and their attorneys should take a multifaceted approach to preparation, walking a fine line between legal and business considerations, say attorneys at Crowell & Moring.
-
Takeaways From FDIC's Spring Supervisory Highlights
The Federal Deposit Insurance Corp.'s spring 2024 consumer compliance supervisory report found that relatively few institutions had significant consumer compliance issues last year, but the common thread among those that did were inadequacies or failures in disclosures to consumers, says Matthew Hanaghan at Nutter.
-
Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
-
What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
-
Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
-
Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
-
Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
-
The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.