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Banking
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August 02, 2024
Taxation With Representation: Sullivan, Dechert, Kirkland
In this week's Taxation With Representation, BNP Parabis SA acquires an investment management subsidiary for €5.1 billion, Cleveland accounting firm CBIZ merges with competitor Marcum for $2.3 billion, and Arcosa Inc. inks a deal with a family-owned construction materials business for $1.2 billion.
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August 02, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen insurance broker Marsh sue the collapsed Greensill Bank, the former chair of the Islamic Students Association of Britain pursue a defamation case against the Jewish Chronicle, Berkshire Hathaway and Lloyd's face action from a shipping company, and alleged fraudster Ronald Bauer hit a loan company with a claim. Here, Law360 looks at these and other new claims in the U.K.
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August 02, 2024
Banking Vet Still Has Work To Do As Paul Weiss M&A Head
After a long tenure in banking, including as Morgan Stanley's global head of mergers and acquisitions, Rob Kindler could have rested on his laurels. Instead, Kindler joined Paul Weiss as its global chair of M&A and has led the team that represented Envestnet Inc. on its July 11 deal to sell the business to Bain Capital for $4.5 billion. He spoke with Law360 about what he sees ahead.
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August 01, 2024
More 'Equitable' Banking? This Ex-Biden Official Has A Plan
A former Biden U.S. Treasury Department official on Thursday outlined a progressive policy agenda that could provide a road map for bank regulators in the next administration, saying there's more that can and should be done to make the banking system stronger and fairer.
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August 01, 2024
DOJ Unveils Whistleblower Pilot, But Garners Atty Criticism
The U.S. Department of Justice on Thursday officially launched its pilot program to reward whistleblowers who alert prosecutors to significant corporate misconduct, although some whistleblower attorneys decried the program's award caps and what they described as its lack of enforceability.
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August 01, 2024
11th Circ. Denies Coverage, Despite Insurer's Missing Comma
In a unanimous published opinion bound to frustrate grammarians, an Eleventh Circuit panel affirmed Thursday that though an insurer's policy might be missing a comma, the lack of punctuation didn't change its clear and unambiguous meaning, thus preventing payment to a food company.
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August 01, 2024
BNY's Pershing Hit With $1.4M FINRA Recordkeeping Fine
BNY subsidiary Pershing will pay the Financial Industry Regulatory Authority a $1.4 million fine to resolve claims that it misstated interest rates for variable rate securities on millions of account statements for more than 12 years.
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August 01, 2024
TD Bank's $25M Client Poach Case Hits FINRA Snags
Ex-TD Bank employees accused of siphoning $25 million in business to Raymond James Financial Services Inc. agreed to move a dispute over a restraining order into arbitration to shield themselves from negative press, the bank told a federal judge Thursday after the defendants complained about delays to the proceeding.
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August 01, 2024
Weil-Led Goldman Sachs Plugs $440M Into Power Biz
Renewable power company BrightNight on Thursday announced that it has secured a $440 million strategic investment from Goldman Sachs Alternatives' infrastructure business, which is led by Weil Gotshal & Manges LLP.
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August 01, 2024
Locke Lord Adds Insurance, Privacy Partners In Chicago
Locke Lord LLP announced on Wednesday that two partners formerly of Sidley Austin LLP and Thompson Coburn LLP have joined the firm's insurance and cybersecurity practices out of Chicago.
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August 01, 2024
GOP Senators Slam 'Burdensome' FDIC Bank Board Proposal
Republicans on the U.S. Senate Committee on Banking, Housing and Urban Affairs asked the Federal Deposit Insurance Corp. to withdraw proposed rulemaking on corporate governance, contending Wednesday that the proposal would "harm the safety and soundness" of the U.S. banking system.
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August 01, 2024
Ohio Fed. Bank Denied White Worker Out Of Bias, Court Told
The Federal Reserve Bank of Cleveland twice refused to promote a white law enforcement officer in favor of nonwhite candidates despite his qualifications for the role, he told an Ohio federal court.
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August 01, 2024
Mass. Could Be New Front In The Battle Over Jury Trial Right
Following the U.S. Supreme Court's ruling granting defendants facing administrative civil penalties the right to a jury trial, experts say a similar challenge in Massachusetts is likely, but may not find as receptive a judicial audience.
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August 01, 2024
CORRECTED: Estonians Extradited In $575M Crypto Fraud Case Win Bail
A Washington federal judge has allowed two Estonian men to be released on bail backed by $5 million bonds after they were extradited to Seattle to face criminal charges that they operated cryptocurrency and money laundering schemes worth $575 million.
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July 31, 2024
Discover Could Pay $200M In Card 'Misclassification' Fines
Discover Financial Services told investors on Wednesday that it could face $200 million in potential regulatory penalties over its past "misclassification" of certain credit card accounts, an issue that's also led to class action litigation and other scrutiny for the card giant.
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July 31, 2024
Wells Fargo Let Workers' Prescription Costs Soar, Suit Says
A group of former Wells Fargo employees have accused the banking giant of mismanaging its prescription drug benefits program, costing its Employee Retirement Income Security Act plan and employees millions of dollars in premiums and medication costs, according to a proposed class action in Minnesota federal court.
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July 31, 2024
HSBC Says HUD Has Closed Fair Lending Probe
HSBC's U.S. banking arm said it is no longer facing a multicity fair lending investigation from federal housing authorities after an outside complaint that prompted the probe was withdrawn.
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July 31, 2024
Report Finds Uptick In AI-Related Shareholder Suits
Class action lawsuits accusing companies of deceiving investors about their artificial intelligence capabilities are on the rise this year while the previously trendy areas of shareholder litigation against cryptocurrency companies and special purpose acquisition companies have fallen significantly, according to a Wednesday report from Cornerstone Research.
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July 31, 2024
Wells Fargo Hit With Suit Over Cash Sweep Program
Wells Fargo was hit with a proposed class action by a customer claiming the bank's cash sweep investment program only allows users to sweep their cash into Wells Fargo-selected accounts, a practice the suit says has drawn regulatory scrutiny because it disproportionately benefits the bank.
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July 31, 2024
Ex-Byju's Exec Faces $10K Daily Contempt Fine
A Delaware bankruptcy judge on Wednesday ordered a former executive of the troubled U.S.-based affiliate of Indian educational technology giant Byju's to pay $10,000 a day in contempt sanctions for failing to provide court-ordered discovery, while his attorneys asked for the court's permission to exit the case.
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July 31, 2024
PayPal Alum Joins Forensic Consultancy As Crypto Leader
Compliance consultancy and investigations firm Forensic Risk Alliance said Wednesday that it's hired an alum of PayPal and Paxos to direct its global cryptocurrency investigations and compliance practice.
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July 31, 2024
Fifth Third Seeks Exit From Bounced Check Fee Suit
Cincinnati-based Fifth Third Bank NA has asked a federal judge to toss a proposed class action alleging it charges consumers unlawful fees when they try to deposit a check that bounces, saying the customers agreed to a contract that contains fee clauses for depositing returned items.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
Attys Can Seek Security Clearance In Cuellar Bribery Case
Attorneys for U.S. Rep. Henry Cuellar can apply for a security clearance to facilitate potential discussions of classified information in connection with bribery charges against the congressman, a Texas federal judge said Wednesday, remarking multiple times that federal prosecutors had taken "inconsistent" positions on classified material connected to the case.
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July 31, 2024
5 Trials To Watch In The 2nd Half Of 2024
Upcoming high-profile trials over star lawyer Tom Girardi's alleged fraud, Hunter Biden's taxes and Washington state's "patent troll" law are among the cases to watch in the latter half of the year.
Expert Analysis
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Series
Walking With My Dog Makes Me A Better Lawyer
Thanks to my dog Birdie, I've learned that carving out an activity different from the practice of law — like daily outdoor walks that allow you to interact with new people — can contribute to professional success by boosting creativity and mental acuity, as well as expanding your social network, says Sarah Petrie at the Massachusetts Attorney General’s Office.
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What Calif. Eviction Ruling Means For Defaulting Borrowers
A California appellate court's recent decision in Homeward Opportunities v. Taptelis found that a defaulting borrower could not delay foreclosure with an improperly served notice of pendency of action, but leaves open a possibility for borrowers to delay eviction proceedings merely by filing lawsuits, say Anne Beehler and Krystal Anderson at Holland & Knight.
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Expect Tougher Bank Exams 1 Year After Spring 2023 Failures
With federal banking agencies still implementing harsher examinations with swifter escalations a year after the spring 2023 bank failures, banks can gain insight into changing expectations by monitoring how the Federal Reserve Board, Office of the Comptroller of Currency and Federal Deposit Insurance Corp. are coordinating and updating their exam policies, say attorneys at Debevoise.
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Think Like A Lawyer: Follow The Iron Rule Of Trial Logic
Many diligent and eager attorneys include every good fact, point and rule in their trial narratives — spurred by the gnawing fear they’ll be second-guessed for leaving something out — but this approach ignores a fundamental principle of successful trial lawyering, says Luke Andrews at Poole Huffman.
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Banks Have Won Syndicated Loan Battle, But Not The War
Though the U.S. Supreme Court's recent denial of certiorari in Kirschner v. JPMorgan preserves the status quo that syndicated loans are not securities, the U.S. Securities and Exchange Commission's discomfort suggests that the underlying issues have not been fully resolved, say attorneys at Crowell & Moring.
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The Art Of Asking: Leveraging Your Contacts For Referrals
Though attorneys may hesitate to ask for referral recommendations to generate new business, research shows that people want to help others they know, like and trust, so consider who in your network you should approach and how to make the ask, says Rebecca Hnatowski at Edwards Advisory.
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Compliance Strategies To Mitigate 3 New Areas Of AI Risk
The era of artificial intelligence-assisted corporate crime is here, but several concrete mitigation strategies can allow companies to address the new, rapidly evolving threats posed by deepfakes, information barrier evasion and AI model manipulation, say attorneys at Debevoise.
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The Drawbacks Of Banking Regulators' Merger Review Plans
Recent proposals for bank merger review criteria by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. share common pitfalls: increased likelihood of delays, uncertainties, and new hurdles to transactions that could impede the long-term safety and soundness of the banks involved, say attorneys at WilmerHale.
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Opinion
The Case For Overturning Florida Foreclosure Ruling
A Florida appellate court's recent decision in Desbrunes v. U.S. Bank National Association will potentially put foreclosure cases across the state in jeopardy, and unless it is reconsidered, foreclosing plaintiffs will need to choose between frustrating and uncertain options in the new legal landscape, say Sara Accardi and Paige Knight at Bradley.
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Fed. Circ. Defines Foreign IP Damages, Raises New Questions
In Brumfield v. IBG, the Federal Circuit recently clarified which standard determines the extraterritoriality of the patent statute after the U.S. Supreme Court's WesternGeco decision, opening a new avenue of damages for foreign activities resulting from certain domestic activities while also creating some thorny questions, say Amol Parikh and Ian Howard at McDermott.
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Series
Being An Equestrian Makes Me A Better Lawyer
Beyond getting experience thinking on my feet and tackling stressful situations, the skills I've gained from horseback riding have considerable overlap with the skills used to practice law, particularly in terms of team building, continuing education, and making an effort to reset and recharge, says Kerry Irwin at Moore & Van Allen.
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Bracing For The CFPB's War On Mortgage Fees
As the Consumer Financial Protection Bureau homes in on the legality of certain residential mortgage fees, the industry should consult the bureau's steady stream of consumer lending guidance for hints on its priorities, say Nanci Weissgold and Melissa Malpass at Alston & Bird.
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DOJ Consent Orders Chart Road Map For Lending Compliance
Two recent consent orders issued by the U.S. Department of Justice as part of its efforts to fight mortgage lending discrimination highlight issues that pose fair lending compliance risks, and should be carefully studied by banks to avoid enforcement actions, says Memrie Fortenberry at Jones Walker.
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4 Ways To Refresh Your Law Firm's Marketing Strategy
With many BigLaw firms relying on an increasingly obsolete marketing approach that prioritizes stiff professionalism over authentic connection, adopting a few key communications strategies to better connect with today's clients and prospects can make all the difference, say Eric Pacifici and Kevin Henderson at SMB Law.
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Consider 2 Alternative Exit Plans In RE Distress Scenarios
In the face of an impending wave of foreclosures, lenders and borrowers alike should consider two exit strategies — deed-in-lieu of foreclosure and consent foreclosure — that can mitigate potential costs and diminution in property value that could be incurred during a lengthy proceeding, say attorneys at BCLP.