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July 26, 2024
Apple Commits To White House Guidelines For Responsible AI
Apple Inc. has signed onto the Biden administration's voluntary guidelines for "responsible" artificial intelligence innovation, joining the likes of Amazon.com Inc., Google LLC, Microsoft Corp. and a dozen other leading tech companies, the White House announced Friday.
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July 26, 2024
State Street Inks $7.5M Deal Over Russia Sanctions Violations
Financial services giant State Street has agreed to pay nearly $7.5 million to resolve apparent violations by its investment management solution subsidiary Charles River Systems Inc. of Obama-era sanctions targeting Russian actions against Ukraine, the U.S. Department of the Treasury announced Friday.
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July 26, 2024
SEC Sues Banker And Ex-Prosecutor Alleging $1.6M Fraud
A Georgia banker fraudulently bilked approximately $1.6 million from unsuspecting investors for "furs and furniture" and other expenses while a former Florida prosecutor ignored several red flags when holding on to the investments, the U.S. Securities and Exchange Commission told a Georgia federal court.
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July 26, 2024
FTX's Ryan Salame Asks To Delay Prison After Dog Attack
Former FTX executive Ryan Salame on Friday asked a New York federal judge to delay his prison surrender date because he was recently mauled by a German shepherd and must undergo "urgent and necessary medical treatment and surgery."
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July 26, 2024
Franklin Says DOJ, SEC Probing Western Asset Management
Western Asset Management, a global fixed-income manager, is facing parallel investigations from the U.S. Department of Justice and the U.S. Securities and Exchange Commission over some of its past trade allocations, its parent Franklin Resources Inc. said Friday.
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July 26, 2024
Banco Popular Inks $1.5M Deal In Overdraft Fee Fight
The bank formerly known as Banco Popular North America has agreed to pay $1.5 million to customers who claim the bank hit them with unfair overdraft fees and suspend the challenged fees for five years as part of a proposed settlement to resolve their class action.
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July 26, 2024
One Prosecutor's Quest To Carve Up Crypto's 'Pig Butchers'
A Silicon Valley-based prosecutor who's made it her mission to fight what are known as pig butchering cryptocurrency scams says it is time to start taking a closer look at the role financial institutions and social platforms should play in identifying and blocking bad actors.
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July 26, 2024
Chancery Questions $3.5M Atty Fee For Failed Proxy Battle
An activist shareholder that launched a failed proxy contest at First Foundation Inc. struggled to convince a Delaware Chancery Court judge Friday that the settlement it reached with the Texas-based bank was worth a $3.5 million attorney fee.
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July 26, 2024
Feds Say Insurer Forced Auto Coverage On Borrowers
The federal government has sued National General Holdings Corp. and its subsidiaries under the Financial Institutions Reform, Recovery and Enforcement Act alleging the corporation spent a decade forcing its insurance on drivers whose vehicles were financed through Wells Fargo, despite borrowers already being insured through other companies.
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July 26, 2024
Fed Closes Loop On Now-Shuttered Crypto Bank Silvergate
The Federal Reserve said Friday that it has concluded an enforcement action requiring Silvergate Bank to close out its operations safely and smoothly, tying up a loose thread from the California-based crypto bank's move to shut itself down after tanking last year.
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July 26, 2024
Bad Online Security Botched $800K Home Sale, Suit Says
A five-attorney Connecticut law firm's "archaic" email and computer systems allowed hackers to infiltrate an approximately $800,000 home sale and divert cash to fake accounts, a new federal lawsuit against Hastings Cohan & Walsh LLP and one of its attorneys alleges.
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July 26, 2024
Colorado Cases To Watch 2024: A Midyear Report
Colorado is at the forefront of state challenges to Kroger's $24 billion proposed merger with Albertsons, regulators are defending a high-cost lending crackdown, and state justices could change how insurers navigate bad faith suits. Here are some of the Colorado cases to watch in the second half of 2024.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Texas Federal Judge Blocks DOL Investment Advice Rule
A Texas federal judge granted a bid from insurance industry groups to freeze U.S. Department of Labor regulations that expand who qualifies as a fiduciary under federal benefits law, saying the agency's new rule "suffers from many of the same problems" as a previous DOL rule the Fifth Circuit invalidated in 2018.
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July 26, 2024
EU Frees Up €1.5B Of Frozen Russian Assets To Aid Ukraine
The European Union's executive branch said Friday that it is freeing up €1.5 billion ($1.6 billion) of revenue generated from immobilized Russian assets to aid Ukraine in defending itself against the Russian invasion.
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July 25, 2024
Bank-Fintech Risks Put In Spotlight As Agencies Urge Caution
Federal regulators urged banks on Thursday to be mindful of a host of potential risks when partnering with outside firms to provide deposit products and services, guidance that comes in the wake of a high-profile fintech bankruptcy that has cast a pall over the banking-as-a-service business model.
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July 25, 2024
NY Jury Convicts Int'l Bank Safe Deposit Box Scammer
Following a seven-day trial, a New York federal jury in Brooklyn found a member of an alleged organized crime group guilty of stealing millions in cash and goods from European banks.
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July 25, 2024
Wells Fargo Says Sham Enrollment Claims Are Too Old
A proposed class's claims accusing Wells Fargo of attempting to shortchange customers after surreptitiously signing them up for unwanted financial products are time-barred, vague and "implausible," and therefore cannot proceed, the bank told a California federal court.
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July 25, 2024
Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter
The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.
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July 25, 2024
11th Circ. Asked To Toss Execs' Dinar Fraud Convictions
Three executives of an Atlanta-based dinar exchange convicted of fraud after an advertising partner hyped the Iraqi currency by claiming its price could soar urged the Eleventh Circuit to toss their convictions Thursday, arguing jurors should have been told the difference between fraud and deceit.
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July 25, 2024
Mr. Cooper Picks Up Flagstar Resi Mortgage Unit For $1.4B
Flagstar Bank NA announced Thursday that it has inked a $1.4 billion deal to sell its residential mortgage servicing business to nonbank mortgage originator Mr. Cooper, as Flagstar and parent New York Community Bancorp eye a turnaround.
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July 25, 2024
Warren Slams Fed Chief For Inaction On Bank Exec Pay
Sen. Elizabeth Warren, D-Mass., urged the Federal Reserve's top official to support rulemaking that would restrict incentive-based pay for executives at big banks, a long-overdue policy change that Congress required in the 2010 Dodd-Frank Act.
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July 25, 2024
Hedge Fund Manager Ordered To Disgorge $67M In Profits
A hedge fund manager who copped to running a $100 million securities fraud scheme has been ordered by a New Jersey federal court to pay back the $67 million in profits she earned through misleading 40 investors about the fund's performance.
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July 25, 2024
CFPB Wary Of 'Junk Fees' As Lunch Money Goes Digital
The Consumer Financial Protection Bureau on Thursday flagged concerns about "junk fees" that school-contracted payment processors are charging parents to put money on their children's cafeteria accounts, casting it as part of a broader trend toward more digital payments in school settings.
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July 25, 2024
3rd Circ. Says Service Flub Sinks SEC's Ponzi Scheme Win
The Third Circuit on Wednesday vacated a $500,000 default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, finding email service used by the U.S. Securities and Exchange Commission was improper under the Hague Service Convention.
Expert Analysis
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Risks And Promises Of AI In The Financial Services Industry
Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.
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Playing The Odds: Criminal Charges Related To Sports Betting
In light of recent sports betting scandals involving MLB player Shohei Ohtani and NBA player Jontay Porter, institutions and individuals involved in athletics should be aware of and prepared to address the legal issues, including potential criminal charges, that sports gambling may bring to their door, say attorneys at Steptoe.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Beware Shifting Provisions In Middle-Market Loan Documents
In recent years, many credit facility provisions previously considered to be market standard have been negotiated, often turning in favor of borrowers, demanding renewed diligence from workout officers and restructuring counsel operating in the middle market, say attorneys at Crowell & Moring.
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How SEC Could Tackle AI Regulations On Brokers, Advisers
The U.S. Securities and Exchange Commission held an open meeting of its Investor Advisory Committee on June 6 to review the use of artificial intelligence in investment decision making, showing that regulators are being careful not to stifle innovation or implement rules that will quickly be made irrelevant after their passage, says Brian Korn at Manatt Phelps.
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Litigation Inspiration: Attys Can Be Heroic Like Olympians
Although litigation won’t earn anyone an Olympic medal in Paris this summer, it can be worthy of the same lasting honor if attorneys exercise focused restraint — seeking both their clients’ interests and those of the court — instead of merely pursuing every advantage short of sanctionable conduct, says Bennett Rawicki at Hilgers Graben.
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What To Know As CFPB Late Fee Rule Hangs In Limbo
Though the Consumer Financial Protection Bureau's final credit card late fee rule faces an uncertain future due to litigation involving injunctions, emergency petitions and now a venue dispute, card issuers must understand how to navigate the interim period and what to do if the rule takes effect, say attorneys at Steptoe.
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Lean Into The 'Great Restoration' To Retain Legal Talent
As the “great resignation,” in which employees voluntarily left their jobs in droves, has largely dissipated, legal employers should now work toward the idea of a “great restoration,” adopting strategies to effectively hire, onboard and retain top legal talent, says Molly McGrath at Hiring & Empowering Solutions.
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Unlocking Blockchain Opportunities Amid Legal Uncertainty
Dozens of laws and legal precedents will come into the fore as Web3, metaverse and non-fungible tokens gain momentum, so organizations need to design their programs with a broader view of potential exposures — and opportunities, say Teresa Goody Guillén and Robert Musiala at BakerHostetler and Steve McNew at FTI Consulting.