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July 05, 2024
5 Moments That Shaped The Supreme Court's Jan. 6 Decision
When the high court limited the scope of a federal obstruction statute used to charge hundreds of rioters who stormed the Capitol, the justices did not vote along ideological lines. In a year marked by 6-3 splits, what accounts for the departure? Here are some moments from oral arguments that may have swayed the justices.
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July 05, 2024
The Funniest Moments Of The Supreme Court's Term
In a U.S. Supreme Court term teeming with serious showdowns, the august air at oral arguments filled with laughter after an attorney mentioned her plastic surgeon and a justice seemed to diss his colleagues, to cite just two of the term's mirthful moments. Here, we look at the funniest moments of the term.
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July 05, 2024
Walmart Again Gets FTC's Money Transfer Suit Trimmed
An Illinois federal judge has again pared down the Federal Trade Commission's allegations that Walmart violated consumer protection laws by knowingly processing more than $200 million in fraudulent money transfers, dismissing the FTC's Telemarketing Sales Rule allegations but keeping intact other claims under the FTC Act.
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July 05, 2024
11th Circ. Affirms Wells Fargo's Win Over Bitcoin Fraud Suit
The Eleventh Circuit ruled Friday that a Georgia federal judge correctly tossed a digital trading firm's negligence claims against Wells Fargo over the bank's role in an alleged bitcoin fraud perpetrated through Wells Fargo-held accounts, saying the company failed to show the bank owed noncustomers a duty of care.
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July 05, 2024
NYC Developer To Pay $272M To Settle SEC Investment Suit
A New York City developer and his wife agreed on Friday to pay $272 million to settle claims brought by the U.S. Securities and Exchange Commission that they'd schemed to raise money from hundreds of Chinese investors using false statements.
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July 05, 2024
Full 5th Circ. Urged To Revisit Fight Over CFPB Payday Rule
Payday lender trade groups have formally asked the Fifth Circuit to take another look at parts of their long-running challenge to a payday loan regulation issued by the Consumer Financial Protection Bureau, filing a petition that seeks to reopen the case after the U.S. Supreme Court overturned their prior win.
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July 05, 2024
2024 Global M&A, Mega-Deal Values Outpacing 2023
Dealmakers and the attorneys who represent them came into 2024 with a sense of cautious optimism about the mergers and acquisitions market.
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
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July 05, 2024
Top Federal Tax Cases To Watch In The 2nd Half Of 2024
In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.
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July 05, 2024
CFTC's Pham Says CCOs Must Be Careful With Agency
U.S. Commodity Futures Trading Commission member Caroline Pham warns that chief compliance officers at CFTC-registered firms may face individual liability for noncompliance matters at their firms, telling Law360 that this shows the need for compliance heads to carefully document their actions to potentially avoid liability.
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July 03, 2024
6 Things To Know About The Post-Chevron Finreg Impact
The U.S. Supreme Court's decision to overturn the Chevron deference last week may make it tougher for financial regulators to defend a range of rules and regulations pursued by the Biden administration, although experts anticipate the ruling will have an uneven impact across the financial services industry.
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July 03, 2024
Don't Dismiss Suit Over Ex-Employee's 'Raid,' Lender Says
Mortgage lender Caliber Home Loans Inc. has accused a competitor of taking "another bite at the preemption apple" in seeking dismissal of the latest version of a suit over alleged poaching, telling a Dallas federal judge that the suit revision raises "additional, distinct facts" that support allowing its claims to go forward.
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July 03, 2024
Canadian IPO Market Remained Largely 'Deserted' In First Half
Only 12 companies completed initial public offerings on Canadian exchanges in the first half of 2024 — half of which were actual operating businesses — continuing a multiyear decline in new listings for Canada, new data shows.
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July 03, 2024
Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia
A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.
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July 03, 2024
SentinelOne Beats Investor Suit Over $27M Revision, For Now
Cybersecurity company SentinelOne Inc. has beaten a proposed investor class action filed after its $27 million downward revision of one of its key business metrics for its 2023 fiscal year, though a California federal judge gave the shareholders a chance to revise their suit.
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July 03, 2024
DLA Piper Adds McGuireWoods' Downtown LA Shop Lead
McGuireWoods LLP's former Los Angeles downtown office head is taking her class action and complex litigation-focused practice in finance, technology, aerospace and oil industries to DLA Piper, the firm announced this week.
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July 03, 2024
After Chevron Deference: What Lawyers Need To Know
This term, the U.S. Supreme Court overturned Chevron deference, a precedent established 40 years ago that said when judges could defer to federal agencies' interpretations of law in rulemaking. Here, catch up with Law360's coverage of what is likely to happen next.
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July 02, 2024
Ozy's Watson Says He's No Fraudster, Judge Accused Of Bias
Ozy Media founder Carlos Watson on Tuesday sought to rebut claims of deceiving financial backers of the media and entertainment company, denying any involvement in a ploy to impersonate a YouTube executive in order to secure funding from Goldman Sachs, while defense counsel continued to accuse the trial judge of bias.
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July 02, 2024
Data Breach Suits Drive Consumer Protection Docket Growth
Federal consumer protection lawsuits are back on the rise after nearly a decade of steady decline, with disputes over increasingly prevalent data breaches fueling the uptick, according to a Wednesday report by Lex Machina.
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July 02, 2024
Amazon Must Face Wiretapping Class Suit, Wash. Judge Says
A Washington federal judge said Tuesday that Amazon can't dodge a proposed class action alleging it violated California's wiretapping law, in a ruling that determined the tech giant was capable of accessing customer call data through its call center technology used by Capital One.
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July 02, 2024
Sens. Urge Synapse Partners To Free Up Customer Funds
A group of Democratic senators led by banking committee chair Sherrod Brown, D-Ohio, called on the owners and banking partners of bankrupt fintech intermediary Synapse Financial Technologies to restore customers' access to their deposits.
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July 02, 2024
Chevron Loss Is BofA's Gain In $1.1B FDIC Premiums Suit
Bank of America and the Federal Deposit Insurance Corp. must hit reset on summary judgment briefing in litigation over the bank's alleged underpayment of its deposit insurance premiums following the U.S. Supreme Court's decision overturning the long-standing precedent of deference to federal agency interpretation of law in rulemaking.
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July 02, 2024
CFPB's Founding Fair Lending Chief Heads For Exit
Patrice Ficklin, the longtime top fair lending official at the Consumer Financial Protection Bureau, is leaving the agency later this month after more than a decade leading its efforts to oversee the financial industry's compliance with federal laws banning credit discrimination.
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July 02, 2024
Amway Parent Inks $1.5M Deal To End Retirees' 401(k) Suit
Amway's parent company will pay over $1.5 million to resolve a class action claiming it loaded its employee 401(k) plan with shoddy investments and excessive fees, plan participants leading the suit told a Michigan federal court.
Expert Analysis
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The Legal Issues Raised In Minn. Rate Exportation Opt-Out Bill
A recent Minnesota House bill would amend state law by opting out of the federal interest rate preemption and introduce several legal gray areas if passed, including issues regarding loan location, rates on credit card loans and values of state charters, says Karen Grandstrand at Fredrikson & Byron.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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8 Questions To Ask Before Final CISA Breach Reporting Rule
The Cybersecurity and Infrastructure Security Agency’s recently proposed cyber incident reporting requirements for critical infrastructure entities represent the overall approach CISA will take in its final rule, so companies should be asking key compliance questions now and preparing for a more complicated reporting regime, say Arianna Evers and Shannon Mercer at WilmerHale.
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How Banks Can Preserve Value Amid Corporate Default Surge
Amid a busy time for corporate bankruptcies, banks need a nuanced understanding of contractual rights, regulatory frameworks and evolving legal developments to protect and preserve their rights and interests, say attorneys at Phelps Dunbar.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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What Makes Unionization In Financial Services Unique
Only around 1% of financial services employees are part of a union, but that number is on the rise, presenting both unique opportunities and challenges for the employers and employees that make up a sector typically devoid of union activity, say Amanda Fugazy and Steven Nevolis at Ellenoff Grossman.
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New Federal Bill Would Drastically Alter Privacy Landscape
While the recently introduced American Privacy Rights Act would eliminate the burdensome patchwork of state regulations, the proposed federal privacy law would also significantly expand compliance obligations and liability exposure for companies, especially those that rely on artificial intelligence or biometric technologies, says David Oberly at Baker Donelson.
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Opinion
CFPB Could, And Should, Revise Open Banking Rulemaking
In light of continued global developments in open banking, the Consumer Financial Protection Bureau should evaluate whether it actually should use its proposed rule on Section 1033 of the Dodd-Frank Act to amplify personal financial data rights in the U.S., says Brian Fritzsche at the Consumer Bankers Association.
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FDIC Bank Disclosure Rules Raise Important Questions
The Federal Deposit Insurance Corp.'s new rules mandating disclosures for nonbanks offering deposit products leave traditional financial institutions in a no-man's land between fintech-oriented requirements and the reality of personal service demanded by customers, say Paul Clark and Casey Jennings at Seward & Kissel.