Try our Advanced Search for more refined results
Banking
-
July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
-
July 18, 2024
Moody's Says White Ex-Director's Depo 'Fatal' To Bias Suit
Financial analytics company Moody's on Wednesday told a Pennsylvania federal judge that it was clear a former employee who sued it for discrimination wasn't fired for being white and old, pointing to his "fatal" admission that he'd still be employed had he responded to a company vaccination survey.
-
July 18, 2024
Bank Exec's Tax Tip Case Wrongly Axed, Estate Tells DC Circ.
The estate of a Dutch bank executive asked the D.C. Circuit to overturn a U.S. Tax Court decision denying him a whistleblower award for reporting on tax avoidance schemes, saying the lower court improperly relied on proposed regulations from the Internal Revenue Service.
-
July 18, 2024
CFPB Eyes Loan Treatment For 'Earned Wage' Cash Advances
The Consumer Financial Protection Bureau moved Thursday to apply federal truth-in-lending requirements to the growing market for fintech cash advances, issuing a proposed rule that would classify many "earned wage access" products as consumer loans needing clear pricing disclosures.
-
July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
-
July 17, 2024
Fla. Co. Says NY Lender Charges Usurious 950% Interest Rate
A Florida-based startup has sued a New York small business lender, alleging the lender saddled it with "a high interest usurious loan" when it thought it was entering into a future receivables agreement.
-
July 17, 2024
SEC Says Ex-CEO Of Trump-Tied SPAC Hid Merger Talks
The U.S. Securities and Exchange Commission on Wednesday accused the former CEO of Digital World Acquisition Corp. of falsely representing that the special purpose acquisition company had no potential merger targets when he was actually personally discussing a merger with former President Donald Trump's social media company.
-
July 17, 2024
SEC Awards $37 Million To Whistleblower
The U.S. Securities and Exchange Commission on Wednesday announced a $37 million award to a whistleblower who provided information that the commission did not previously know, which contributed to a successful enforcement action.
-
July 17, 2024
Top Florida Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Florida so far this year, from alleged zoning abuse and bankruptcy to a brewing condo crisis and a seven-figure highway expansion.
-
July 17, 2024
Merrill Lynch Urges Arbitration Of Sweeping RICO Lawsuit
Merrill Lynch told a Texas federal judge Tuesday that a wealthy telecommunications entrepreneur who is accusing the bank of a sweeping money laundering fraud doesn't have the right to bring the case to court, as the entrepreneur agreed to arbitration when he parked his money with Merrill.
-
July 17, 2024
Keep Consumer Protection Suit Against Bill Pay Co., FTC Says
Seattle-based online bill pay platform Doxo Inc. shouldn't be allowed to escape the Federal Trade Commission's claims that Doxo tricked consumers into using its services, the FTC has argued in a brief calling the company's dismissal bid a "jumble of arguments."
-
July 17, 2024
Warburg Pincus Pours $100M Into Brazilian Fintech Biz
Brazilian banking software provider Matera on Wednesday revealed that it received a $100 million investment from private equity giant Warburg Pincus, which will be used to fund the fintech company's expansion into the North American market with a focus on growing its product development.
-
July 17, 2024
Rocket Mortgage Says Results Refute Investors' Fraud Claims
Rocket Mortgage is arguing that the company didn't mislead its shareholders when Rocket's former CEO claimed the company could grow its lending business in a rising interest rate environment because the firm's actual financial performance ended up proving that prediction true.
-
July 17, 2024
'Curious' CFPB Agenda Item Sparks Buzz Over Contract Rules
A mystery item tucked into the Consumer Financial Protection Bureau's latest regulatory agenda is fueling speculation among attorneys that the agency may soon try to clamp down on some terms and conditions included in lenders' contractual agreements with consumer borrowers.
-
July 17, 2024
Insurers Urge Judge To Deny SVB's Ch. 11 Plan
The Chubb Companies have asked a New York bankruptcy judge to tell SVB Financial Group it must change its Chapter 11 plan or have it rejected, saying the scheme doesn't clearly provide that SVB must meet certain obligations in order to keep receiving insurance benefits.
-
July 17, 2024
Bruised SPAC Market Pins Revival Hopes On Veteran Backers
More special-purpose acquisition companies are conducting initial public offerings, mostly backed by dealmakers who have completed prior mergers, bringing life to a listings market that was largely barren over the past year.
-
July 17, 2024
FINRA Hires JPMorgan GC For Senior Enforcement Role
The Financial Industry Regulatory Authority has hired two new senior vice presidents of enforcement, one of whom is returning to the agency after serving as general counsel of JPMorgan Chase's wealth management line, the agency announced Wednesday.
-
July 17, 2024
Rising Star: Covington's Charlotte May
Charlotte May co-chairs Covington & Burling LLP's fintech initiative and assists a wide range of corporate clients in mergers and acquisitions, including representing CFBanc Corp. in its merger with Broadway Financial Corp. to create one the largest Black-led minority depository institutions in the nation, earning her a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
-
July 17, 2024
Ex-Goldman Sachs Analyst Gets Over 2 Years For Insider Tips
A Manhattan federal judge hit a former Goldman Sachs analyst with a 28-month prison sentence Wednesday for tipping his stepbrother and a friend to market-moving information, saying the Long Island native wanted to be "the big man" among his peers.
-
July 17, 2024
KKR, Carlyle Buy $10.1B Student-Debt Portfolio From Discover
Investment management giants Carlyle and KKR have teamed up to buy a roughly $10.1 billion portfolio of prime student loans from Discover Financial Services in a deal built by four law firms.
-
July 16, 2024
Green Dot Brass Hid Declining Biz And Fed Action, Suit Says
The top brass at prepaid debit card company Green Dot Corp. has been hit with a derivative shareholder suit, alleging they concealed the company's faltering core business and a proposed consent order from the Federal Reserve Board over internal controls while board members sold millions of dollars worth of shares at inflated prices.
-
July 16, 2024
EB-5 Investors Seek Sanctions Over 'Flight Risk' Defendant Info
Two dozen Chinese investors who alleged that $13.2 million worth of their investments in a Hawaii resort went missing has urged an Illinois federal judge to sanction developers for not giving them important case information, including contact information for one defendant who they said is an "obvious flight risk."
-
July 16, 2024
Rocket Cos. Investors Drop CEO Retweet Claims From Suit
Investors in mortgage lender Rocket Companies have dropped certain proposed class action claims against the company's CEO, telling a Michigan federal judge that they would no longer accuse the executive of securities fraud over a March 2021 retweet.
-
July 16, 2024
Banks Say 'Ambiguity' Hampers FDIC's Digital Signage Rules
Major banking trade groups have urged the Federal Deposit Insurance Corp. to clarify its new rule on how banks should display digital branding about deposit insurance to online customers, saying their compliance efforts have been hampered by "significant ambiguity" in the rule.
-
July 16, 2024
6th Circ. Says Credit Union Can't Sue T-Mobile Over Cell Scam
The Sixth Circuit on Tuesday ruled that a lower court was correct in tossing a lawsuit in which Michigan First Credit Union sued T-Mobile to recover the reimbursement fees the credit union paid to customers after they suffered unauthorized electronic transfers of money from their accounts due to cellphone scams.
Expert Analysis
-
Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
-
What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
-
10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
-
What's In OCC's Proposed Freedom Of Information Act Update
In this article, Christine Docherty at Goodwin discusses the Office of the Comptroller of the Currency's proposed amendments to its regulations implementing the Freedom of Information Act, and how these changes might align with guidance from other regulators.
-
Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
-
Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
-
FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
-
Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
-
A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
-
This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
-
New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
-
What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
-
Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
-
An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
-
Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.