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Banking
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April 16, 2024
Wis. Bank Must Face Bias Claims In Tribal Peyote Case
A Wisconsin federal judge ruled Tuesday that a local bank cannot avoid discrimination claims in a suit that accuses it of denying service to Indigenous company Medicine Fireplace, whose members use the psychoactive peyote plant in their religious ceremonies.
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April 16, 2024
Trump, Insurer Defend $175M Bond In NY AG Case
Donald Trump and the Delaware insurer that agreed to post the former president's $175 million bond in his civil business fraud case told a Manhattan judge that they have the money in cash, after New York Attorney General Letitia James questioned the sufficiency of the bond.
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April 16, 2024
SEC Hit With Class Action Over Database Privacy Concerns
A conservative think tank filed a lawsuit in Texas federal court Tuesday hoping to put an end to a U.S. Securities and Exchange Commission market surveillance tool known as the consolidated audit trail, arguing in the proposed class action that the database threatens to subject the personal information of tens of millions of American citizens to a possible data breach.
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April 16, 2024
CFPB Moves To 'Streamline' How It Tags Nonbanks For Exams
The Consumer Financial Protection Bureau on Tuesday unveiled procedural adjustments to its process for singling out fintech firms and other nonbanks for examination, changes the agency attributed in part to plans for an internal reorganization of its supervision and enforcement unit.
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April 16, 2024
Ex-Minority Owner Of Commanders Sues BofA Over Team Sale
A former minority owner of the Washington Commanders has accused Bank of America and affiliated entities of conspiring with the team's former majority owner to buy 40% of the franchise at a discount, only to turn around and later sell all of it for $6 billion.
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April 16, 2024
IBM Gained Most AI Patents By Far In 2023
IBM obtained more U.S. artificial intelligence patents in 2023 than any other company, with its closest competitors falling behind by more than 300 patents, according to a Harrity Patent Analytics report announced Tuesday.
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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.
Expert Analysis
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A New Push To Clear Up Marijuana's Foggy Legal Status
A recently publicized U.S. Food and Drug Administration recommendation to reschedule marijuana has reignited discourse over the drug's federal legal status — and although rescheduling would mitigate the legal risks for the industry and drastically increase the resources available for industry participants, the path forward will not be clear cut, say Joseph Cioffi and Louis DiLorenzo at Davis+Gilbert.
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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.