Banking

  • September 12, 2022

    SEC Claims Cannabis Co. Hid 'Executive-Like' Felon's Role

    A penny stock company's CEO has agreed to pay $150,000 to end U.S. Securities and Exchange Commission allegations that the company lied about plans to grow cannabis in a part of Africa where it is illegal and concealed the fact that its "de facto executive officer" previously served time for securities fraud.

  • September 12, 2022

    OCC Hires Ex-NY Regulator As New Chief Climate Risk Officer

    The Office of the Comptroller of the Currency said Monday that it is bringing aboard a former senior New York state financial regulator to head up the federal agency's work to ensure banks under its watch are prepared to handle financial risks from climate change.

  • September 12, 2022

    Gunderson Dettmer Nabs Ex-Earnin GC To Be Partner

    Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP has hired the general counsel of fintech company Earnin, who was also once a deputy in the office of California's attorney general.

  • September 12, 2022

    Boeing Credit Union Wants Out Of Data Breach Suit

    Boeing Employees' Credit Union has asked a Washington state federal judge to toss a proposed class action alleging that the financial institution failed to protect members' personal information after a ransomware attack on a third-party vendor, arguing that the credit union isn't to blame for the attack.

  • September 12, 2022

    GOP Sens. Rip Chopra Over 'Lawless,' 'Unaccountable' CFPB

    Senate Republicans on Monday accused the Consumer Financial Protection Bureau's director, Rohit Chopra, of weaponizing his agency to foist a radical progressive agenda on the financial services industry, firing off a broadside against what they're calling the consumer watchdog's "abuses of power."

  • September 12, 2022

    Wells Fargo Says OCC Testimony Had No Bearing On Firing

    Wells Fargo Bank urged a New Jersey federal judge to toss claims that it fired an employee in retaliation for testifying to the Office of the Comptroller of the Currency about corporate misconduct, telling the court that it indisputably fired the worker for unprofessional conduct.

  • September 12, 2022

    Ga. Tax Preparer Must Pay $100K For Fraud, Tax Court Says

    The owner of a Georgia tax preparation business must pay a $100,000 fraud penalty for underreporting her income, the U.S. Tax Court ruled Monday, saying she was too knowledgeable about taxes to have made a simple mistake.

  • September 12, 2022

    Wells Fargo Tells Counsel In Lending Bias Suit To Wait

    Wells Fargo urged a California federal court not to tap two civil rights firms as interim lead counsel in a proposed class action alleging discriminatory lending practices, arguing that the court first needs to decide whether to consolidate similar cases against the banking giant.

  • September 12, 2022

    Wells Fargo To Pay $145M After DOL Retirement Plan Probe

    The U.S. Department of Labor said Monday that Wells Fargo agreed to pay $145 million after a department investigation found that an employee stock ownership plan had been overcharged for shares of the company's stock. 

  • September 09, 2022

    Dems Press Zuckerberg On Meta Effort To Halt Crypto Scams

    Prominent Democratic senators are calling on Meta to explain what it is doing to prevent cryptocurrency-related scams on its various social media platforms, citing concerns that the technology giant is providing a "breeding ground" for fraud.

  • September 09, 2022

    Banco Popular Seeks Arbitration For Overdraft Fees Action

    Banco Popular North America has asked a federal judge to send a customer's proposed class action over allegedly unjust overdraft fees to arbitration, arguing that when the customer opened his account, he became party to an agreement that now prevents him from taking the bank to court.

  • September 09, 2022

    5th Circ. Lets Stanford Receiver Keep $45M Interest Award

    Stanford International Bank investor and billionaire Gary D. Magness can't avoid having to pay a $45 million interest award that was tacked onto a $79 million fraudulent transfer clawback, with the Fifth Circuit ruling in favor of the bank's receiver who was appointed after the infamous Ponzi scheme collapsed.

  • September 09, 2022

    GOP SEC Commish Uyeda Calls For Crypto Rulemaking

    The U.S. Securities and Exchange Commission's Mark Uyeda said Friday that the agency wasn't doing a good job of explaining what it expects of cryptocurrency companies and should propose rules providing clearer guidance, but the agency's leader said it has been perfectly clear on what it expects from the industry.

  • September 09, 2022

    AIG Spinoff's $1.8B Offering Kicks Off September IPO Lineup

    An AIG subsidiary is preparing an estimated $1.8 billion initial public offering, potentially the largest of 2022, leading several prospects scheduled for the coming week whose debuts could provide signals about whether the frozen IPO market will thaw.

  • September 09, 2022

    11th Circ. Nixes Debtor Suit Over Collector's Mail Vendor Use

    The full Eleventh Circuit has rejected a closely watched lawsuit that called into question the debt collection industry's use of outside mail vendors, ruling that the consumer behind the litigation hadn't pointed to a harm from the practice that could establish his standing to sue.

  • September 09, 2022

    High Court 'Shadow Docket' Still A Long Shot For Companies

    The U.S. Supreme Court has made frequent use of its "shadow docket" in recent years to decide blockbuster cases on an expedited basis without full briefing or argument, but the justices' recent actions indicate that companies are likely to be disappointed if they look to the docket as a realistic option for streamlining their appeals.

  • September 09, 2022

    PNC Scores Victory In Ex-Employee's National Origin Bias Suit

    A Pennsylvania federal judge said Friday that PNC Bank doesn't have to face a former employee's suit alleging he was ridiculed by co-workers and then fired because of his Russian and Ukrainian ancestry, ruling he failed to show he was treated worse than other employees.

  • September 09, 2022

    More Firms Vie To Represent Proposed Class Against Equifax

    Three law firms are the latest seeking to jointly lead a proposed consolidated class action accusing Equifax Inc. of providing lenders with inaccurate credit scores, telling a Georgia federal judge that their experience includes helping represent a class in a landmark settlement over Equifax's 2017 data breach.

  • September 09, 2022

    Ex-TIAA Bank Counsel Joins Balch & Bingham In Fla.

    Corporate law firm Balch & Bingham LLP added a new partner in its Jacksonville, Florida, office with plenty of general counsel experience, serving in-house at both the American Challenger Development Corp. and TIAA Bank.

  • September 09, 2022

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

    The past week in London has seen Pfizer and BioNTech seeking a declaration that their COVID-19 vaccine doesn't infringe CureVac's European patents, Zurich Insurance suing those caught up in a superyacht fire in a limitation of liability claim, and British vodka brand Au Vodka suing its rival in a trademark claim.

  • September 08, 2022

    Caterpillar Resolves IRS Tax Dispute Without Penalties

    Caterpillar Inc. has reached an agreement with the Internal Revenue Service resolving all the agency's issues with the construction equipment manufacturer's taxes from 2007 through 2016, and it comes at no cost to Caterpillar despite the company previously disclosing it may have to cough up $2 billion.

  • September 08, 2022

    Fla. Bank Shareholder Accuses Directors Of Self-Dealing

    A self-proclaimed majority shareholder of Florida's Eastern National Bank NA sued the company's board members for allegedly self-dealing with a proposed stock compensation plan while the bank is "bleeding money" and in danger of being closed, having allegedly lost over $20 million in the past four years.

  • September 08, 2022

    Fla. Firm Can't Escape Debt Collection Suit, 11th Circ. Says

    A Miami law firm and two of its attorneys saw their victory over a condo resident's debt collection suit vacated, as the Eleventh Circuit found the suit properly alleged harm in the firm's attempts to collect the resident's owed condo association fees.

  • September 08, 2022

    Real Estate Rumors: Evergrande, Greenbridge, Goldman

    One of Evergrande's lenders is reportedly seizing its Hong Kong headquarters, Greenbridge Investment Partners is said to have leased out 12,000 square feet at a historic Pasadena property and Goldman Sachs has reportedly dropped $90 million on a Brooklyn rental building.

  • September 08, 2022

    Biz Software Sees Record Deals Despite Broader M&A Lull

    The enterprise software sector has defied the broader decline in global mergers and acquisitions activity this year, posting a record-breaking number of transactions in the first half of 2022, according to a newly released report.

Expert Analysis

  • Must Your Client Pay An Opponent's Expert For Prep Time?

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    For parties seeking discovery from an opponent's expert, the law on compensating the expert for preparation time is not settled, and in certain jurisdictions, there are strong arguments that favor avoiding or at least limiting such fee shifting, say Gregory Ruehlmann and Nicholas Mecsas-Faxon at King & Spalding.

  • Opinion

    Bar Exam Policies On Menstruation Still Fall Short

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    While many states have taken steps to address long-standing and problematic bar exam policies on menstruation and menstrual products, the changes do not go far enough to remove the continued disadvantages menstruating test takers face, highlighting the need for comprehensive and quick action ahead of this month's exams, say law professors Margaret Johnson, Elizabeth Cooper and Marcy Karin.

  • Keys To Crafting Hybrid Work Policies At Law Firms

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    As law firms embrace hybrid work as a middle ground in a post-pandemic world, work arrangement policies that are built on a foundation of trust and that prioritize lawyers' autonomy over their schedules will give firms an edge in the war for talent, says Alyson Galusha at VOYlegal.

  • Your AI Program Probably Isn't A Person In A Court Of Law

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    Artificial intelligence developers will likely continue to claim AI programs deserve legal rights, after a former Google engineer recently hired a lawyer for AI he worked on, but courts have traditionally been unreceptive to arguments that nonhumans have legal capacity, says Evan Louis Miller at McManis Faulkner.

  • Disclosure Strategy After BIS Export Control Policy Update

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    Recent changes in administrative enforcement policy at the U.S. Department of Commerce's Bureau of Industry and Security could change the calculus for deciding whether to voluntarily disclose past export control violations, as the cost-benefit analysis favoring voluntary disclosure is replaced by a riskier and more bifurcated set of outcomes, say attorneys at Covington.

  • A Close Look At The Decentralized Effort To Tax Digital Assets

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    Clarity on taxation is one of the biggest hurdles to mass adoption of cryptocurrency, and although digital asset innovation has consistently outpaced worldwide government regulation, recent efforts in the U.S. and elsewhere hint at an emerging standard, says Joshua Smeltzer at Gray Reed.

  • Tips For Handling Audio Data In E-Discovery Post-Pandemic

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    The rise of remote meetings during the COVID-19 pandemic has boosted the volume and importance of audio data in e-discovery — so organizations in highly regulated industries must collect and process that data, and establish complex strategies to manage their audio records, says Jack Bullen at FTI Consulting.

  • How Congress Is Reshaping Its Role In Economic Sanctions

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    The recent bipartisan reauthorization of the Global Magnitsky Human Rights Accountability Act exemplifies a trend that sees Congress asserting itself in what is traditionally an area of presidential authority, adding complexity to the sanctions landscape, say attorneys at Debevoise.

  • Crypto Bill Would Put Energy Use Of Digital Assets In Context

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    A bill recently introduced in the U.S. Senate that would mandate collection of data about the energy usage of cryptocurrency could facilitate a better understanding of bitcoin mining's impact on the electric grid, and contextualize it relative to the energy demands of other activities, says Miguel Suazo at Husch Blackwell.

  • Strategies For Effectively Marketing Law Firm ESG Practices

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    As law firms increasingly launch stand-alone environmental, social and corporate governance practices amid rising client demands, they should consider new marketing and client development practices that illuminate their capabilities as well their own sustainability and ethics-related initiatives, says Elle Walch at Ball Janik.

  • Agreement Among Litigants Key To Using E-Discovery Tech

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    Parties are increasingly using e-discovery technologies to control costs, but as a New York federal court order in Actos Antitrust Litigation shows, a well-drafted, negotiated protocol allows them to address potential objections prior to use and helps protect against later claims of incomplete production, say attorneys at McGuireWoods.

  • Notes On Social Equity From A Former Cannabis Regulator

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    Duane Morris’ Matthew McCarthy, former lead prosecutor in regulatory enforcement actions at the Maryland Medical Cannabis Commission, shares observations on the multifaceted efforts by government and the cannabis business community to build a more equitable industry and foster diverse ownership, highlighting the role of data reporting and community outreach.

  • Checking In On DOJ's Promised White Collar Crackdown

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    Though U.S. Department of Justice white collar prosecutions have not surged as expected after its October 2021 pivot to corporate enforcement, the DOJ's emphasis on C-suite accountability and new scrutiny of more industries are signs that companies are entering a more demanding era of enforcement, says Ilan Graff at Fried Frank.

  • Opinion

    Law School Admissions Shouldn't Hinge On Test Scores

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    The American Bar Association recently granted law schools some latitude on which tests it can consider in admissions decisions, but its continued emphasis on test scores harms student diversity and is an obstacle to holistic admissions strategies, says Aaron Taylor at AccessLex.

  • Tracking Class Certification Changes, 1 Year After TransUnion

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    In the year since the U.S. Supreme Court's TransUnion v. Ramirez decision, defense lawyers have invoked it as support for denying class certification or decertifying classes — but an analysis suggests that the main impact of the ruling has simply been closer scrutiny of class definitions by district courts, say James Morsch and Jonathan Singer at Saul Ewing.

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