Banking

  • September 20, 2022

    Biden Nominates 2 For FDIC's Board Of Directors

    The White House announced Tuesday that it plans to fill vacancies on the Federal Deposit Insurance Corporation by nominating two Republicans — a former adviser to former FDIC Chair Jelena McWilliams and a Federal Housing Finance Agency senior attorney.

  • September 20, 2022

    2nd Circ. Affirms $3M Clawback From Madoff Investor

    The Second Circuit on Tuesday affirmed a New York federal judge's decision ordering an investor of Bernie Madoff's sprawling Ponzi scheme to return nearly $3 million in fictitious profits, saying the investor's arguments about ownership of Madoff's checking accounts were unavailing.

  • September 20, 2022

    Wells Fargo Sues To Foreclose NYC Hotel's $275M Mortgage

    Wells Fargo is seeking to foreclose on a $275 million mortgage for a 28-story hotel near Manhattan's Times Square, telling a New York state court on Tuesday the property owner has defaulted after failing to make timely payments since the early months of the pandemic.

  • September 20, 2022

    Wells Fargo Says Former In-House Counsel Stole Secret Info

    A Wells Fargo & Co. subsidiary on Tuesday sued a former senior in-house lawyer who jumped ship to start a competing firm, alleging he violated company policy and stole privileged information in the process.

  • September 20, 2022

    Bernstein Litowitz Will Lead Santander Squeeze-Out Suit

    Bernstein Litowitz Berger & Grossmann LLP was appointed lead counsel Monday for a consolidated shareholder suit in Delaware Chancery Court over a $2.5 billion squeeze-out merger of minority public investors of Santander Consumer USA Holdings Inc.

  • September 20, 2022

    Womble Bond Adds Wells Fargo Atty In Capital Markets Group

    Womble Bond Dickinson has added a former Wells Fargo counsel as a partner in its capital markets practice, where he'll represent banks and nonbank lenders in financing deals, the firm has announced.

  • September 20, 2022

    JP Morgan Chase, Ex-Worker Wrap Up Disability Bias Suit

    JP Morgan Chase and an ex-worker accusing the bank of illegally failing to accommodate her mental disabilities and firing her when she complained told a Texas federal court they wanted to end the suit.

  • September 20, 2022

    Morgan Stanley To Pay SEC $35M In Data Exposure Inquiry

    The brokerage and investment arm of financial services behemoth Morgan Stanley will pay $35 million to end a U.S. Securities and Exchange Commission investigation into the alleged exposure of millions of customers' data through the improper removal of computer devices from its offices, the SEC announced Tuesday.

  • September 19, 2022

    Goldman Execs' $79.5M Deal Over Investors' 1MDB Suit OK'd

    A New York federal judge has preliminarily approved a $79.5 million payout from a slate of current and former Goldman Sachs directors to end a putative shareholder class action claiming the billion-dollar 1MDB fraud scheme is a result of their repeated shirking of duties to the bank.

  • September 19, 2022

    CFTC Commish Wants To Bring The HEAT In Settlements

    Commodity Futures Trading Commission member Christy Goldsmith Romero called Monday for her agency to adopt standards that would require more defendants to admit wrongdoing in enforcement settlements, proposing a "Heightened Enforcement Accountability and Transparency," or HEAT, test.

  • September 19, 2022

    Professor In China-Ties Tax Case Sentenced To Probation

    A Southern Illinois University math professor was sentenced Monday to a year of probation after being convicted of concealing a Chinese bank account from federal officials investigating him as part of a controversial Trump-era program to combat trade secret theft.

  • September 19, 2022

    Hartford Says No Coverage For Ill. DOI Over Email Wire Fraud

    Hartford Fire Insurance Co. told an Illinois federal court Monday that it should toss claims from the state's insurance department seeking nearly $4 million in coverage for a phishing scheme, arguing an email fraud exclusion clearly bars coverage.

  • September 19, 2022

    Credit Suisse Inks $32.5M Deal Over Greensill, Archegos Work

    Credit Suisse Group AG investors have reached a $32.5 million settlement with the investment bank to end a proposed class action claiming that it misled the public about its oversight of "high-risk clients" Greensill Capital and Archegos Capital Management, whose implosions purportedly cost the bank billions of dollars.

  • September 19, 2022

    USAA Scores $4.3M Jury Award In Mobile Banking Patent Suit

    A Texas federal jury has awarded the United Services Automobile Association an infringement award of more than $4 million in its patent suit against PNC Bank over mobile banking technology.

  • September 19, 2022

    Corporate, Public Outrage Is Antidote To Bad Sports Owners

    The NBA's punishment of Phoenix Suns owner Robert Sarver serves as a reminder that, in most major American sports leagues, the power to take away a team lies only with the other owners, not the commissioner, but legal experts say those owners can be swayed by pressure from corporate sponsors and the public.

  • September 19, 2022

    TelexFree Ponzi Victims Say Foster Garvey Aided Fraud

    Foster Garvey has been hit with a proposed class action in Washington federal court accusing the Pacific Northwest-based firm of aiding and abetting the multibillion-dollar TelexFree Ponzi scheme by giving legal advice to its perpetrators and helping to ensure it ran smoothly. 

  • September 19, 2022

    SEC, Ripple Spar In Bids To Win Landmark Enforcement Case

    In what could be a turning point in a contentious two-year legal dispute, both the U.S. Securities and Exchange Commission and fintech firm Ripple have asked a New York federal judge to determine whether cryptocurrency XRP is a security and to grant their side an early victory in the government's enforcement case.

  • September 19, 2022

    Ex-JPMorgan Worker Fights To Keep Benefit Freeze Suit Alive

    A former JPMorgan Chase employee said the banking behemoth can't escape a lawsuit alleging it failed to notify employees that their benefit accruals had been frozen for years, arguing that the plan descriptions provided to workers failed to explain the concept of benefit "wear-away."

  • September 19, 2022

    O'Melveny Adds Financial Crimes Deputy Chief As Partner

    O'Melveny & Myers LLP has hired a career public servant whose most recent position was as second in command of the U.S. Treasury Department's financial crimes enforcement network, the firm announced Monday.

  • September 16, 2022

    Treasury Calls For Bold Enforcement, Clearer Rules On Crypto

    The U.S. Treasury Department on Friday charted a course for greater digital asset and payments regulation, releasing several reports calling for federal financial agencies to crack down harder on crypto fraudsters, draw more straightforward crypto guidelines and bolster nonbank payment firm oversight.

  • September 16, 2022

    DOJ Wants Funds, Tougher Laws To Fight Digital Asset Crime

    The U.S. Department of Justice on Friday recommended increasing the maximum sentences and criminal fines tied to a federal law used in digital asset cases and allotting more federal funds for prosecuting such crimes, in a new report responding to President Joe Biden's executive order on cryptocurrencies.

  • September 16, 2022

    Payday Lender Can't Get New CFPB Hearing, 10th Circ. Rules

    A Tenth Circuit panel on Thursday preserved the Consumer Financial Protection Bureau's win against a payday lender that claimed it was entitled to a new hearing after a U.S. Supreme Court decision found that administrative law judges must be appointed by the president, a court or an agency head.

  • September 16, 2022

    Suns Lose PayPal As Sponsor, Part-Owner Wants Sarver Out

    Less than one day after Phoenix Suns vice chairman and minority owner Jahm Najafi publicly called for majority owner Robert Sarver to resign in the wake of his one-year suspension by the NBA, major sponsor PayPal cut ties with the Suns, citing Sarver's racist and misogynist workplace behavior.

  • September 16, 2022

    Judge OKs PNC And Ex-Workers' ERISA Class

    More than 65,000 current and former PNC employees can move ahead with their claims that the bank let employee retirement fund participants pay excessive fees after a federal judge approved the parties' stipulation to class certification Friday.

  • September 16, 2022

    HNA Drops Appeal Of $185.4M Award To SL Green At 245 Park

    After taking ownership of 245 Park Ave. in Manhattan last week, realty giant SL Green saw Chinese conglomerate HNA Group drop an appeal over a finding that it should pay $185.4 million for violating an agreement governing SL Green's investment in the 44-story tower.

Expert Analysis

  • Harnessing The Power Of Big Data In Litigation

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    The growth in the volume, scope and utility of available data — with vendors tracking and selling data, and government releasing large data sets — requires consideration of new data analysis approaches and technological tools that can help provide objective insights in litigation matters, answer key liability and damages questions, and support critical discovery efforts, say analysts at Bates White.

  • What CFPB, FTC Data Security Crackdown Means For Cos.

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    The Consumer Financial Protection Bureau and the Federal Trade Commission's recent policy documents signal the agencies’ intent to get tough on inadequate data security controls, making it clear that financial companies who store customers’ personal information should enhance their data security programs, say attorneys at Alston & Bird.

  • How Law Firm Operations Can Adjust To New COVID Realities

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    Given that COVID-19 may be here to stay, law firms must once again rethink their office policies and culture to adapt to new trends and the permanent lifestyle changes that many attorneys and employees have made, say Kami Quinn and Adam Farra at Gilbert.

  • AML Takeaways From Watchdog's Real Estate Guidance

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    The Financial Action Task Force's recently updated anti-money laundering guidance for the real estate sector, coinciding with related developments from U.S. regulators and legislators, illustrates the continued expansion of risk-based compliance requirements — and the threat of criminal liability — for industry participants, including lawyers, say attorneys at Ballard Spahr.

  • Law Of The Case Is More Nuanced Than You May Think

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    The recent Seventh Circuit decision in Flynn v. FCA highlights how frequent misconceptions about the law of the case doctrine are, and suggests that litigants should take a hard look at the key qualifications — and quirks — of this narrow and discretionary doctrine before relying on it as a silver bullet, says Michael Soyfer at Quinn Emanuel.

  • Engage Associates At Orientation With Thoughtful Activities

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    The pandemic has driven home the dangers of taking associate talent for granted, and law firms should consider five types of orientation activities that give new employees a greater sense of belonging, set the tone at the outset for a long career and influence attitudes toward the firm, says Joseph Gerstel at GetSomeClass.

  • Opinion

    2nd Circ. Erred In Requiring Retaliatory Intent In SOX Claim

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    The Second Circuit's decision in Murray v. UBS Securities splits from other circuits to place on Sarbanes-Oxley retaliation claimants the unreasonable burden to prove employer retaliatory intent in a termination — a requirement based neither on the plain language of the law nor the court's own past rulings, say Lynne Bernabei and Kristen Sinisi at Bernabei & Kabat.

  • Opinion

    A Federal Data Privacy Law Is The Disaster We Urgently Need

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    The U.S. desperately needs federal data privacy legislation to create consistent rules across all states and industries, in spite of the hurdles standing in the way of a comprehensive law and the strong likelihood that it will be a disaster when it passes, say Roy Wyman and Colton Driver at Bass Berry.

  • Consumer Financial Digital Marketing In CFPB's Crosshairs

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    The Consumer Financial Protection Bureau's recent rule holding digital marketing providers liable for unfair, deceptive or abusive practices in advertising financial products signals a coordinated effort with the Federal Trade Commission to rein in practices in the sector, and will have far-reaching implications for firms not previously under the CFPB's purview, say attorneys at Venable.

  • The Cruciality Of Building Client Intimacy Ahead Of Recession

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    Attorneys are likely already feeling the pressure that a recession brings to control costs and at least hold the line on top-line growth — but strengthening client relationships through increased communication will ensure continued progress under such conditions, says Dave Southern, a business development and marketing professional.

  • How To Win Over Bench Trial Judges Post-COVID

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    As courts face an unprecedented backlog of cases in the wake of the pandemic and are increasingly sensitive to the inefficient use of time, especially in a bench trial setting, advocates should sharpen their rhetorical and strategic tools by thinking big-picture, say Jim Hurst and Jon David Kelley at Kirkland.

  • Crypto Money Transmitters Must Beware Regulatory Scrutiny

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    A recent Connecticut advisory on unlicensed money transmissions is part of a broader state and federal enforcement trend and should warn digital asset transmitters that regulators are watching and pursuing heavy fines, and prosecutors may seek criminal charges, for licensure or anti-money laundering program deficiencies, say attorneys at Ballard Spahr.

  • A Cautionary Tale On Diversity Jurisdiction From The 6th Circ.

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    The Sixth Circuit’s recent opinion in Akno 1010 Market St. v. Pourtaghi highlights the importance of properly establishing citizenship of all parties before filing a federal lawsuit under diversity jurisdiction rules, and shows how overlooking jurisdiction issues could undo years of litigation, say Lauren Snyder and Charles Loeser at Harris Wiltshire.

  • New Mich. Rent Law Improves Borrower-Lender Relationships

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    The recently enacted Michigan Uniform Assignment of Rents Act, largely driven by bankruptcy court decisions, clears up many legal and practical questions under Michigan state law and will change the borrower-lender relationship for the better, say Scott Lesser and Ronald Spinner at Miller Canfield.

  • Keeping Capital Finders In Step With SEC Broker Regulations

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    Following the U.S. Securities and Exchange Commission's recent cases against individuals for acting as unregistered brokers, both issuers and capital finders must carefully evaluate the services capital finders provide in the context of the Securities Exchange Act to avoid legal jeopardy, says Eric Rubenfeld at Fragner Seifert.

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