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Banking
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November 18, 2024
Justices Urged To Deny TCPA Class Certification Challenge
A Florida-based financial services company found to have violated the Telephone Consumer Protection Act for sending fax ads to nearly 60,000 recipients is telling the U.S. Supreme Court to reject a petition from one of those respondents that sought to turn the case into a class action.
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November 18, 2024
Dems Probe Treasury On Effects Of Crypto Mixer Sanctions
A group of House Democrats pressed the U.S. Department of the Treasury on Monday to provide information on how effective its sanctions regime against cryptocurrency mixing services has been at detecting and curbing illicit finance.
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November 18, 2024
Treasury Finalizes Tougher Foreign Investment Law Penalties
The Treasury Department on Monday finalized a rule sharpening its enforcement authority to stop or demand additional information regarding foreign-investment deals that the U.S. deems potential threats to national security.
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November 18, 2024
Mo. Bank Properly Valued At $1.1M, Commission Rules
A Missouri property that is owned and operated by a bank branch was properly valued at $1.1 million, the state's tax commission ruled, saying the bank's appraiser was not persuasive in her argument that the value should be lowered to $725,000.
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November 18, 2024
Ozy Media CEO Turns To 2nd Circ. Over Judge's Investments
The "atypical" conflict and threat to public confidence in the judiciary created by a New York federal judge's financial investments warrant the Second Circuit stepping in to undo former Ozy Media CEO Carlos Watson's fraud and identity theft convictions sooner rather than later, Watson told the appellate court on Monday.
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November 18, 2024
Simpson Thacher Adds Cleary Gottlieb Banking, Credit Pro
Simpson Thacher & Bartlett LLP announced Monday that a former Cleary Gottlieb Steen & Hamilton LLP attorney will be joining the firm's New York office to focus on banking and credit matters, touting her history representing some of the world's largest financial sponsors and their portfolio companies.
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November 15, 2024
Big Banks Still Need To Beef Up Controls, Fed Report Says
The Federal Reserve said Friday that even as the banking system has remained "sound and resilient," large banks continue to grapple with governance and controls issues, while regional and small banks have seen increases in outstanding supervisory findings.
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November 15, 2024
Jordan Says DOJ, FTC, CFTC Teed Up Actions Ahead Of Trump
House Judiciary Committee Chairman Jim Jordan, R-Ohio, lambasted three federal departments and their leaders, accusing them of either trying to push out enforcement actions or make last-minute hires during President Joe Biden's final days in office.
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November 15, 2024
Murdaugh's Ex-Banker Wins New Trial Over Juror Removal
A bank executive who helped disgraced lawyer Alex Murdaugh steal client money deserves a new trial because a juror was inappropriately removed during deliberations, the Fourth Circuit has ruled in an issue of first impression.
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November 15, 2024
Trump's SDNY Pick A Familiar Face In Wall Street's Legal Wing
Jay Clayton's nomination to be the Manhattan U.S. attorney would seat a highly regarded Wall Street lawyer in one of the top law enforcement jobs in the country, but he may face headwinds over his industry relationships and lack of criminal prosecution experience.
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November 15, 2024
Texas Appeals Court: $3M Bond For Real Estate Row Stays
A Texas appeals court found Thursday that a real estate company can't lower the bond it has to pay while it appeals its trial loss, saying the trial court got it right by raising the bond beyond what the company wanted because it did not put forward enough evidence.
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November 15, 2024
Venezuelan Lawyer Relied On Ex-Dentons Atty In $54M Swap
A Venezuelan lawyer suing Dentons over a failed $54 million bolivar-to-dollars currency swap admitted Friday on the stand that he did not do any due diligence for the transaction but instead relied on what he called misinformation from an ex-Dentons attorney that she relayed to his representative.
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November 15, 2024
GOP Sens. Decry 'Lack Of Urgency' On FDIC Misconduct
Six Republican senators wrote a letter to the Federal Deposit Insurance Corp. Inspector General Jennifer L. Fain asking for a briefing on the FDIC's progress investigating claims of widespread misconduct at the agency, asserting there has been "a shocking lack of urgency."
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November 15, 2024
Texas Judge Won't Halt CFPB Small-Biz Rule As Banks Appeal
A Texas federal judge has declined to stay the compliance date of the Consumer Financial Protection Bureau's small-business lending data collection rule while a coalition of bank trade groups appeals his decision to uphold the rule's data collection requirements, saying no circumstances justify such "extraordinary relief."
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November 15, 2024
Swedish Debt Collector Intrum Files Prepack Ch. 11 In Texas
Swedish debt collector Intrum filed its pre-announced, prepackaged Chapter 11 in a Texas bankruptcy court Friday, saying it had secured creditor approval to restructure $4.9 billion in debt.
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November 15, 2024
Hedge Fund Group Urges Trump To Reject 'Punitive' Policies
A leading industry group representing hedge funds and other alternative asset managers is urging President-elect Donald Trump to abandon "punitive" economic policies and instead propose tax and regulatory relief, including business-friendly priorities at the U.S. Securities and Exchange Commission.
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November 15, 2024
Abbott Inks $8M Deal With Healthcare Fraudster In TM Suit
A New York federal judge on Thursday green-lit a trademark infringement settlement in which Abbott Laboratories will receive $8 million from a Florida businessman who recently pled guilty to healthcare fraud for his role in a sprawling gray market scheme to profit off of Abbott's line of diabetic test strips meant to be sold internationally.
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November 15, 2024
Visa Says European Commission Investigating 'Acquirer' Fees
Visa is telling investors that European competition regulators are looking into its merchant fees, disclosing in its annual report this week that the European Commission has been investigating it since August.
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November 15, 2024
Judge Advises Axing Bank's Home Stake In $1.7M Tax Dispute
A federal magistrate judge recommended jettisoning any interest of JPMorgan Chase Bank NA in a California home the government wants to sell to recover $1.7 million in taxes, saying the bank, as a loan holder, hasn't responded to the government's lawsuit seeking the sale.
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November 15, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Ocado file an intellectual property claim against an African fruit and vegetable importer, a claim filed against a Swiss bank founded by Indian billionaire Srichand Parmanand Hinduja and 300 individuals sue travel company TUI. Here, Law360 looks at these and other new claims in the U.K.
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November 14, 2024
Ex-DC Homeland Security Official Cops To $844K PPP Scam
A former D.C. Homeland Security commissioner on Thursday pled guilty to a scheme in which prosecutors say she fraudulently secured about $844,000 in Paycheck Protection Program funds, according to a plea agreement filed in District of Columbia federal court.
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November 14, 2024
Student Loan Servicer Wants CFPB Deal Paused Amid Appeal
The Pennsylvania Higher Education Assistance Agency has asked a Pennsylvania federal judge to pause its obligation to pay more than $3.2 million as a part of a settlement with the Consumer Financial Protection Bureau that is being challenged in the Third Circuit by a third party.
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November 14, 2024
Defense Attys Urge Justices To Narrow False Statement Law
The National Association of Criminal Defense Lawyers is supporting ex-Burke Warren MacKay & Serritella PC attorney and former Chicago alderman Patrick Thompson's bid to convince the U.S. Supreme Court to overturn his conviction for lying to the Federal Deposit Insurance Corp., arguing that the government's "broad" reading of the relevant statute infringes on constitutional rights.
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November 14, 2024
Ex-JP Morgan Rep To Stop Soliciting Clients Amid Arbitration
A former J.P. Morgan Securities LLC employee who left to work for Morgan Stanley has agreed not to solicit customers from her former employer while the parties arbitrate the broker-dealer's claims she lured clients with more than $12 million in assets away to its rival.
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November 14, 2024
Supposed AI Fund's Manager Accused Of Wire, Securities Fraud
A manager of a hedge fund that purported to use artificial intelligence has been indicted by a New York federal grand jury on charges of wire fraud and securities fraud after allegedly lying to investors and stealing hundreds of thousands of dollars for his own personal use, according to an indictment unsealed Thursday.
Expert Analysis
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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A Look At The Regulatory Scrutiny Facing Liquid Restaking
Recent U.S. Securities and Exchange Commission enforcement actions highlight the regulatory challenges facing emerging financial instruments like liquid restaking tokens and services, say Daniel Davis and Alexander Kim at Katten.
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5 Insights Into FDIC's Final Rule On Big-Bank Resolution Plans
Although the Federal Deposit Insurance Corp.'s recently finalized rule expanding resolution planning requirements for large banks was generally adopted as proposed, it includes key changes related to filing deadlines, review and feedback, and incorporates lessons learned — particularly from last year's bank failures, say attorneys at Cleary.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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Cannabis Biz Real Estate Loan Considerations For Lenders
Now that cannabis sales are legal in some states, real estate lenders are interested in financing the land used by cannabis companies, but because cannabis sales are still illegal under federal law, lenders must make adjustments for cannabis-adjacent transactions, say Mark Levenson and Jeffrey Wendler at Sills Cummis.
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Series
After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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CFPB's Medical Debt Proposal May Have Side Effects
The Consumer Financial Protection Bureau’s recent proposal to prevent medical debt information from appearing on consumer reports and creditors from basing lending decisions on such information may have initial benefits for some consumers, but there are potential negative consequences that should also be considered, say attorneys at Cooley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.