Banking

  • October 04, 2021

    Shareholder Seeks To Block $411M Building Supplier Sale

    A stockholder of Georgia-based construction supply company Select Interior Concepts Inc. is seeking to block a proposed $411 million sale of the business to a private equity group, claiming the deal runs afoul of multiple federal securities laws and regulations.

  • October 01, 2021

    With Chopra Poised To Take Over, What's Next For The CFPB?

    Rohit Chopra has finally been given the keys to the Consumer Financial Protection Bureau as the Biden administration's newly confirmed pick for permanent director. But when he hops into the driver's seat at the agency in the coming days, the engine will already be running for him.

  • October 01, 2021

    Alpha Latam Gets OK For $140M Stalking Horse Bid In Ch. 11

    A Delaware bankruptcy judge on Friday approved a nearly $140 million stalking horse bid by a Cerberus Capital Management affiliate for Latin American payday lender Alpha Latam Management's Colombian loan portfolio.

  • October 01, 2021

    Supreme Court's Return Could Deliver Conservative Windfall

    The Supreme Court returns to the bench Monday for its first in-person arguments since the pandemic began, but the moment feels anything but normal. The courtroom is still closed to the public as the justices consider major cases involving abortion, gun rights and religious freedom under a cloud of scrutiny from lawmakers and activists.

  • October 01, 2021

    DC Circ. Calls ATM Fee Antitrust Class Cert. 'Questionable'

    The D.C. Circuit ruled Friday that Visa and Mastercard can immediately appeal a district judge's recent order certifying three different classes of consumers and ATM operators accusing the credit card giants of running afoul of antitrust laws with ATM fee rules, agreeing that the certification decision warrants an appellate review.

  • October 01, 2021

    Pro Say: A Supreme Court Term Packed With Landmark Cases

    A new U.S. Supreme Court term is upon us, with the justices set to tackle a slew of lightning-rod cases in the coming months, including a referendum on abortion rights and the court's first major gun rights case in over a decade.

  • October 01, 2021

    Toomey, SIFMA Say No To New SEC 'Gamification' Regs

    Financial industry players continued to respond Friday to a request from the U.S. Securities and Exchange Commission for more information on so-called gamification, with at least one industry group and a prominent politician urging the agency not to implement new rules or regulations to address the controversial tactics used by trading apps. 

  • October 01, 2021

    Pa. Shopping Center Fights Demand For Bank's Atty Fees

    The owner of a Pittsburgh-area shopping center said it shouldn't have to pay its lender's legal bills because the bank didn't "prevail" in a lawsuit over seized rents, but the lender fired back that the fee fight couldn't be dragged into the court on short notice.  

  • October 01, 2021

    Russian Bank Founder Cops To Tax Fraud, Owes US $500M

    A Russian bank founder will pay $500 million in taxes to the U.S. after pleading guilty to failing to report a $1 billion gain from his bank's initial public offering, the U.S. Department of Justice said Friday.

  • October 01, 2021

    Va. Consumers Score Class Cert. In Payday Lending Suit

    A Virginia federal judge granted class certification to a group of Virginia consumers who filed suit against owners of payday lender Think Finance, alleging the company used Native American tribe-owned companies as fronts to charge excessively high interest rates.

  • October 01, 2021

    Up Next At High Court: State Water Rights, CIA Black Sites

    The U.S. Supreme Court will begin its October 2021 term Monday with Mississippi's lawsuit accusing Tennessee of stealing millions of dollars worth of water, followed by thorny questions about the Sixth Amendment right to cross-examination and whether the government can shield information about CIA black sites.

  • October 01, 2021

    CFPB Can Implement Payday Lending Regs Amid Appeal

    The Consumer Financial Protection Bureau's remaining payday loan regulations can go into effect next year while trade groups challenging the rule take their fight to the Fifth Circuit, a Texas federal judge has said.

  • October 01, 2021

    Feds To Appeal Rakoff Sentence In Cannabis Bank Fraud Case

    Manhattan federal prosecutors said Thursday they will appeal the sentence of a convicted cannabis payment fraudster after U.S. District Judge Jed S. Rakoff leveled a below-guidelines prison term and slashed the government's forfeiture request as "unconstitutionally excessive."

  • October 01, 2021

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

    This past week in London has seen the launch of new Equifax data breach action, victims of Neil Woodford's fund collapse start proceedings and Johnson & Johnson in a dispute over eye laser technology. Here, Law360 looks at those and other new claims in the U.K.

  • October 01, 2021

    Kavanaugh Tests Positive For COVID, Has No Symptoms

    Justice Brett Kavanaugh tested positive for COVID-19 on Thursday evening and will be participating in the Supreme Court's first oral arguments of the term next week from home, a court spokesperson said. He has been fully vaccinated since January and has no symptoms.

  • September 30, 2021

    Robinhood's College Tour May Fly In The Face Of Regulators

    Robinhood's new initiative to attract college students with raffles and cash prizes has raised eyebrows amid accusations that it has "gamified" investing at the expense of inexperienced investors, a move that could provoke regulators as they aim to get a grip on the latest tactics used by online trading platforms.

  • September 30, 2021

    Dems Release Bill To Revamp Bank Merger Review Process

    Two Democratic lawmakers reintroduced legislation Thursday to overhaul the review process for mergers between financial institutions, an effort they say will limit consolidation in the banking industry and better protect consumers.

  • September 30, 2021

    German Bank Successor Liable For $1.2B Cum-Ex Tax Debt

    The entity that acquired toxic assets from German commercial bank WestLB after it collapsed amid the 2008 financial crisis must pay a nearly €1 billion ($1.2 billion) scandal-related tax debt, a court said in a decision favoring another WestLB successor.

  • September 30, 2021

    Fintech, Gaming SPACs Raise $375M In IPOs

    Two blank-check companies focused on the fintech and gaming and hospitality industries began trading on the Nasdaq Thursday after raising a collective $375 million in initial public offerings led by four law firms including Greenberg Traurig and White & Case.

  • September 30, 2021

    Senate Confirms Rohit Chopra As CFPB Director

    Federal Trade Commission member Rohit Chopra was confirmed Thursday to lead the Consumer Financial Protection Bureau, where Democrats hope to see him flex the agency's enforcement muscles and push for more borrower-friendly regulations.

  • September 30, 2021

    Alloy Raises $100M For Digital Identity Tech For Fintechs

    Alloy, which provides fraud-prevention technology for banks and financial technology companies, said Thursday it raised $100 million for a $1.35 billion valuation in a funding round that will help the company expand its product offerings.

  • September 30, 2021

    Fed's Powell Says 'No Intention' To Seek US Ban On Crypto

    Federal Reserve Chair Jerome Powell told House lawmakers on Thursday that he had "no intention" of cracking down on cryptocurrencies with sweeping restrictions like those recently imposed by Chinese authorities.

  • September 30, 2021

    Barclay Damon Snags Ex-Offit Kurman Cybersecurity Atty

    New York-based Barclay Damon LLP has added a former Offit Kurman PA principal as a partner and the new co-leader of its fast-growing cybersecurity team, the firm has announced.

  • September 29, 2021

    2nd Circ. Floats NY High Court Punt In Citi $500M Revlon Fight

    A Second Circuit panel on Wednesday floated the possibility of asking New York's highest court to weigh in on Citibank's bid to claw back more than $500 million accidentally sent to Revlon Inc. lenders, money that a Manhattan federal judge previously ruled they could keep under New York state precedent.

  • September 29, 2021

    Goldman-Backed Chat Service Symphony Settles With CFTC

    Wall Street-backed Symphony Communication Services struck a $100,000 settlement with ​​​​the Commodity Futures Trading Commission on Wednesday for allegedly failing to register as a swap execution facility, considering the trading that was taking place across one of its products.

Expert Analysis

  • 2nd Circ. Ruling May Help Foreign Nationals Fight Extradition

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    The Second Circuit recently ruled in United States v. Sindzingre & Bescond that foreign defendants facing U.S. criminal charges should be permitted to challenge a U.S. court's jurisdiction over them without having to submit to that court's jurisdiction or be considered fugitives, which should cause more defendants to fight extradition rather than waive their rights, say attorneys at Dechert.

  • Privilege Takeaways From 3 Cybersecurity Report Rulings

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    A recent Pennsylvania federal court decision compelling Rutter's Inc. to produce data breach reports, considered alongside two previous federal court rulings, reveals why compliance officers and counsel must scrupulously avoid blurring the lines between ordinary factual reports and those genuinely prepared for litigation, say Kristin Bryan and Rafael Langer-Osuna at Squire Patton.

  • NY 'Intentional Violation' Ruling May Delay Foreclosure Cases

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    A recent New York state appellate decision in VFS Lending JV II v. Krasinski may open up lenders to costly and time-consuming discovery in mortgage foreclosure cases where borrowers allege intentional violations of the state’s Banking Law, potentially forcing lenders to reach early resolution with debtors, says Christopher Gorman at Abrams Fensterman.

  • 5 Reasons Lawyers Often Fail To Secure Litigation Funding

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    More than 95% of commercial litigation finance proposals are declined by funders because lawyers and their clients drastically underestimate the nuances of obtaining funding, but attorneys can overcome these challenges with informed and thoughtful preparation, says Charles Agee at Westfleet Advisors.

  • Despite Giuliani's Assertion, Lawyers Cannot 'Throw A Fake'

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    A new transcript reveals Rudy Giuliani telling federal agents in 2018 that it was permissible to "throw a fake" during a political campaign, but the notion that lawyers can commit acts of dishonesty without consequence as long as they do so outside their professional practice is belied by the rules of professional conduct and case law, says Hilary Gerzhoy at Harris Wiltshire.

  • Embracing A Consumer-Centric Paradigm Shift In Data Privacy

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    A new approach to gathering, evaluating and using personally identifiable data, in which individuals review and authorize access to their own background information, holds great promise for companies looking to navigate thorny data privacy issues and a changing regulatory environment, say Kwamina Williford and Brian Goodrich at Holland & Knight.

  • Cos. Must Consider Legal Risks Of Buy-Now, Pay-Later Tech

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    Square's recently announced acquisition of the buy-now, pay-later company Afterpay reminds creditors to consider the unique challenges and legal risks of developing this kind of financial technology, and to routinely assess compliance issues with an eye toward fraud, consumer protection and lending laws, says Jeffrey Ankrom at Locke Lord.

  • Opinion

    It's Time To Upgrade Our Attorney Licensure Rules

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    The bar exam does a poor job of testing the skills employers expect from new lawyers, and those who pass the bar can practice indefinitely without independent oversight, so states should consider alternative means for assuring competence and personal stability for new as well as experienced lawyers, says David Friedman at Willamette University.

  • Prepare For More Audits Of Tax Info And Withholding Filings

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    Financial institutions and other corporate taxpayers should focus compliance efforts on tax information reporting and withholding, given recent indications from the Biden administration that the IRS will increase enforcement, and the administration's need to fund its infrastructure plan and other costly initiatives, say attorneys at Mayer Brown.

  • Data-Based Predictions On Case Timelines After Pandemic

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    Richard Finkelman and Karl Schliep at Berkeley Research Group analyze state and federal court data to pinpoint trends and predict changes in case resolution time frames after the COVID-19 pandemic upended judicial proceedings across the country, and they explain how parties can use these analytics to inform litigation decisions.

  • Roundup

    Embracing ESG

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    In this ongoing Expert Analysis series, in-house counsel share how they are adapting to the growing importance of environmental, social and corporate governance factors.

  • Retention Is Key To Meaningful Diversity At Law Firms

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    Minority attorneys leave their law firms earlier and at higher rates than their peers, so firms must deemphasize their diversity programs' focus on recruitment and rethink the ways they support and advance attorneys from underrepresented groups, say Shilpa Coorg and David Ramírez-Gálvez at DTO Law.

  • 4 Considerations In Light Of Cyber Incident Notification Bill

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    Following the recent introduction of a bipartisan bill that would require government contractors and critical infrastructure operators to report cyber intrusions to the federal government within 24 hours, companies should take several steps to assess their preparedness for identifying vulnerabilities and mitigating the risk of cyberattacks, say attorneys at Squire Patton.

  • Federal Cannabis Reform: Inevitable But Inevitably Piecemeal

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    Although a recently reintroduced, comprehensive federal cannabis legalization bill has widespread public support, political theory and legislative history reveal why Congress will likely pass incremental reforms that, collectively and over time, will lead to a new era in American cannabis policy, say E.K. McWilliams and Nika Arzoumanian at Jenner & Block.

  • Human Rights-Focused Lending Models Can Curb Trafficking

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    In light of increased environmental, social and governance attention and the 10th anniversary of the United Nations’ adoption of the Guiding Principles on Business and Human Rights, the financial sector should expand and align its anti-trafficking efforts with ESG measures by linking human rights outcomes to lending frameworks, say Sarah Byrne and Ed Ivey at Moore & Van Allen.

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