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Banking
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July 16, 2024
These Firms Have The Most Diverse Equity Partnerships
Law360’s law firm survey shows that firms' efforts to diversify their equity partner ranks are lagging. But some have embraced a broader talent pool at the equity partner level. Here are the ones that stood out.
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July 16, 2024
Latham-Led Warehouse Giant Launches Potential $3.6B IPO
Cold-storage warehouse giant Lineage Inc. on Tuesday set a price range on an estimated $3.6 billion initial public offering, represented by Latham & Watkins LLP and underwriters counsel Goodwin Procter LLP, bolstering the near-term IPO pipeline.
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July 15, 2024
Walgreens Investor Sues Over Challenged Pharmacy Division
Walgreens Boots Alliance Inc. was hit with a proposed shareholder class action alleging it inflated share prices by concealing the lack of viability of its pharmacy division, which it eventually disclosed needed a major overhaul to become sustainable.
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July 15, 2024
SEC Pans Database Privacy Challenge As Too Little, Too Late
The U.S. Securities and Exchange Commission is looking to rid itself of a proposed class action targeting a market surveillance tool known as the consolidated audit trail, telling a Texas federal judge that shutting down a critical market stability tool 12 years after its creation would harm the public without providing any benefit to suing investors.
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July 15, 2024
Fed's Powell Says He's Not Going Anywhere As Chairman
Federal Reserve Chair Jerome Powell said Monday that he will serve out the remaining two years of his appointment leading the central bank, signaling his intent to stick around despite questions about his future in a second potential Trump administration.
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July 15, 2024
FTX Proposes $4B Settlement Of CFTC's Massive $52B Claim
FTX Trading Ltd. asked a Delaware bankruptcy judge to sign off on a settlement with the U.S. Commodity Futures Trading Commission, saying the agreement to allow the agency a $4 billion claim in its bankruptcy would end a fraud civil enforcement action and address the "most significant single creditor" in the crypto currency exchange's Chapter 11 case.
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July 15, 2024
JPMorgan Chase Workers Had To Eat At Desks, Suit Says
Chase Bank encouraged workers to perform off-the-clock work but failed to pay them accordingly, while also giving them so much work that they were forced to take their meals at their desks, a former employee said in a suit in California state court.
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July 15, 2024
Widow To Pull $1.7M From Swiss Bank To Pay FBAR Penalties
A logger's widow agreed to pull about $1.7 million from her Swiss bank account to pay down penalties that her late husband's estate owes the IRS for his failure to report offshore accounts, according to a filing Monday in a Colorado federal court.
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July 15, 2024
TitleMax Can't Nix Usury Claim, Ga. Woman Tells Judge
A woman suing TitleMax over predatory lending to U.S. military members and their family members is urging a Georgia federal judge to keep her proposed class action alive, arguing the company's bid to have it thrown out must fail.
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July 15, 2024
No Sanctions For Milberg In Visa, Mastercard MDL
A New York federal judge on Friday declined to order sanctions against Milberg Coleman Bryson Phillips Grossman LLC after the firm admitted to mistakenly registering fraudulent clients in long-running multidistrict litigation that accused Visa and Mastercard of charging improper merchant fees.
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July 15, 2024
Rising Star: Davis Polk's Sanders Witkow
Sanders Witkow of Davis Polk & Wardwell LLP is getting used to steering highly complicated banking transactions, including as lead counsel for a group of banks that put up $13.2 billion in financing for Elon Musk's $44 billion hostile takeover of Twitter, earning him a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
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July 12, 2024
Rising Star: Cahill Gordon's John MacGregor
John MacGregor of Cahill Gordon & Reindel LLP has successfully defended Credit Suisse in litigation over a complex financial product alleging more than $2 billion in losses, and secured dismissal in a claim alleging losses of $1 billion over its financial adviser work. These matters and others have earned him a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Loper Bright Is Shaking Up Dozens Of Regulatory Fights
In the two weeks since the U.S. Supreme Court overturned Chevron deference, the landmark decision has emerged as a live issue in dozens of administrative challenges, with federal courts already pausing agency regulations expanding LGBTQ+ rights in education and healthcare and with a wave of parties seeking to use the new decision to win their cases.
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July 12, 2024
CFPB Takes Its 5th Circ. Lumps To Advance Late Fee Rule Suit
The Consumer Financial Protection Bureau has told the Fifth Circuit that it won't appeal a three-judge panel's decision forcing it defend its $8 credit card late fee rule in Texas rather than Washington, D.C., a move that could expedite the agency's efforts to free the rule from a lower-court injunction.
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July 12, 2024
Ramey Says 'Any Competent' Atty Wouldn't Seek Sanctions Yet
Ramey LLP, counsel for mobile payment company AuthWallet LLC, has urged a Texas federal judge to reject a bank's attempt to sanction the company's attorney, saying the request is premature since the case doesn't have a prevailing party yet.
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July 12, 2024
MoneyLion Cites High Court Rulings In Bid To Toss CFPB Suit
MoneyLion Technologies Inc. told a New York federal judge on Friday that two recent U.S. Supreme Court rulings, including the reversal of the so-called Chevron deference doctrine, support the challenge to military lending regulations it is accused of violating in a lawsuit by the Consumer Financial Protection Bureau.
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July 12, 2024
FINRA's Remote Inspection Pilot Met With Praise, Caution
The Financial Industry Regulatory Authority's new pilot program for remote inspections of broker-dealers has earned praise from attorneys, who say the measures accommodate the reality of remote work routines, but they're waiting to see how the chips fall on questions including the adequacy of the regulator's data security measures.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
Former City Treasurer Gets 30 Months In $1M Embezzlement
A former city treasurer in Alaska was sentenced to two and a half years in prison after having admitted to tax evasion and fraud in connection with a $1 million embezzlement scheme, according to Alaska federal court documents.
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July 12, 2024
BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit
A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps.
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July 12, 2024
CFTC, DOJ Convene 'Pig Butchering' Working Group
The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.
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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
First Republic Settles $7M Scholarship Fund Loss Suit
A philanthropist couple have reached an agreement to resolve their $7 million breach of fiduciary duty allegations against the now-failed First Republic Bank, telling a California federal judge that they reached a deal during a private mediation session.
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July 11, 2024
Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record
President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.
Expert Analysis
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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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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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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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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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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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New Federal Bill Would Drastically Alter Privacy Landscape
While the recently introduced American Privacy Rights Act would eliminate the burdensome patchwork of state regulations, the proposed federal privacy law would also significantly expand compliance obligations and liability exposure for companies, especially those that rely on artificial intelligence or biometric technologies, says David Oberly at Baker Donelson.
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Opinion
CFPB Could, And Should, Revise Open Banking Rulemaking
In light of continued global developments in open banking, the Consumer Financial Protection Bureau should evaluate whether it actually should use its proposed rule on Section 1033 of the Dodd-Frank Act to amplify personal financial data rights in the U.S., says Brian Fritzsche at the Consumer Bankers Association.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.
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Don't Use The Same Template For Every Client Alert
As the old marketing adage goes, consistency is key, but law firm style guides need consistency that contemplates variety when it comes to client alert formats, allowing attorneys to tailor alerts to best fit the audience and subject matter, says Jessica Kaplan at Legally Penned.
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Don't Fall On That Hill: Keys To Testifying Before Congress
Because congressional testimony often comes with political, reputational and financial risks in addition to legal pitfalls, witnesses and their attorneys should take a multifaceted approach to preparation, walking a fine line between legal and business considerations, say attorneys at Crowell & Moring.