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Banking
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April 11, 2024
CFPB Says Credit Card Shares Disqualifying In 5th Circ. Case
The Consumer Financial Protection Bureau sparred Thursday with a coalition of trade groups over recusal standards in their Fifth Circuit lawsuit challenging the agency's new $8 credit card late fee rule, arguing that a judge's ownership of stock in a major card-issuing bank ought to be disqualifying in itself.
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April 11, 2024
DC Circ. Mulls Jurisdiction In Fight Over Jewish Texts
The D.C. Circuit is set to decide whether a D.C. federal court can consider a Jewish group's allegations that Russia is illegally holding onto its long-lost sacred religious texts, after hearing arguments early Thursday in the appeal of a case that's been kicking around the lower court's docket for two decades.
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April 11, 2024
3 Firms Guide Safety Inspection Firm UL's Upsized $946M IPO
Safety inspection company UL Solutions Inc. on Thursday completed a larger-than-anticipated $946 million initial public offering near the top of its price range, guided by three law firms.
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April 11, 2024
Feds Bring MLB's Messy Betting Scandal Into Focus
The federal bank fraud charge against Shohei Ohtani's former interpreter doubled as a de facto exoneration of Ohtani himself, as prosecutors built a detailed case that experts say brings clarity to an explosive saga marked by confusion and shifting narratives.
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April 11, 2024
Wells Fargo Wants Ex-CEO's $34M Back-Pay Suit Tossed
Wells Fargo & Co. has asked a California state court to throw out a lawsuit filed by former CEO Timothy Sloan that seeks $34 million in compensation he alleges was wrongfully withheld from him, a payout the bank maintains it doesn't owe.
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April 11, 2024
JPMorgan Analyst's Acquittal Sinks Stock Tip Case, Man Says
A Los Angeles man is planning a Ninth Circuit appeal after he was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, reasoning that he could not be guilty because the friend was acquitted at a separate trial.
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April 11, 2024
Visa Beats Some Merchant Claims In Antitrust MDL
A New York federal judge has trimmed claims lodged by Home Depot and other merchants against Visa and several banks in sprawling multidistrict antitrust litigation dating back to 2005 over network rules forcing merchants to accept the companies' cards.
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April 11, 2024
Canadian Trucking Co. Needs More Time For US DIP Approval
At a hearing Thursday in Delaware bankruptcy court, Canadian trucking company Pride Group was unable to reach an agreement on provisional approval of its debtor-in-possession facility that received the go-ahead in Canadian court, as the U.S. Trustee warned of the expanding scope of Chapter 15 provisional relief hearings.
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April 11, 2024
CFPB, EU Say Teamwork 'Critical' As Fintech Bridges Atlantic
The consumer protection watchdogs in Europe and the U.S. said Thursday that their ongoing dialogue has yielded three shared focuses — the expansion of technology firms' payment services, the use of artificial intelligence in consumer markets and buy now, pay later products.
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April 11, 2024
Investors Get OK For $111M Ponzi Case Receiver Passed On
A Colorado federal judge has given the green light for a group of investors to seek over $111 million from a forex-focused financial technology firm in the U.K. and its affiliate, in a lawsuit alleging they played an instrumental role in a scheme that duped investors and drew the attention of U.S. securities regulators and prosecutors.
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April 11, 2024
BNY Can't Nix Suit Alleging Mutual Fund Conflict Of Interest
The Bank of New York Mellon must face most of the remaining claims in a proposed self-dealing class action alleging it failed to disclose conflicts of interest when funneling client assets into mutual funds and other investment vehicles that favored the bank.
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April 11, 2024
Judge Grants $3.2M In Fees For Wawa Class Counsel
There is no evidence of side agreements or collusion between attorneys representing a proposed class in a suit against Wawa Inc. and the convenience store's defense counsel, according to a Pennsylvania federal judge's order approving $3.2 million in attorney fees following appellate court review.
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April 11, 2024
Insurer Says Firm Not Covered For Bogus Check Scheme
An insurance firm has filed a complaint in Washington federal court seeking a declaration that it doesn't owe coverage to a Seattle-area firm and its sole attorney, who are embroiled in litigation with a bank after the firm fell prey to a counterfeit check scheme.
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April 11, 2024
FTX Brass, Investors Can't Move Bankruptcy Suit To MDL
The Judicial Panel on Multidistrict Litigation on Thursday denied a bid to move a Delaware bankruptcy proceeding regarding the collapse of cryptocurrency exchange FTX Trading Ltd. to an ongoing multidistrict litigation brought by the company's investors seeking to recoup their losses.
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April 11, 2024
Ohtani's Ex-Interpreter Charged In $16M Theft From MLB Star
The former interpreter for Los Angeles Dodgers player Shohei Ohtani has been charged with stealing around $16 million from the superstar to place illegal sports bets, federal officials in Los Angeles announced Thursday, saying Ohtani was a victim and had no knowledge of his interpreter's gambling.
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April 11, 2024
Treasury Proposes Steeper Foreign Investment Law Penalties
The U.S. Department of the Treasury issued a notice Thursday proposing to sharpen its procedures and enforcement practices for reviewing foreign investment deals for national security issues, according to an announcement.
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April 10, 2024
Push For Bank Capital Hike Has 'Damaged' Fed, Quarles Says
Federal regulators' Basel III endgame proposal to raise big-bank capital requirements has "damaged" the reputation of the Federal Reserve and cannot be salvaged just by watering it down, the central bank's former bank regulatory chief said Wednesday.
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April 10, 2024
GOP Rep. Calls On SEC To Delay Climate Rule Compliance
A Republican congressman said Wednesday that he plans to ask the U.S. Securities and Exchange Commission to push back the compliance timeline for controversial rules governing corporate climate disclosures, indicating that the agency's agreement to temporarily stay the rules' implementation during the course of a legal challenge is not enough.
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April 10, 2024
Cadence Bank Sued Over Numerous Out-Of-Network Fees
Texas-based Cadence Bank has been hit with a proposed class action accusing it of imposing multiple fees on customers who check their account balances when withdrawing cash from out-of-network ATMs.
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April 10, 2024
Deported Man Can't Undo Fraud Conviction After Feds' Error
A deported Nigerian national who confessed to fraud on promises that prosecutors would submit a letter to immigration authorities supporting his deportation defense couldn't convince the Eighth Circuit to toss his guilty plea after prosecutors mistakenly disavowed the letter.
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April 10, 2024
Wells Fargo Can't Bar Atty From Deposition, NC Judge Rules
Wells Fargo lost its bid to stop the lawyer of a fired investment director, who is accusing the bank of disability discrimination, from questioning his former supervisor, with a North Carolina federal judge saying the bank fell short of showing that the attorney's previous representation of the supervisor was related in any way to the current action.
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April 10, 2024
FDIC Details Prep For Winding Down Failing Financial Giants
The Federal Deposit Insurance Corp. on Wednesday laid out its most comprehensive overview to date of how it would seek to resolve a failing U.S. banking giant, a scenario that would make use of as-yet untested authorities put in place after the 2008 financial crisis.
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April 10, 2024
Frost Brown Recruits 9 Attys For Denver Launch
Frost Brown Todd LLP said Wednesday it is the latest Big Law firm to launch in Denver, hiring nine mostly real estate attorneys from Moye White LLP, Brownstein Hyatt Farber Schreck LLP and Lewis Roca Rothgerber Christie LLP with plans to double in size by the end of the year.
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April 10, 2024
IRS' DOJ Referral Rules 'A Disaster,' Sen. Whitehouse Says
The IRS protocols for referring cases to the U.S. Department of Justice are "a disaster" for enforcing laws against bankers and other actors who help U.S. taxpayers evade taxes, Sen. Sheldon Whitehouse said Wednesday during a hearing on offshore tax evasion before the Senate Budget Committee.
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April 10, 2024
Activists Can't Show LexisNexis Violated Ill. Consumer Law
Activists were unable to convince an Illinois federal court that LexisNexis Risk Solutions Inc. had violated an Illinois consumer protection law by collecting and selling personal information to immigration and other law enforcement agencies, with the court saying the data was not private.
Expert Analysis
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.
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What To Expect From High Court In Corp. Disclosure Case
Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.
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11 Noteworthy CFPB Developments From 2023
Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.
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Unpacking PCAOB's Sanctions Against China-Based Auditors
Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.
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NC Banking Brief: All The Notable Legal Updates In Q4
Two new North Carolina financial services laws went into effect in the fourth quarter of 2023 that amended the state's Retail Installment Sales Act and Consumer Finance Act, increasing the maximum interest rates and default late charges that may be assessed for loans, says Gursharon Shergill at Wagner Hicks.
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3 Areas Of Focus In Congressional Crosshairs This Year
Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.
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NY CRE Lenders Need Clarity On Foreclosure Standing
Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Baking Bread Makes Me A Better Lawyer
After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.
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3 Key Class Action Trends To Use As Guidance In 2024
Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.
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Federal Courts And AI Standing Orders: Safety Or Overkill?
Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.
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Time To Step Up PFAS Due Diligence In Cross-Border M&A
Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.
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NY Banking Brief: All The Notable Legal Updates In Q4
New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.
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What FTC CARS Rule Means For Auto Dealers And Lenders
A newly finalized Federal Trade Commission rule is aimed at changing how auto dealers interact with customers in the financing process, but will likely also affect banks and finance companies — and consequences for lenders and servicers have been amplified by recent Consumer Financial Protection Bureau enforcement actions, say attorneys at Morgan Lewis.
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Bill Could Pave Path To 'Safer' Banking For Cannabis Industry
The Secure and Fair Enforcement Regulation, or SAFER, Banking Act, which was recently passed by a U.S. Senate committee, creates potential for financial inclusion of legally operating cannabis businesses and could promote recognition of the disconnect between federal laws and services unavailable to the industry, says Mark Bell at Stinson.
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Why CFTC Whistleblowers Are Crucial To Crypto Regulation
The U.S. Commodity Futures Trading Commission's whistleblower program has proven to be a key tool in the U.S.' efforts to police cryptocurrency, but a funding issue shows that it has become a victim of its own success, says Stephen Kohn at Kohn Kohn.