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Banking
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May 10, 2024
Adviser's 'Rogue' Trading Cost Investor $700K, Suit Says
An attorney nearing retirement has filed suit against a former UBS investment adviser, alleging he lost over half of a $1.2 million nest egg after the adviser surrendered his broker licenses and started "rogue" trading in risky commodities investments.
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May 10, 2024
Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim
A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.
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May 10, 2024
CFPB's Credit Card Late Fee Rule Halted By Texas Judge
A Texas federal judge on Friday stayed the Consumer Financial Protection Bureau's $8 credit card late fee standard, granting a preliminary injunction sought by the U.S. Chamber of Commerce and other industry groups that are challenging the legality of the agency rule.
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May 10, 2024
Capital One Accused Of Not Fully Investigating Fraud Claims
Capital One has been hit with a proposed class action in California federal court accusing it of breaching contract terms by refusing to sufficiently investigate consumers' fraud claims.
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May 10, 2024
FINRA Fines Merrill Lynch $825K Over Supervisory Failures
Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.
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May 10, 2024
Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent
In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.
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May 10, 2024
Dem Lawmakers Call For 5th Circ. Judge To Exit CFPB Case
Six Democratic lawmakers sent a letter admonishing the Judicial Conference, saying Friday it was "undermining the integrity of the judiciary" by allowing a Fifth Circuit judge to participate in a matter in which he has a significant conflict of interest.
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May 10, 2024
Prudential Investor Attys Seek $9M Fees For Settlement
Attorneys representing investors in a settlement with Prudential Financial Inc. over claims that the insurer misrepresented certain trends affecting its life insurance reserves have asked a New Jersey federal judge to grant final approval of the deal and nearly $9 million in fees.
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May 10, 2024
5th Circ. Upholds SEC Proxy Rule On ESG Disclosures
The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.
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May 10, 2024
Nationstar Mortgage Wants To Escape 'Junk Fee' Suit
Nationstar Mortgage LLC has asked a Washington federal judge to toss a proposed class action alleging it illegally charged homeowners a "junk fee" for written payoff quotes, saying the suit's claims fail because expedited payoff fees are not unlawful and do not breach the terms of the relevant loan agreements.
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May 10, 2024
2 Firms Guide United Bankshares On $267M Piedmont Buy
Bowles Rice LLP and Sullivan & Cromwell LLP are representing United Bankshares Inc. on a $267 million agreement to buy Georgia-based Piedmont Bancorp Inc., which the lenders disclosed Friday and said marks United's 34th acquisition.
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May 09, 2024
FTC Urges High Court To Reject Challenge To $5.2M Award
The Federal Trade Commission has urged the U.S. Supreme Court to reject a credit monitoring company's challenge to a $5.2 million refund award the federal agency won on behalf of a class of consumers, arguing the award is authorized under the Federal Trade Commission Act.
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May 09, 2024
Amazon, Walmart Face Dem Questions Over 'Dynamic Pricing'
Senate Banking Committee Chair Sherrod Brown on Thursday raised concerns to Amazon and Walmart about corporations hiking prices by exploiting customer data and pricing algorithms, saying it undermines consumers' ability to comparison shop and save money.
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May 09, 2024
SeaWorld Workers Nab Class Cert. In 401(k) Fees Suit
A California federal judge agreed to certify a class of 10,000 current and former workers suing SeaWorld for keeping high-cost funds in their retirement accounts and retaining expensive record-keepers.
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May 09, 2024
Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit
The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."
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May 09, 2024
Attys Want $102M In Fees In Stock Loan Antitrust Deal
Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.
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May 09, 2024
US Bank Sees Unauthorized Account Suit Tossed For Good
A New York federal judge has permanently thrown out a proposed class action against U.S. Bancorp alleging shareholders were harmed after the bank paid a $37.5 million fine to the Consumer Financial Protection Bureau in connection with allegations its bankers secretly opened accounts in customers' names.
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May 09, 2024
Making Borrower Contact Ex Was Reasonable, Court Told
A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.
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May 09, 2024
CFPB's Chopra Trains Sights On Credit Card Rewards
Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values.
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May 09, 2024
7 Fla. Men Indicted In Nationwide Skimming Device Operation
Seven Florida men have been indicted in Virginia federal court on racketeering conspiracy charges in connection to a decadelong operation to clone credit cards that involved placing skimming devices on gas pumps throughout the country, U.S. prosecutors said.
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May 09, 2024
FICO Blasts Discovery 'Sideshows' In VantageScore Suit
An Illinois federal judge handling antitrust claims targeting the credit-scoring market should disregard the "sideshows" customers lodged by requesting confidential settlement records and other documents that are too far removed from the case's core issues, Fair Isaac Corp. argued on Wednesday.
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May 08, 2024
High Court Ruling May Shake Up CFPB's Litigation Docket
A U.S. Supreme Court ruling that may come as soon as Thursday could decide the fate of not only the Consumer Financial Protection Bureau's funding structure but also numerous pending enforcement actions the agency has brought around the country. Here, Law360 surveys what's at stake and where.
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May 08, 2024
New Treasury Rule Amps Up Reporting Burden For Banks
The U.S. Department of the Treasury introduced an interim final rule Wednesday that refines and further expands recent increases in reporting requirements, including a new obligation for financial institutions to notify the federal government any time they unblock frozen assets.
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May 08, 2024
Citibank Sued By Atty Over Fake Client Cashier's Check Scam
An attorney conned by a fake client and a counterfeit cashier's check sued Citibank in state court Wednesday, alleging it knew of other law firms that were similarly scammed and should have caught the fake check before she wired the funds from her client trust account into the scammer's pocket.
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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.
Expert Analysis
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Overdraft Opt-In Practices Hold Risks For Banks
A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.
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AI In Accounting Raises OT Exemption Questions
A recent surge in the use of artificial intelligence in accounting work calls into question whether professionals in the industry can argue they are no longer overtime exempt under the Fair Labor Standards Act, highlighting how technology could test the limits of the law for a variety of professions, say Bradford Kelley at Littler and Stephen Malone at Peloton Interactive.
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New Concerns, Same Tune At This Year's SIFMA Conference
At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.
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8 Tips As GCs Prep For New SEC Climate Disclosure Rules
The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.
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How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals
Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.
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An Overview Of Key Financing Documents In Venture Capital
The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.
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Ready Or Not, Big Tech Should Expect CFPB Surveillance
In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Conn. Loan Law Tweaks May Have 3 Major Effects On Lenders
Recently proposed minor amendments to Connecticut’s consumer protection laws could nonetheless mean major and unexpected changes to state consumer financial services regulations that dictate how lenders and their customer-facing service providers handle fee payments, mortgage servicer licensing and private student loans, says Jonathan Joshua at Joshua Law Firm.
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7 Takeaways From CFPB Circular On Digital Comparison Tools
The Consumer Financial Protection Bureau's new guidance regarding digital comparison-shopping platforms for financial services products and services offers fresh insights into the bureau's interpretation of the abusiveness standard and expands on principles underlying its previous guidance on the topic, say attorneys at Husch Blackwell.
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Why Individual Officers Are BSA-AML Enforcement Targets
Banking compliance professionals should use recent enforcement actions against individual officers at both Sterling Bank and the New York State Employees Credit Union to assess whether they are equipped with the tools and authority necessary to avert deficient Bank Secrecy Act and anti-money laundering compliance, says Sam Finkelstein at Volkov Group.
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How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.