Banking

  • May 09, 2024

    SeaWorld Workers Nab Class Cert. In 401(k) Fees Suit

    A California federal judge agreed to certify a class of 10,000 current and former workers suing SeaWorld for keeping high-cost funds in their retirement accounts and retaining expensive record-keepers.

  • May 09, 2024

    Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit

    The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."

  • May 09, 2024

    Attys Want $102M In Fees In Stock Loan Antitrust Deal

    Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.

  • May 09, 2024

    US Bank Sees Unauthorized Account Suit Tossed For Good

    A New York federal judge has permanently thrown out a proposed class action against U.S. Bancorp alleging shareholders were harmed after the bank paid a $37.5 million fine to the Consumer Financial Protection Bureau in connection with allegations its bankers secretly opened accounts in customers' names.

  • May 09, 2024

    Making Borrower Contact Ex Was Reasonable, Court Told

    A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.

  • May 09, 2024

    CFPB's Chopra Trains Sights On Credit Card Rewards

    Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values.

  • May 09, 2024

    7 Fla. Men Indicted In Nationwide Skimming Device Operation

    Seven Florida men have been indicted in Virginia federal court on racketeering conspiracy charges in connection to a decadelong operation to clone credit cards that involved placing skimming devices on gas pumps throughout the country, U.S. prosecutors said.  

  • May 09, 2024

    FICO Blasts Discovery 'Sideshows' In VantageScore Suit

    An Illinois federal judge handling antitrust claims targeting the credit-scoring market should disregard the "sideshows" customers lodged by requesting confidential settlement records and other documents that are too far removed from the case's core issues, Fair Isaac Corp. argued on Wednesday.

  • May 08, 2024

    High Court Ruling May Shake Up CFPB's Litigation Docket

    A U.S. Supreme Court ruling that may come as soon as Thursday could decide the fate of not only the Consumer Financial Protection Bureau's funding structure but also numerous pending enforcement actions the agency has brought around the country. Here, Law360 surveys what's at stake and where.

  • May 08, 2024

    New Treasury Rule Amps Up Reporting Burden For Banks

    The U.S. Department of the Treasury introduced an interim final rule Wednesday that refines and further expands recent increases in reporting requirements, including a new obligation for financial institutions to notify the federal government any time they unblock frozen assets.

  • May 08, 2024

    Citibank Sued By Atty Over Fake Client Cashier's Check Scam

    An attorney conned by a fake client and a counterfeit cashier's check sued Citibank in state court Wednesday, alleging it knew of other law firms that were similarly scammed and should have caught the fake check before she wired the funds from her client trust account into the scammer's pocket.

  • May 08, 2024

    Credit Suisse Urges Mich. Panel To Reverse Biz Loss Denial

    A Credit Suisse attorney pressed the Michigan Court of Appeals on Wednesday to clarify how the state's tax laws account for losses from real estate mortgage investment conduits, saying a lower court incorrectly denied its attempt to carry forward $21.3 million in losses.

  • May 08, 2024

    Digitex Founder Pleads Guilty To Bank Secrecy Act Violation

    The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.

  • May 08, 2024

    Sens. Call For Revamp Of SEC's Nixed Stock Buyback Rules

    The U.S. Securities and Exchange Commission should "promptly" reissue disclosure rules vacated by the Fifth Circuit last year so that companies are required to publicly disclose more information on their share repurchase plans, a bipartisan pair of U.S. senators told the agency's leader on Monday.

  • May 08, 2024

    Bill To Undo SEC Crypto Accounting Bulletin Passes House

    Lawmakers in the U.S. House of Representatives on Wednesday voted to overturn the U.S. Securities and Exchange Commission's controversial cryptocurrency accounting guidance despite protests from Democrats to take a more targeted approach to amend the directive and a White House pledge to veto the bill.

  • May 08, 2024

    Labaton, Boston Pension Win Bid to Lead NYCB Investor Suit

    A New York magistrate judge appointed Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP to lead a proposed securities class action against New York Community Bancorp Inc. after the pension plan successfully showed that the plaintiff with the greatest losses bought their shares too late.

  • May 08, 2024

    In Final Memo, Blumenauer Eyes Path Forward For Cannabis

    Rep. Earl Blumenauer, D-Ore., a longtime champion of cannabis reform in Congress who plans to retire this year, is calling marijuana reform a "winning issue" for policymakers and outlined numerous actions both legislators and federal agencies can take to move the issue forward.

  • May 08, 2024

    4th Circ. Asks If High Court Ruling Bars Credit Suisse Tipster

    A Fourth Circuit panel questioned Wednesday whether a U.S. Supreme Court ruling prevented it from reviving a whistleblower case by a former Credit Suisse employee alleging the bank helped U.S. citizens evade taxes after paying a $2.6 billion criminal penalty.

  • May 08, 2024

    Japanese Crypto Exchange Coincheck Eyes US Listing In '24

    Simpson Thacher-led Japanese cryptocurrency exchange Coincheck Group BV plans to complete a long-awaited merger with a special-purpose acquisition company by the year's second or third quarter, a combination that would make it the second U.S.-listed crypto venue.

  • May 08, 2024

    Ohtani's Ex-Interpreter To Plead Guilty In Betting Scam

    The former interpreter for Shohei Ohtani agreed to plead guilty to criminal charges Wednesday in connection with a scheme to steal nearly $17 million from the Los Angeles Dodgers star to pay off debts he amassed through an illegal gambling operation.

  • May 08, 2024

    Gibson Dunn Adds Ex-Wachtell, Paul Weiss Attys As Partners

    Gibson Dunn & Crutcher LLP has added a former Wachtell Lipton Rosen & Katz corporate attorney and a former Paul Weiss Rifkind Wharton & Garrison LLP lawyer who specializes in liability management as partners in New York, the firm has announced.

  • May 08, 2024

    Skadden Taps SoFi Bank, Shearman Attys For Co-Lead Roles

    Skadden Arps Slate Meagher & Flom LLP has hired two new co-leaders of its financial institutions regulatory group to advise banks, financial institutions and other market participants on regulatory and legislative developments, the firm announced Wednesday.

  • May 07, 2024

    PNC Bank Entitled To Atty Fees In Defamation Suit, Court Says

    The Georgia Court of Appeals granted an appeal by PNC Bank to receive attorney fees from a customer-launched defamation suit it defeated, finding that the award is mandatory under Georgia law while also ruling that the bank does not have to turn over documents requested by the suing customer.

  • May 07, 2024

    Ex-Tugboat CEO Can't Reinstate $75M Defamation Verdict

    A Washington state appeals panel won't let the former CEO of boating company Harley Marine Services Inc. reinstate a $75 million defamation verdict against his former business partners, finding that the comments that formed the basis for the verdict are covered under the state's "absolute" litigation privilege.

  • May 07, 2024

    CFPB Fines Chime Financial Over Delayed Consumer Refunds

    The Consumer Financial Protection Bureau on Tuesday ordered fintech company Chime Financial to pay more than $4.5 million for allegedly leaving thousands of its users waiting weeks and sometimes months for their balance refunds after their accounts were closed.

Expert Analysis

  • Opinion

    Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders

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    The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.

  • Roundup

    Illinois Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.

  • Roundup

    Florida Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.

  • At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism

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    At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.

  • Series

    Fla. Banking Brief: All The Notable Legal Updates In Q1

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    Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q1

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    The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.

  • Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues

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    Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.

  • Practicing Law With Parkinson's Disease

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    This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.

  • How Banks Should Respond To Calif. AG's Overdraft Warning

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    Banks and credit unions should heed recent guidance from California’s attorney general, along with warnings by consumer regulators of all stripes, regarding unfair fee practices by properly disclosing their fees and practices, and ensuring the amounts charged mirror federal benchmarks, say Brett D. Watson and Madeline Suchard at Cozen O'Connor.

  • Cos. Should Prepare For Foreign Data Transfer Regulations

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    A new regulatory regime designed to protect U.S. sensitive data from countries of concern may complicate an already intricate geopolitical landscape and affect even companies beyond the data industry, but with careful preparation, such companies can endeavor to minimize the effect on their business operations and ensure compliance, say David Plotinsky and Jiazhen Guo at Morgan Lewis.

  • Series

    Playing Hockey Makes Me A Better Lawyer

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    Nearly a lifetime of playing hockey taught me the importance of avoiding burnout in all aspects of life, and the game ultimately ended up providing me with the balance I needed to maintain success in my legal career, says John Riccione at Taft.

  • Expect CFPB Enforcement To Continue Ramping Up

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    From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.

  • ESG Challenges In Focus After Sierra Club Opposes SEC Rule

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    The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.

  • For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill

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    A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.

  • Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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    Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.

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