Banking

  • March 01, 2024

    Colo. Real Estate Brokerage Settles Data Breach Class Claims

    A proposed class settled a data breach lawsuit against a Denver-based real estate brokerage and property management company in Colorado federal court.

  • February 29, 2024

    Amazon Cuts Deals With Mastercard, Banks In Fee MDL

    Amazon told a New York federal court Thursday that it has reached settlement agreements with Mastercard and several banks, after reaching a previous deal with Visa, over allegations that anti-competitive conduct by the card companies and banks caused the online retail giant to overpay for transaction fees.

  • February 29, 2024

    Judge Nixes Enforcement Of 'Fabricated' $88M Award

    An English judge on Thursday set aside his order enforcing a £70 million ($88.4 million) arbitral award against a Kuwaiti bank after concluding the award was a "fabrication" that included "substantial" passages lifted directly from a 2022 decision issued by the High Court.

  • February 29, 2024

    Fed Ends SocGen Money Laundering Compliance Action

    The Federal Reserve Board announced Thursday that it has ended an enforcement action against Société Générale SA for alleged deficiencies in the French bank's compliance with anti-money laundering requirements.

  • February 29, 2024

    Texas Cash Advance Co. Fees Accused Of Usury In Disguise

    Cash advance app FloatMe Corp. has been hit with a proposed class action alleging the company violated Pennsylvania state law by charging fees that amount to unduly high interest rates on its short-term, small-sum loans.

  • February 29, 2024

    Two More Cos. Hit With 'In Concert' Delaware Bylaw Suits

    The number of class actions targeting companies' boards of directors and allegedly "coercive" bylaw provisions continues to grow, as two new investor suits were filed in Delaware's Court of Chancery against Massachusetts payments software company Flywire Corp. and California subscription software company Zuora Inc.

  • February 29, 2024

    House Bill To Undo SEC Crypto Accounting Bulletin Advances

    A bipartisan bill that would undo crypto accounting guidance from the U.S. Securities and Exchange Commission advanced out of the House Financial Services Committee on Thursday, despite concerns from some Democrats that it could have a chilling effect on future SEC guidance.

  • February 29, 2024

    Wells Fargo Trying To Paper Over Sham Sign-Ups, Suit Says

    Wells Fargo was hit Thursday in San Francisco federal court with a class action complaint that alleges the bank surreptitiously enrolled consumers in unwanted account products for years, and is now trying to buy them off on the cheap with murky offers of compensation.

  • February 29, 2024

    TransUnion Pegs Potential DOJ Data Unit Settlement At $37M

    TransUnion has put a $37 million price tag on a possible settlement of a U.S. Department of Justice investigation into a data and analytics business the credit reporting giant purchased, according to a Thursday regulatory filing.

  • February 29, 2024

    Biz Owner's $2.4M FBAR Dispute Paused For Mediation

    The U.S. government and a retired plumbing business owner mutually agreed to a 90-day stay of their $2.4 million tax dispute over foreign bank account reporting while they try to mediate a solution, a Georgia federal judge said Thursday.

  • February 29, 2024

    Discover Deal Prompts Dems To Seek Bank Merger Revamp

    Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, and 15 other House Democrats are calling on federal bank regulators and the U.S. Department of Justice to quickly crack down on mergers in the wake of Capital One's recently announced $35.3 billion deal to acquire Discover Financial Services.

  • February 29, 2024

    Ga. Man Convicted In $11M PPP Fraud Case Wants New Trial

    An Atlanta man convicted on dozens of charges stemming from an $11 million pandemic loan fraud scheme has asked a Georgia federal judge for a new trial.

  • February 29, 2024

    Deals Rumor Mill: Springer Nature, Warner Bros., ExxonMobil

    Springer Nature's IPO could be valued at $9.7 billion, Warner Bros. has pulled back on Paramount negotiations, and ExxonMobil could fetch $1 billion for Argentinean assets. Here, Law360 breaks down the notable deal rumors from the past week.

  • February 29, 2024

    Munck Wilson Adds IP Lawyer From Wood Smith

    A former Wood Smith Henning & Berman LLP attorney has made the move to Munck Wilson Mandala LLP in Los Angeles, bringing with her a history of working on intellectual property litigation and other commercial matters.

  • February 29, 2024

    SVB Parent's Counsel Booted From Fraud Coverage Row

    The bankrupt parent company of Silicon Valley Bank cannot use Farella Braun & Martel LLP as counsel in litigation over the parent company's claims that it alone must be covered for a fraud scheme that caused over $73 million in losses, a North Carolina federal court ruled.

  • February 29, 2024

    Staples, Subway & More Targeted In App Patent Suits

    Numerous major retailers were sued in Texas federal court, with Communication Interface Technologies LLC alleging that their apps infringe patents on mobile device communications it owns.

  • February 29, 2024

    CFPB Takes Aim At 'Steering' In Credit Card Comparison Tools

    The Consumer Financial Protection Bureau on Thursday fired a shot across the bow of websites and apps that let consumers comparison-shop for credit cards, warning in new guidance that paid-placement rankings and other forms of preferential "steering" can run afoul of federal law.

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case

    A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.

  • February 28, 2024

    Marcum CPA Sues To Stop SEC's 'Unprecedented' In-House Case

    A certified public accountant and Marcum LLP engagement partner has sued the U.S. Securities and Exchange Commission in New York federal court, seeking to block its administrative case against him by arguing his constitutional rights are being violated by an "entirely unprecedented" enforcement action.

  • February 28, 2024

    Wells Fargo Fired Teller For AML Whistleblowing, Suit Says

    Wells Fargo faces an ex-employee's suit alleging the bank fired her in retaliation after she raised concerns that the bank's "streamlined" online account opening process allowed customers to open accounts even if they'd previously failed screening aimed at preventing money laundering.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    Binance Founder Against More Travel Limits, Floats UAE Trip

    Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates. 

  • February 28, 2024

    Objectors Want $1M Atty Fees In $5.6B Swipe Fees Settlement

    Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard have told a New York federal judge they are seeking nearly $1 million in legal fees for "enhancing the adversary process, sharpening the debate, and pursuing meritorious appeals in this litigation over the past eleven years."

  • February 28, 2024

    CFPB, FTC Urge 11th Circ. To Rule Against 'Pay-To-Pay' Fees

    The Consumer Financial Protection Bureau and Federal Trade Commission have backed consumers battling mortgage servicer Ocwen over the legality of so-called convenience fees, urging the Eleventh Circuit to affirm that federal prohibitions apply to the charges.

Expert Analysis

  • Calif. Banking Brief: All The Notable Legal Updates In Q4

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    As 2023 came to an end, we continued to see developments in California that are certain to have an impact on the financial services industry in 2024, including the California Department of Financial Protection and Innovation's request for comments on the state's new digital asset law and the state's continued enforcement actions against debt collectors, say Jennifer Olivestone and Juan Azel at Winston & Strawn.

  • 4 Legal Ethics Considerations For The New Year

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    As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.

  • Corporate Transparency Act Takeaways For Banking Industry

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    As of Jan. 1, the Corporate Transparency Act requires millions of companies to report the identities of their beneficial owners and applicants to the Financial Crimes Enforcement Network, and this groundbreaking change adds compliance obligations and complexity for lenders, borrowers and investors, says George Singer at Holland & Hart.

  • Series

    In The CFPB Playbook: Rulemaking Rush Before Election Year

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    In this quarterly Consumer Financial Protection Bureau activity recap by former bureau personnel, attorneys at McGuireWoods explain the regulator's recent push to finalize new rules about data aggregators, digital payment apps and more before the election-year Congressional Review Act window opens.

  • Securities Question Stands After Contradicting Crypto Rulings

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    The debate about the regulation of crypto-assets came to a head in 2023 when two New York federal judges came to opposite conclusions about whether crypto-assets were securities by using the Howey test, highlighting the uncertainty facing the crypto industry as it seeks to resolve definitional questions, say attorneys at Ballard Spahr.

  • What The Law Firm Of The Future Will Look Like

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    As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.

  • 4 PR Pointers When Your Case Is In The News

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    Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.

  • Texas Banking Brief: All The Notable Legal Updates In Q4

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    Among the most noteworthy developments in the Texas banking sphere in the last quarter of 2023 were the Texas Department of Banking's extension of the state banking commissioner's authority, a recommendation to implement an updated ransomware self-assessment tool, and ongoing litigation in the state involving the Consumer Financial Protection Bureau, says Patrick Hanchey at Alston & Bird.

  • SDNY Ruling Highlights Fed's Broad Master Account Power

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    In denying a Puerto Rican bank’s recent motion for injunction against the New York Fed, a New York federal court went beyond the specifics of the case in holding that financial institutions have no statutory right to a master account with a Federal Reserve bank, emphasizing the Fed’s unilateral discretion in these matters, say attorneys at Ballard Spahr.

  • Cybersecurity Issues For Financial Industry To Track In 2024

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    In 2024 financial institutions will confront new federal, state and industry regulations around cybersecurity that require additional procedures, enhanced proactive security measures, and timely disclosure of security incidents, say Alex Koskey and Matt White at Baker Donelson.

  • How State AGs Process And Prioritize Consumer Complaints

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    Recent state attorneys general actions illustrate how their offices triage, monitor and respond to consumer complaints — and why businesses need to be proactive in addressing these issues as they arise, say Meghan Stoppel and Hannah Cornett Land at Cozen O'Connor.

  • Charting The Course For Digital Assets In 2024

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    Although 2023 was a tough year for the digital asset industry, upcoming court decisions, legislation and regulatory action will bring clarity, allowing the industry to expand and evolve, and the government will decide what innovation it will allow without challenge, says Joshua Smeltzer at Gray Reed.

  • What To Expect From The CFPB This Year

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    The potential for upheaval at the Consumer Financial Protection Bureau will be greater during an election year, and there are several opportunities and challenges ahead for the bureau in 2024, say Eric Mogilnicki and David Stein at Covington.

  • Law Firm Strategies For Successfully Navigating 2024 Trends

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    Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.

  • The Most-Read Legal Industry Law360 Guest Articles Of 2023

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    A range of legal industry topics drew readers' attention in Law360's Expert Analysis section this year, from associate retention strategies to ethical billing practices.

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