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Banking
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August 06, 2024
Mich. Judge OKs FTC's Deal With Credit Repair Businesses
Several credit repair companies agreed to turn over about $12 million and either exit the credit repair industry or stop claiming their products can clean up negative credit histories to resolve Federal Trade Commission allegations that they scammed consumers.
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August 06, 2024
DC Circ. Urged To Revive Investor's Pandemic-Era Losses Suit
An investor vying to hold Bank of America liable for losses he sustained at the height of the COVID-19 pandemic told the D.C. Circuit that a trial court judge prematurely tossed his suit claiming that the bank failed to explain the risks of cashing out his investments.
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August 06, 2024
MoneyGram To Settle Fired Worker's FMLA Retaliation Suit
MoneyGram has agreed to settle a former employee's suit claiming she was fired for taking medical leave to treat a stomach illness, according to a Texas federal court filing.
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August 05, 2024
Epstein's Advisers Must Face Victims' Proposed Class Action
A New York federal judge on Monday refused to throw out a putative class action against associates of Jeffrey Epstein, yet also held that one of the victims couldn't pursue her claims in a 2021 liability release that is "about as broad and categorical as it gets."
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August 05, 2024
CFPB's Buy-Now, Pay-Later Policy In House GOP Crosshairs
Republican members of Congress have taken aim again at the Consumer Financial Protection Bureau's recent guidance requiring that some of the protections provided to credit card users be applied to buy-now, pay-later loans, putting forward a new measure that would overturn what the lawmakers argue is a "destructive," overreaching policy.
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August 05, 2024
Payment Processor And Bank Defrauded Merchants, Suit Says
Payment processor Paynetworx LLC and its partner bank Pathward Financial Inc. have been hit with a suit by two merchants who say the payment company and the bank misrepresented fees and their compliance with card network rules, causing the merchants to make millions in unnecessary and improper payments.
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August 05, 2024
Coinbase Broke Campaign Finance Laws, Crypto Critics Say
Crypto exchange Coinbase violated campaign finance laws when it donated $25.5 million to political action committees while negotiating a federal contract, prominent crypto critics told a federal election watchdog — a claim the firm's legal chief has staunchly denied.
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August 05, 2024
Wis. Bank Settles Tribal Group's Bias Suit Over Peyote Use
A local Wisconsin bank and Native American company Medicine Fireplace have jointly told a federal judge they've resolved a lawsuit claiming that the financial institution denied service to the nonprofit firm, whose members use the hallucinogenic peyote plant in their religious ceremonies.
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August 05, 2024
Morgan Stanley Says SEC Eyeing Its Cash Sweep Policies
Morgan Stanley told investors on Monday that it is fielding enforcement inquiries from the U.S. Securities and Exchange Commission about its investment account cash sweep policies.
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August 05, 2024
Indivior Accused Of Overstating Prospects Of 3 Opioid Drugs
Drugmaker Indivior PLC has been hit with a proposed investor class action in Virginia federal court over claims it overstated the financial prospects of its drugs used to treat opioid use disorders and the company's ability to forecast such financial projections.
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August 05, 2024
EarnIn's Fees, Tips Are Usurious, Ga. Consumers Say
Pay advance app EarnIn has been hit with a proposed class action alleging its optional fees and tips are hidden interest payments that, on average, far exceed fair rates for consumer lending.
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August 05, 2024
SEC, Other Regulators Propose Joint Data Standards
The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and six other regulators are crafting joint standards required by bipartisan legislation aiming to modernize the collection and publication of those agencies' financial data, the SEC announced Friday.
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August 05, 2024
Full Fed. Circ. Won't Eye Ruling Clarifying Foreign Damages
The full Federal Circuit declined Monday to review a decision that clarified how to apply a 2018 U.S. Supreme Court ruling on foreign damages in patent cases while rejecting Trading Technologies' bid to increase a $6.6 million verdict it won against IBG LLC.
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August 05, 2024
BofA Can't Get 4th Circ. To Look At Collective Cert. Process
A collective of mortgage loan officers seeking unpaid overtime won't land in front of the Fourth Circuit, a North Carolina federal judge ruled Monday, turning down Bank of America's bid to sort out which method to use for certifying collectives.
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August 05, 2024
SVB Ex-Parent's Ch. 11 Plan OK'd With $1.9B FDIC Fight Alive
Silicon Valley Bank's former owner received a New York bankruptcy court's blessing to liquidate and emerge from Chapter 11, but the judge rejected portions of the plan that federal regulators argued would hamper their defense against SVB Financial Group's efforts to recoup some $1.9 billion seized by an FDIC receiver when the bank collapsed.
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August 05, 2024
Ex-Credit Union VP Sues Over Pot Compliance Firing
A former vice president of a Missouri credit union has hit the institution with a federal lawsuit claiming her former employer violated state whistleblower and federal money laundering laws after she refused to open accounts for her boss's friends in marijuana-related businesses despite pressure from the boss.
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August 05, 2024
Sen. Urges CFPB To Investigate Banks' Zelle Dispute Practices
U.S. Sen. Richard Blumenthal, D-Conn., has urged the Consumer Financial Protection Bureau to investigate the nation's three largest banks and the operator behind payments network Zelle after he said the firms gave "circuitous answers" to lawmakers during a hearing on their handling of fraud and dispute resolutions on the platform.
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August 05, 2024
Catching Up With Delaware's Chancery Court
Sunken treasure, rock band discord, a wrestling competition, and more news about Elon Musk — all in all, a colorful week in Delaware's Court of Chancery. The First State's famous court of equity also pushed forward on disputes involving a famous social media app, Delaware's largest hospital system, an artificial intelligence company and a budding commodity futures exchange.
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August 05, 2024
USAA Agrees To $64M Settlement In Military Borrower Suit
USAA Federal Savings Bank will pay $64.2 million to end a proposed class action alleging it flouted federal laws protecting military borrowers, according to newly filed settlement documents in North Carolina federal court.
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August 05, 2024
Dems Urge CFTC To Finalize Elections Trading Ban
A group of Democratic lawmakers urged the U.S. Commodity Futures Trading Commission on Monday to finalize and implement its proposed rule to ban trading on the outcome of elections.
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August 02, 2024
JPMorgan Says CFPB May Bring Enforcement Case Over Zelle
JPMorgan Chase & Co. said Friday the Consumer Financial Protection Bureau may lodge an enforcement action against the bank over the peer-to-peer payment platform Zelle, which has been chided as a vehicle for scammers, and that the bank may consider litigating the matter.
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August 02, 2024
CFPB Takes Fintech Flak Over Credit Card-Like BNPL Policy
The Consumer Financial Protection Bureau is facing fresh industry pushback to its guidance that aims to extend more credit card-like protections to the fintech-dominated market for buy-now, pay-later loans, with key providers arguing it is trying to squeeze a square peg into a round hole.
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August 02, 2024
CFPB, NY Say Complaint Updates Aren't Unfair To MoneyGram
The Consumer Financial Protection Bureau and the New York Attorney General's Office fired back on Friday at MoneyGram's assertions that it'd be "futile" for the agencies to tweak their lawsuit against the remittance service provider, saying "there are no pleading deficiencies to cure" in their initial complaint.
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August 02, 2024
Dems Launch Bill To Expand Zelle, Venmo Fraud Protections
U.S. Senate and House Democrats on Friday proposed revisions to the Electronic Fund Transfer Act aimed at bolstering protections for consumers who fall victim to scams perpetrated by means such as mobile wallets, payment apps and wire transfers.
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August 02, 2024
How Two Non-Bankruptcy Attys Won A Rare Ch. 7 Jury Trial
A pair of Boston-based attorneys from Davis Malm scored a victory in a rare bankruptcy-related jury trial despite not being bankruptcy practitioners themselves, after a Delaware panel rejected a trustee's bid to recoup $44 million from a former grocery store magnate.
Expert Analysis
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Series
Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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What DOL Fiduciary Rule Means For Private Fund Managers
Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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High Court's BofA Ruling Leaves State Preemption Questions
A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.
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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.