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Banking
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July 19, 2024
Heartland Investor Looks To Block $2B UMB Bank Takeover
A Heartland Financial USA investor sued the lender and several members of its top brass, along with UMB Financial Corp., in Colorado state court seeking to block UMB's $2 billion acquisition of Heartland, arguing that the deal undervalues Heartland by roughly $1.5 billion.
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July 19, 2024
Berkshire Bank Says It's Not At Fault For $90M Ponzi Scheme
Berkshire Bank asked a New York federal judge to toss a proposed class action seeking to hold it liable for providing financial services to a bankrupt local business person whom the investor accused of operating a $90 million Ponzi scheme, saying the investor does not show Berkshire did anything more than provide routine banking services.
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July 19, 2024
SEC Sues Brokers Linked To Alleged $112M Truck Co. Fraud
The U.S. Securities and Exchange Commission sued two Florida men connected to a Ponzi-like scheme involving a trucking and logistics business, saying the pair illegally sold most of the $112 million worth of unregistered company securities to victims in a fraud targeting the Haitian-American community.
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July 19, 2024
Bank Regulators Ask 5th Circ. To Unfreeze New Lending Rules
Federal banking regulators have urged the Fifth Circuit to rescind a Texas district court's injunction blocking implementation of new community lending rules, arguing in a filing that the district court's finding essentially rewrote the Community Reinvestment Act.
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July 19, 2024
Investors Want Merrill, UBS Back In $364M Libor-Rigging Suit
Investors who were allegedly harmed by the manipulation of a widely used interbank lending interest rate have appealed a final judgment that ended claims against major banks and financial services companies in protracted litigation that has garnered settlements totaling $364.5 million.
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July 19, 2024
House AI Report Is 'Blueprint' For Coming Committee Action
The House Financial Services Committee is poised to take on a "leading role" in regulating the use of artificial intelligence in financial services, according to a new congressional report highlighting the importance of antidiscrimination and data privacy guardrails.
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July 19, 2024
Co. Says La. Utility Ditched Millions In Restitution Claims
A Louisiana utility company wrongfully refused to accept $42.3 million in restitution for deficiencies found by a consulting company in meter technology that collects energy usage data, the consulting company alleged in Louisiana federal court.
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July 19, 2024
Evolve Bank Leaked 7.6M Customers' Private Info, Suit Says
Evolve Bank & Trust has been hit with a proposed class action in Tennessee federal court alleging it failed to adequately protect the personal information of 7.6 million individuals from a cyberattack and failed to conduct reasonable data security practices.
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July 19, 2024
Fed Fines Green Dot $44M Over Lax Compliance Program
The Federal Reserve Board on Friday fined prepaid debit card issuer Green Dot $44 million, accusing it of violating consumer protection law through several unfair and deceptive practices and maintaining a "deficient" consumer compliance risk management program.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 18, 2024
Bizlato Founder Avoids More Time For Illicit Crypto Deals
The founder of Bitzlato Ltd. on Thursday was spared further incarceration for using the cryptocurrency exchange to process what prosecutors say was over $700 million in criminal proceeds, the latest case among many where judges factor in the vile conditions at Brooklyn's notorious federal jail, the Metropolitan Detention Center, as a reason for leniency.
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July 18, 2024
'Dreamer' Sues California Credit Union Alleging Loan Bias
University Credit Union violated both federal and California antidiscrimination laws by withdrawing a woman's auto loan because she was a Deferred Action for Childhood Arrivals program recipient, the woman alleged in a proposed class action filed Thursday in California federal court.
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July 18, 2024
8th Circ. Blocks Another Biden Student Debt Relief Plan
The Eighth Circuit has blocked the Biden administration from implementing another plan for student loan forgiveness while the appellate court considers a Missouri-led state alliance's injunction request, according to an order entered Thursday.
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July 18, 2024
4 Men Cop To $2M 'Instant Deposit' Robinhood Fraud
Four men have pled guilty in New York federal court to being involved in a scheme to steal millions of dollars from trading firm Robinhood by exploiting a program that gave them access to cash advances.
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July 18, 2024
OCC's Hsu Calls For 'More Nuanced' Preemption Approach
The Office of the Comptroller of the Currency's acting chief has signaled plans for a potential shift in his agency's approach to federal preemption following a recent U.S. Supreme Court decision, calling for "more nuanced analysis" when evaluating the applicability of state laws to banks it oversees.
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July 18, 2024
Chancery Awards $6M Stockholder Atty Fee In Moelis Suit
A Delaware vice chancellor granted a $6 million fee request on Thursday from attorneys who won a Chancery Court strike-down of a stockholder agreement granting Moelis & Co. founder Ken Moelis expansive control over the global investment bank's decisions.
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July 18, 2024
LPL Reaps Benefits From Forced Cash Sweep, Suit Says
LPL Financial was hit with a putative class suit by a customer who claims the broker-dealer automatically moves customers' uninvested cash into its cash sweep programs, primarily benefiting the firm at the expense of its clients.
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July 18, 2024
Chase Can't Arbitrate Returned-Check Suit, Customers Say
Chase Bank customers have urged a federal judge not to let the bank force them to arbitrate a complaint over fees charged on deposited checks that were returned, arguing that they never agreed to an arbitration clause and that the bank failed to prove their consent to arbitration.
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July 18, 2024
Judge Won't Pause Sanctions In Byju's Ch. 11
A Delaware district court Thursday ruled hedge fund Camshaft Capital Fund LP cannot hold off a contempt order from a Delaware bankruptcy court in the Chapter 11 case of Byju's Alpha while it appeals the sanctions, finding that it could avoid sanctions if it complied with a court order.
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July 18, 2024
Atty Says Golf Malpractice Row Already Ran Its Course
An attorney seeking summary judgment in a legal malpractice suit told a New York federal judge that, five years and three courts later, the owners of the Foothills Club West Golf Court have still failed to produce evidence to support their allegations.
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July 18, 2024
Moody's Says White Ex-Director's Depo 'Fatal' To Bias Suit
Financial analytics company Moody's on Wednesday told a Pennsylvania federal judge that it was clear a former employee who sued it for discrimination wasn't fired for being white and old, pointing to his "fatal" admission that he'd still be employed had he responded to a company vaccination survey.
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July 18, 2024
Bank Exec's Tax Tip Case Wrongly Axed, Estate Tells DC Circ.
The estate of a Dutch bank executive asked the D.C. Circuit to overturn a U.S. Tax Court decision denying him a whistleblower award for reporting on tax avoidance schemes, saying the lower court improperly relied on proposed regulations from the Internal Revenue Service.
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July 18, 2024
CFPB Eyes Loan Treatment For 'Earned Wage' Cash Advances
The Consumer Financial Protection Bureau moved Thursday to apply federal truth-in-lending requirements to the growing market for fintech cash advances, issuing a proposed rule that would classify many "earned wage access" products as consumer loans needing clear pricing disclosures.
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July 17, 2024
SEC's Peirce Calls For Rule Agenda Reset After Court Rulings
Hester Peirce, a member of the U.S. Securities and Exchange Commission, called on the agency Wednesday to reconsider its rulemaking agenda given recent court rulings, saying it should "really think about hewing closely" to its statutory mandate, in comments made just weeks after the U.S. Supreme Court's decision to end Chevron deference.
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July 17, 2024
Fla. Co. Says NY Lender Charges Usurious 950% Interest Rate
A Florida-based startup has sued a New York small business lender, alleging the lender saddled it with "a high interest usurious loan" when it thought it was entering into a future receivables agreement.
Expert Analysis
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Action Steps To Address New Restrictions On Outbound Data
Companies should immediately assess all their data-based operations so they can consider strategies to effectively mitigate new compliance risks brought on by recently implemented transaction restrictions, including a Justice Department proposal and landmark data legislation, say attorneys at Wiley.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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CFPB Reality Check: Video Game Cash Is Still Money
The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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The Legal Issues Raised In Minn. Rate Exportation Opt-Out Bill
A recent Minnesota House bill would amend state law by opting out of the federal interest rate preemption and introduce several legal gray areas if passed, including issues regarding loan location, rates on credit card loans and values of state charters, says Karen Grandstrand at Fredrikson & Byron.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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What's Extraordinary About Challenges To SEC Climate Rule
A set of ideologically diverse legal challenges to the U.S. Securities and Exchange Commission's climate disclosure rule have been consolidated in the Eighth Circuit via a seldom-used lottery system, and the unpredictability of this process may drive agencies toward a more cautious future approach to rulemaking, say attorneys at Thompson Coburn.
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8 Questions To Ask Before Final CISA Breach Reporting Rule
The Cybersecurity and Infrastructure Security Agency’s recently proposed cyber incident reporting requirements for critical infrastructure entities represent the overall approach CISA will take in its final rule, so companies should be asking key compliance questions now and preparing for a more complicated reporting regime, say Arianna Evers and Shannon Mercer at WilmerHale.
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How Banks Can Preserve Value Amid Corporate Default Surge
Amid a busy time for corporate bankruptcies, banks need a nuanced understanding of contractual rights, regulatory frameworks and evolving legal developments to protect and preserve their rights and interests, say attorneys at Phelps Dunbar.
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Series
Swimming Makes Me A Better Lawyer
Years of participation in swimming events, especially in the open water, have proven to be ideal preparation for appellate arguments in court — just as you must put your trust in the ocean when competing in a swim event, you must do the same with the judicial process, says John Kulewicz at Vorys.
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Key Priorities In FDIC Report On Resolving Big Bank Failures
The Federal Deposit Insurance Corp.'s report last month on the resolvability of large financial institutions contains little new information, but it does reiterate key policy priorities, including the agency's desire to enhance loss-absorbing capacity through long-term debt requirements and preference for single-point-of-entry resolution strategies, say attorneys at Freshfields.
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A Recipe For Growth Equity Investing In A Slow M&A Market
Carl Marcellino at Ropes & Gray discusses the factors bolstering appetite for growth equity fundraising in a depressed M&A market, and walks through the deal terms and other ingredients that set growth equity transactions apart from bread-and-butter venture capital investing.
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Opinion
SEC Doesn't Have Legal Authority For Climate Disclosure Rule
Instead of making the required legal argument to establish its authority, the U.S. Securities and Exchange Commission's climate-related disclosure rule hides behind more than 1,000 references to materiality to give the appearance that its rule is legally defensible, says Bernard Sharfman at RealClearFoundation.
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What 100 Federal Cases Suggest About Changes To Chevron
With the U.S. Supreme Court poised to overturn or narrow its 40-year-old doctrine of Chevron deference, a review of 100 recent federal district court decisions confirm that changes to the Chevron framework will have broad ramifications — but the magnitude of the impact will depend on the details of the high court's ruling, say Kali Schellenberg and Jon Cochran at LeVan Stapleton.
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Opinion
SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.