Banking

  • September 01, 2022

    Deals Rumor Mill: Porsche, Truth Social, Calb

    Porsche could reach an $85 billion valuation in its IPO, Donald Trump's social media venture is facing difficulties in completing its SPAC merger, and Chinese electric-vehicle battery supplier Calb hopes to raise up to $2 billion in an upcoming IPO. Here, Law360 breaks down these and other deal rumors from the past week that you need to be aware of.

  • September 01, 2022

    SEC Signals Audit Crackdown As Firms Seek PE Partners

    The U.S. Securities and Exchange Commission's top accounting official has warned accounting firms that enforcement actions could result if they don't maintain auditing independence when selling parts of their businesses to private equity firms, showing that the agency is closely eyeing a wave of deals that could transform the industry.

  • September 01, 2022

    Baker McKenzie DQ'd From Russian Bank Case

    A Georgia federal judge has disqualified Baker McKenzie from representing a Russian bank in its loan fraud fight against an agricultural supply business that the law firm had advised on restructuring, affirming a magistrate judge's decision in July.

  • August 31, 2022

    BofA, Wells Fargo, TD Bank Can't Duck TelexFree Claims

    Bank of America, Wells Fargo and TD Bank can't avoid claims of aiding and abetting the multibillion-dollar TelexFree Ponzi scheme, a Massachusetts federal judge ordered Wednesday in a ruling that also dropped consulting behemoth PwC and PNC Bank from the civil case.

  • August 31, 2022

    Laos Ditches Suit Over Failed Casino Venture, For Now

    The government of Laos has dropped its attempt in Idaho federal court to enforce a $3.7 million arbitration award against a businessman and his company over an ill-fated casino venture, one day after a federal judge ruled she lacked jurisdiction over the claim.

  • August 31, 2022

    Calif. Borrowers Get $300K To Drop Tribe-Linked Usury Suit

    California residents who sued tribe-linked subsidiaries of the payday loan firm Think Finance LLC, accusing them of trying to evade state usury laws, dropped their federal suit after inking a "creative" deal that will add $300,000 to another settlement involving the now-defunct lender.

  • August 31, 2022

    Real Estate Rumors: Kriss Capital, Goldman, RXR

    Kriss Capital has reportedly loaned $31.5 million for a New York mixed-use project, Goldman is said to be lifting several COVID-19 restrictions in a push to bring all its workers back to brick-and-mortar offices, and RXR has reportedly landed $260 million in financing for a Manhattan office property.

  • August 31, 2022

    Solicitor General Asks Justices To Skip Ch. 13 Dismissal Fight

    The U.S. Solicitor General has advised the U.S. Supreme Court not to hear a case in which a bankruptcy judge refused to let a Chapter 13 debtor make up missed payments following the expiration of their five-year payment plan, saying the question of whether bankruptcy judges have the authority to do so has not been litigated enough.

  • August 31, 2022

    Rep. Presses Fed Agencies, Crypto Cos. On Fraud Prevention

    The chair of the House Subcommittee on Economic and Consumer Policy has sent letters to four federal agencies and five digital asset exchanges requesting information about the steps they are taking to combat cryptocurrency-related fraud and scams. 

  • August 31, 2022

    3rd Circ. Won't Revive Suit Over Banking IP Challenge

    The Third Circuit refused to revive a lawsuit claiming that Bank of America and Wells Fargo wrongly arranged a backchannel fight to invalidate a patent, finding the owner fell short in alleging the direct patent challenger acted on behalf of the banks.

  • August 31, 2022

    DOJ Says FDIC Chair Can't Block Agency's Board Majority

    The chair of the Federal Deposit Insurance Corp. cannot stop a majority of the agency's Board of Directors from presenting items for a vote and decision, the U.S. Department of Justice has found, rebuking a former Trump-appointed FDIC chair who attempted to override a board vote in a fight over the agency's bank merger policy.

  • August 31, 2022

    Fed. Circ. Urged To Ax Cigna Win In Payment IP Suit

    Patent owner Alexsam has urged the Federal Circuit to undo a lower court's decision to boot its infringement suit against insurer Cigna over payment technology, arguing that the ruling was based on flawed claim construction.

  • August 31, 2022

    KeyBank Faces Proposed Class Action Over Data Breach

    KeyBank NA and an insurance services company face a proposed federal class action lawsuit alleging their negligence caused a recent data breach that compromised customers' personal and mortgage information.

  • August 31, 2022

    Lone Star Wins $216M In Long-Running Fight With S. Korea

    An international tribunal ordered South Korea on Wednesday to pay $216.5 million to Texas-based private equity firm Lone Star Funds following a decade-old dispute stemming from the sale of the firm's controlling stake in Korea Exchange Bank, an award that left both sides dissatisfied.

  • August 31, 2022

    J.P. Morgan German Office Searched Amid Tax Fraud Probe

    Investment bank J.P. Morgan said Wednesday that its offices in Frankfurt have been searched, reportedly in connection with a tax fraud probe, and that it will continue to cooperate with German authorities as they investigate.

  • August 30, 2022

    SEC Says NC Insurance Execs Stole $75M From Clients

    The U.S. Securities and Exchange Commission filed suit Tuesday against two North Carolina-based insurance executives and their Malta-based registered investment adviser for allegedly defrauding clients out of more than $75 million through undisclosed transactions that only benefited themselves.

  • August 30, 2022

    Reps. Probe Fintech Co. On 'Buy Now, Pay Later' Gun Sales

    A group of 18 Democratic U.S. lawmakers wants information on Credova Financial LLC's "buy now, pay later" financing for online sales of guns, ammunition and accessories, requesting information in a letter to the company's CEO about various safeguards and business practices.

  • August 30, 2022

    PHH Mortgage Settles Suit Over Hurricane Damage Payouts

    PHH Mortgage Corp. has settled a lawsuit from a couple who claimed the loan servicer repeatedly failed to deduct from their principal insurance payouts that were not used for repairs to their Florida property, which was damaged during a hurricane.

  • August 30, 2022

    4 Firms Vie To Lead Wells Fargo Investor Suit Over Hiring

    Four firms including Saxena White PA have submitted competing bids to serve as lead counsel in a proposed investor class action accusing Wells Fargo of conducting fake job interviews to satisfy internal diversity guidelines.

  • August 30, 2022

    Fla. Man Says Wells Fargo Added Surprise Legal Fees To Loan

    A Miami businessman took the stand Tuesday to tell a state judge how he was shocked at the $100,000 bill for legal fees Wells Fargo tacked on to a payoff letter for a mortgage on a commercial property, saying the bank repeatedly refused to justify the expenses.

  • August 30, 2022

    Walmart Slams FTC's Money Transfer Suit As Gov't Overreach

    Walmart urged an Illinois federal judge on Monday to toss a suit from the Federal Trade Commission alleging the retail giant turned a blind eye to fraudulent money transfers, arguing that the FTC does not have the constitutional or statutory authority to bring the lawsuit.

  • August 29, 2022

    Mortgage Borrower, BofA Agree To Drop Escrow Suit

    A North Carolina resident seeking to represent a class of mortgage borrowers has agreed to settle her federal suit with Bank of America that alleged the bank sought to profit from systematically opening escrow accounts for customers without authorization.

  • August 29, 2022

    Judge Says RICO Accuser Owes Banks $250K In Atty Fees

    A New York federal judge on Friday found that a trucking firm and its president are liable for $250,000 in legal fees that six banks say they incurred due to the trucking firm's racketeering suit against them.

  • August 29, 2022

    5th Circ. Questions Challenge To Nasdaq Board Diversity Rule

    A Fifth Circuit judge on Monday sharply questioned conservative activists trying to overturn a Nasdaq rule requiring the disclosure of board diversity data, asking whether the U.S. Securities and Exchange Commission's approval of the rule left it open to a constitutional challenge.

  • August 29, 2022

    Navy Federal Shouldn't Escape Zelle Fraud Suit, Member Says

    A Navy Federal Credit Union customer has urged a New York federal judge not to toss her potential class action accusing the credit union of failing to reimburse fraud losses on the Zelle digital payments network, saying she has properly alleged that Navy Federal's claims about Zelle were misleading.

Expert Analysis

  • Stablecoin Legal Risks To Consider In Light Of Terra Collapse

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    Following the stunning fall of cryptocurrency Terra, we are seeing a new focus on stablecoin from private plaintiffs filing novel securities lawsuits and from government entities, including forward momentum in Congress with respect to the Stablecoin Trust Act and ramped-up stablecoin rhetoric from financial regulators, say Perrie Weiner and David Sverdlov at Baker McKenzie.

  • Scope Of Russia's New Blocking Sanctions Is Unclear

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    Russia's recently introduced measures to block transactions with 31 energy companies may substantially extend the purview of its existing economic sanctions, but until the federation issues official guidance about how the measures apply to existing contracts, the practical consequences must be determined on a case-by-case basis, say attorneys at Morgan Lewis.

  • Taking A Long-Term View On Russia's Patent Landscape

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    The imposition of sanctions following the invasion of Ukraine has raised questions about the future of patent procurement and enforcement in Russia, but companies should not dismiss their Russian patents prematurely, especially in industries such as energy, agriculture, electronics and cybersecurity, say Soniya Shah and Ming-Tao Yang at Finnegan.

  • What To Expect From CFPB's Entry Into Cryptocurrency Arena

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    As consumer cryptocurrency offerings become more prevalent, it's important to consider how the Consumer Financial Protection Bureau might regulate this area, including what kind of services it will focus on and what kind of authority it could draw on when pursuing enforcement actions, say attorneys at Goodwin.

  • How In-House Legal Leaders Can Drive Corporate Growth

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    Today, more executives are seeking legal leaders who are strategic, adaptable thinkers, making it essential that in-house counsel get out of their comfort zone of legal advice and take several steps to contribute toward revenue growth and raise their profile, says Tim Parilla at LinkSquares.

  • Attorneys Should Tread Carefully On Job Counteroffers

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    Promises of more compensation to keep attorneys from leaving their jobs have become commonplace in today's hot job market, but lawyers should weigh their options carefully as accepting a counteroffer can negatively affect their reputation, says Leeron Molloy at VOYlegal.

  • Financial Cos. Should Expect More Cyber-Related Litigation

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    With harder-to-detect cybersecurity incidents, more stringent regulation and fintech developments, a perfect storm is brewing for increased cyberattacks on banks and financial institutions, followed by litigation, says Peter Kamminga at JAMS.

  • Series

    The Future Of Legal Ops: Time To Get Serious About Data

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    Most corporate legal departments collect surface-level data around their operations, such as costs and time to resolution, but legal leaders should explore more in-depth data gathering to assess how effective an attorney was, how efficiently legal work was performed, and more, says Andy Krebs at Intel.

  • Lessons From Recent FINRA Actions Against Funding Portals

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    Two recent Financial Industry Regulatory Authority enforcement actions provide reminders for funding portals on compliance responsibilities, like keeping track of finances and avoiding engaging in broker activities, say Peter LaVigne and Christopher Grobbel at Goodwin.

  • Readying Cybersecurity Protocols For The Quantum Age

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    As there is a significant likelihood that quantum computers will be able to break the majority of current encryption methods within the next decade, organizations should make preparations now to transition to post-quantum security mechanisms, says Ryan McKenney at Orrick.

  • Calif. Order May Change Crypto Activity Registration

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    While many digital asset platforms have been exempt from registration in California under the state's Money Transmission Act, a recent order from the governor calls for syncing state crypto regulation with federal rules and could significantly change compliance for financial technology providers with services in California, say attorneys at Barnes & Thornburg.

  • Medical Debt Info Furnishers Must Beware Increased Scrutiny

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    With the Consumer Financial Protection Bureau reprioritizing concerns around inclusion of medical debt on credit reports, those who furnish such information to consumer reporting agencies should implement certain best practices to mitigate regulatory scrutiny and stay compliant with the No Surprises Act that took effect earlier this year, say Jessica Pollet and Margaux Curie at Cooley.

  • Cannabis Moneyball Has Begun, And The Game Is Heating Up

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    The burgeoning cannabis industry is much like baseball in its early years, with several state players working to come online, and rules being hammered out by state and federal regulators — though it will take some strategic moneyball for the industry to grow market share, earn customer loyalty and make it to home base, say John Oberle and Kristina Dahmann at Ice Miller.

  • What A Crypto Exchange Bankruptcy Filing Could Look Like

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    There is growing concern regarding how customers of cryptocurrency exchanges will be treated if an exchange commences bankruptcy proceedings as crypto prices fall, which means customers should take proactive measures to protect their assets, say Darren Azman and Gregg Steinman at McDermott.

  • Opinion

    ABA Isn't Giving Up On Diversity Efforts By Ending CLE Rule

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    While some view the American Bar Association’s elimination of continuing legal education diversity requirements as capitulating to a Florida Supreme Court decision against the mandate, it was a strategic decision to serve Florida members while improving diversity, equity and inclusion efforts in other ways, says Tiffani Lee at Holland & Knight.

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