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Banking
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May 06, 2024
JPMorgan Accused Of Failing To Protect Account Data
JPMorgan Chase & Co. failed to protect sensitive personal information for individuals whose retirement accounts it administered, causing at least 451,000 people to have identifiable data stolen over the past three years, according to a proposed class action filed in New York federal court.
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May 06, 2024
FDIC, OCC Gear Up For Another Shot At Banker Bonus Rules
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency on Monday revived an Obama-era proposal to set restrictions on incentive-based pay for executives at big banks, a lingering item of unfinished Dodd-Frank Act business, and for now, the Federal Reserve is sitting out.
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May 03, 2024
Binance Founder's Sentence Shaped By Plea And Apology
Binance founder Changpeng Zhao's willingness to cooperate with law enforcement and accept responsibility in court for the crypto exchange's anti-money laundering violations helped the former CEO land a deal with prosecutors that got him a relatively short prison sentence to close out a yearslong investigation.
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May 03, 2024
NY's Citi Suit Imperils Wire Transfer Market, Bank Groups Say
Major banking trade groups are backing Citibank NA in its fight against the New York attorney general's lawsuit over the bank's payment fraud protocols, warning that the state's claims seek to change how wire transfers are regulated in a way that could "upend" the marketplace for such services.
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May 03, 2024
5th Circ. Stands By Keeping CFPB Late Fee Case In Texas
A Fifth Circuit panel will not reconsider its decision rejecting the cross-country transfer of a bank industry-backed challenge to the Consumer Financial Protection Bureau's $8 credit card late fee standard, denying the agency's bid to move the case back to Washington, D.C., from Texas.
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May 03, 2024
Goldman Settles Decade-Old Metal-Rigging Class Action
Goldman Sachs Group Inc. has settled a decade-old putative class action claiming the investment bank and others conspired to manipulate platinum and palladium market values, according to a Friday filing with the U.S. Securities and Exchange Commission.
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May 03, 2024
Sidley Liable For Ex-Partner's Tax Sheltering, Ga. Judge Told
Counsel for a family of business magnates who say they were duped into an illegal tax shelter scheme over 25 years ago by Sidley Austin urged a Georgia federal judge Friday to let their suit against the firm continue, arguing its defense that the suit is time-barred should be done away with.
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May 03, 2024
Fintech Co. Says PNC Acknowledged Use Of Logo For Years
Fintech company Plaid Inc. tried to fend off PNC Bank's allegations it tricked customers into handing over confidential account information, telling a Pennsylvania federal judge on Friday that the bank knew its trademarks were being used on Plaid's system.
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May 03, 2024
SoFi Unit To Pay FINRA $1.1M To Settle Customer ID Claims
SoFi Securities has agreed to pay $1.1 million to settle Financial Industry Regulatory Authority claims that it lacked a suitable user verification process for the firm's cash management brokerage business, allowing the opening of 800 accounts used by third parties to illegally transfer $8.6 million from other financial institution accounts.
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May 03, 2024
Cash App's Parent Co. Can't Ditch Referral Text Suit
Block Inc., the parent company of mobile payment service Cash App, can't escape a suit alleging it bombarded cellphone users with "annoying and harassing spam texts," a Washington federal judge ruled, finding the plaintiff has alleged sufficient facts to support a plausible claim for relief under Washington's Consumer Electronic Mail Act.
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May 03, 2024
Judge Says Lender Can't Escape CFPB's Loan Data Suit
A Florida federal judge has refused to dismiss the Consumer Financial Protection Bureau's suit accusing mortgage servicer and lender Freedom Mortgage Corp. of violating federal law by submitting inaccurate government mortgage loan data.
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May 03, 2024
Texas Rep. Cuellar Charged With Taking Bribes
U.S. Rep. Henry Cuellar and his wife have been indicted on federal charges they accepted bribes from entities in Azerbaijan and Mexico in exchange for political favors, prosecutors said Friday.
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May 03, 2024
4th Circ. Preview: Hemp, Wells And A Withdrawal
The Fourth Circuit's second session of 2024 will have the court pondering the tension between Virginia's recent hemp restrictions and federal regulations, and how the Truth in Lending Act impacts a case accusing PNC Bank of an unauthorized account withdrawal.
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May 03, 2024
SEC Fines Trump Media's Audit Firm For 'Massive Fraud'
The U.S. Securities and Exchange Commission said on Friday that it has fined and permanently suspended the public accounting firm of former President Donald Trump's social media company for allegedly running a "sham auditing mill" by failing to meet industry standards in reviewing the financial statements of hundreds of clients.
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May 03, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen rapper Ivorian Doll hit with a copyright claim, private members club Aspinalls file a claim against a Saudi sheikh, and Motorola Solutions file a claim against the British government on the heels of its dispute over losing a £400 million ($502 million) government contract. Here, Law360 looks at these and other new claims in the U.K.
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May 02, 2024
SEC Lands $25M Judgment In TikToker-Wannabe Ponzi Suit
A South Carolina man and his companies must pay the U.S. Securities and Exchange Commission nearly $24.9 million to settle claims that he misappropriated investors' money to make Ponzi payments to earlier investors and to pay for luxury cars and over $1 million to TikTok creators, according to judgments issued in Georgia federal court.
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May 02, 2024
Wells Fargo Discloses Zelle Dispute-Handling Scrutiny
Wells Fargo & Co. on Thursday became the latest financial institution to disclose government scrutiny of how customers' dispute claims for potentially mistaken or fraudulent instant payments are being handled.
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May 02, 2024
No Atty Fees For Objectors To $5.6B Swipe Fees Settlement
Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard cannot collect nearly $1 million in attorney fees, a New York federal judge ruled Thursday, saying they haven't shown their objections to the original 2013 settlement substantially benefited the class.
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May 02, 2024
Ex-JPM Trader Slams DOJ's 'Rank Opportunism' In Doc Suit
A former JPMorgan Chase & Co. foreign exchange trader is pressing a D.C. federal court to order the release of investigative material from the government's failed market manipulation criminal case against him, saying the U.S. Department of Justice's arguments against disclosure amount to "rank opportunism."
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May 02, 2024
Barnes & Noble Joins Visa, Mastercard Settlement Objectors
A new collection of major retailers is joining Target Corp. and Grubhub in objecting to a proposed settlement deal cut by Visa and Mastercard, saying the deal would actually codify an illegal price-fixing agreement.
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May 02, 2024
State Legislators Urge Feds To Change Cannabis' Status
A coalition of state lawmakers on Thursday urged the heads of the U.S. Department of Justice and its drug enforcement agency to prioritize changing cannabis' status as a highly restricted drug.
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May 02, 2024
2nd Circ. Skeptical About Ex-TD Bank Manager's Bias Suit
The Second Circuit appeared unwilling Thursday to wipe out TD Bank's win over a former manager's suit alleging he was ousted because he asked for parental leave and had anxiety, with an appellate panel seeming unconvinced that the bank's claim that unethical conduct got him fired was dishonest.
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May 02, 2024
Recent BigLaw Moves Show Boston Is 'Clearly On The Map'
Three BigLaw firms' recent moves to build out physical footprints in Boston are a testament to the region's thriving technology, healthcare, life sciences and finance industries — a trend that shows no signs of slowing down, experts say.
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May 02, 2024
Discover Ups Liability Costs For Card Pricing Issue To $1.2B
Discover Financial Services has put a $1.2 billion price tag on remediation for its previously disclosed credit card pricing misclassification, which is now the subject of a U.S. Securities and Exchange Commission investigation, representing an increase of nearly 230% from the $365 million liability it recorded nearly a year ago.
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May 02, 2024
Feds Want Prison For Ex-Public Defender For Tax Fraud
A former chief public defender in Minneapolis who in seeking leniency said he resigned in disgrace amid accusations that he failed to pay taxes for years on his private law firm should nonetheless spend eight months in prison after pleading guilty, prosecutors told a Minnesota federal court.
Expert Analysis
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Business Litigators Have A Source Of Untapped Fulfillment
As increasing numbers of attorneys struggle with stress and mental health issues, business litigators can find protection against burnout by remembering their important role in society — because fulfillment in one’s work isn’t just reserved for public interest lawyers, say Bennett Rawicki and Peter Bigelow at Hilgers Graben.
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Fla. Bankruptcy Ruling Is Cautionary Tale For Debt Collectors
A Florida bankruptcy court recently rejected the assertion that a debt purchaser was entitled to enforce a debt not correctly listed on the debtor's bankruptcy schedules, and the sanctions imposed provide a stark reminder on due diligence in debt collection practices, say Deborah Kovsky-Apap and Stefanie Jackman at Troutman Pepper.
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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.