Try our Advanced Search for more refined results
Banking
-
May 15, 2024
'Uber Files' Scandal Can't Prop Up Investor Suit, Judge Says
Uber Technologies has beaten back a proposed class action alleging that a trove of leaked internal records harmed shareholders by revealing corporate misconduct, with a California federal judge saying plaintiffs failed to prove that any of Uber's statements about the leak were false.
-
May 15, 2024
Del. Justices Ask: Do Attys Get Thinner Slice Of $1B Dell Pie?
A near record-breaking $266.7 million fee for stockholder attorneys who settled a Chancery Court class action against Dell Technologies Inc. for $1 billion had Delaware's Supreme Court raising questions Wednesday about how the state traditionally calculates attorney fee awards in large class action settlements.
-
May 15, 2024
Russian Gas Ex-CFO Can't Nix $44M FBAR Suit, Judge Rules
The former chief financial officer of a Russian gas company who was sentenced to seven years in prison for hiding money in Swiss banks can't escape the government's civil suit seeking nearly $44 million in reporting penalties, a Florida federal judge ruled Wednesday.
-
May 15, 2024
South African Tax Official Says Data Swaps Too Limited
South Africa's requests to exchange information on taxpayers with authorities around the world are often denied for criminal investigations of tax crimes, while automatic exchanges sometimes lack the full identifying information of taxpayers, the commissioner of the country's tax agency said Wednesday.
-
May 15, 2024
Colo. Says Lending Law Challenge Aims To Strip Federal Right
The state of Colorado has urged a federal judge to dismiss a suit seeking to block a new state law to rein in high-cost online lending by out-of-state banks, saying federal law "expressly permits" states to opt out of the relevant statute, so their interest rate laws will not be preempted by state-chartered banks.
-
May 15, 2024
Buchalter Starts Fintech And AI Practice With New Seattle Hire
Buchalter PC announced that it hired the former chief legal officer at mortgage-focused fintech company Sagent as a Seattle-based shareholder and chair of its newly launched fintech and artificial intelligence practice group.
-
May 15, 2024
Ex-FTX Exec Seeks Leniency, Saying He Was Kept In The Dark
A former top FTX official has asked a Manhattan federal judge for a lenient 18-month sentence, saying he was not part of company co-founder Sam Bankman-Fried's inner circle and was as shocked as everyone else to learn that the crypto exchange was operating a fraud that siphoned billions in customer funds.
-
May 15, 2024
Lender Drops $4M Fraud Suit Against Ga. Golf Course Owner
Lender U.S. Strategic Capital Advisors has moved to voluntarily drop its lawsuit accusing the owner of an Atlanta-area golf course of using a more than $4 million loan to prop up other businesses, shortly after a Georgia federal judge denied successive efforts to wrest control of his assets.
-
May 15, 2024
Senators Release 'Road Map' For Crafting Federal AI Policy
A bipartisan group of senators on Wednesday laid out a "road map" for artificial intelligence policy that calls for increased AI innovation funding, testing of potential harms posed by AI and consideration of the technology's workforce implications.
-
May 15, 2024
Swiss Seek Feedback On Crypto Information Exchange
Switzerland's executive body, the Federal Council, is seeking feedback from the public on its plan to adopt two Organization for Economic Cooperation and Development standards that will update the country's automatic exchanges of information to account for crypto-assets, it said Wednesday.
-
May 15, 2024
Archegos Ex-Accountant Tells Jury Of 'Vendetta' Inside Fund
A key cooperating witness had a "personal vendetta" against a former Archegos executive charged in the government's $36 billion market distortion case, according to testimony Wednesday by an ex-accountant at the fallen fund.
-
May 14, 2024
In Hot Seat, FDIC's Gruenberg Pledges 'Fundamental Change'
Federal Deposit Insurance Corp. Chairman Martin Gruenberg will tell House lawmakers Wednesday that he is taking "full responsibility" for his agency's workplace misconduct scandal and eyeing "fundamental" structural reforms, striking a humbled but determined tone as he faces the first of two hearings that could be make-or-break for his job.
-
May 14, 2024
FINRA Official Calls Off-Channel Flags 'Shockingly Common'
A Financial Industry Regulatory Authority official said Tuesday that firms often veer into issues with off-channel business communications thanks to what's on their representatives' business cards and email signatures, and that the biggest red flag of recordkeeping violations are the habits of firms' own leaders and managers.
-
May 14, 2024
Asset Manager Cops To $1.2B Venezuelan Oil Co. Fraud
An asset manager pled guilty Tuesday to one count of conspiracy to commit money laundering for his role in a $1.2 billion scheme to embezzle money from Venezuela's state-owned oil company and launder it through false investment schemes in the U.S. and abroad.
-
May 14, 2024
Berkshire Bank Sued For Customer's Alleged $90M Ponzi
Massachusetts-based Berkshire Bank is facing a proposed class action brought by an investor seeking to hold the bank liable for providing financial services to a bankrupt local business person whom the investor has accused of operating a $90 million Ponzi scheme.
-
May 14, 2024
Ex-Wachovia Exec Owes $9M For Decade-Old Fraud, Feds Say
A former senior trading executive-turned-Christian novelist still owes over $9 million in restitution on a 17-year-old conviction for a Ponzi-like scheme he ran while working for what was then Wachovia's investment banking unit, according to federal prosecutors.
-
May 14, 2024
Couple Attacks Chase's 'Pack Of Lies' In $20M Loss Case
An elderly couple claiming they lost tens of millions through bad investments with JPMorgan Chase Bank NA said in a heated Massachusetts federal court hearing Tuesday that the big bank shouldn't pocket a pretrial win based on a magistrate judge's "extreme" analysis.
-
May 14, 2024
Fla. Man Get 13 Mos. For Trading On Goldman Insider Info
A Florida man was sentenced to 13 months in prison after pleading guilty to trading stocks on information provided by a former Goldman Sachs analyst, his attorney said Tuesday.
-
May 14, 2024
EU Finance Ministers Strike Deal On Withholding Tax Refunds
European Union finance ministers agreed Tuesday to a withholding tax refund law, as previous holdouts Poland and the Czech Republic withdrew their objections.
-
May 13, 2024
Bank Lobbies Rattle Sabers At Fed Over Debit Swipe Fees
Some of the same banking industry groups that sued over the Consumer Financial Protection Bureau's credit card late fee rule have urged the Federal Reserve to refrain from lowering a separate cap on debit card swipe fees, signaling it could be the next bank fee regulation to face a legal challenge if finalized.
-
May 13, 2024
Banking Groups Oppose FDIC Position On Interstate Lending
Two banking associations have argued the Federal Deposit Insurance Corp. is trying to create a new regulation through its support of a Colorado state law aimed at reining in high-cost lending by claiming for the first time, in an amicus brief, that interstate loans are made in both the lender's and borrower's states.
-
May 13, 2024
BofA Let 'Off The Hook' In ATM Fee Row, 9th Circ. Told
An attorney for a proposed class alleging Bank of America wrongly charged them for out-of-network balance inquiries at ATMs told a Ninth Circuit panel Monday that the district court erred in tossing all the claims by applying arguments about a different defendant.
-
May 13, 2024
Student Loan Servicer Faces Suit Over Tax Form Data Breach
An education-focused subsidiary of payment processor Global Payments Inc. faces a proposed class action accusing it of negligence after it disclosed that part of its website allowed bad actors unfettered access to certain student tax documents for months at a time.
-
May 13, 2024
SEC, FinCEN Propose Money Manager Customer ID Rule
The U.S. Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network on Monday proposed a rule that would require money managers such as hedge funds and private equity firms to document and maintain customer identification programs.
-
May 13, 2024
Kabbage Inks 2 FCA Deals With Feds Totaling $120M
Bankrupt online lender Kabbage Inc. has agreed to pay $120 million in two separate deals to resolve allegations it submitted thousands of false claims for loan forgiveness and operated without adequate fraud controls in place, the U.S. Department of Justice announced Monday.
Expert Analysis
-
Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
-
Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
-
Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
-
Steps For Companies New To Sanctions Compliance
Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.
-
Bank Secrecy Act Lessons For Casinos After DOJ Settlements
The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.
-
Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
-
What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
-
6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
-
Cos. Must Know How NY, Federal LLC Disclosure Laws Differ
Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.
-
SEC Regs Give Banks Chance To Step Up Cyber Safety Game
Just as the Sarbanes-Oxley Act forced financial institutions to undertake best practices in recordkeeping, the U.S. Securities and Exchange Commission’s recently effective cybersecurity regulations stand to similarly drive those same enterprises to seek out and implement best practices in cybersecurity, to everyone's benefit, says James Gerber at SimSpace.
-
A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
-
Predicting DeFi Regulations At Home And Abroad In 2024
Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.
-
Mitigating The Risk Of Post-Closing M&A Earnout Disputes
Today's uncertain deal environment makes a well-crafted earnout an excellent way for parties to accomplish a desired transaction that would not otherwise occur, but transacting parties also need to take key steps to avoid the risk of post-closing disputes that earnouts can present, say Chad Barton and Claire Lydiard at Holland & Knight.
-
NY's Revamped Card Surcharge Ban Is Unique Among States
Newly revised New York legislation bolsters the state's ban on credit card surcharges, potentially reinvigorating similar laws across the country despite the fact that many of them have been ruled unconstitutional, say Tom Witherspoon and Audrey Carroll at Stinson.
-
Preparing For DOJ's Data Analytics Push In FCPA Cases
After the U.S. Department of Justice’s recent announcement that it will leverage data analytics in Foreign Corrupt Practice Act investigations and prosecutions, companies will need to develop a compliance strategy that likewise implements data analytics to get ahead of enforcement risks, say attorneys at Cozen O'Connor.