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Banking
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June 18, 2024
Noncustomers Cinch Settlement In Citibank Robocall Suit
Citibank has reached a deal with a class of noncustomers who accused the bank of bombarding them with unauthorized robocalls, according to a notice filed in Arizona federal court, ending six years of litigation alleging Citibank had violated the Telephone Consumer Protection Act.
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June 18, 2024
Mich. AG To Pursue Deadlocked Charges In Carhartt Atty Case
Prosecutors will continue pursuing embezzlement charges against a Michigan attorney accused of stealing from his client, a former leader of the Carhartt workwear company, after a Wayne County jury couldn't reach a decision on those claims but acquitted the attorney on other charges.
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June 17, 2024
CFPB Reaches $7M Deal In Suit Over Ex-Exec's Money Moves
The Consumer Financial Protection Bureau said Monday that it will accept $7 million from a former online loan executive and his wife to resolve a Kansas federal court lawsuit in which the agency accuses them of trying to keep millions more dollars out of the agency's reach.
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June 17, 2024
Pastor Tied To NYC Mayor Gets 9 Years For Fraud Conviction
A clergyman and self-described mentee of New York City Mayor Eric Adams on Monday was sentenced to nine years in federal prison following his conviction at trial for a series of fraudulent real estate and business loans, among other misdeeds.
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June 17, 2024
PennyMac 'Shocked' Investors With Post-Libor Fix, Suit Says
PennyMac's mortgage investment arm has been hit in California federal court with a proposed class action accusing it of using last year's discontinuation of Libor to unfairly and unlawfully lock in a lower dividend for some of its preferred stock, stiffing investors out of millions.
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June 17, 2024
Bitcoin Mining Hosting Vendor Can't Dodge $6.4M Suit
A Washington federal judge told a crypto computer host that it must face a suit from a bitcoin mining company accusing it of failing to return equipment worth $6.4 million, finding the hosting agreement allowed the mining company to demand access to all the equipment if the host failed to meet its obligations.
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June 17, 2024
Discover Unit Settles Visa Card Transfers Antitrust Suit
Pulse Network LLC gave notice Friday that it has settled its antitrust suit accusing Visa of locking banks and merchants into its debit network, resolving decade-old litigation two years after the Fifth Circuit revived the suit and ordered its reassignment away from a judge harboring "ingrained skepticism."
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June 17, 2024
Ginnie Mae, HUD Want Bank's Loan Lien Suit Sent To Dallas
The U.S. Department of Housing and Urban Development and Ginnie Mae pushed for the transfer of Texas Capital Bank's suit in Texas federal court over a vacated loan lien, arguing that the bank is contractually required to file its suit in a different division within the same district.
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June 17, 2024
FTX, Customers Lay Claim To SBF's $11B Forfeiture Tab
FTX told the New York federal court that hit the company's founder Sam Bankman-Fried with a 25-year prison sentence and an $11 billion forfeiture order that the now-defunct cryptocurrency exchange has a right to those funds, while a group of its former clients asserted a similar claim for itself.
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June 17, 2024
Binance Says Hamas Attack Suit Can't Prove Fundraising Link
Binance Holdings Ltd. has urged a New York federal judge to dismiss claims the exchange abetted terrorism because the survivors of Hamas' Oct. 7 attack on Israel haven't shown a direct link between the platform's cryptocurrency services and the planning of the attack.
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June 17, 2024
Catching Up With Delaware's Chancery Court
Proposed amendments to Delaware's General Corporation Law that were prompted by several recent Chancery Court rulings sailed through the state Senate last week despite loud opposition from corporate law professors and other Chancery Court watchers, and Tesla shareholders filed two new suits against CEO Elon Musk.
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June 14, 2024
Ozy Trial Gets Heated, Exec Tells Of Lies, Google CEO Pops In
Courtroom tempers flared, Alphabet and Google CEO Sundar Pichai dropped by and a former Ozy Media executive on Friday told the jury weighing fraud charges against the startup's charismatic founder Carlos Watson of how they nearly conned Buzzfeed into buying the company by faking its financials.
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June 14, 2024
Novel Ill. Swipe Fee Law Sparks New Banks V. Retailers Battle
Illinois lawmakers have passed first-of-their-kind restrictions on swipe fees that represent a major, multimillion-dollar victory for retailers, but they could also set up a legal clash with bankers, who warn that the state risks turning into a national payments pariah.
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June 14, 2024
2nd Circ. Releases Citi From Order To Freeze Assets In Gabon
The Second Circuit vacated a protective injunction requiring Citibank to freeze more than $151 million at its Gabon branch amid a shareholder battle for control of a Cameroonian oil pipeline company, saying the New York district court exceeded its jurisdiction by ordering the freeze.
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June 14, 2024
Fed Limits Bank's Fintech Dealings Over Risk Concerns
The Federal Reserve filed a cease-and-desist order against an Arkansas bank Friday requiring it to obtain federal and state approval before partnering with any fintech companies going forward after the agency identified risk management deficiencies in recent safety and compliance exams.
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June 14, 2024
Russian Businessman's Fight To Enforce $92M Award Ends
A Russian businessman's decade-long fight to enforce a $92 million arbitral award — a dispute that spurred the U.S. Supreme Court to let him forge a new path to enforcing foreign arbitral awards — finally came to an end this week, as the parties inked a settlement on the eve of a racketeering trial.
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June 14, 2024
CFPB Says 5th Circ. Should Leave Payday Rule Case For Dead
The Consumer Financial Protection Bureau urged the Fifth Circuit on Friday to deny efforts to revive industry litigation over the agency's 2017 payday loan rule, a case that went all the way to the U.S. Supreme Court based on a constitutional challenge that the agency ended up beating last month.
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June 14, 2024
SEC Says Bahamas Firm Was Set Up To Skirt Day Trading Rules
The U.S. Securities and Exchange Commission opened its case Friday against high-frequency trading expert — and former government informant — Guy Gentile, telling jurors in Florida federal court that he set up a broker-dealer in the Bahamas specifically to evade U.S. day trading regulations designed to protect American investors.
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June 14, 2024
Acting NJ Banking Director Denied Title Due To Sex, Suit Says
The former acting director of banking for the New Jersey Department of Banking and Insurance was denied the permanent role because of her gender and as retaliation for reporting pay discrepancies, according to a lawsuit filed in New Jersey state court.
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June 14, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen toy company Jellycat hit supermarket Aldi with an intellectual property claim, AIG start proceedings against firefighting foam company Angus International Safety Group, and the Solicitors Regulation Authority file a legal claim against the Post Office amid the ongoing Horizon IT scandal. Here, Law360 looks at these and other new claims in the U.K.
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June 13, 2024
Visa, Mastercard Fee Deal Not 'Likely' To Get Court Approval
A New York federal judge said at a hearing Thursday that she will "likely not approve" Mastercard and Visa's proposed settlement in long-running litigation over merchant transaction fees, according to the case docket.
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June 13, 2024
CFPB's Chopra Sees 'Pressing Need' For Data Protections
Consumer Financial Protection Bureau Director Rohit Chopra zeroed in on data usage and privacy during a Thursday hearing with House lawmakers, calling for sharper limits on what financial firms can do with customer data while also seeking to assuage concerns about his agency's plans for data sharing and data broker rules.
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June 13, 2024
Goldman Exec's 'Mind Entirely Blown' By Fake Ozy Media Call
A former Goldman Sachs executive who was looking into taking a stake in Carlos Watson's Ozy Media testified on Thursday that she was floored during a due diligence call when it became clear that someone was impersonating a YouTube executive in an apparent effort to persuade the bank to invest in Watson's startup.
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June 13, 2024
Judge Orders $2.9M Chinese Dissident's Fund Share Sale
A Connecticut bankruptcy judge approved a request by the Chapter 11 trustee overseeing exiled Chinese billionaire Miles Guo's case to liquidate $2.9 million in investment fund shares held by Lamp Capital LLC, a shell company whose assets the judge already determined belonged to Guo's estate.
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June 13, 2024
KeyBank Borrowers' $6M Data Breach Deal Gets Initial OK
A Georgia federal judge on Thursday granted preliminary approval to a $6 million settlement deal resolving a class suit over data breaches at KeyBank and other regional lenders and a technology contractor despite objections from a subclass of borrowers — who had previously settled their claims — saying the deal was inequitable.
Expert Analysis
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Handling Customer Complaints In Bank-Fintech Partnerships
As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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NJ Ruling Offers Road Map To Fight Dishonored Check Claims
As ATM and mobile check deposits become more common, a New Jersey state appellate court’s recent ruling in Triffin v. Neptune shows that issuers can rely on copies of checks to defend against claims that checks were wrongfully dishonored after being electronically deposited, say attorneys at Sherman Atlas.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q1
The first quarter of the year brought the usual onslaught of new regulatory developments in California — including a crackdown on junk fees imposed by small business lenders, a big step forward for online notarizations and a ban on predatory listing agreements, says Alex Grigorians at Hanson Bridgett.
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Tipsters May Be Key To Financial Regulators' ESG Efforts
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are looking to whistleblowers to assist their climate and ESG task forces, suggesting insider information could be central to the agencies' enforcement efforts against corporate greenwashing, false investment claims and climate disclosure violations, says John Crutchlow at Youman & Caputo.
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Series
Serving As A Sheriff's Deputy Made Me A Better Lawyer
Skills developed during my work as a reserve deputy — where there was a need to always be prepared, decisive and articulate — transferred to my practice as an intellectual property litigator, and my experience taught me that clients often appreciate and relate to the desire to participate in extracurricular activities, says Michael Friedland at Friedland Cianfrani.