Banking

  • September 22, 2022

    11th Circ. Backs Ringleader's 15-Year Sentence In Tax Scheme

    The Eleventh Circuit on Thursday upheld the 15-year prison sentence of the ringleader in a $1 million tax scheme, saying that even though she received only a portion of the loot, she was responsible for the full amount.

  • September 22, 2022

    Voyager Claimant Calls Ch. 11 Plan Docs 'Placeholders'

    A claimant of cryptocurrency investment platform Voyager Digital Holdings Inc. objected late Wednesday to the Chapter 11 plan disclosures of the debtor, saying the plan and related documents are mere placeholders that provide no meaningful information to creditors.

  • September 22, 2022

    2nd Circ. Overturns NRA's Free Speech Win

    The Second Circuit found Thursday that an investigation into insurers partnered with the National Rifle Association and a former New York official's statements advising NRA-affiliated businesses to assess their reputational risks did not violate the gun advocacy group's constitutional rights.

  • September 22, 2022

    Trump Fraud Referrals Present Political Minefield For DOJ, IRS

    The New York attorney general's criminal referrals to the U.S. Department of Justice and the IRS stemming from her probe of former President Donald Trump will force prosecutors to walk a political tightrope, given Trump's accusations of bias and Republicans' animus toward the IRS.

  • September 22, 2022

    7th Circ. Mulls If Chicago's $1B Meter Deal Created Monopoly

    A Seventh Circuit judge on Thursday said she was "dubious" of two Chicagoans' claim that an investment entity led by Morgan Stanley & Co. has monopoly power over Chicago's parking meter system after striking a controversial $1.16 billion, 75-year contract with the city.

  • September 22, 2022

    Deals Rumor Mill: FTX, Instacart, Truth Social

    Crypto exchange FTX may raise $1 billion from investors despite a bearish market, Instacart will sell mostly employee shares in connection with its IPO, and investors backing plans to take Donald Trump's social media platform public are demanding better terms. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • September 22, 2022

    US Reps. Introduce Credit Card Competition Act

    Reps. Peter Welch, D-Vt., and Lance Gooden, R-Texas, have introduced a bill that aims to bolster competition in the credit card industry and lower transaction costs for small businesses.

  • September 22, 2022

    States Can Reject Final Losses Under Tax Treaties, ECJ Says

    European Union law allows countries to refuse the deduction of final losses by a resident company incurred in another member state if taxing rights are waived under a double-tax treaty, the European Court of Justice ruled Thursday.

  • September 21, 2022

    Meet The Lawyers On Deck In NY V. Trump Biz Fraud Case

    The New York attorney general's blockbuster fraud suit against former President Donald Trump, three of his adult children and the Trump organization will pit some of the family's fiercest defenders against a team of seasoned prosecutors.

  • September 21, 2022

    9th Circ. Won't Stop Ex-Backpage Owners' New Pimping Trial

    Former Backpage.com owners and employees will have to face a new trial in the government's pimping case after a mistrial was declared due to irrelevant child trafficking stories mentioned by government witnesses, the Ninth Circuit ruled Wednesday, rejecting their argument the case should be tossed on double jeopardy grounds.

  • September 21, 2022

    DOJ Inks Job Ad Bias Deals With Walmart, Capitol One, Others

    The U.S. Department of Justice announced Wednesday it has reached settlements with four companies including Walmart and Capitol One to resolve claims the businesses discriminated against non-U.S. citizens by posting job advertisements with illegal citizen status restrictions.

  • September 21, 2022

    Crypto Co. Wintermute Says $160M Stolen In Hack

    Around $160 million worth of digital assets was stolen from crypto trading company Wintermute, according to the firm's CEO, the latest in a string of high-profile thefts targeting the cryptocurrency industry.

  • September 21, 2022

    Bank CEOs Pushed On Capital, Climate And More In Hill Visit

    House lawmakers grilled chief executives of the nation's largest banks about capital standards, climate risk regulation and other hot-button topics in a wide-ranging Wednesday hearing, which kicked off with scrutiny of Wells Fargo's progress in putting its past scandals behind it.

  • September 21, 2022

    Mississippi Credit Union Sued Over 'Deceptive' Overdraft Fees

    Sunbelt Federal Credit Union charges overdraft fees on some debit card transactions even when clients have enough money in their account, a proposed class action filed in Mississippi federal court has claimed.

  • September 21, 2022

    DOJ Quietly OKs West Coast Bank Merger, With Branch Sales

    A pair of West Coast banks have announced that they inked a deal with the U.S. Department of Justice, paving the way to combining their collective $50 billion in assets provided they sell 10 branches, although the DOJ has not yet made a statement about the agreement.

  • September 21, 2022

    NJ Atty Avoids Default Loss In Fla. Couple's Malpractice Suit

    A lawyer's delayed response to a malpractice suit may not make him "a model of diligence," but it wasn't enough to be inexcusable, a New Jersey federal judge ruled in rejecting a couple's default judgment motion against the attorney and his law firm in a case over his alleged failure to prevent the couple's home from being foreclosed.

  • September 21, 2022

    2 Firms Steer Liquidity Provider's $3.5B SPAC Merger

    Beneficient Company Group LP, provider of liquidity services for investors of alternative assets, will go public at an estimated $3.5 billion value by merging with special-purpose acquisition company Avalon Acquisition Inc., the parties announced Wednesday, in a deal guided by two law firms.

  • September 21, 2022

    NY AG Tells 2nd Circ. Trump Can't Revive Harassment Claim

    New York Attorney General Letitia James urged the Second Circuit to deny a bid by former President Donald Trump to challenge her investigation into his business dealings, arguing that Trump is trying to improperly revive his already rejected harassment claim.

  • September 21, 2022

    Robert Sarver Says He Will Sell Phoenix Suns And Mercury

    Robert Sarver announced on Wednesday that he plans to sell the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, eight days after the NBA suspended him for a year and fined him $10 million for racist and misogynist behavior and workplace bullying.

  • September 21, 2022

    German Police Raid Properties Tied To Oligarch Close To Putin

    German authorities Wednesday raided Bavarian residences of a 69-year-old businessman with ties to Russian President Vladimir Putin who is suspected of money laundering involving tax crimes, according to a joint statement from the Federal Criminal Police Office and Frankfurt prosecutors.

  • September 21, 2022

    NY AG James Sues Trump, Alleging $250M Business Fraud

    New York Attorney General Letitia James filed suit Wednesday against former President Donald Trump, his children and company executives, seeking the return of $250 million in allegedly ill-gotten gains from a 10-year scheme to defraud banks using misleading financial statements.

  • September 20, 2022

    PNC Pins $218M Patent Loss On 'Tainted' Verdict

    PNC Bank launched its latest attack Tuesday on a $218 million patent infringement battle it lost against a Texas rival that owns patents covering a way of using smartphones to deposit checks, saying the verdict was "tainted" because jurors purportedly found out that Wells Fargo already lost a case over the same patent.

  • September 20, 2022

    Nasdaq Seeks Big Investors With Crypto Custody Service

    Nasdaq on Tuesday said it has hired a former executive from crypto exchange Gemini Trust Co. LLC to lead a new digital assets unit that will provide custody services for institutional investors that trade digital currencies.

  • September 20, 2022

    7th Circ. Asked To Reverse Ill. Atty's Wire Fraud Acquittal

    An Illinois federal jury had sufficient evidence to conclude a former Freeborn & Peters partner engaged in a scheme to defraud his client's creditors, despite a district judge acquitting him of wire fraud following jurors' guilty verdict last year, the federal government told the Seventh Circuit on Tuesday.

  • September 20, 2022

    2 Firms Steer Tech-Focused Blank-Check Firm's $80M IPO

    Blank-check company Global Star Acquisition Inc. traded slightly down on its first day on the Nasdaq on Tuesday after raising $80 million in an initial public offering that priced Monday and was guided by Nelson Mullins Riley & Scarborough LLP and Mayer Brown LLP.

Expert Analysis

  • What SEC's Final Exec Comp Disclosure Rule Means For Cos.

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    The U.S. Securities and Exchange Commission recently adopted new regulations requiring companies to justify executive pay to shareholders by comparing it to financial performance, meaning companies ought to consider the new requirements quickly to avoid delaying their annual proxies, and discuss the implications with relevant committees, say Brian Soares and Celia Soehner at Morgan Lewis.

  • Demystifying OFAC And BIS Civil Settlement Negotiations

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    Alexandre Lamy at Baker McKenzie discusses the informal processes not found in the Code of Federal Regulations that are generally followed by the Office of Foreign Assets Control and the Bureau of Industry and Security to reach civil settlements, and offers key negotiation factors to consider in light of recently announced changes in BIS enforcement.

  • The Risks In Lateral Hiring, And How To Avoid Them

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    As law firms increasingly recruit laterals, they must account for ethics rules and other due diligence issues that can turn an inadvisable or careless hire into a nightmare of lost opportunity or disqualification, says Mark Hinderks at Stinson.

  • Judges Who Use Social Media Must Know Their Ethical Limits

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    While the judiciary is permitted to use electronic social media, judges and judicial candidates should protect themselves from accusations of ethics violations by studying the growing body of ethics opinions and disciplinary cases centering on who judges connect with and how they behave online, says Justice Daniel Crothers at the North Dakota Supreme Court.

  • Rebuttal

    ABA Is Defending Profession's Values From Monied Influences

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    A recent Law360 guest article suggested that the American Bar Association ignored new opportunities for the legal industry by opposing nonlawyer ownership of law practices, but any advantages would be outweighed by the constraints nonlawyer owners could place on the independence that lawyers require to act in the best interest of their clients, says Stephen Younger at Foley Hoag.

  • Making Sense Of SEC's Crypto Enforcement Summer

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    The U.S. Securities and Exchange Commission's recent flurry of cryptocurrency enforcement actions fulfill Chair Gary Gensler's promises to clamp down in this area, and offer common themes that may serve as a guide for digital asset market participants, say Arina Shulga and Jeffrey Kelly at Nelson Mullins.

  • How In-House Counsel Can Better Manage Litigation Exposure

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    In anticipation of economic downturn and increased litigation volume, the true struggle for an in-house team is allocating their very limited and valuable attentional resources, but the solution is building systems that focus attention where it can be most effective in delivering better outcomes, say Jaron Luttich and Sean Kennedy at Element Standard.

  • Forecasting A Rise In 11th Circ. State Court Class Actions

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    Two recent opinions from the Eleventh Circuit have created an unusual landscape that may result in a substantial increase of class action litigation in state courts, particularly in Florida, that will be unable to utilize removal tools such as the Class Action Fairness Act, says Alec Schultz at Hilgers Graben.

  • Practical E-Discovery Lessons From The Alex Jones Case

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    The accidental disclosure of mobile phone data during the Alex Jones defamation damages trial underlines the importance of having in place a repeatable e-discovery process that includes specific steps to prevent production of data that may be privileged, sensitive or damaging to the case, say Mike Gaudet and Richard Chung at J.S. Held.

  • 4 Takeaways From NY DFS' First Crypto Enforcement Action

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    The New York Department of Financial Services' $30 million consent order against Robinhood Crypto — its first enforcement action against a crypto company — shows that there is no one-size-fits-all model for compliance programs but there are several considerations to keep in mind, say attorneys at Paul Weiss.

  • The Ethical Risks For Lawyers Accepting Payments In Crypto

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    Ohio recently became the fifth jurisdiction to provide attorneys guidance on accepting cryptocurrency as payment or holding cryptocurrency in escrow, but lawyers should beware the ethics rules such payments may implicate, and consider three practical steps to minimize the risks, say Hilary Gerzhoy and Jared Marx at HWG.

  • Tornado Cash Sanctions May Signal Enforcement Shift

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    The Office of Foreign Assets Control’s recent sanctions against Tornado Cash, a cryptocurrency mixer with alleged ties to North Korean hackers, could mark a shift in U.S. authorities' tactics to crack down on mixers believed to launder money — or it could simply mean that regulators will use all tools at their disposal, say attorneys at Greenberg Traurig.

  • Envisioning Metaverse-Based Litigation In The Real World

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    Attorneys should entertain the possibility of the metaverse becoming a matter of interest in real-world courts by considering what could cause actions outside the virtual world and digital forensics hurdles to be cleared in demonstrating the offense, identifying the culpable parties and collecting damages, say consultants at Keystone Strategy.

  • Expect Fundraising Market To Grow More Competitive

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    Though the fundraising market's momentum was slowed by inflation and geopolitical unrest earlier this year, rapid deployment of capital is now driving a strong resurgence that will push smaller and middle-market firms to square off against more established managers, say attorneys at Debevoise.

  • Opinion

    ABA Stance On Role Of Nonlawyers Is Too Black And White

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    The American Bar Association's recent resolution affirming its long-standing opposition to nonlawyers owning law practices or receiving shares of legal fees overstates the ethical, professional and regulatory challenges — and ignores the potential benefits — of allowing nonlawyers greater participation in the legal industry, say Peter Jarvis and Trisha Rich at Holland & Knight.

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