Bank Regulators Propose Tailored Third-Party Risk Guidance

By Katryna Perera

Federal banking regulators Friday proposed revisiting 3-year-old guidance on third-party risk management for banks, saying they plan to let banks tailor their practices more specifically to the actual risk posed by each relationship.

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CashCall Loses 'Ill-Conceived' Bid To Undo $157M CFPB Win

By Dorothy Atkins

A California federal judge on Friday rejected lender CashCall Inc.'s latest bid to escape the Consumer Financial Protection Bureau's $157 million enforcement judgment in decade-old litigation over a tribal lending program, finding that CashCall's request is an "ill-conceived tactic" designed to delay enforcement.

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US Bank Objects To Ex-AI Chief's Untimely Race Bias Claim

By Hayley Fowler

U.S. Bank has objected to a North Carolina federal magistrate judge's recommendation that would allow its former head of artificial intelligence to move forward with his race discrimination suit, arguing he waited too long to loop in the U.S. Equal Employment Opportunity Commission after he was fired.

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Corp. Transparency Law Unconstitutional, Justices Told

By Kevin Pinner

The Supreme Court should find that the Corporate Transparency Act is unconstitutional to prevent a future administration from reviving its application to domestic entities, the National Small Business Association told the justices.

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Brief

TD Bank 'Cash-Like' Advance Loans Suit Voluntarily Dropped

By Katryna Perera

A proposed class action accusing TD Bank of violating its cardholder agreement by treating undisclosed transactions as "cash-like" and keeping policies about what counts as a cash advance hidden from consumers while charging fees and interest was voluntarily dropped by the plaintiff.

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Insurer May Be On The Hook For Debt Collector's Defense

By Hope Patti

Claims that a debt collector engaged in an illegal collection scheme aren't covered under its policy with a Nationwide unit, but the insurer may owe coverage if it is found to have acted in bad faith while defending the company, a Washington federal court ruled.

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3 Firms Guide Firstborn Top Capital's $1.1B SPAC Merger

By Al Barbarino

ARC Group Acquisition I Corp., a Nasdaq-listed special purpose acquisition company, has agreed to acquire Malaysian private financing company Firstborn Top Capital in a deal that values the business at an implied enterprise value of nearly $1.1 billion.

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Don't Miss It: Cooley, Latham Steer Hot Deals

By Jade Martinez-Pogue

A lot can happen in the world of mergers and acquisitions and equity fundraising over the course of a couple of weeks, and it's difficult to keep up with all the deals.

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Roundup

Taxation With Representation: Paul Weiss, Troutman, Wachtell

By Zak Kostro

In this week's Taxation With Representation, GE Aerospace buys Consolidated Precision Products from private investment firms Warburg Pincus and Berkshire Partners, Independence Realty Trust Inc. and Centerspace agree to merge, and EverBank Financial Corp. and WaFd Inc. agree to combine through a reverse merger.

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Lessons For Banks When A Fintech Partner Fails

Recent fintech bankruptcies highlight best practices for how banks can strengthen third-party oversight, data-access rights, wind-down planning and customer communications to limit regulatory exposure and consumer harm when a fintech partner collapses, say attorneys at Barack Ferrazzano.

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Attorneys Using AI May Have Ethical Duty To Redact Docs

The trajectory of legal ethics guidance in recent years strongly suggests that as redaction technology becomes more accessible, the failure to use it when uploading highly confidential materials into artificial intelligence tools will become increasingly difficult to defend as reasonable, say attorneys at Lewis Brisbois.

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Senior Lawyers Survey: Tell Us About Your Career

How are senior lawyers adapting to evolving career paths and emerging technologies? Share your perspective in this five-minute survey.

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Greenberg Traurig, Eckert Seamans Hit By Data Breaches

By Ryan Boysen

Greenberg Traurig LLP and Eckert Seamans Cherin & Mellott LLC have publicly revealed that they've been hit by data breaches, adding to the dozens of cybersecurity incidents U.S. law firms have suffered this year.

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Analysis

Midterm Wins Could Help Dems Probe Trump's BigLaw Deals

By Courtney Bublé

If the Democrats take back one or both chambers of Congress in the midterm elections, a big item on their oversight agenda will be to step up ongoing investigations of the deals that nine major law firms cut with the Trump administration last year.

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Trial Errors 'Crippled Goldstein's Defense,' 4th Circ. Hears

By Jeff Overley

Appellate luminary Tom Goldstein unveiled a sweeping and forceful critique aimed at erasing his felony fraud convictions, telling the Fourth Circuit that prosecutors were hell-bent on convicting him "no matter the facts or law," disregarded a star witness "incompetence" and benefited from a trial judge's "inexplicable" rulings.

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In-House Atty Org. Says Rival Ripped Off Data For AI Tool

By Andrea Keckley

The Association of Corporate Counsel alleges in Delaware federal court that its competitor used the nonprofit's proprietary materials to train its artificial intelligence tool Lloyd and "brazenly promoted its Lloyd product by showing the public that ACC materials could be accessed via Lloyd."

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Interview

ABA Cyber Task Force Co-Chair Eyes AI Education Boost

By Allison Grande

With the legal industry presenting a more and more enticing target for cyberattacks, it's becoming increasingly important for practitioners to know how to best protect clients' data and most effectively use emerging artificial intelligence tools — a task that the American Bar Association's Cybersecurity Legal Task Force is well positioned to assist with, its incoming co-chair recently told Law360.

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Personal Injury Firm Beats Atty's Bid For 'Birth Justice' TM

By Adam Lidgett

A former associate at a personal injury and medical malpractice law firm can't register in her own name a trademark for birth-injury legal services that she helped develop before and during her employment with the firm, the Trademark Trial and Appeal Board has ruled.

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GC Cheat Sheet: The Hottest Corporate News Of The Week

By Sue Reisinger

AI is driving a significant gap between in-house legal departments' budgets and the cost of their workloads, according to a new study. Speaking of gaps, a new Law360 Pulse report on women in law found that men still make up 71% of law firm equity partners and 63% of nonequity partners. These are some of the stories in corporate legal news you may have missed in the past week.​

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Law360's Legal Lions Of The Week

By Kevin Penton

Elias Law Group LLP and Stinson LLP lead this week's edition of Law360 Legal Lions, after the U.S. Supreme Court ruled that Missouri cannot use a newly drawn congressional map that favors Republicans in the midterms.

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In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week.

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