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Banking
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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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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.