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CFPB, OCC Order US Bank To Pay $36M Over COVID Benefits
U.S. Bank has agreed to pay regulators almost $36 million for allegedly freezing tens of thousands of accounts and blocking customers from receiving unemployment benefits during the pandemic, the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency announced Tuesday.
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August 14, 2024
Del. Justices Affirm $266M Atty Fee Award In Dell Class Suit
Delaware's Supreme Court on Wednesday backed a Chancery Court decision awarding an almost record-breaking $266.7 million fee for stockholder attorneys who settled a class action against Dell Technologies Inc. for $1 billion, saying the Chancery "did not exceed its discretion in setting the fee percentage."
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August 14, 2024
Ukrainian Bank In $1.1B Russia Case Points To Nigeria Ruling
A Ukrainian bank looking to enforce a $1.1 billion arbitral award against Russia has asked a Washington, D.C., federal judge to consider a decision issued last week by the D.C. Circuit rejecting Nigeria's sovereign immunity defense in another litigation over an arbitral award.
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
Ex-Allied Wallet Execs Plead Guilty In $150M Fraud Scheme
Two former executives of payment processing company Allied Wallet have admitted to their roles in a $150 million bank fraud conspiracy that tricked financial institutions into allowing otherwise restricted merchants to access the card payment networks of Visa, Mastercard, American Express and Discover.
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August 14, 2024
SC Justices Agree To Hear Murdaugh's Jury Tampering Claim
South Carolina's Supreme Court has agreed to hear disgraced lawyer Alex Murdaugh's appeal claiming a clerk of court tampered with the jury that convicted him of murder, invoking a rule that bypasses intermediate appeals when "significant public interest or a legal principle of major importance" hangs in the balance.
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August 14, 2024
Feds Nab US-Iran Citizen On Aircraft Parts Charges
A dual U.S.-Iranian citizen was charged in D.C. federal court with procuring American aircraft parts and attempting to send them to Iran in violation of U.S. sanctions, the U.S. Department of Justice said Wednesday.
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August 14, 2024
Rapper Gets Probation In Stolen Payment Card Scheme
A Chicago-area rap artist was sentenced to probation for his role in a nationwide wire fraud conspiracy that used payment card information stolen from the dark web to make purchases, including private jet flights and hotel stays.
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August 13, 2024
2nd Circ. Partially Revives Retirees' JPMorgan Benefits Suit
The Second Circuit on Tuesday partially resurrected a retired JPMorgan Chase employee's putative class action claiming it failed to properly notify and inform workers after the retirement plan was converted to a cash balance plan, ruling that JPMorgan had properly notified retirees as to only some aspects of the change.
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August 13, 2024
TMX Affiliate Sues Pa. Regulator To Block Potential $52M Fine
A Texas and Georgia-based affiliate of consumer lending company TMX Finance has sued the secretary of the Pennsylvania Department of Banking and Securities, challenging an order from the department that the company says seeks over $52 million in civil penalties over claims tied to loan agreements that allegedly carry interest rates as high as 720%.
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August 13, 2024
Chamber Defends Texas Home For CFPB Late-Fee Rule Suit
The U.S. Chamber of Commerce and other trade associations battling the Consumer Financial Protection Bureau's $8 credit card late-fee rule told a Texas federal judge on Monday that the agency's latest bid to send the case to Washington, D.C., risks creating new rule challenge obstacles for local-level business groups and should be rejected.
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August 13, 2024
CFPB Says Predatory Lenders Targeting Muslim Homebuyers
The Consumer Financial Protection Bureau said Tuesday it found that an often predatory form of home financing, known as contracts for deed, has become increasingly prevalent in Muslim communities.
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August 13, 2024
FDIC Looks To Dodge Suit Over First Republic Bank's Rent
The Federal Deposit Insurance Corp. urged a California federal court to toss a suit filed by a California landlord that once leased to First Republic Bank, arguing that federal law bars the suit because the FDIC is the bank's receiver.
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August 13, 2024
Tesla Stock Buy Fraud Nets 33-Mo. Sentence For Calif. Man
A California man accused of bilking investors out of $4.7 million by falsely representing he'd use the money to buy Tesla stock before diverting it to his wholesale food distribution business was sentenced to 33 months in prison in California federal court Monday, according to the U.S. Attorney's Office for the Northern District of California.
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August 13, 2024
'Delusional' Ex-Atty Gets 25 Years For Bank Embezzlement
An Illinois federal judge blasted a former attorney and real estate developer Tuesday as she handed him 25 years in prison for misappropriating a bank's embezzled money, saying he was "delusional" to assert he's a victim in the case.
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August 13, 2024
3rd Circ. Nixes Debt Collection Suit, Leaves Award In Question
The Third Circuit ruled Tuesday that a plaintiff fighting an arbitration loss in a proposed debt-collection class action never had standing to sue, but the appellate panel left it for an arbiter or state court to decide whether to erase the actual award in favor of the debt collector.
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August 13, 2024
Capital One Blames Customers For 'Refer A Friend' Texts
Capital One urged a Washington federal judge on Monday to throw out a proposed class action accusing it of violating a state law banning ads in unsolicited texts, contending its customers are ultimately responsible for hitting send on "refer a friend" messages providing others credit card sign-up links.
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August 13, 2024
State Street Fired 9/11 Victim During Cancer Bout, Suit Says
A former State Street employee filed a lawsuit claiming the Boston-based megabank illegally fired her for taking medical leave for 9/11-related cancer treatments and for internally reporting more than a million dollars in alleged fraudulent bills sent to customers.
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August 12, 2024
Texas Wants Debt Relief Review In Wake Of 8th Circ. Ruling
Texas' solicitor general on Saturday pressed the U.S. Supreme Court to shut down the Biden administration's student debt relief plan, arguing that a recent Eighth Circuit decision granting an injunction against the plan in a similar case "underscores" why the high court should grant its petition for certiorari.
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August 12, 2024
Chase Bank Sued Over Alleged Ties To $119M Ponzi Scheme
Chase Bank "actively accommodated" a purported Ponzi scheme worth more than a hundred million dollars by real estate developer SiliconSage Builders LLC, according to a court-appointed receiver who alleged in a new suit that the bank "went well beyond providing ordinary banking services" to the developer.
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August 12, 2024
Accused Accounting Prof Is No Tax Expert, NJ Jury Told
New Jersey federal jurors were urged Monday to keep one word at the front of their minds as they listen to the government present its case against an accounting professor accused of failing to report $3.3 million in income from a pharmacy he co-owned with his wife: willful.
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August 12, 2024
FTC Seeks To Undo Trimming Of Walmart Money Transfer Suit
The Federal Trade Commission has urged an Illinois federal judge to walk back a previous decision that threw out much of its suit accusing Walmart of facilitating fraud through its money transfer services, arguing its now-dismissed claims about the retail giant were held to an overly exacting standard.
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August 12, 2024
Navy Federal, Recording Software Co. Want Privacy Suit Nixed
Navy Federal Credit Union customers can't bring an invasion of privacy class action over the credit union's use of artificial intelligence software to analyze and record customer calls, in part because its recording practices were appropriately disclosed, the nation's largest credit union has argued.
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August 12, 2024
TelexFree Victims To Depose Alleged Scammer's Estranged Wife
A Massachusetts federal judge on Monday denied a request from the estranged wife of alleged TelexFree Ponzi schemer Carlos Wanzeler to escape a civil lawsuit filed by victims of the alleged $3 billion ploy and ordered her to sit for a Sept. 17 deposition and hand over documents requested by victims of the scheme.
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August 12, 2024
Judge Won't DQ Asst. US Atty In Standard Chartered FCA Case
A New York federal judge on Monday declined to disqualify an assistant United States attorney from a long-dismissed False Claims Act suit against Standard Chartered Bank, calling the whistleblower's arguments for disqualification meritless "to the point where they verge on vexatious and frivolous."
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August 12, 2024
Deutsche Bank Fights Del. TRO Lift In $380M Vik Asset Fight
Deutsche Bank AG urged Delaware's Court of Chancery Monday to keep in place a temporary restraining order barring interests of Norwegian billionaire investor Alexander Vik from securing release of more than $50 million in cash now locked down by a Chancery order.
Expert Analysis
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Loper Fuels Debate Over Merchant Cash Advances As Credit
The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.
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Insurance Lessons From 11th Circ. Ruling On Policy Grammar
The Eleventh Circuit's recent decision in ECB v. Chubb Insurance, holding that missing punctuation didn't change the clear meaning of a professional services policy, offers policyholder takeaways about the uncertainty that can arise when courts interpret insurance policy language based on obscure grammatical canons, say Hugh Lumpkin and Garrett Nemeroff at Reed Smith.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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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.