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March 27, 2024
CFPB Flags False Advertising Risk For Money Transfer Firms
The Consumer Financial Protection Bureau on Wednesday cautioned international money transfer providers about how they market themselves, saying advertising services as "free" when customers are still required to pay additional fees for converting or delivering funds may violate federal law.
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March 27, 2024
Citi Can't Arbitrate Anti-Armenian Bias Claims, Court Told
A California woman has urged a federal court to reject Citibank NA's motion to arbitrate her proposed class action accusing the bank of discriminating against consumers with Armenian surnames, saying it fails because it ignores a ruling in a separate case against Citibank that voided arbitration agreements that don't allow for public injunctive relief.
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March 27, 2024
The Ohtani-Shaped Cloud Looming Over The MLB Season
Major League Baseball opens its season in an awkward position Thursday, with Los Angeles Dodgers superstar Shohei Ohtani at the margins of a still-unfolding gambling scandal that may have limited legal blowback, but will nevertheless present existential questions for the league.
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March 27, 2024
FERC Finds Fans And Foes Of Wall Street's Utility Ownership
The deadline has just passed for initial comments on the Federal Energy Regulatory Commission's reexamination of its policy for allowing financial firms to own electric utilities. Here's a recap of what FERC is contemplating and the initial feedback the agency has received from players throughout the U.S. power sector.
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March 27, 2024
PenFed Must Face W.Va. Consumer 'Pay-To-Pay' Fee Action
Pentagon Federal Credit Union can't duck claims that it is flouting West Virginia law by charging a $5 fee to anyone seeking to make their auto loan payment over the phone after a federal judge declared that the lender and loan servicer is a debt collector.
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March 27, 2024
On Deck In JPML: Baby Food, 23andMe Privacy, NCAA
The Judicial Panel on Multidistrict Litigation's packed meeting Thursday in South Carolina will see the panel mulling consolidation of privacy litigation against 23andMe, claims of heavy metals in baby food, and scholarship-fixing claims by student athletes against the NCAA — and that's just for starters.
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March 27, 2024
Fed. Circ. Caps $7M Verdict While Clarifying Foreign Damages
The Federal Circuit on Wednesday rejected Trading Technologies' attempt to increase its $6.6 million patent infringement win against IBG LLC, in an opinion focusing on how to apply a 2018 U.S. Supreme Court ruling on foreign damages.
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March 27, 2024
SEC Cyber Enforcement Top Concern For Compliance Pros
More than 40% of compliance personnel from asset management, investment adviser and private markets firms are concerned about how the U.S. Securities and Exchange Commission will enforce its new cybersecurity rules, according to findings from a recent survey.
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March 27, 2024
Feds Say Murdaugh Lied, Broke Plea Deal Over $9M Fraud
Alex Murdaugh, the South Carolina attorney serving a life sentence for killing his wife and son, was dishonest with the government and should potentially face a harsher prison sentence than the one proposed in a plea agreement on federal charges of stealing at least $9 million from clients, prosecutors said.
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March 27, 2024
11th Circ. Affirms Experian's Win In Credit Reporting Suit
The Eleventh Circuit has determined a district court didn't err in evidentiary rulings in a case brought by a Florida resident against Experian Information Solutions Inc. alleging it inaccurately reported a discharged mortgage in his credit history, upholding a verdict in favor of the company.
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March 27, 2024
Smith Gambrell Sued For Keeping $4.6M In Real Estate Row
Several business entities involved in the failed purchase of a Brooklyn development property contend that Smith Gambrell & Russell LLP is unlawfully refusing to release more than $4.6 million that the firm is holding in escrow, according to a complaint filed in New York state court.
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March 27, 2024
Ex-Barclays, Citi Traders Lose Interest Rate-Rigging Appeals
Two former traders convicted of manipulating benchmark interest rates lost their bid to clear their names on Wednesday as an English appellate court ruled that they had received fair trials.
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March 26, 2024
Banks Bristle At CFPB's 'Preventive' Ban On Some NSF Fees
Banking trade groups are lobbying the Consumer Financial Protection Bureau to scrap a proposed rule that would ban fees on instantly declined transactions, arguing the measure is at best a solution in search of a problem and at worst a Trojan horse for expanding the agency's anti-abusiveness authority.
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March 26, 2024
Jackson Paints Abortion Clash As Microcosm Of Bigger Brawl
A war of words Tuesday at the U.S. Supreme Court over access to abortion medication marked a climactic moment after a lengthy legal slugfest. But probing questions from Justice Ketanji Brown Jackson illustrated that the main event for reproductive rights was also simply a single round in a much larger fight over the government's regulatory powers.
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March 26, 2024
Walmart Wins Bid To Ax Capital One Credit Card Agreement
Walmart can terminate its agreement with Capital One, a New York federal judge ruled Tuesday, agreeing with Walmart that the plain meaning of the contract allows the retail behemoth to ax the agreement if its credit card partner doesn't meet certain customer service standards.
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March 26, 2024
PTAB Tosses 'Smart Card' Patent Used Against Banks
The Patent Trial and Appeal Board has found that all the claims of a Kioba Processing LLC patent on using a "smart card" to increase the security of wireless transactions are invalid as anticipated or obvious.
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March 26, 2024
Apple Escapes Antitrust Suit Over Crypto On Payment Apps
A California federal judge on Tuesday tossed with leave to amend a proposed antitrust class action claiming Apple's agreements with Apple Cash competitors illegally limit competition by blocking decentralized cryptocurrency technology, saying the consumers failed to adequately allege standing, among other "problematic" reasons.
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March 26, 2024
Stifel Units To Pay FINRA $2.3M Over ETF Supervision Claims
Broker-dealer Stifel Nicolaus & Co. Inc. and an affiliated firm have agreed to pay $2.3 million in fines and restitution to settle the Financial Industry Regulatory Authority's allegations that they failed to properly supervise certain nontraditional exchange-traded funds, causing losses for clients, including seniors.
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March 26, 2024
8th Circ. Urged To Freeze SEC Climate Rules Once More
An energy company suing the U.S. Securities and Exchange Commission over its recently finalized climate disclosure rules urged the Eighth Circuit on Tuesday to stay the implementation of the rules, after a stay granted by the Fifth Circuit was recently lifted following the consolidation of various related lawsuits.
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March 26, 2024
Meridian Capital Taps Former Top Regulator As New CEO
Meridian Capital Group announced Tuesday that it has appointed top banking executive and former financial regulator Brian Brooks as its CEO and chairman amid a breakdown in the firm's relationship with Freddie Mac.
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March 26, 2024
Ally Bank Beats Class Action Over Data Leak For Good
A New York federal judge has permanently thrown out a proposed class action against Ally Bank that sought to hold it liable for a data leak of customer login information, after finding that the suit still fails to show that the leaked data caused any harm to customers.
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March 26, 2024
Wells Fargo Unit Can Send $500M Fund Plunge Suit To NY
An Illinois federal judge said Wells Fargo Securities LLC can transfer to New York federal court a suit accusing it of losing at least $500 million of a hedge fund's value in a wrong-way bet on the markets, since an identical class action is currently pending there.
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March 26, 2024
FTX Says Millions In Ch. 11 Token Claims Should Be Zeroed
Cryptocurrency exchange FTX Trading Ltd. argued in court Tuesday that a Delaware bankruptcy judge should estimate the claims of customers holding some digital tokens at a heavy discount for Chapter 11 purposes, including zeroing out hundreds of millions of dollars in token value.
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March 26, 2024
Law Firm Can't Ditch Class Cert. In Interest Rate Challenge
A Michigan federal judge on Tuesday declined to decertify a class of debtors alleging a law firm charged unlawfully high post-judgment interest rates, saying the defendants were confused about what was needed to show standing.
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March 26, 2024
Mitsubishi Seeks $88.9M From Canadian Truck Sellers In US
Mitsubishi's commercial financing arm has asked federal judges in Connecticut, Illinois and New York to issue at least $89 million in judgments against two individuals in Canada, saying the men in question breached promises to stand behind credit lines extended to two companies that sell tractor trailers and lease equipment.
Expert Analysis
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SDNY Ruling Highlights Fed's Broad Master Account Power
In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.
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Cybersecurity Issues For Financial Industry To Track In 2024
In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.
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How State AGs Process And Prioritize Consumer Complaints
Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.
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Charting The Course For Digital Assets In 2024
Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.
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What To Expect From The CFPB This Year
The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.
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The Most-Read Legal Industry Law360 Guest Articles Of 2023
A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.
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What The 2023 Bank Failures Taught Us, And What's To Come
As 2023 draws to a close, it's apparent that the bank failures this past spring sparked a seismic shift in the regulatory and supervisory landscape for banking organizations, and the consequences are still continuing to be felt throughout the financial sector as we head into 2024, say attorneys at Morgan Lewis.
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How SEC And NY Cyber Reporting Rules Affect Key Industries
The new U.S. Securities and Exchange Commission and New York State Department of Financial Services cybersecurity disclosure requirements, and their competing obligations, reveal the increasing complexity for organizations evaluating and reacting to cybersecurity incidents — particularly those in the healthcare and financial services industries, say attorneys at Manatt.
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Attorneys' Busiest Times Can Be Business Opportunities
Attorneys who resolve to grow their revenue and client base in 2024 should be careful not to abandon their goals when they get too busy with client work, because these periods of zero bandwidth can actually be a catalyst for future growth, says Amy Drysdale at Alchemy Consulting.
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A Difficult Year For CRE, But Future May Be Brighter
2023 was a challenging year for the commercial real estate industry, marked by significant uncertainty, but market pressure and signs of rising interest rates provide some reasons to be cautiously optimistic for the year ahead as pandemic headwinds and gridlock fade away, say attorneys at Ropes & Gray.
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In The World Of Legal Ethics, 10 Trends To Note From 2023
Lucian Pera at Adams and Reese and Trisha Rich at Holland & Knight identify the top legal ethics trends from 2023 — including issues related to hot documents, artificial intelligence and cybersecurity — that lawyers should be aware of to put their best foot forward.
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Strategies For Wire Fraud Prevention As Risk Is On The Rise
Wire transfer fraud is increasingly affecting investment managers, nonbank fintech companies and their clients, but there are steps financial institutions can take to mitigate this increasing risk, like testing cybersecurity effectiveness and sending fake phishing emails, says Casey Jennings at Seward & Kissel.
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Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks
The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.
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SEC, NY Cybersecurity Rules Create Complexity For Insurers
Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.