Try our Advanced Search for more refined results
Banking
-
April 23, 2024
Boies Schiller Attys For Epstein Victims Beat Sanctions Bid
A New York federal judge on Tuesday evening rejected a request by associates of Jeffrey Epstein to sanction Boies Schiller Flexner LLP's chair and a co-managing partner, while also denying the Boies Schiller attorneys' subsequent motion to sanction the Epstein associates' counsel.
-
April 23, 2024
Feds Want About 3 Years In Prison For LA Bank Embezzler
The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.
-
April 23, 2024
DOL's Final Investment Advice Regs Expand ERISA's Reach
The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.
-
April 22, 2024
PacWest Wants Suit Over Alleged Rate Hike Exposure Axed
PacWest Bancorp has urged a California federal judge to toss a proposed class action from an investor who alleges the California regional bank ignored warning signs posed by last year's collapse of Silicon Valley Bank, saying the fact that it did not anticipate the "unprecedented turmoil in the banking industry" is not a violation of federal securities laws.
-
April 22, 2024
NY's 'Buy-Now, Pay-Later' Oversight Bill Delayed But Not Dead
A New York state proposal to start licensing and supervising buy-now, pay-later providers didn't make the final cut in lawmakers' just-approved $237 billion budget, but a version being advanced through standalone legislation could still make it into law.
-
April 22, 2024
Kansas Gov. Signs Earned Wage Access License Bill Into Law
Kansas has become the fourth state to approve new laws governing so-called earned wage access products, joining Nevada, Missouri and Wisconsin in regulating services for workers seeking cash advances.
-
April 22, 2024
Scotiabank Fights To Keep Peru VAT Claim Alive
The Bank of Nova Scotia urged the World Bank's international arbitration institution in recently released documents not to dismiss the arbitration of its value-added tax dispute against Peru, saying the case raises issues of fact.
-
April 22, 2024
Congress Can Enact Corp. Transparency, Orgs Tell 11th Circ.
Congress is empowered to require American companies to report their beneficial owners to the federal government because there is ample evidence they've previously been used to fund hostile foreign actors, evade sanctions and traffic drugs, two think tanks told the Eleventh Circuit in an amici brief.
-
April 22, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.
-
April 22, 2024
Trump, NY AG Reach Deal To OK $175M Fraud Appeal Bond
Donald Trump's lawyers agreed Monday to bond conditions requiring the former president to give up control of his $175 million cash deposit pending appeal of a $465 million civil fraud judgment, staving off scrutiny from both the New York attorney general and the judge who entered the award.
-
April 22, 2024
PE-Backed Cruise Operator Viking Sets Sights On $1B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Monday set a price range on an estimated $1 billion initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the latest test of the IPO market's nascent recovery.
-
April 22, 2024
Ex-Law Dept. Employee Cops To Workers' Comp Check Thefts
A former New York City Law Department mail room worker on Monday admitted to a bank fraud conspiracy count after federal prosecutors charged him with a two-year workers' compensation check theft and forgery scheme they say netted $600,000.
-
April 19, 2024
SBF Inks Deal To Help FTX Investors Go After Promoters
Investors who launched multidistrict litigation over cryptocurrency exchange FTX's collapse asked a Florida federal judge Friday to bless their settlement with founder Sam Bankman-Fried, who has agreed to assist in their case against celebrities who promoted the platform and other defendants alleged to be part of the fraud scheme.
-
April 19, 2024
Wells Fargo Faces Sex Bias Suit Over 'Degrading' Workplace
A Wells Fargo bond saleswoman sued the bank Friday in Illinois federal court, accusing it of sex discrimination by creating "an unapologetically sexist working environment" and passing her up for promotions despite her years of experience in the investment banking world.
-
April 19, 2024
Real Estate Authority: Small Bank Loans, ULI, Lunar Housing
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 the rising regulatory focus on small-bank commercial real estate loans, takeaways from the Urban Land Institute's Resilience Summit, and an architect's guide to lunar housing.
-
April 19, 2024
CFPB Seeks 5th Circ. Do-Over In Credit Card Late Fee Case
The Consumer Financial Protection Bureau is pushing for the Fifth Circuit to reconsider its rejection of a transfer out of Texas for a lawsuit challenging the agency's $8 credit card late fee rule, warning the decision was wrong on key facts and could prove a "boon for forum-shopping plaintiffs" if left in place.
-
April 19, 2024
Kansas City Bank Sued Over Prepaid Cards For Ex-Detainees
A Kansas City, Missouri, bank faces a proposed class action accusing it of violating federal and state consumer protections laws in issuing prepaid debit cards to people who had their cash confiscated after being detained following an arrest, and then charging them fees to access their funds after their release.
-
April 19, 2024
Banking Boss Seeks First Bite In Lawyer-Linked Debt Services
Connecticut's banking commissioner says a trial court judge misapplied case law by sidelining his authority to investigate complaints against a debt collection operation attached to a law firm, saying his office should be the first to decide whether he or the judicial branch has authority over the matter.
-
April 19, 2024
Thai Co. Pays $20M For 'Egregious' Iran Sanctions Violations
Thai-based SCG Plastics will pay $20 million to resolve claims it committed over 460 "egregious" violations of Iranian sanctions by causing U.S. banks to process $291 million in wire transfers in connection with the sales of high-density polyethylene resin made in Iran, as well as obscuring the resin's origin in shipping documents.
-
April 19, 2024
IRS Previews New Digital Assets Reporting Form
The Internal Revenue Service released a draft of a form brokers will have to use for the first time to disclose their digital asset sales to the agency, including instructions for taxpayers whose transactions are subject to the reporting requirements.
-
April 19, 2024
NY AG Doubts Trump Insurer Can Cover $175M Bond
The New York Attorney General's Office told a Manhattan court Friday it has doubts about a California insurer's ability to cover a $175 million bond imposed on Donald Trump after a civil trial in which he was found responsible for conspiring to inflate his wealth for financial gain.
-
April 19, 2024
Atty Says False Testimony Justifies Chrisleys' Acquittal
Attorneys for Todd and Julie Chrisley of the reality television show "Chrisley Knows Best," who are in prison after being convicted on federal charges of bank fraud and tax evasion, urged the Eleventh Circuit to undo their convictions on Friday, arguing prosecutors knowingly presented false, prejudicial testimony at trial.
-
April 19, 2024
Blumenauer: This 4/20 Will Be The Last For Schedule I Pot
U.S. Rep. Earl Blumenauer, D-Ore., one of the most ardent champions of marijuana policy reform on Capitol Hill, said Friday that he was optimistic 2024 would be final year that cannabis would remain a Schedule I substance under federal law.
-
April 19, 2024
The Week In Trump: NY Trial And A High Court Date Loom
Despite a few snags, jury selection for Donald Trump's hush money trial in Manhattan unfolded relatively quickly, clearing the way for opening statements Monday in the historic case as the former president prepped for a U.S. Supreme Court debate over his supposed immunity.
-
April 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
-
Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
-
FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
-
Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
-
A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
-
This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
-
New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
-
What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
-
Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
-
An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
-
Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
-
Roundup
Illinois Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.
-
Roundup
Florida Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.
-
At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
-
Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
-
Series
NY Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.