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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.
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April 12, 2024
Mogul Aims To Trace Part Of Alleged $35M Hack Payout To Atty
An airline mogul has doubled down on a bid to access the bank records of a North Carolina attorney and ex-FBI agent, saying those records will help "follow the money" to prove a large-scale hacking conspiracy against him that he claims involves a $35 million payout.
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April 12, 2024
Credit Suisse, Lloyds, Others Ink $3.5M Libor Deal
Plaintiffs in the yearslong suit alleging various big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $3.45 million settlement with Credit Suisse AG, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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April 12, 2024
Woman Pleads Guilty To $1.3M COVID Tax Credit Fraud
A California woman pled guilty to fraudulently obtaining $2 million in COVID-19 government loans and falsely claiming $1.3 million in tax credits, crimes that could result in a 20-year prison sentence, the U.S. Department of Justice said.
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April 12, 2024
The Week In Trump: Catch Up On The Ex-President's Cases
Donald Trump and his legal team proved that they are nothing if not persistent as they repeatedly tried — and failed — to hit the brakes on the former president's porn star hush money trial in Manhattan.
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April 12, 2024
Off The Bench: Ohtani 'Victim' In Theft, Arbitration Nod To NFL
In this week's Off The Bench, Shohei Ohtani looks to get off the hook on sports-betting allegations while his former interpreter faces charges, the NFL wins a critical court victory in the Brian Flores lawsuit, and troubled WWE founder Vince McMahon cuts even more financial ties with the company.
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April 12, 2024
HomeStreet Hit With Shareholders Suit Over FirstSun Merger
Banking company HomeStreet Inc. has been hit with a proposed class action alleging that it failed to disclose details about the sale process of its merger with FirstSun Capital Bancorp., saying that the company entered into the agreement with "little to no consideration" to any of its shareholders.
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April 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen footwear brand Dr. Martens hit online retailer Temu with a passing off claim, Welsh soccer club Swansea sue its former head coach Russell Martin, Russian diamond tycoon Dmitry Tsvetkov file a claim against his former business Equix Group Ltd., and U.S. bank Omega Financial Corporation hit African oil and gas company Tende Energy with a claim. Here, Law360 looks at these and other new claims in the U.K.
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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.
Expert Analysis
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Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
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SEC Regs Give Banks Chance To Step Up Cyber Safety Game
Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
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Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
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NY's Revamped Card Surcharge Ban Is Unique Among States
Newly revised New York legislation bolsters the state's ban on credit card surcharges, potentially reinvigorating similar laws across the country despite the fact that many of them have been ruled unconstitutional, say Tom Witherspoon and Audrey Carroll at Stinson.
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Preparing For DOJ's Data Analytics Push In FCPA Cases
After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.
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How High Court SEC Case Could Affect The ITC
While the U.S. Supreme Court’s upcoming ruling in U.S. Securities and Exchange Commission v. Jarkesy will likely spare the U.S. International Trade Commission from major operative changes, the ITC’s ability to issue penalties for violations of its orders may change, say Gwendolyn Tawresey and Ryan Deck at Troutman Pepper.
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CFPB Overdraft Rule Could Mean Big Shift In Banking Biz
The Consumer Financial Protection Bureau has proposed "to close a longstanding loophole" in the Truth in Lending Act by changing how it regulates overdraft fees, but underneath the headline-grabbing proposal is a foundational shift in how the bureau views overdraft services, say attorneys at Katten.
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Challenges Remain In Financing Energy Transition Minerals
COP28, the latest U.N. climate conference, reached a consensus on a just and equitable transition from fossil fuels to renewable energy, but more action and funding will be needed to ensure that developed countries responsibly source the minerals that will be critical for this process, say attorneys at Watson Farley.
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$32.4M Fine For Info Disclosure Is A Stark Warning For Banks
The New York State Department of Financial Services and the Federal Reserve's fining of a Chinese state-owned bank $32.4 million last month underscores the need for financial institutions to have policies and procedures in place to handle confidential supervisory information, say attorneys at Sidley.
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Loan Transparency Proposals May Bring Some Clarity
U.S. banking regulators' proposed revisions to rules that would require banks to disclose more granular information about loans made to nondepository financial institutions would somewhat clarify the size of the fund finance market, though full enlightenment does not look likely in the near future, says Chris van Heerden at Cadwalader.
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Series
Coaching High School Wrestling Makes Me A Better Lawyer
Coaching my son’s high school wrestling team has been great fun, but it’s also demonstrated how a legal career can benefit from certain experiences, such as embracing the unknown, studying the rules and engaging with new people, says Richard Davis at Maynard Nexsen.
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Debt Collector Compliance Takeaways From An FDCPA Appeal
A Consumer Financial Protection Bureau amicus brief last month in an ongoing First Circuit appeal focusing on an interpretation of the Fair Debt Collection Practices Act can serve as a reminder for debt collectors to understand how their technologies, like bankruptcy scrubs and letter logic, can prevent litigation, says Justin Bradley at Womble Bond.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.