Banking

  • September 29, 2023

    Trump To Face NY AG As 'Fraud' At Trial, His Empire At Stake

    After three years of investigation, litigation and ceaseless appeals, the New York attorney general is set to bring former President Donald Trump to trial Monday as she seeks to put him out of the real estate business for good and claw back $250 million in allegedly ill-gotten gains.

  • September 29, 2023

    Pro Say: A Cheat Sheet For The New Supreme Court Term

    The U.S. Supreme Court justices return to the bench on Monday for a new term sure to have an impact, with issues ranging from gun ownership rights in domestic violence cases to the legality of administrative courts and the First Amendment implications of public officials blocking critics on social media.

  • September 29, 2023

    South Korea Bank's NY Unit Fined $25M Over AML Lapses

    The New York-based subsidiary of South Korean financial giant Shinhan Financial Group will pay federal and New York state banking regulators a total of $25 million in connection with claims that "substantial compliance deficiencies" affected its transaction monitoring and its obligations under the anti-money laundering Bank Secrecy Act despite previous enforcement actions to address the issues.

  • September 29, 2023

    Up First At High Court: CFPB's Funding, ADA Tester Suits

    The U.S. Supreme Court will begin its new term by hearing arguments over the constitutionality of the Consumer Financial Protection Bureau's funding structure, the meaning of "and" in a criminal sentencing statute and whether so-called Americans with Disabilities Act testers have standing to sue. Here, Law360 breaks down this week's oral arguments.

  • September 29, 2023

    SEC Fines Advisers For Undisclosed Conflicts Of Interest

    The U.S. Securities and Exchange Commission announced Friday that it had settled claims against two New York-based investment advisory firms for failing to disclose conflicts of interest, doling out fines totaling $475,000.

  • September 29, 2023

    Auditor's Atty Wins $2.4M Fees In Bank Whistleblowing Case

    An attorney representing a former BofI Federal Bank employee was mostly successful in winning more than $2.4 million in fees for work on a suit that resulted in a jury finding the employee was illegally fired from the bank, with a California federal judge applying a multiplier of 1.1 "to account for contingency risk."

  • September 29, 2023

    BofA Allegedly Failed To Pay Ex-Workers For Unused Time Off

    Bank of America NA was hit with a proposed class action alleging the bank owes former employees millions of dollars after failing to pay out unused vacation time to those who left the company.

  • September 29, 2023

    US Says Atty Owes $6.4M In Unpaid Employment Taxes

    Federal prosecutors in Texas are seeking $6.4 million in unpaid federal tax liabilities from a Dallas-area attorney and mediator who they claim failed to turn over federal taxes he withheld from payroll on behalf of employees at various businesses he owned and ran between 2009 and 2017.

  • September 29, 2023

    SEC Sues FTX Auditor For Violating Independence Rules

    The U.S. Securities and Exchange Commission filed a lawsuit Friday in Florida federal court against an accounting firm that audited FTX prior to the cryptocurrency exchange's high-profile bankruptcy, accusing it of conducting several audits, examinations and reviews between 2017 and 2020 that failed to comply with auditor independence rules.

  • September 29, 2023

    'Administrative State' Attacks Soar To High Court Crescendo

    After methodically amassing U.S. Supreme Court victories against agency enforcers and regulators, a legal crusade against "administrative state" powers is poised to parlay piecemeal wins into a climactic conquest during the high court's new term, which is already teeming with anti-agency cases.

  • September 29, 2023

    JPMorgan Says Couple's $20M Suit Is 'Investor's Remorse'

    JPMorgan Chase Bank NA said a suit from a Massachusetts couple who claimed the bank cost them $20 million in savings through bad investment decisions was a case of "investor's remorse."

  • September 29, 2023

    Ex-Credit Union Exec's Wage Claim Barred, Mich. Panel Rules

    A former executive for an insolvent credit union cannot enforce an arbitral award for unpaid wages and vacation benefits, a Michigan appeals court ruled, because the credit union had been within its rights to repudiate the employment contract that contained the arbitration agreement.

  • September 29, 2023

    UK Litigation Roundup: Here's What You Missed In London

    The past week in London has seen Lenovo and Motorola bring a wireless tech patent spat with InterDigital to the U.K., litigation funder Therium and a Cayman Islands fund hit with a claim from a real estate sponsor, and the former deputy registrar of the University of Leicester sue three production companies for libel over his depiction in a film about the discovery of King Richard III’s remains. Here, Law360 looks at these and other new claims in the U.K.

  • September 29, 2023

    Interactive Brokers, Others Fined $100M Total Over Texting

    Federal regulators on Friday unveiled recordkeeping-related settlements with Interactive Brokers and a string of other firms, which have agreed to pay fines totaling more than $100 million for allegedly failing to preserve employees' off-channel communications.

  • September 29, 2023

    DE Shaw Fined $10M For Impeding Potential Whistleblowers

    The U.S. Securities and Exchange Commission on Friday reached a $10 million deal with D. E. Shaw & Co. LP to resolve allegations that the New York-based registered investment adviser prevented employees from whistleblowing by requiring them to sign agreements that prohibited the disclosure of confidential corporate information to third parties.

  • September 29, 2023

    First-Time Advocates Dominate High Court's Fall Schedule

    Solo practitioner Howard Bashman had almost given up all hope on his goal of arguing before the U.S. Supreme Court, but then the justices agreed in March to hear an admiralty law case over choice-of-law provisions in which he represents a yacht owner challenging the denial of an insurance claim.

  • September 29, 2023

    5 Supreme Court Cases To Watch This Fall

    The U.S. Supreme Court will tackle a variety of questions in the first half of its 2023 term that will have a broad impact on federal regulators' power and the authority of courts to intercede in major aspects of American life.

  • September 29, 2023

    Justices To Review Circuit Split Over Corp. Disclosure Duty

    The U.S. Supreme Court on Friday agreed to address a circuit split over the types of disclosures companies are required to make under a U.S. Securities and Exchange Commission rule if they hope to avoid private litigation, taking up a challenge to a Second Circuit ruling allowing an investor lawsuit against Macquarie Group affiliates to proceed. 

  • September 29, 2023

    Justices Will Review Timeliness Of Debit Card Rule Challenge

    The U.S. Supreme Court said Friday that it will hear a retailer's appeal over the timeliness of its lawsuit contesting a Federal Reserve regulation on debit card swipe fees, taking up a case that could open the door to new legal challenges to older agency rules.

  • September 29, 2023

    Calif. Atty Avoids Malpractice Claims Over Wells Fargo Case

    A California state appeals court ruled Thursday that a partner of a Los Angeles accounting firm cannot pursue legal malpractice claims against an attorney because the accounting firm — the party with the potentially viable claims — was added too late to the suit.

  • September 28, 2023

    USAA Gets Ex-VP's Suit Over Severance Pay Denial Tossed

    USAA beat a former vice president's suit alleging she was unlawfully denied severance pay after being fired following a seven-week stint during which her job responsibilities were repeatedly changed, with a North Carolina federal judge ruling she wasn't owed benefits because she was terminated for performance issues.

  • September 28, 2023

    Bank Founder's Son Wants His $135M From Inheritance Fight

    The son of a prominent Panamanian bank founder on Wednesday asked a Florida federal judge to enforce a $135 million arbitral award he obtained against his brother in a Jewish court in Miami over an inheritance dispute following their father's death.

  • September 28, 2023

    Off Lease Creditors Get Last Chance To Keep Ch. 11 Funded

    Unsecured creditors of used car marketer Off Lease Only secured a last-minute chance Thursday to find additional funding to keep the case in Chapter 11 beyond Sept. 30, after a Delaware bankruptcy judge said he would keep the option open into the weekend.

  • September 28, 2023

    CFTC Says Dealer's $21M Fraud Ripped Off Retirement Savers

    A precious metals retailer, its CEO and its former president are facing claims they misappropriated more than $21 million from over 120 customers, many of whom were elderly or retired, according to a joint lawsuit from the U.S. Commodity Futures Trading Commission and California's financial services regulator.

  • September 28, 2023

    Libor-Rigging Deals Totaling $52M Get Final OK

    A New York federal court has granted final approval to several settlements totaling over $52 million between investors and financial institutions, putting an end to claims arising from a Libor-rigging scandal uncovered more than a decade ago.

Expert Analysis

  • How 2nd Circ. Ruling Fortifies Plaintiff Standing Arguments

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    The Second Circuit's recent Bohnak v. Marsh & McLennan decision marries the concepts in TransUnion and McMorris — touchstones of Article III standing — and will bolster the standing arguments of plaintiffs who seek damages based on intangible injuries or the risk of future harms, say Raphael Janove at Pollock Cohen, Samantha Holbrook at Shub & Johns and Andrew Ferich at Ahdoot & Wolfson.

  • Opinion

    Regulators Must Avert Overreach When Targeting AI

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    As financial regulators pursue artificial intelligence policy and related regulation, they should be wary of counterproductive interventions, which may stymie technology that could enhance forecasts and better reach the historically underrepresented, says Jack Solowey at the Cato Institute.

  • The Benefits Of Preparing OFAC's Blocked Property Report

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    Companies preparing to submit an annual report of blocked property, due Sept. 30 to the Office of Foreign Assets Control, can use the process to reassess whether existing sanctions compliance measures are appropriate and make adjustments to address new risks, say attorneys at Davis Wright.

  • Transaction Risks In Residential Mortgage M&A Due Diligence

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    As the residential mortgage market continues to consolidate due to interest rate increases and low housing volume, buyers and sellers should pay attention to a number of compliance considerations ranging from fair lending laws to employee classification, say attorneys at Mayer Brown.

  • ABA's Money-Laundering Resolution Is A Balancing Act

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    While the American Bar Association’s recently passed resolution recognizes a lawyer's duty to discontinue representation that could facilitate money laundering and other fraudulent activity, it preserves, at least for now, the delicate balance of judicial, state-based regulation of the legal profession and the sanctity of the attorney-client relationship, say attorneys at Ballard Spahr.

  • FCRA Legislation To Watch For The Remainder Of 2023

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    If enacted, pending federal and state legislation may result in significant changes for the Fair Credit Reporting Act landscape and thus require regulated entities and practitioners to pivot their compliance strategies, say attorneys at Troutman Pepper.

  • 2 High Court Cases Could Upend Administrative Law Bedrock

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    Next term, the U.S. Supreme Court will be deciding two cases likely to change the nature and shape of agency-facing litigation in perpetuity, and while one will clarify or overturn Chevron, far more is at stake in the other, say Dan Wolff and Henry Leung at Crowell & Moring.

  • With Equity Markets Down, Venture Lending Provides Solution

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    Given the growth of private debt funds, new entrants in the market and equity markets remaining sluggish, more borrowers are turning to venture debt financing, with long-standing venture funds offering flexibility and expertise without the risks of larger banks, says Jennifer Post at Thompson Coburn.

  • Law Firm Professional Development Steps To Thrive In AI Era

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    As generative artificial intelligence tools rapidly evolve, professional development leaders are instrumental in preparing law firms for the paradigm shifts ahead, and should consider three strategies to help empower legal talent with the skills required to succeed in an increasingly complex technological landscape, say Steve Gluckman and Anusia Gillespie at SkillBurst Interactive.

  • Previewing Big Changes To NY's Finance Cybersecurity Rules

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    With the New York State Department of Financial Services likely to significantly amp up its cybersecurity requirements for financial institutions later this year, covered entities should prepare to adapt their technical security safeguards and employee protocols to comply with the proposed amendments, say attorneys at Squire Patton.

  • Lessons From High-Profile Witness Tampering Allegations

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    As demonstrated by recent developments in the cases against former President Donald Trump and FTX founder Sam Bankman-Fried, allegations of witness tampering can carry serious consequences — but attorneys can employ certain strategies to mitigate the risk that accusations arise, says Kenneth Notter at MoloLamken.

  • Payroll Tax Evasion Notice Suggests FinCEN's New Focus

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    The Financial Crimes Enforcement Network’s recent notice advising U.S. financial institutions to report payroll tax evasion and workers' compensation schemes in the construction industry suggests a growing interest in tax enforcement and IRS collaboration, as well as increased scrutiny in the construction sector, say Andrew Weiner and Jay Nanavati at Kostelanetz.

  • Understanding China's Crypto-Blockchain Dichotomy

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    Even as China restricts cryptocurrency use, its actions frequently support blockchain as a complementary technology to real economy sectors, which is why the blockchain-cryptocurrency distinction is core to understanding the country's relationship with these technologies, say attorneys at Cravath.

  • Ruling Clarifies Bankruptcy Courts' Class Action Jurisdiction

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    The Second Circuit’s recent ruling in Bruce v. Citigroup shines a light on the limits of bankruptcy court jurisdiction over class actions and provides leverage for defendants to enforce the idea that courts should grant motions to dismiss and strike class allegations, say attorneys at McGuireWoods.

  • SEC's New Rules Likely Will Affect Cyber, D&O Insurance

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    The U.S. Securities and Exchange Commission recently adopted cybersecurity incident disclosure rules that could create new challenges that affect how public companies assess the risk of securities, corporate governance and cyber-related lawsuits, which may implicate novel insurance coverage issues, say attorneys at Reed Smith.

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