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Banking
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April 16, 2024
South State Bank Breach Exposed 1 Million People, Suit Says
South State Bank is facing a proposed class action accusing it of negligence following a February data breach that allegedly compromised the personal information of more than a million current and former customers.
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April 16, 2024
Capital One Escapes Customer Sign-Up Bonus Suit, For Now
A California federal judge dismissed a proposed class action brought by a Capital One customer who claimed he applied for a credit card but never got a promised sign-up bonus, saying that a social media advertisement about a bonus was not enough to allege traceability.
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April 16, 2024
Credit Union And 'Dreamers' Get Initial OK To Settle Bias Suit
A California federal judge preliminarily approved a settlement offering cash to individuals who accused Alliant Credit Union of denying them loans for being asylum claimants, recipients of the Deferred Action for Childhood Arrivals program or dependents of employment-based visa holders.
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April 16, 2024
Ex-North Korean Official Charged With Dodging US Sanctions
A former North Korean diplomat in Thailand is facing criminal charges in Washington, D.C., federal court alleging he conspired to surreptitiously ship goods into his home country in avoidance of U.S. sanctions.
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April 16, 2024
Chancery Tosses Zelle Fraud Suit Against JPMorgan Directors
A JPMorgan Chase & Co. shareholder that sued the bank's board for allegedly ignoring fraud on the payment platform Zelle has not shown the bank failed to respond to the problem, a Delaware Chancery Court judge ruled Tuesday, dismissing the shareholder's case.
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April 15, 2024
Dems Grill Chamber Over 'Outrageous' CFPB Card Fee Suit
Two top Democratic senators are calling on the U.S. Chamber of Commerce to explain why it sued to block the Consumer Financial Protection Bureau's $8 credit card late fee rule, a case they say is "outrageous" and puts the interests of big banks over the group's rank and file.
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April 15, 2024
SEC Scores Win In $119M Rochester, NY Muni Bond Suit
A New York federal judge on Monday granted an early win to the U.S. Securities and Exchange Commission on its claims against an advisory and its two principals who were involved in a $119 million bond offering by the city of Rochester, New York, saying the firm failed to disclose conflicts of interest present in its fee arrangements.
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April 15, 2024
'Pig Butchering' Scams' Human Toll Has Experts Alarmed
Financial institutions, cryptocurrency exchanges and social media companies need to do more to stem a growing tide of so-called pig butchering scams, which experts at the OffshoreAlert Conference in Miami said Monday are wreaking havoc on victims while funding a large human trafficking operation.
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April 15, 2024
Chancery Denies Forte Biosciences' Bid To Toss Investor Suit
Board members of a struggling clinical-stage biopharmaceutical company who allegedly took defensive measures to stay in power after activist investors pushed the company to liquidate must face a stockholder's Delaware Chancery Court derivative suit that they breached their fiduciary duties to shareholders, a vice chancellor said Monday.
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April 15, 2024
Barclays To Pay FINRA Fine Over Research Analysts Conflicts
Broker-dealer Barclays Capital Inc. will pay a $700,000 fine to the Financial Industry Regulatory Authority after it self-reported two issues involving alleged conflicts of interest on the part of its research analysts, FINRA has announced.
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April 15, 2024
4th Circ. Won't Let Borrower Pin Feds' Flub On Pa. Agency
The Fourth Circuit refused Monday to revive a lawsuit brought by a borrower alleging that a state student-loan-servicing agency's misrepresentations thwarted a loan forgiveness opportunity, with a panel reasoning that the organization was immune from the lawsuit.
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April 15, 2024
CFPB Hits Back At Bank Challenge To Small-Biz Lending Rule
The Consumer Financial Protection Bureau has urged a Texas federal judge to dispense with an industry-backed challenge to its now-stayed reporting requirements for lenders in the nearly $2 trillion small-business loan market, arguing much of the case boils down to a beef with Congress for mandating the requirements in the first place.
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April 15, 2024
Worldpay Sues Shuttered Retailer Over Refund Refusals
Payment processor Worldpay LLC is requesting injunctive relief in Ohio federal court to alleviate the millions of dollars in losses it says it has incurred since home appliance retailer Pirch Inc. began refusing to honor its customers' credit card refund requests after halting operations abruptly in March.
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April 15, 2024
Endeavor Group's $13B Take-Private Deal Challenged In Del.
A Swedish bank has sued to block a $13 billion take-private sale of sports and entertainment conglomerate Endeavor Group Holdings Inc., branding the deal a prohibited minority stockholder squeeze-out tilted heavily toward large investors and insiders, including controller and global private equity firm Silver Lake.
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April 15, 2024
Bond Co. Asks For Life-Saving Pause On $811M Fine
Immigration bonding company Libre by Nexus Inc. has begged a Virginia federal court for more time to pay an $811 million judgment for predatory bonding practices, saying it would collapse if forced to pay before it can execute its transfer to a new owner.
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April 15, 2024
Long Island Debt Collector Settles Disabled Worker's Bias Suit
A Long Island debt collection law firm told a New York federal judge it reached a settlement in principle Monday to end a former employee's suit alleging the firm discriminated against her by failing to give her accommodations after a car accident and then terminating her.
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April 15, 2024
Justices Allow Class Action Over ATM Fees To Proceed
The U.S. Supreme Court on Monday declined to review a D.C. Circuit decision affirming class certifications in a long-running ATM fee dispute, which Visa and Mastercard claimed created a circuit split over the correct standard of review courts should use when considering certification motions.
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April 12, 2024
Real Estate Authority: RE Women In BigLaw, Q1, Proptech
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 gender diversity rates among 20 BigLaw real estate practices, M&A and financing stats from the first quarter, and the 2024 Real Estate Technology Conference in New York.
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April 12, 2024
Chamber Defends SEC Climate Regs From Enviros' Challenge
The U.S. Chamber of Commerce wants to help defend the U.S. Securities and Exchange Commission against legal challenges environmental groups have brought over its climate disclosure regulations, even after the business group sued the regulator in March to have the rules nixed.
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April 12, 2024
Peru Says Gramercy's $100M Bond Arbitration Bid Too Late
Peru is hitting back at Connecticut-based hedge fund Gramercy's bid to enforce a $100 million arbitral award that it secured over the country's valuation of old government bonds, telling a D.C. federal court that the investor had failed to bring its challenge within three years of learning of the alleged misconduct as required by a bilateral trade agreement.
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April 12, 2024
Connecticut Credit Union Settles Overdraft Fee Lawsuit
Connecticut-based Connex Credit Union Inc. has agreed to settle a proposed class action that challenged $35 overdraft fees in "authorize positive, settle negative" transactions, according to a request that seeks to cancel a state court hearing in the matter.
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April 12, 2024
Petition Watch: Judge DQs, 'Excessive' Damages & Price Wars
A former al-Qaida member has asked the U.S. Supreme Court to clarify disqualification protocol for judges overseeing a case related to their prior work as a government attorney, and energy drink manufacturers want the court to develop a modern-day test to determine if companies qualify as price-discrimination competitors. Here's four high court petitions filed recently that you might've missed.
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April 12, 2024
Mercedes-Benz Lending Arm Must Face Conn. Lease Fight
A split Connecticut Supreme Court on Friday toppled a win for Mercedes-Benz's financial arm in a fight over a defaulted car lease, ruling that lower courts erroneously denied the defendants a fair shot at fighting the case.
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April 12, 2024
Ohtani's Ex-Translator Gets $25K Bond On $16M Fraud Charge
Los Angeles Dodgers star Shohei Ohtani's ex-interpreter, Ippei Mizuhara, made his first appearance in California federal court Friday, with a magistrate judge ruling that he can be released on a $25,000 bond following his arrest for a bank fraud charge filed Thursday over allegations that he stole over $16 million from the baseball player.
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April 12, 2024
Republicans Warn CFPB Against Pursuing Arbitration Rule 2.0
Two Republican lawmakers are cautioning the Consumer Financial Protection Bureau against heeding calls for another rulemaking to restrict arbitration provisions in consumer financial contracts, warning that such an effort would be a "significant abuse" of the agency's authority.
Expert Analysis
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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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Series
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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Series
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.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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Securities Class Actions Show No Signs of Slowing In 2024
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.
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How Corp. Transparency Act Can Unmask Crypto Owners
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.
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Major EU AI Banking Ruling Will Reverberate Across Sectors
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.
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ESG Concerns Can No Longer Be Ignored In 2024
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.