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Banking
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April 10, 2024
Chase, Zelle Can Arbitrate Stolen-Funds Reimbursement Case
A Pennsylvania federal judge on Tuesday granted Chase Bank and Zelle's request to arbitrate customer claims they acted negligently and violated consumer protection laws by refusing to refund stolen funds, with the judge saying that relevant virtual terms of service required by Chase are valid, and that Zelle may enforce the agreement as a third-party beneficiary.
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April 10, 2024
Ex-BigLaw Atty In OneCoin Scam A Flight Risk, Feds Say
A former Locke Lord LLP partner who was convicted of laundering proceeds from the OneCoin cryptocurrency scam has "every incentive" to flee the country, prosecutors told a New York federal judge, arguing he shouldn't be allowed to stay out on bail while his appeal is pending.
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April 10, 2024
Biden's Student Loan Relief Plan Is Unlawful, States Say
A coalition of states have sued the Biden administration over a student loan forgiveness program that's set to kick in this summer, alleging in a Missouri federal lawsuit that the plan sidesteps statutory authority and will unduly cost taxpayers nearly $500 billion.
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April 10, 2024
PCAOB Fines KPMG, Deloitte Units $27M For Cheating Claims
KPMG Netherlands and two Deloitte units will pay a combined $27 million to settle allegations from the Public Company Accounting Oversight Board of widespread answer sharing in their internal training programs, with KPMG's $25 million penalty marking the largest fine PCAOB has ever imposed.
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April 10, 2024
Ex-Trump Finance Chief Weisselberg Jailed For Perjury
A New York state judge on Wednesday sentenced former Trump Organization Chief Financial Officer Allen Weisselberg to five months in jail for lying under oath in the attorney general's civil fraud case against Donald Trump and his business associates, imprisoning a close ally of the former president on the eve of his hush-money trial.
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April 09, 2024
Six Firms Vie To Lead NY Community Bank Losses Suit
Six firms seek to represent a proposed class of investors in a consolidated proposed class action alleging New York Community Bank misled investors about its struggles following its 2022 acquisition of Flagstar Bank and its 2023 acquisition of certain Signature Bank assets.
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April 09, 2024
5th Circ. Asks For Briefing Amid Scrutiny Of Judge's Citi Stock
The Fifth Circuit has ordered additional briefing in a banking industry-backed legal challenge to the Consumer Financial Protection Bureau's $8 credit card late-fee rule amid questions that have been raised about a potential conflict of interest involving a circuit court judge on the case.
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April 09, 2024
Calif. AG Backs Bill To Revamp 'Abysmal' Corporate Penalties
California Attorney General Rob Bonta gave his full support Tuesday to a state bill that would increase the cap on criminal penalties for corporate malfeasance from the "abysmal penalty" of $10,000 per felony to $25 million, or twice the value of the inflicted loss, and provide all proceeds to California's crime victim services.
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April 09, 2024
FDIC Beats Industry Group's Challenge To NSF Fee Guidance
The Federal Deposit Insurance Corporation no longer faces a bank industry group's suit alleging its guidance on nonsufficient funds fees violated federal law after a Minnesota federal judge found the group put "the cart before the horse" in presuming certain FDIC guidance would be binding.
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April 09, 2024
House GOP To Air Measure Rejecting SEC Climate Rule
The U.S. House of Representatives' Financial Services Committee will hold a hearing Wednesday morning addressing the U.S. Securities and Exchange Commission's climate disclosure rules, where a leading Republican member of the committee is expected to put forth a resolution that would nullify the rules.
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April 09, 2024
Trump Opposes NY Monitor Probe After Exec's Perjury
Attorneys for Donald Trump argued against allowing a court-appointed monitor of the Trump Organization to look into supposed discovery lapses in the New York attorney general's civil business fraud case related to a perjury plea by the company's former longtime Chief Financial Officer Allen Weisselberg.
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April 09, 2024
Ex-Fox News Anchor Continues Fighting Forced Arbitration
Gretchen Carlson, a former Fox News anchor and a leading advocate for ending forced arbitration after suing Fox News' former chair and CEO over sexual harassment allegations, told senators on Tuesday that more is needed to protect workers, particularly older ones, despite important legislation enacted two years ago.
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April 09, 2024
TD Bank Wants 'Absurd' First Horizon Merger Suit Tossed
TD Bank has urged a New Jersey federal judge to dismiss a proposed class action from investors over the bank's failed merger with First Horizon, saying the investors can't sue because the deal never closed and the suit's asserted scienter claim "defies commonsense."
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April 09, 2024
Treasury Renews Call For Tools To Combat Crypto Crime
Deputy Treasury Secretary Wally Adeyemo on Tuesday renewed his call to Congress for additional tools to combat cryptocurrency's use by bad actors as lawmakers floated their own priorities for a cryptocurrency regulatory regime.
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April 09, 2024
Boies Schiller Attys Face Sanctions Bid Over Epstein Suit
Boies Schiller Flexner LLP's chairman and a co-managing partner are facing a sanctions bid from associates of billionaire and sexual predator Jeffrey Epstein for filing a proposed class action against them despite the attorneys' clients previously signing releases of liability to receive victim compensation.
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April 08, 2024
Republicans Mobilize Against CFPB's Card Late-Fee Rule
The top Republican on the U.S. Senate Banking Committee introduced a legislative measure Monday to repeal the Consumer Financial Protection Bureau's $8 late-fee standard for credit cards, the latest in a heated campaign to take down the industry-opposed rule.
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April 08, 2024
W.Va. Blocks Citi, HSBC, Others Over Fossil Fuel 'Boycotts'
West Virginia's state treasurer announced Monday that Citigroup Inc., HSBC Holdings PLC, TD Bank NA and The Northern Trust Co. are ineligible for state banking contracts, finding they boycott fossil fuel companies under a Mountain State law, while two other banks escaped such a designation.
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April 08, 2024
Oppenheimer Beats FINRA Arbitration Bid By Ponzi Victims
Financial services company Oppenheimer & Co. Inc. has blocked a bid by investors seeking to arbitrate claims before the Financial Industry Regulatory Authority that attempted to keep the company on the hook for a Ponzi scheme orchestrated by a former Oppenheimer-registered broker.
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April 08, 2024
Citibank Can't Dodge Liability After Escrow Theft
A Washington state appeals court said Monday that Citibank and a predecessor lender can't avoid liability after an escrow agent allegedly embezzled nearly $1 million from a real estate company's refinancing deals, in an opinion that said the trial court failed to correctly apply controlling case law still "good" after 70 years.
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April 08, 2024
Mich. Regulators' Fraud Fears Are 'Nonsense,' Developer Says
A real estate developer has told Michigan's high court that the state is raising unfounded concerns that Michigan will become a haven for fraudsters if the top court does not adopt a federal judicially created test to determine when an investment is a security, telling the justices Michigan's own securities law is controlling.
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April 08, 2024
Credit Reporters Falling Short On Trafficking Rule, CFPB Says
The Consumer Financial Protection Bureau said Monday that its examiners have been seeing problems in the credit reporting industry with the accuracy and integrity of information that companies are relaying about consumers, including violations of certain recent protections for human trafficking survivors.
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April 08, 2024
FTC's Slaughter Defends International Cooperation
Several federal agency leaders said Monday they are working across the government to help boost competition, as Federal Trade Commissioner Rebecca Kelly Slaughter touted the importance of cooperation on competition issues at home and abroad.
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April 08, 2024
Canada's High Court Enforces Award In Greek Defense Suit
The Supreme Court of Canada has affirmed the enforcement of an arbitral award in a dispute over a contract between aircraft manufacturer Bombardier Inc. and Greece's Ministry of National Defence, saying a Canadian bank had to refuse payment to the beneficiary of a letter of credit because of fraud.
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April 08, 2024
Wells Fargo Knew Of Ex-Texas Atty's Fraud, Victims Claim
Victims of a former Texas attorney's multimillion-dollar fraud urged a Lone Star State federal court on Monday to keep alive their lawsuit accusing Wells Fargo Bank NA of enabling the scheme, arguing the bank was aware the lawyer was misusing clients' money and profited from the arrangement.
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April 08, 2024
2nd Circ. OKs Turnover Order In HNA $185M Award Feud
The Second Circuit on Monday affirmed an order forcing a subsidiary of Chinese conglomerate HNA Group to turn over its most valuable North American asset to an SL Green Realty Corp. affiliate owed about $185 million, following a dispute stemming from the affiliate's $148 million investment in a Manhattan skyscraper.
Expert Analysis
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Series
Skiing Makes Me A Better Lawyer
A lifetime of skiing has helped me develop important professional skills, and taught me that embracing challenges with a spirit of adventure can allow lawyers to push boundaries, expand their capabilities and ultimately excel in their careers, says Andrea Przybysz at Tucker Ellis.
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How Breach Reporting Is Changing For Financial Institutions
In May, the Federal Trade Commission's amended Safeguards Rule will extend the data protections that apply to information held by banks to information held by nonbanking financial institutions — and sweep even more broadly in some critical aspects, say Evan Yahng and Kurt Hunt at Dinsmore.
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Practical Steps For Navigating New Sanctions On Russia
After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.
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Opinion
UK Whistleblowers Flock To The US For Good Reason
The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.
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Think Like A Lawyer: Forget Everything You Know About IRAC
The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.
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The Corporate Transparency Act Isn't Dead Yet
After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.
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Employers, Prep For Shorter Stock Awards Settlement Cycle
Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.
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New FinCEN Guide Provides Useful BOI Context For Banks
Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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2 Emerging Defenses For Website Tracking Class Actions
Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.