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Banking
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July 26, 2024
One Prosecutor's Quest To Carve Up Crypto's 'Pig Butchers'
A Silicon Valley-based prosecutor who's made it her mission to fight what are known as pig butchering cryptocurrency scams says it is time to start taking a closer look at the role financial institutions and social platforms should play in identifying and blocking bad actors.
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July 26, 2024
Chancery Questions $3.5M Atty Fee For Failed Proxy Battle
An activist shareholder that launched a failed proxy contest at First Foundation Inc. struggled to convince a Delaware Chancery Court judge Friday that the settlement it reached with the Texas-based bank was worth a $3.5 million attorney fee.
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July 26, 2024
Feds Say Insurer Forced Auto Coverage On Borrowers
The federal government has sued National General Holdings Corp. and its subsidiaries under the Financial Institutions Reform, Recovery and Enforcement Act alleging the corporation spent a decade forcing its insurance on drivers whose vehicles were financed through Wells Fargo, despite borrowers already being insured through other companies.
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July 26, 2024
Fed Closes Loop On Now-Shuttered Crypto Bank Silvergate
The Federal Reserve said Friday that it has concluded an enforcement action requiring Silvergate Bank to close out its operations safely and smoothly, tying up a loose thread from the California-based crypto bank's move to shut itself down after tanking last year.
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July 26, 2024
Bad Online Security Botched $800K Home Sale, Suit Says
A five-attorney Connecticut law firm's "archaic" email and computer systems allowed hackers to infiltrate an approximately $800,000 home sale and divert cash to fake accounts, a new federal lawsuit against Hastings Cohan & Walsh LLP and one of its attorneys alleges.
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July 26, 2024
Colorado Cases To Watch 2024: A Midyear Report
Colorado is at the forefront of state challenges to Kroger's $24 billion proposed merger with Albertsons, regulators are defending a high-cost lending crackdown, and state justices could change how insurers navigate bad faith suits. Here are some of the Colorado cases to watch in the second half of 2024.
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July 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen U.K. band The 1975 face action by Future Sound Asia after its performance in Malaysia resulted in a festival's cancelation, Spectrum Insurance hit by The Motoring Organization following their dispute over information misuse, and a former police constable pursue defamation against a colleague for allegedly instigating a campaign of harassment against her. Here, Law360 looks at these and other new claims in the U.K.
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July 26, 2024
Texas Federal Judge Blocks DOL Investment Advice Rule
A Texas federal judge granted a bid from insurance industry groups to freeze U.S. Department of Labor regulations that expand who qualifies as a fiduciary under federal benefits law, saying the agency's new rule "suffers from many of the same problems" as a previous DOL rule the Fifth Circuit invalidated in 2018.
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July 26, 2024
EU Frees Up €1.5B Of Frozen Russian Assets To Aid Ukraine
The European Union's executive branch said Friday that it is freeing up €1.5 billion ($1.6 billion) of revenue generated from immobilized Russian assets to aid Ukraine in defending itself against the Russian invasion.
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July 25, 2024
Bank-Fintech Risks Put In Spotlight As Agencies Urge Caution
Federal regulators urged banks on Thursday to be mindful of a host of potential risks when partnering with outside firms to provide deposit products and services, guidance that comes in the wake of a high-profile fintech bankruptcy that has cast a pall over the banking-as-a-service business model.
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July 25, 2024
NY Jury Convicts Int'l Bank Safe Deposit Box Scammer
Following a seven-day trial, a New York federal jury in Brooklyn found a member of an alleged organized crime group guilty of stealing millions in cash and goods from European banks.
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July 25, 2024
Wells Fargo Says Sham Enrollment Claims Are Too Old
A proposed class's claims accusing Wells Fargo of attempting to shortchange customers after surreptitiously signing them up for unwanted financial products are time-barred, vague and "implausible," and therefore cannot proceed, the bank told a California federal court.
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July 25, 2024
Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter
The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.
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July 25, 2024
11th Circ. Asked To Toss Execs' Dinar Fraud Convictions
Three executives of an Atlanta-based dinar exchange convicted of fraud after an advertising partner hyped the Iraqi currency by claiming its price could soar urged the Eleventh Circuit to toss their convictions Thursday, arguing jurors should have been told the difference between fraud and deceit.
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July 25, 2024
Mr. Cooper Picks Up Flagstar Resi Mortgage Unit For $1.4B
Flagstar Bank NA announced Thursday that it has inked a $1.4 billion deal to sell its residential mortgage servicing business to nonbank mortgage originator Mr. Cooper, as Flagstar and parent New York Community Bancorp eye a turnaround.
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July 25, 2024
Warren Slams Fed Chief For Inaction On Bank Exec Pay
Sen. Elizabeth Warren, D-Mass., urged the Federal Reserve's top official to support rulemaking that would restrict incentive-based pay for executives at big banks, a long-overdue policy change that Congress required in the 2010 Dodd-Frank Act.
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July 25, 2024
Hedge Fund Manager Ordered To Disgorge $67M In Profits
A hedge fund manager who copped to running a $100 million securities fraud scheme has been ordered by a New Jersey federal court to pay back the $67 million in profits she earned through misleading 40 investors about the fund's performance.
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July 25, 2024
CFPB Wary Of 'Junk Fees' As Lunch Money Goes Digital
The Consumer Financial Protection Bureau on Thursday flagged concerns about "junk fees" that school-contracted payment processors are charging parents to put money on their children's cafeteria accounts, casting it as part of a broader trend toward more digital payments in school settings.
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July 25, 2024
3rd Circ. Says Service Flub Sinks SEC's Ponzi Scheme Win
The Third Circuit on Wednesday vacated a $500,000 default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, finding email service used by the U.S. Securities and Exchange Commission was improper under the Hague Service Convention.
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July 25, 2024
Longtime GrayRobinson Atty Joins Lewis Brisbois In Tampa
Lewis Brisbois Bisgaard & Smith LLP announced that a longtime GrayRobinson PA attorney who founded and chaired the firm's banking practice joined its Tampa, Florida, office as a partner.
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July 25, 2024
Deals Rumor Mill: Wiz-Google, Daily Telegraph, Medline IPO
Cybersecurity startup Wiz has rebuffed a buyout offer from Google, former British finance minister Nadhim Zahawi is preparing a $773 million bid for the Daily Telegraph, and medical supplies giant Medline is preparing an initial public offering for 2025. Here, Law360 breaks down these and other notable deal rumors from the past week.
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July 25, 2024
Belgium Taken To EU Court Over Deposit Exemption Rules
The European Union's executive branch said Thursday that it is taking Belgium to court alleging that the country's system of exempting remuneration of savings deposits from tax violates EU law.
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July 24, 2024
Texas Judge Prods MoneyGram Worker's Retaliation Claims
A Texas federal judge told an ex-MoneyGram International worker that she needed to establish more evidence to show why her employer fired her in retaliation for taking medical leave, saying during a Wednesday hearing that the proximity between the leave and her termination couldn't clear summary judgment.
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July 24, 2024
FDIC's Hill Says Basel Plan Needs New Draft With All Aboard
The Federal Deposit Insurance Corp.'s second-in-command called Wednesday for federal regulators to move in unison as they revise their controversial Basel III endgame plan for tougher big-bank capital requirements, saying any next draft should be comprehensive and backed by all the agencies involved.
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July 24, 2024
Failed Bank, FDIC Continue Fight Over $1.9B Account Claims
A New York bankruptcy judge on Wednesday heard arguments on the Chapter 11 plan of the parent company of the failed Silicon Valley Bank, alongside separate arguments on the fate of $1.9 billion in funds currently in the hands of federal banking regulators.
Expert Analysis
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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.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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When Patents As Loan Collateral Can Cost You Standing
The Federal Circuit's recent decision in Intellectual Tech v. Zebra Technologies shines a light on loan default provisions' implications for patent infringement litigation, as a default may inadvertently strip a patent owner of constitutional standing to sue over a patent pledged as collateral, say Joseph Marinelli and Suet L. Lee at Irwin IP.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.