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July 24, 2024
Pawnshop Co. Says Military Law Doesn't Back CFPB's Suit
National pawnshop company FirstCash says the Consumer Financial Protection Bureau should drop certain claims in a suit accusing it of subjecting military families to predatory lending, arguing that the bureau has admitted it has no authority to bring certain claims under the law undergirding the allegations.
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July 24, 2024
Latham, Stevens & Lee Guide Bitcoin Co.'s $365M SPAC Deal
Bitcoin rewards provider Fold and a special purpose acquisition company announced Wednesday they agreed to merge through a transaction that will take Fold public at an estimated $365 million valuation, with attorneys from Stevens & Lee and Latham counseling the parties.
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July 24, 2024
CFPB Warns Of Anti-Whistleblower Risk In NDAs That 'Muzzle'
The Consumer Financial Protection Bureau cautioned Wednesday that banks and other financial firms risk violating federal law if they require their employees to sign broad nondisclosure agreements that don't clearly allow them to talk freely with regulators or law enforcement.
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July 24, 2024
Teachers Say Loan Servicer's 'Abuses' Thwarted Forgiveness
The Higher Education Loan Authority of the State of Missouri has been hit with a suit from a powerful teachers' union alleging it "deliberately ignores" its responsibilities to millions of borrowers, forcing them to forgo the savings or forgiveness to which they are entitled.
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July 24, 2024
Ex-Pharma Exec Gets Jail For Insider Trading On Kodak Loan
A Manhattan federal judge sentenced a former pharmaceutical executive from South Carolina to three months in prison Wednesday for taking over $500,000 of illegal trading profit based on his advance knowledge that Kodak would get a massive pandemic-era government loan.
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July 24, 2024
Chancery OKs $6M Deal Recovery After 'Voidness' Ruling
The Delaware Supreme Court's partial reversal last year of a vice chancellor's findings that upheld an investment company's foreclosure on $50 million in co-founder equity units cleared the way on Wednesday for the same company to recoup more than $6 million in damages and expenses.
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July 23, 2024
Knives Out For Another Pro-Agency Landmark After Chevron
Only weeks after U.S. Supreme Court conservatives took a hatchet to the judicial deference shown to federal agencies, right-leaning lawyers are imploring the justices to rock the administrative law realm again by gutting a New Deal-era precedent at the heart of the modern regulatory system.
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July 23, 2024
'Not Doing Enough': Banks Grilled Over Zelle Fraud, Scams
Senate Democrats on Tuesday confronted bank executives over a new staff report that found three of the nation's largest banks have declined to reimburse customers in recent years for close to $900 million in payments reported as fraudulent or scam-related that were sent on Zelle, the largest U.S. peer-to-peer payment platform.
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July 23, 2024
Cooperator In Cannabis Bank Fraud Case Dodges Prison
A U.K. national who testified against two businessmen accused of fooling banks into processing federally illicit transactions worth $150 million for California cannabis delivery company Eaze Technologies Inc. on Tuesday was spared from serving any time in prison.
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July 23, 2024
Nettled Exec Tells Jury Wells Fargo Doesn't Get His Disability
A former Wells Fargo managing director who claims he was terminated because of his disability wavered between being tearful and exasperated during four hours on the stand Tuesday as he tried to explain to a jury in Charlotte what workplace accommodations he was seeking and why.
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July 23, 2024
Cannabis Industry Stakeholders Weigh In On Rescheduling
As the period for public comment on the Biden administration's proposal to reclassify marijuana came to a close Monday, anti-legalization activists, marijuana industry advocates and state cannabis regulators each submitted their thoughts on the potential policy shift.
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July 23, 2024
Lawmakers Agree On Flexibility To Monitor AI In Finance
Lawmakers on the House Financial Services Committee agreed Tuesday that the stakes are high when it comes to regulating the use of generative artificial intelligence in financial and housing services, and appeared to agree with industry representatives that any regulation should prioritize flexibility to keep up with the fast-developing technology.
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July 23, 2024
CFPB Sued Over Its Probe Of Lease-To-Own Fintech Co.
Lease-to-own fintech company Acima has accused the Consumer Financial Protection Bureau of trying to overextend its authority with an unconstitutional investigation into the company's transactions that fall outside the bureau's purview.
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July 23, 2024
Indonesian National Admits To $23M Ponzi Scheme
An Indonesian national pled guilty in New York federal court on Tuesday to conspiring to defraud a group of investors out of $23 million through a Ponzi scheme, ultimately spending the money on luxury goods and real estate.
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July 23, 2024
Full Fed. Circ. Won't Undo TD Ameritrade's One-Word IP Win
The full Federal Circuit on Monday denied a patent owner's en banc rehearing petition challenging a one-word ruling in favor of stockbroker TD Ameritrade in a high-stakes patent fight and effectively rejected an amicus party's legal challenge to the court's rule allowing one-word affirmance decisions.
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July 23, 2024
Capital One Card Holders Sue To Block Discover Merger
Capital One credit card holders launched a proposed class action seeking to block the company's $35 billion purchase of Discover Monday, claiming the acquisition will drive down competition and further consolidate the already-concentrated credit card market.
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July 23, 2024
No Victims, No Fraud, Trump Says In $465M Judgment Appeal
Donald Trump has appealed the $465 million judgment against him, arguing that the New York attorney general exceeded her authority in her civil fraud suit against the former president because the statute in question does not apply to victimless transactions.
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July 23, 2024
Senate Dems Roll Out Bill To Codify Chevron Deference
Sen. Elizabeth Warren, D-Mass., led a group of Democratic senators Tuesday in introducing a bill to codify the now-defunct doctrine of Chevron deference after it was struck down by the U.S. Supreme Court last month.
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July 23, 2024
Chase, McKinsey Get FTC Inquiry Over 'Surveillance Pricing'
The Federal Trade Commission has issued orders to eight companies — including Mastercard, Chase, Accenture and McKinsey & Co. — seeking more information about the potential impact their practices of "surveillance pricing" products and services have on privacy, competition and consumer protection, the FTC said Tuesday.
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July 22, 2024
State Street Sets Aside $4.2M To Address Wage Discrimination
Federal financial services provider State Street agreed to set aside $4.2 million to make wage adjustments in the future as part of a settlement to resolve allegations that it discriminated against some women managing directors with its base pay and bonuses, the U.S. Department of Labor announced Monday.
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July 22, 2024
Texas Man Cops To Laundering Nearly $8.5M In Scam Hauls
A Texas man has pled guilty to conspiring to launder funds totaling nearly $8.8 million obtained in schemes ranging from romance scams to a phishing attack on a Maryland County treasurer's office, prosecutors announced.
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July 22, 2024
Equifax Bracing For CFPB On Dispute-Handling, Coding Glitch
Equifax said Monday that the Consumer Financial Protection Bureau plans to pursue fines over the credit reporting giant's handling of consumer disputes and a separate, short-lived "coding issue" that affected some credit score calculations in 2022.
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July 22, 2024
Wells Fargo Flouted Director's Dignity, Jury Told In ADA Trial
Wells Fargo chose to lay off a longtime managing director to avoid dealing with his request to continue working from home to cope with his bladder and colon condition as the bank readied for a return to office after the pandemic, a federal jury in Charlotte heard Monday.
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July 22, 2024
What Attorneys Need To Know About JD Vance
Vice presidential nominee JD Vance's brief legislative record shows he is aligned with his fellow Republicans on hot-button issues like abortion and immigration, but it also indicates that the senator from Ohio may be willing to break with the GOP mainstream when it comes to regulating big business. Here's what attorneys should know about the vice presidential candidate.
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July 22, 2024
Insurer Says Bank Must Pay Its $1.1M Drawdown Request
A surety for an oil and gas operator that has recently sought Chapter 11 protection told a Washington federal court that a bank has repeatedly failed to hold up its end of an "irrevocable letter of credit," alleging the bank owes it over $1.1 million.
Expert Analysis
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Colo. Lending Law Could Empower State-Chartered Banks
Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Devil's In The Details On FDCPA, Article III Standing
The Third Circuit’s recent decision in Barclift v. Keystone Credit Services concerning the alleged harm needed to support a class action under the Fair Debt Collection Practices Act is in line with other circuits' interpretations of Article III of the Constitution, notwithstanding disagreement over the minutiae of a proper Article III analysis, says Nick Agnello at Burr & Forman.
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Global Bribery Probes Are Complicating FCPA Compliance
The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Opinion
State-Regulated Cannabis Can Thrive Without Section 280E
Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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What Lies Behind Diverging US And UK Insolvency Trends
Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.