Banking

  • March 04, 2024

    Corporate Transparency Act Unconstitutional, Ala. Judge Says

    An Alabama federal judge has found that the Corporate Transparency Act is unconstitutional, dealing a blow to proponents of the anti-money laundering law, who anticipate the ruling will be appealed to the Eleventh Circuit.

  • March 04, 2024

    Banks Say CFPB's Small-Biz Lending Rule Is Gov't 'Run Amok'

    Bank trade groups have urged a Texas federal judge to strike down the Consumer Financial Protection Bureau's small-business lending data rule as "government run amok," arguing it is a multibillion-dollar boondoggle that exceeds the agency's authority.

  • March 04, 2024

    Don't Skip Mock Trials, Veteran Criminal Defense Atty Says

    A mock trial is a must before the real thing, even when the defendant is on a budget and the jury is just friends of friends, a veteran trial lawyer told a New York City Bar audience Monday.

  • March 04, 2024

    Ex-Venezuelan Official Cops To Money Laundering And Bribery

    A former member of the Venezuelan National Guard pled guilty in Florida federal court Monday to a criminal charge connected to bribing foreign officials to help cover up a $1.7 million fake import scheme and laundering the fraud proceeds through U.S. banks.

  • March 04, 2024

    Credit Suisse Can't Undo Class Cert. In XIV Notes Crash Suit

    A New York federal judge has refused to revisit her order certifying one of three proposed investor classes in litigation accusing Credit Suisse of tricking investors into buying a series of short-term notes inversely tied to stock market volatility in 2018, rejecting objections from both sides.

  • March 04, 2024

    Judge 'Uncomfortable' In Tossing Man's No-Fly-List Suit

    A Michigan federal judge dismissed Monday a Lebanese-American businessman's lawsuit accusing several federal agencies of violating his fundamental rights by putting him on a secretive no-fly list, but the judge said the decision wasn't easy since the man couldn't face certain evidence.

  • March 04, 2024

    3 Ways The SEC Might Scale Back Climate Disclosures

    The U.S. Securities and Exchange Commission is scheduled to vote Wednesday on the future of corporate climate disclosures after a nearly two-year wait, but experts told Law360 that the finalized version of the much-anticipated rule could look different from the proposal in several ways following significant pushback from big business and its allies. 

  • March 04, 2024

    Cash App, Block Reach $15M Deal To End Data Breach Suit

    Mobile payment companies Block Inc. and Cash App Investing LLC and its customers are seeking a California federal judge's initial approval of a $15 million deal settling claims that a December 2021 data breach at the companies exposed personally identifiable information, account numbers and trading activity of 8.2 million people.

  • March 04, 2024

    SEC Fines Adviser $950K Over Ryder Buyout Disclosures

    A New York-based investment adviser will pay a $950,000 civil penalty to the U.S. Securities and Exchange Commission for allegedly failing to timely disclose information about its ownership of commercial rental truck company Ryder System Inc. leading up to a May 2022 takeover offer.

  • March 04, 2024

    DOJ Worried Binance Founder's Travel May 'Become An Issue'

    Binance founder Changpeng Zhao should have to notify the government of any travel as he awaits sentencing, prosecutors have said, telling a federal court in Washington they remain concerned he could be a flight risk.

  • March 04, 2024

    NerdWallet, Syracuse Hit With 'Fraudulent' Bankruptcy Cases

    Personal finance platform NerdWallet, the city of Syracuse, New York, a Taco Bell franchisee and a financial tech company were targets of apparently phony bankruptcy cases opened in Delaware over the weekend by a frequent pro se litigant.

  • March 04, 2024

    States, Scholars Back Ex-NY Official In NRA Free Speech Suit

    States, scholars and public officials have urged the U.S. Supreme Court to reject the National Rifle Association's contention that a former New York state official violated the group's First Amendment rights.

  • March 04, 2024

    Ind. Man Found Guilty In Houston For Role In $7M Scam

    A federal jury in Houston found an Indianapolis man guilty Monday of money laundering and conspiracy to launder money for his role in a $7 million financial scheme that involved a network of individuals who impersonated bank employees.

  • March 04, 2024

    8 Banks Targeted In ATM Patent Campaign

    A patent-holding company has accused JPMorgan Chase Bank NA and other banks of infringing a pair of patents covering things like ATM circuitry memory.

  • March 04, 2024

    JPMorgan's Arbitration Fee Delay Trims Wage Suit

    JPMorgan Chase can't push into arbitration a former branch manager's claims not related to her wage and hour ones because it failed to timely pay the arbitration fees, a California federal judge ruled.

  • March 04, 2024

    Catching Up With Delaware's Chancery Court

    A Swedish music producer's takeover, a proposed award payable in Tesla shares, Truth Social stock squabbles, and an unusually blunt slap-down from the bench added up to an especially colorful week in Delaware's famous court of equity. On top of that came new cases about alleged power struggles, board entrenchment, consumer schemes and merger disputes.

  • March 04, 2024

    Former FDIC Counsel Rejoins Cadwalader In NY

    A onetime Cadwalader Wickersham & Taft LLP associate is coming back to the firm after serving as the Federal Deposit Insurance Corporation's senior special counsel, the firm said Monday.

  • March 04, 2024

    Justices Won't Review Ex-Merrill Lynch Traders' Fraud Case

    The U.S. Supreme Court said Monday it will not take up an appeal from two former Merrill Lynch traders who were convicted in Chicago federal court of spoofing the precious metals market.

  • March 04, 2024

    Trump's Former Finance Chief Pleads Guilty To Perjury

    Allen Weisselberg, the longtime former financial chief of Donald Trump's real estate business empire, admitted Monday to lying under oath in the New York attorney general's civil fraud case as part of a plea deal to serve five months in jail.

  • March 01, 2024

    2nd Circ. Won't Revive Ex-Barclays Exec's Whistleblower Suit

    The Second Circuit on Friday affirmed a lower court's decision to toss a whistleblower suit from a former Barclays executive, finding that he didn't sufficiently back up his allegations of retaliation under the Sarbanes-Oxley Act.

  • March 01, 2024

    Pepsi, Kraft And GE Can't Block DEI, Enviro Proxy Proposals

    A division of the U.S. Securities and Exchange Commission has rejected bids from PepsiCo Inc., The Kraft Heinz Co. and General Electric Co. to exclude from their upcoming proxy statements proposals from a conservative think tank on diversity and environmental matters.

  • March 01, 2024

    BofA Trims Zelle Fraud Victims' Suit For Good On 3rd Try

    A California federal judge has again trimmed a lawsuit accusing Bank of America of refusing to reimburse Zelle fraud victims, narrowing the case to a breach of contract claim and denying the plaintiffs another opportunity to rework their complaint.

  • March 01, 2024

    DC Circ. Revives BuzzFeed's Bid For HSBC Laundering Report

    The D.C. Circuit handed former BuzzFeed reporter Jason Leopold a win Friday, reviving his fight to unseal a 2015 report on money laundering at HSBC Bank and remanding the Justice Department's earlier district court summary judgment win in the case.

  • March 01, 2024

    Judge Doubts Drowsy Juror, Mask Rules Warrant New VC Trial

    A California federal judge expressed doubts Friday over claims that self-described "millennial" venture capitalist Michael Rothenberg deserves a new trial because of a drowsy juror and the court's COVID-19 mask rules, saying he disagrees that the juror was asleep and "welcomes" the Ninth Circuit's guidance on courtroom-masking requirements.

  • March 01, 2024

    Off The Bench: NCAA Loses On NIL, DC Wins With Stadium

    In this week's Off The Bench, a judge unlocked the door to name, image and likeness money for college athletes, Shaquille O'Neal's Hollywood debut still rings true three decades later, and D.C. clears an early legislative hurdle in its bid to bring back its namesake NFL team. If you were on the sidelines over the past week, Law360 is here to clue you in on the biggest sports and betting stories that had our readers talking.

Expert Analysis

  • Securities Class Actions Show No Signs of Slowing In 2024

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    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.

  • How Corp. Transparency Act Can Unmask Crypto Owners

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    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.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    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.

  • ESG Concerns Can No Longer Be Ignored In 2024

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    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.

  • CFPB As Pay App Watchdog May Invite More Fintech Regs

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    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.

  • 5 Litigation Funding Trends To Note In 2024

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    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.

  • Bank-Fintech Partnerships Can Thrive Despite A Tough 2023

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    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.

  • 5 Securities Litigation Issues To Watch In 2024

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    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.

  • A Look At Consumer Reporting In 2023, And What's To Come

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    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.

  • Roundup

    Georgia Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Georgia banking regulation, litigation and policymaking.

  • Ga. Banking Brief: All The Notable Legal Updates In Q4

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    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.

  • Anti-Money Laundering Compliance Must Put Officers On Alert

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    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.

  • Cannabis Banking Bill Uncertainty May Actually Be A Blessing

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    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.

  • Series

    ESG Around The World: South Africa

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    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.

  • Roundup

    California Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in California banking regulation, litigation and policymaking.

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