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Banking
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August 27, 2024
New Jersey Man Gets 3 Years In Prison For Forex Fraud
A New Jersey man deemed a "modern day snake oil salesman" by Philadelphia's top federal prosecutor has been sentenced to just over three years in prison for defrauding hundreds of investors out of more than $500,000.
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August 27, 2024
Nasdaq Seeks SEC's Green Light To Launch Bitcoin Options
The Nasdaq stock exchange said Tuesday it is seeking regulatory approval to allow the listing of an options tool that tracks the price of bitcoin, a move designed to expand institutional and retail trading of cryptocurrency-related assets.
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August 27, 2024
Wells Fargo Seeks To Scrap Ex-Worker's $22M ADA Verdict
Wells Fargo urged a North Carolina federal court to upend a jury's $22.1 million verdict in favor of a former investment director who alleged he was laid off so the company wouldn't have to accommodate his paralyzed colon and bladder, arguing the evidence presented doesn't support jurors' conclusions.
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August 27, 2024
First Busey, CrossFirst Bankshares Merging In $917M Deal
Sullivan & Cromwell LLP-led First Busey Corp. and CrossFirst Bankshares Inc. said Tuesday they have agreed to merge, setting the path for First Busey to absorb CrossFirst in an all-stock deal that the companies valued at approximately $916.8 million.
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August 27, 2024
Morgan Stanley Applicant Drops Suit After Pseudonym Order
A Massachusetts woman on Tuesday dropped her proposed class action claiming Morgan Stanley illegally used protected criminal history information to discriminate against applicants, after a federal judge ruled she couldn't advance the lawsuit under a pseudonym.
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August 27, 2024
Duane Morris Hires Ex-Dickinson Wright Fintech Expert
A former financial institutions mergers and acquisitions and regulatory enforcement partner from Dickinson Wright PLLC who also has experience at the Federal Reserve Bank has joined Duane Morris LLP's corporate practice group in Chicago.
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August 26, 2024
Businessmen Say Feds' Ky. Tower Seizure Suit Can't Proceed
Two Miami businessmen have objected to a federal magistrate judge's recommendation opposing their attempt to toss litigation by the U.S. government as it looks to seize about $9.1 million from the sale of a Kentucky office tower, saying the United States can't prove its case.
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August 26, 2024
Banks' $20M Platinum Traders Antitrust Deal Gets Initial OK
A New York federal judge preliminarily approved Saturday a $20 million deal to resolve a nearly decade-old putative class action alleging Goldman Sachs, German industrial company BASF and two other banks fixed platinum and palladium prices.
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August 26, 2024
'Jarkesy 2.0': SEC Sees New Attack On In-House Courts
A new lawsuit calling into question the U.S. Securities and Exchange Commission's ability to boot alleged lawbreakers from the securities industry follows a long line of attacks on the regulator's use of its in-house courts, including a recent U.S. Supreme Court ruling that limited the SEC's ability to litigate fraud cases via administrative proceedings.
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August 26, 2024
BNY To Pay $5M CFTC Fine Over Swap Reporting Issues
The Commodity Futures Trading Commission and the Bank of New York Mellon reached a $5 million deal on Monday to resolve claims that the bank repeatedly failed to correctly report millions of swap transactions to a registered swap data repository and failed to properly supervise its swap dealer business.
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August 26, 2024
11th Circ. Won't Revive JPMorgan Chase Whistleblower Suit
The Eleventh Circuit on Monday refused to revive a whistleblower suit against JPMorgan Chase Bank NA for allegedly forging mortgage loan documents and submitting false reimbursement claims to Fannie Mae and Freddie Mac, finding the allegations had already been publicized prior to the lawsuit.
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August 26, 2024
CFPB Defeats Challenge To Small-Biz Lending Rules
The Consumer Financial Protection Bureau landed an early win Monday in an industry-backed challenge to its reporting requirements for small business lenders, with a Texas federal judge finding the rule "is much more modest than plaintiffs would lead the court to believe."
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August 26, 2024
Health System Sues JPMorgan Over Funds Lost In Scam
Massachusetts-based healthcare system Baystate Health Inc. sued JPMorgan Chase & Co. on Monday over $420,000 it lost as a result of an email scam it said the bank should have prevented.
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August 26, 2024
Bank Co. Disputes AIG's Reading Of Covered Defense Costs
A bank owner defended its amended claims that an AIG unit violated the Texas Insurance Code, telling a Texas federal court that AIG unlawfully issued it late defense payments and refused to cover defense costs that "incidentally" benefited its affirmative underlying claims.
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August 26, 2024
Telegram CEO Arrested In French Probe Of Messaging App
The founder and CEO of messaging platform Telegram has been arrested in Paris as part of an investigation into allegations the company is complicit in illegal transactions, child pornography and organized fraud, French prosecutors said Monday.
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August 26, 2024
JPMorgan Cash Sweep 'Shortchanged' Customers, Suit Says
JPMorgan Chase has been hit with a proposed class action in New York federal court alleging its securities branch "shortchanged" customers by automatically "sweeping" their uninvested cash balances into deposit accounts at its affiliate, Chase Bank.
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August 23, 2024
FDIC Says Ex-Lender Can't Have 3rd Bite At In-House Apple
The Federal Deposit Insurance Corp. on Friday urged a Washington, D.C., federal judge to reject a former small-business financier's bid to immediately halt an agency enforcement proceeding against him, saying a key recent U.S. Supreme Court decision doesn't apply to his case.
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August 23, 2024
Justices Urged To Tackle Arbitral 'Manifest Disregard' Split
A former Morgan Stanley financial adviser is asking the U.S. Supreme Court to review an appellate panel's refusal to toss the bank's arbitral award and revive his $13.7 million counterclaims, arguing that the dispute presents the ideal vehicle to resolve the "clear" circuit split over whether "manifest disregard of the law" remains a valid ground for vacating such awards.
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August 23, 2024
Conn. Adviser Wants FINRA Complaint Records Deleted
An investment adviser has sued the Financial Industry Regulatory Authority in Connecticut state court, saying a complaint on his FINRA registration record is not valid and should be removed because, after filing it, the customers who complained realized they were in error and withdrew the complaint.
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August 23, 2024
Wire Verification Not Vital In Fla. Fraud Suit, Wells Fargo Says
Wells Fargo urged a Florida federal court Friday to toss a lawsuit alleging the bank allowed a hacker to steal a real estate transaction's proceeds, saying there's no obligation to match a wire beneficiary to their account, and it didn't know the transfer was fraudulent because the process is automated.
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August 23, 2024
Western Union Seeks To Toss Most Claims In $8M Breach Suit
Western Union looks to shake off the bulk of a point-of-sales device manufacturer's $8.1 million breach of contract case, telling a Colorado federal court that much of the suit arose from purchase orders to which the financial services company hadn't been party.
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August 23, 2024
JPMorgan's $26K Atty Fee Award Overturned By Conn. Panel
A Connecticut appeals court on Friday reversed JPMorgan's nearly $26,000 attorney fee-shift and cost award in a case involving a $250,000 promissory note, holding a trial judge improperly awarded the recovery because the bank waited "more than one year" to seek it after scoring summary judgment.
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August 23, 2024
Patent Case Against USPTO Mimics Failed Suit, Feds Say
The federal government has moved to toss a suit alleging that the U.S. Patent and Trademark Office's website infringes patents covering the idea of two-factor authorization, arguing that a patent in the same "family" was thrown out in 2016 by a different court that said it contained "nothing inventive."
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August 23, 2024
Cape Cod Bookkeeper To Cop To $1.3M Embezzlement
The longtime bookkeeper of a Cape Cod flooring business has agreed to plead guilty to embezzling more than $1.3 million from the company, Massachusetts federal prosecutors announced.
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August 22, 2024
10th Circ. Pauses Debt Relief Appeal After 8th Circ. Ruling
The Tenth Circuit on Thursday paused several states' appeal challenging a Kansas federal judge's injunction that partially barred the Biden administration's latest student debt relief plan, citing a broader injunction the Eighth Circuit issued earlier this month.
Expert Analysis
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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CFPB's Expanding Scope Evident In Coding Bootcamp Fine
The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.
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Fintech Compliance Amid Regulatory Focus On Sensitive Data
The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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Proposed Cannabis Reschedule Sidesteps State Law Effects
The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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The Effects Of New 10-Year Limitation On Key Sanctions Laws
Recently enacted emergency appropriations legislation, doubling the statute of limitations for civil and criminal economic sanctions violations, has significant implications for internal records retention, corporate transaction due diligence and government investigations, say attorneys at Greenberg Traurig.
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What 11th Circ. FCRA Ruling Means For Credit Furnishers
Credit furnishers should revisit their internal investigation and verification procedures after the Eleventh Circuit declined last month in Holden v. Holiday to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act, say Diana Eng and Michael Esposito at Blank Rome.
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FEPA Cases Are Natural Fit For DOJ's Fraud Section
The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.