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September 30, 2024
Ropes & Gray, Kirkland Guide PE-Backed Education Co.'s IPO
Private equity-financed early childhood education provider KinderCare announced Monday it plans to go public in an estimated $600 million initial public offering, with Ropes & Gray representing the company and Kirkland serving as counsel for the underwriters, leading one of two companies scheduled to price their IPOs next week.
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September 30, 2024
Leon Black Can't Duck Sex Assault Suit Or Sanction Wigdor
Ex-Apollo Global Management CEO Leon Black cannot dodge a lawsuit accusing him of raping an autistic teenager in 2002, as New York City's extension of the time limit to file the suit is not preempted by state law, a New York federal judge has ruled.
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September 30, 2024
Schwab Nears Deal In Antitrust Suit Over TD Ameritrade Buy
Charles Schwab Corp. has reached "an agreement in principle" with retail investors who filed a proposed class action alleging increased transaction costs for trades and other antitrust injury following the Schwab-TD Ameritrade merger, the parties told a Texas federal judge Friday.
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September 27, 2024
Bread's Banks Fork Over $2M To FDIC Over Rewards Issue
The Federal Deposit Insurance Corp. has fined Bread Financial's Comenity bank units a total of $2 million as part of a pair of consent orders made public Friday that resolve unfair practices claims tied to their rewards programs and automatic payments processing.
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September 27, 2024
SEC Drops Case Against Marcum CPA After High Court Ruling
The U.S. Securities and Exchange Commission quietly dropped an in-house proceeding Friday against a Marcum LLP accountant whose case was called into question by a U.S. Supreme Court ruling that curtailed the agency's use of its administrative courts.
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September 27, 2024
SEC Fines Firms, Sues Ex-Reps' Over Cherry-Picking Scheme
The U.S. Securities and Exchange Commission said Friday that Illinois-based Cetera Investment Advisers LLC and formerly California-based First Allied Advisory Services Inc. have each agreed to pay $200,000 to settle claims that two investment advisers formerly associated with both firms ran separate, multiyear, cherry-picking schemes that harmed investors.
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September 27, 2024
Banks Beat Credit Line Disclosure Suit After CFPB Weighs In
An Illinois federal judge has thrown out a proposed class action accusing two Midwestern banks of failing to provide required repayment disclosures to borrowers, agreeing with the Consumer Financial Protection Bureau that these disclosures aren't actually required for the type of account at issue.
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September 27, 2024
Apple, Visa And Mastercard Want Out Of 'Tap Pay' Fee Suit
Apple, Visa and Mastercard on Thursday urged an Illinois federal court to toss several retailers' proposed antitrust class action accusing the three of conspiring to restrain competition in point-of-sale transaction payment networks, saying in separate motions that allegedly unlawful agreements they entered "expressly preserve" Apple's right to compete.
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September 27, 2024
Constitution Permits Blocked Anti-Laundering Law, Panel Told
The U.S. government urged the Eleventh Circuit on Friday to reinstate the Corporate Transparency Act passed in 2021, arguing that the anti-money laundering law is within Congress' powers to regulate economic activity and necessary to have businesses report beneficial ownership to combat crimes like tax evasion and terrorist financing.
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September 27, 2024
Puerto Rico Utility Creditors Seek OK For Bond Claims Suit
Representatives of the Puerto Rico Electric Power Authority's unsecured creditors are asking a New York federal judge to allow them to contest what they say is the wrongful lumping of $8.4 billion in bondholder claims with their own claims against the utility.
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September 27, 2024
Life Sciences Firms Energize IPO Market As Recovery Builds
Initial public offerings are closing the year's third quarter on an upswing, led mostly by pre-revenue drug developers and select large companies that are seizing opportunities in friendlier capital markets buoyed by interest-rate cuts, generating momentum that experts say could carry over into next year.
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September 27, 2024
Polsinelli Adds Debt Finance Shareholder In Denver
Polsinelli PC has boosted its transaction services in Denver with the addition of an attorney specializing in private credit who moved his practice after two years with Michael Best & Friedrich LLP.
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September 27, 2024
Insurer Says No Coverage For Conn. Firm's Data Breach
A Connecticut personal injury firm's insurance company says it won't foot the bill for claims stemming from a hacker breaking into the firm's email system and stealing over $750,000 from a client, saying the firm's professional liability policy excluded "cyber security events."
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September 27, 2024
Womble Bond Adds Holland & Knight Business Litigator
Womble Bond Dickinson has added a former Holland & Knight LLP business litigation partner to its office in Nashville who before his more than 20-year legal career was a U.S. Navy lieutenant on the USS Gettysburg, the firm announced Thursday.
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September 27, 2024
TelexFree Victims Say Payment Processor Lost Key Emails
Victims of the multibillion-dollar TelexFree Ponzi scheme said a payment processor's loss of critical emails and other files related to the ploy amounts to a "blatant coverup" to hide evidence that would have otherwise bolstered their case against the company.
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September 27, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Coca-Cola bring a trademark infringement claim against its former marketing director, Glencore face legal action by American Century ETF Trust, law firm Bishop Lloyd & Jackson defend itself against two solicitors it worked alongside during inquiries into Grenfell Tower, and a U.K. cruise line face a claim by a subsidiary of the sanctioned gambling platform GTLK.
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September 26, 2024
Legal Pros Grapple With Best Use Of AI As Clients Divide
BigLaw attorneys and in-house counsel speaking at the annual Berkeley Law AI Institute on Thursday talked about how they've recently grappled with using the tools known as artificial intelligence in representing clients, saying some clients have either demanded or prohibited attorneys from using the tools, and others have taken seemingly contradictory positions.
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September 26, 2024
Sen. Warren Presses OCC, Fed For Tighter Leash On NYCB
Sen. Elizabeth Warren, D-Mass., demanded Wednesday that federal regulators slap New York Community Bancorp with a higher minimum capital requirement, calling out what she alleges has been lax oversight of the bank.
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September 26, 2024
FinCEN Withdraws Plan To Bar Now-Defunct Latvian Bank
The U.S. Treasury Department's financial crimes unit indicated Thursday that it intends to withdraw its previous finding flagging Latvian bank ABLV Bank AS for money laundering concerns, in light of its "advanced stage of liquidation" and improvements to Latvia's financial regulatory regime.
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September 26, 2024
5th Circ. Dusts Off FDIC Challenge In Jarkesy's Wake
The Fifth Circuit moved Wednesday to pick back up with a former bank CEO's challenge to Federal Deposit Insurance Corp. enforcement proceedings, taking the case off pause now that the U.S. Supreme Court has upheld a similar challenge involving the U.S. Securities and Exchange Commission.
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September 26, 2024
Visa Case Continues Antitrust Focus On 'Middlemen'
The antitrust case filed by the U.S. Department of Justice against Visa on Tuesday is the administration's latest attack on commercial "middlemen" that enforcers say contribute to high consumer prices by using their dominance to charge inflated fees.
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September 26, 2024
4th Circ. Judge Thrashes Vets' Argument In Citibank Fee Suit
A Fourth Circuit judge on Thursday ripped military members' argument that they must be allowed under a military-members-lending law to proceed in federal court with a proposed class action alleging Citibank charged illegal fees, with the judge stressing that the statute is silent on forbidding arbitration.
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September 26, 2024
Investor Ordered To Deposit $336K In Pot Co. Contract Suit
A Nevada magistrate judge has ordered Capital Pure Assets Ltd. to deposit $336,000 with the court as part of a dispute with a cannabis payment company's subsidiary over a failed business venture, finding the subsidiary is likely to succeed on its claims that CPA tricked it into putting that amount into an escrow fund.
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September 26, 2024
4th Circ. Hints Rocket Mortgage Class Cert. Is On Shaky Ground
The Fourth Circuit on Thursday seemed skeptical that all potential class members who accused Rocket Mortgage of inflating their home values could prove they were injured under the U.S. Supreme Court's heightened pleading standard in TransUnion, putting the lower court's certification order on rocky footing.
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September 26, 2024
Qualcomm Eyes Massive Buyout Of Intel, Plus Other Rumors
Qualcomm has approached struggling rival Intel with a takeover offer, Chevron's $53 billion acquisition proposal for Hess is expected to win regulatory clearance, and private Equity Firm BC Partners wants to buy a minority stake in EuroLeague. Here, Law360 breaks down these and other notable deal rumors from the past week.
Expert Analysis
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CFPB's New Registration Rule Will Intensify Nonbank Scrutiny
The Consumer Financial Protection Bureau's recently finalized nonbank registration rule aimed at cracking down on repeat offenders poses significant compliance challenges and enforcement risks for nonbank financial firms, and may be particularly onerous for smaller firms, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Roundup
North Carolina Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.