Analysis

High Court Ruling May Shake Up CFPB's Litigation Docket

By Jon Hill

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.

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New Treasury Rule Amps Up Reporting Burden For Banks

By Jennifer Doherty

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.

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

By Natalie Olivo

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.

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

By Gina Kim

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.

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

By Jessica Corso

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.

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In Final Memo, Blumenauer Eyes Path Forward For Cannabis

By Sam Reisman

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.

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Bill To Undo SEC Crypto Accounting Bulletin Passes House

By Aislinn Keely

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.

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

By Alex Lawson

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.

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Digitex Founder Pleads Guilty To Bank Secrecy Act Violation

By Donald Morrison

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.

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Labaton, Boston Pension Win Bid to Lead NYCB Investor Suit

By Katryna Perera

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.

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Credit Suisse Urges Mich. Panel To Reverse Biz Loss Denial

By Paul Williams

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.

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

By Jack Rodgers

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.

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

By Kevin Penton

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.

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How Banks Can Preserve Value Amid Corporate Default Surge

Amid a busy time for corporate bankruptcies, banks need a nuanced understanding of contractual rights, regulatory frameworks and evolving legal developments to protect and preserve their rights and interests, say attorneys at Phelps Dunbar.

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8 Questions To Ask Before Final CISA Breach Reporting Rule

The Cybersecurity and Infrastructure Security Agency’s recently proposed cyber incident reporting requirements for critical infrastructure entities represent the overall approach CISA will take in its final rule, so companies should be asking key compliance questions now and preparing for a more complicated reporting regime, say Arianna Evers and Shannon Mercer at WilmerHale.

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What's Extraordinary About Challenges To SEC Climate Rule

A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.

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How New Rule Would Change CFIUS Enforcement Powers

Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.

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Series

Swimming Makes Me A Better Lawyer

Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.

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Titan Of The Plaintiffs Bar: Keller Rohrback's Derek Loeser

By Joyce Hanson

Derek Loeser's path to becoming one of the country's sharpest litigators, winning major cases against large corporations including Facebook and Wells Fargo, may very well have started at his family's dinner table when he was young.

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