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Banking
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April 22, 2024
Ex-Law Dept. Employee Cops To Workers' Comp Check Thefts
A former New York City Law Department mail room worker on Monday admitted to a bank fraud conspiracy count after federal prosecutors charged him with a two-year workers' compensation check theft and forgery scheme they say netted $600,000.
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April 19, 2024
SBF Inks Deal To Help FTX Investors Go After Promoters
Investors who launched multidistrict litigation over cryptocurrency exchange FTX's collapse asked a Florida federal judge Friday to bless their settlement with founder Sam Bankman-Fried, who has agreed to assist in their case against celebrities who promoted the platform and other defendants alleged to be part of the fraud scheme.
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April 19, 2024
Wells Fargo Faces Sex Bias Suit Over 'Degrading' Workplace
A Wells Fargo bond saleswoman sued the bank Friday in Illinois federal court, accusing it of sex discrimination by creating "an unapologetically sexist working environment" and passing her up for promotions despite her years of experience in the investment banking world.
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April 19, 2024
Real Estate Authority: Small Bank Loans, ULI, Lunar Housing
Law360 Real Estate Authority covers the most important real estate deals, litigation, policies and trends. Catch up on this week's key developments by state — as well as on the rising regulatory focus on small-bank commercial real estate loans, takeaways from the Urban Land Institute's Resilience Summit, and an architect's guide to lunar housing.
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April 19, 2024
CFPB Seeks 5th Circ. Do-Over In Credit Card Late Fee Case
The Consumer Financial Protection Bureau is pushing for the Fifth Circuit to reconsider its rejection of a transfer out of Texas for a lawsuit challenging the agency's $8 credit card late fee rule, warning the decision was wrong on key facts and could prove a "boon for forum-shopping plaintiffs" if left in place.
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April 19, 2024
Kansas City Bank Sued Over Prepaid Cards For Ex-Detainees
A Kansas City, Missouri, bank faces a proposed class action accusing it of violating federal and state consumer protections laws in issuing prepaid debit cards to people who had their cash confiscated after being detained following an arrest, and then charging them fees to access their funds after their release.
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April 19, 2024
Banking Boss Seeks First Bite In Lawyer-Linked Debt Services
Connecticut's banking commissioner says a trial court judge misapplied case law by sidelining his authority to investigate complaints against a debt collection operation attached to a law firm, saying his office should be the first to decide whether he or the judicial branch has authority over the matter.
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April 19, 2024
Thai Co. Pays $20M For 'Egregious' Iran Sanctions Violations
Thai-based SCG Plastics will pay $20 million to resolve claims it committed over 460 "egregious" violations of Iranian sanctions by causing U.S. banks to process $291 million in wire transfers in connection with the sales of high-density polyethylene resin made in Iran, as well as obscuring the resin's origin in shipping documents.
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April 19, 2024
IRS Previews New Digital Assets Reporting Form
The Internal Revenue Service released a draft of a form brokers will have to use for the first time to disclose their digital asset sales to the agency, including instructions for taxpayers whose transactions are subject to the reporting requirements.
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April 19, 2024
NY AG Doubts Trump Insurer Can Cover $175M Bond
The New York Attorney General's Office told a Manhattan court Friday it has doubts about a California insurer's ability to cover a $175 million bond imposed on Donald Trump after a civil trial in which he was found responsible for conspiring to inflate his wealth for financial gain.
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April 19, 2024
Atty Says False Testimony Justifies Chrisleys' Acquittal
Attorneys for Todd and Julie Chrisley of the reality television show "Chrisley Knows Best," who are in prison after being convicted on federal charges of bank fraud and tax evasion, urged the Eleventh Circuit to undo their convictions on Friday, arguing prosecutors knowingly presented false, prejudicial testimony at trial.
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April 19, 2024
Blumenauer: This 4/20 Will Be The Last For Schedule I Pot
U.S. Rep. Earl Blumenauer, D-Ore., one of the most ardent champions of marijuana policy reform on Capitol Hill, said Friday that he was optimistic 2024 would be final year that cannabis would remain a Schedule I substance under federal law.
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April 19, 2024
The Week In Trump: NY Trial And A High Court Date Loom
Despite a few snags, jury selection for Donald Trump's hush money trial in Manhattan unfolded relatively quickly, clearing the way for opening statements Monday in the historic case as the former president prepped for a U.S. Supreme Court debate over his supposed immunity.
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April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
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April 18, 2024
Citi Can Arbitrate Anti-Armenian Bias Suit, Judge Rules
Citibank has won its bid to arbitrate proposed class claims that it discriminated against customers with Armenian surnames, as a Los Angeles federal judge found Wednesday that the plaintiff agreed to arbitrate allegations like these when she became a party to her Citibank card agreement.
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April 18, 2024
BofA Keeps Win Against Movie Website's TM Suit At 10th Circ.
The Tenth Circuit on Thursday affirmed a lower court's ruling that Bank of America's virtual assistant "Erica" did not infringe on the trademark of an online movie database, saying the plaintiff failed to establish that the service mark "E.R.I.C.A" was directly associated with the search services offered on the website.
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April 18, 2024
Hedge Fund Says Its $100M Award Over Peru Bonds Is Valid
A hedge fund has asked a D.C. federal judge not to throw out its suit seeking to enforce a $100 million arbitral award it secured over Peru's valuation of old government bonds, saying the country wants to relitigate claims that were already rejected by the arbitrators.
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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.
Expert Analysis
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How 2 CFPB Advisory Opinions Affect Reporting Agencies
The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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Following Banking Regulators' Breadcrumbs To 2024 Priorities
Through blog posts, speeches, and formal guidance and regulations, prudential and other federal and state financial regulators laid out a road map last year pointing to compliance priorities that should be reflected in financial institutions' planning this year, say Laurel Loomis Rimon and Gina Shabana at Jenner & Block.
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New SDNY Whistleblower Program May Be A Game-Changer
A new pilot program in the U.S. Attorney’s Office for the Southern District of New York promises to immunize from prosecution certain individuals who blow the whistle on financial crimes and corruption, and if similar self-disclosure programs are any indication, this significant new policy may measurably increase white collar investigations, say attorneys at Paul Hastings.
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Series
Playing Competitive Tennis Makes Me A Better Lawyer
My experience playing competitive tennis has highlighted why prioritizing exercise and stress relief, maintaining perspective under pressure, and supporting colleagues in pursuit of a common goal are all key aspects of championing a successful legal career, says Madhumita Datta at Lowenstein Sandler.
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A Guide To New Russia Sanctions For Foreign Financial Cos.
Attorneys at Foley Hoag take foreign financial companies on a deep dive into the compliance advice the U.S. Office of Foreign Assets Control issued after President Joe Biden's December executive order widened a Russian import ban and authorized sanctions against businesses that transact with Russia's military-industrial base.
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The Questions Around Prometheum's SEC-Compliant Strategy
While the rest of the crypto industry has been engaged in a long-running battle to escape the U.S. Securities and Exchange Commission's jurisdiction, a once-obscure startup called Prometheum has instead embraced the SEC's view to become the first crypto special-purpose broker-dealer, but it's unclear whether it can turn its favored status into a workable business, says Keith Blackman at Bracewell.
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How Russia Sanctions Bills Could Reshape Asset Forfeiture
Several U.S. legislative proposals to seize billions in frozen Russian assets for post-war reconstruction of Ukraine would bypass traditional asset forfeiture guardrails, making it crucially important that practitioners remain vigilant and understand when to proactively engage with the government, say attorneys at Kasowitz.
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Series
The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Reverse Merger Tips For Biotechs After SEC's Recent Actions
Several recent U.S. Securities and Exchange Commission developments could limit the viability of reverse mergers for biotech companies, and will require additional creativity and analysis for private companies looking to go public, say attorneys at Orrick.
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Money Transmitter Licensing: An Issue Too Costly To Ignore
Money transmitter licensing has become particularly relevant in recent years as digital currencies and payment technologies have piqued regulator interest, and companies should consider whether they need to be licensed to avoid disruption of operations, as well as significant fines and penalties, says Clayton Swears at Hudson Cook.
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CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
The Consumer Financial Protection Bureau's new proposed rule, declaring overdraft credit to be under Truth In Lending Act protection, creates tension between vigorous agency action and judicial concerns about administrative overreach that calls to mind Charles Dickens' "A Tale of Two Cities," say Eric Mogilnicki and David Stein at Covington.
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Considerations For Lawyer Witnesses After FTX Trial
Sam Bankman-Fried's recent trial testimony about his lawyers' involvement in FTX's business highlights the need for attorney-witnesses to understand privilege issues in order to avoid costly discovery disputes and, potentially, uncover critical evidence an adversary might seek to conceal, says Lawrence Bluestone at Genova Burns.
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NY Discovery Stay Ruling Empowers Securities Defendants
A New York state appeals court’s recent decision in Camelot Event v. Morgan Stanley — which extends a federal securities law's discovery stay to state courts — clarifies an issue that has perplexed state courts across the country and provides the advantage of reduced discovery costs to securities defendants, say Katherine Kelly Fell and Jeremy Wertz at Milbank.