• November 29, 2023

    Judge Says Credit Card Fee Claim Site Should Be Shuttered

    A purported scam settlement claims website allegedly attempting to profiteer off a $5.6 billion settlement between Visa Inc. and Mastercard Inc. and merchants should come down immediately, a federal magistrate judge has determined, citing details about the scheme including a Snoop Dogg soundalike message used to convince would-be customers to use the site.

  • November 29, 2023

    Survivors Of Attacks Urge Justices To Ax Bank's Immunity

    More than 1,100 survivors and relatives of victims of attacks on U.S. forces in Iraq have asked the U.S. Supreme Court to review a ruling that said a Lebanese bank may be protected by sovereign immunity from claims it funded the attacks.

  • November 29, 2023

    FTX Gets Approval To Put $744M In Crypto On The Market

    A Delaware bankruptcy judge on Wednesday gave bankrupt cryptocurrency exchange FTX permission to put $744 million in cryptocurrency up for sale, finding that converting the crypto to cash was in the best interests of creditors.

  • November 29, 2023

    LPL Taps Wells Fargo Unit's Compliance Head As New CCO

    LPL Financial LLC announced Wednesday that it has hired a new chief compliance officer, a former head of compliance for Wells Fargo's wealth and investment management division who also spent time as a Morgan Lewis attorney earlier in his career.

  • November 29, 2023

    FDIC Faces GOP Demand For Workplace Settlement Details

    A top Republican senator called Wednesday for the Federal Deposit Insurance Corp. to hand over details on how much it has spent on settling workplace misconduct cases and whether it has made claimants sign non-disclosure agreements.

  • November 29, 2023

    Justices Cast Doubt On Future Of SEC's In-House Courts

    The conservative majority of the U.S. Supreme Court on Wednesday seemed poised to declare the U.S. Securities and Exchange Commission's in-house courts unconstitutional, but some expressed concern about whether such a ruling could have spillover effects on the government's ability to prosecute violations of immigration, customs and workplace safety laws.

  • November 29, 2023

    UK Musician Cops To $6M Securities Fraud Cyber Scam

    An Afrobeats artist from the United Kingdom pled guilty in New York federal court Tuesday to three charges related to a $6 million scheme that involved breaking into Americans' email and brokerage accounts.

  • November 29, 2023

    COVERAGE RECAP: Day 36 Of Trump's NY Civil Fraud Trial

    Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from day 36.

  • November 28, 2023

    CFPB's Chopra Says AI Could Give 'Enormous Control' To Few

    Consumer Financial Protection Bureau Director Rohit Chopra said Tuesday that he is worried the rise of generative artificial intelligence technology could concentrate "enormous" power within the grasp of a few companies and their top executives.

  • November 28, 2023

    SDNY's Damian Williams Troubled By Office's Cash Shortfall

    Manhattan U.S. Attorney Damian Williams said Tuesday that his office suffers from a chronic lack of funding to support its expansive operations, as discord among lawmakers in Washington, D.C., has left the U.S. Department of Justice operating without a budget. 

  • November 28, 2023

    Genesis Nears Deals With Parent Co., Creditors

    A New York bankruptcy judge on Tuesday gave Genesis Global Holdco permission to send its Chapter 11 plan out for a vote, as the cryptocurrency lending platform reported impending agreements with its parent company and creditors that could render its "no deal" bankruptcy plan a misnomer.

  • November 28, 2023

    Zelle User Asks Judge Not To Rethink Trimming Fraud Suit

    A New York federal judge shouldn't reconsider his decision to let a lawsuit proceed against Bank of America over its alleged refusal to reimburse fraud victims, the plaintiff in the suit said, arguing that her claim is still valid.

  • November 28, 2023

    NY Fines Title Insurer $1M Over Cyber Control Deficiencies

    New York's financial services regulator announced Tuesday that First American Title Insurance Co. will pay $1 million for allegedly violating state cybersecurity regulations by failing to implement access controls before a large breach in 2019 exposed customers' personal information.

  • November 28, 2023

    Consumer Privacy Rules For AI Floated By Calif. Regulators

    The California Privacy Protection Agency revealed Monday proposed regulations to allow more consumer control over private information that could be used by artificial intelligence, floating the ability to opt out of providing such information and to obtain more information about businesses' use of the technology, in line with state consumer privacy laws.

  • November 28, 2023

    2nd Circ. Won't Rehear $16.9M Madoff Investor Clawback Case

    The Second Circuit on Tuesday said it wouldn't rehear an appeal from an investor who lost a clawback suit and was ordered to pay $16.9 million to the bankruptcy estate of Bernie Madoff's Ponzi investment company.

  • November 28, 2023

    RTX Shareholder Moves Jet Engine Stock Feud To Del.

    An RTX Corp. stockholder has agreed to move from Connecticut to Delaware a proposed federal derivative suit accusing the former Raytheon jet engine-maker of failing to disclose reliability and fuel economy problems with a mainstay line of turbofan engines, costing the company billions.

  • November 28, 2023

    Debtor Can't Also Be Creditor In Ch. 13, 7th Circ Rules

    The Seventh Circuit ruled that an Illinois-based business owner cannot seek a more than $300,000 state court judgment against his former business partners in their Chapter 13 bankruptcy petition, holding that the owner and his alter ego company cannot become both the creditor and debtor.

  • November 28, 2023

    2nd Circ. Upholds Ex-CEO's Conviction For Manafort Bribe

    The Second Circuit on Tuesday upheld former Federal Savings Bank CEO Stephen Calk's conviction for giving former Donald Trump staffer Paul Manafort $16 million in loans in exchange for a chance at a job in the White House, rejecting a series of evidentiary and procedural arguments raised by Calk.

  • November 28, 2023

    Ex-Va. Bank Worker Reaches $6M Deal To End ESOP Suit

    A former bank manager asked a Virginia federal court Tuesday to sign off on a $6 million deal to end her suit accusing her former employer of cheating retirees out of their benefits by draining their employee stock ownership plan for the benefit of bank executives.

  • November 28, 2023

    Murdaugh Gets 27 Years For Financial Crimes

    Disgraced lawyer and convicted murderer Alex Murdaugh was sentenced Tuesday to 27 years in prison by a South Carolina state judge for stealing $12.4 million from his law partners and clients and evading taxes, a white collar punishment that prosecutors said was "more than Enron, more than WorldCom."

  • November 28, 2023

    Law Firm Leaders Cautiously Optimistic Heading Into 2024

    Major U.S. law firms are steadfast in their commitment to the pursuit of further growth despite ongoing economic uncertainty. Here’s what the leaders of four Leaderboard firms have to say about how the legal industry is preparing for next year.

  • November 28, 2023

    The 2023 Law360 Pulse Leaderboard

    Check out the Law360 Pulse Leaderboard to see which first-in-class firms made the list this year.

  • November 28, 2023

    BofA Hit With $12M CFPB Fine Over Mortgage Data Reporting

    The Consumer Financial Protection Bureau said Tuesday that it has ordered Bank of America NA to pay a record $12 million fine for allegedly reporting "false" mortgage applicant information to the government going back several years.

  • November 28, 2023

    COVERAGE RECAP: Day 35 Of Trump's NY Civil Fraud Trial

    Law360 reporters are providing live coverage from the courthouse as former President Donald Trump goes on trial in the New York attorney general's civil fraud case. Here's a recap from Day 35.

  • November 27, 2023

    Chicken Cos. Urge Justices To Allow Judgment Sharing Deal

    Several poultry producers have told the U.S. Supreme Court there's no need for the justices to review provisions of their judgment sharing agreement related to a lawsuit accusing the companies of fixing the price of broiler chicken, arguing the deal is legally sound and may soon become moot anyway.

Expert Analysis

  • Crypto, Audit Cases Dominate SEC's Enforcement Focus In '23

    Author Photo

    Attorneys at Covington examine the U.S. Securities and Exchange Commission's fiscal year 2023 enforcement results, which marked the SEC's third consecutive year of increasing enforcement activity since Chair Gary Gensler took over in 2021 — this time driven by a focus on combatting crypto-related scams and enforcing recordkeeping compliance.

  • New York Cybersecurity Amendments Raise Regulatory Bar

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    Financial service providers both in and outside New York should study recent changes to the state financial regulator's cybersecurity requirements, which add governance controls, technical safeguards and incident response protocols to improve what is already becoming the national benchmark for robust cybersecurity compliance programs, say attorneys at Baker McKenzie.

  • Understanding Discovery Obligations In Era Of Generative AI

    Excerpt from Practical Guidance
    Author Photo

    Attorneys and businesses must adapt to the unique discovery challenges presented by generative artificial intelligence, such as chatbot content and prompts, while upholding the principles of fairness, transparency and compliance with legal obligations in federal civil litigation, say attorneys at King & Spalding.

  • 5 Steps To Meet CFTC Remediation Expectations

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    After the U.S. Commodity Futures Trading Commission recently updated its enforcement policies, organizations should implement elements of effective remediation — from root-cause analyses to design effectiveness tests — to mitigate the risk of penalties and third-party oversight, say Jonny Frank and Chris Hoyle at StoneTurn Group.

  • Asserting 'Presence-Of-Counsel' Defense In Securities Trials

    Author Photo

    As illustrated by the fraud trial of FTX founder Sam Bankman-Fried, defense attorneys in securities trials might consider arguing that counsel had some involvement in the conduct at issue — if the more formal advice-of-counsel defense is unavailable and circumstances allow for a privilege waiver, say Joseph Dever and Matthew Elkin at Cozen O'Connor.

  • Forecasting The Impact Of High Court Debit Card Rule Case

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    John Delionado and Aidan Gross at Hunton consider how the U.S. Supreme Court's forthcoming ruling in a retailer's suit challenging a Federal Reserve rule on debit card swipe fees could affect agency regulations both new and old, as well as the businesses that might seek to challenge them.

  • Series

    ESG Around The World: Mexico

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    ESG has yet to become part of the DNA of the Mexican business model, but huge strides are being made in that direction, as more stakeholders demand that companies adopt, at the least, a modicum of sustainability commitments and demonstrate how they will meet them, says Carlos Escoto at Galicia Abogados.

  • The Case For Post-Bar Clerk Training Programs At Law Firms

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    In today's competitive legal hiring market, an intentionally designed training program for law school graduates awaiting bar admission can be an effective way of creating a pipeline of qualified candidates, says Brent Daub at Gilson Daub.

  • Taking Action On Interagency Climate Financial Risk Guidance

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    Recent joint guidance from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on climate-related financial risk management for large institutions makes it clear that banks should be proactive in assessing their risks and preparing for further regulation, says Douglas Thompson at Snell & Wilmer.

  • CFPB, DOJ Signal Focus On Fair Lending To Immigrants

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    New joint guidance from the Consumer Financial Protection Bureau and the U.S. Department of Justice effectively broadens the scope of protected classes under the Equal Credit Opportunity Act to include immigration status, indicating a significant shift in regulatory scrutiny, say Alex McFall and Leslie Sowers at Husch Blackwell.

  • Attorneys Have An Ethical Duty To Protect The Judiciary

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    The tenor of public disagreement and debate has become increasingly hostile against judges, and though the legislative branch is trying to ameliorate this safety gap, lawyers have a moral imperative and professional requirement to stand with judges in defusing attacks against them and their rulings, says Deborah Winokur at Cozen O'Connor.

  • Best Practices For Defense Tech Startup Financing

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    Navigating the expanding and highly regulated defense technology sector requires careful planning and execution, starting at incorporation, so startups should prepare for foreign investor issues, choose their funding wisely and manage their funds carefully, say attorneys at WilmerHale.

  • Paths Forward For RE Buyers In Turbulent Market Conditions

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    Real estate borrowers are facing significant challenges in financing new acquisitions or developments amid escalating interest rates, but opportunistic debt funds may be able to help bridge through the present environment, say Jon Gallant and Jared Hodges at Knowles Gallant.

  • DOL's Retirement Security Rule Muddies Definitional Waters

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    The latest proposal changing how the Employee Retirement Income Security Act defines "investment advice," which the White House framed as a narrowly tailored regulation, would implement a sweeping regulatory overhaul that changes how the retirement services industry interacts with plans, participants and account owners, says Michael Kreps at Groom Law Group.

  • Why The Debt Maturity Wall Is Still A Figment, For Now

    Author Photo

    While the phenomenon of the debt maturity wall — a growing wall of staggered corporate debt maturities — has been considered a looming problem since the aftermath of the 2008 global financial crisis, it’s unlikely to have significant consequences before 2025 due to factors such as quantitative easing and evolved lending practices, says Michael Eisenband at FTI Consulting.

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