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Banking
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May 22, 2024
Archegos Exec Says Founder Didn't Direct Him To Lie
The former director of risk management for Archegos told a Manhattan federal jury on Wednesday that the collapsed hedge fund's founder never instructed him to lie to banks in order to finance trading activity, as a defense lawyer sought to poke holes in the government's fraud case.
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May 22, 2024
'Pump-And-Dump' Claims Sputter In 'Disorganized' RICO Suit
A Michigan federal judge on Tuesday freed multiple defendants accused of funding a "pump-and-dump" scheme, saying a company suing over shareholders' alleged $3 million losses couldn't prove that the defendants made any plans together, while taking jabs at both sides' "disorganized" filings.
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May 22, 2024
SC Gov. Signs Earned Wage Access Bill Into Law
South Carolina has become the fifth state to approve a new law governing so-called earned wage access products, which provide workers with cash advances, as the Palmetto State joins Nevada, Missouri, Wisconsin and Kansas in regulating the products.
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May 22, 2024
NY Federal Reserve Associate GC Rejoins Covington
A former Covington & Burling LLP associate who left the firm 13 years ago to join the Federal Reserve Bank of New York has returned to work as of counsel, the firm announced Tuesday.
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May 22, 2024
BofA Deserves Tax Refunds On Merger Interest, 4th Circ. Told
The IRS should not have been allowed to keep the interest paid on 23 years' worth of tax underpayments by seven companies that merged into Bank of America, the company told the Fourth Circuit, arguing that the underpayments should be offset by overpayments under merger law.
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May 22, 2024
NYSE Parent Agrees To $10M SEC Fine Over Cyber Breach
The U.S. Securities and Exchange Commission announced Wednesday that the Intercontinental Exchange Inc. has agreed to pay $10 million to settle allegations that it failed to timely report a data breach that impacted the New York Stock Exchange and eight other subsidiaries.
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May 22, 2024
CFPB Says Some Credit Card Standards Apply To BNPL Firms
The Consumer Financial Protection Bureau said Wednesday that shoppers using buy-now, pay-later products are covered by some of the same federal safeguards as those that apply to traditional credit cards, issuing the agency's first-ever guidance directed at this fintech-heavy field of financing.
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May 22, 2024
Citigroup Fined £61.6M For Trading Systems Failings
Two finance regulators said Wednesday they have fined Citigroup Global Markets Ltd. a total of £61.6 million ($78.4 million) for failures in trading systems that led to the lender mistakenly selling $1.4 billion in equities into European markets.
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May 21, 2024
2nd Circ. Partially Backs Win For Nurses' Union Pension Plan
In a 90-page opinion, the Second Circuit on Tuesday mostly upheld a Manhattan federal judge's decision affirming an arbiter's award favoring a nurses' pension plan, agreeing that White Oak Global Advisors LLC must return "Day 1" fees totaling nearly $2 million and pay prejudgment interest said to top $22 million.
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May 21, 2024
Full 5th Circ. Urged To Rethink Blocking Student Loan Rule
The U.S. Department of Education has asked the full Fifth Circuit to reconsider a recent preliminary injunction a three-judge panel ordered blocking changes to a program providing student loan forgiveness to borrowers defrauded by higher education institutions. It said the panel wrongly held that the department doesn't have the authority to determine whether a borrower has a valid defense to repayment.
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May 21, 2024
Banks Urged To Vote Out Exxon Leaders Who Sued Investors
A group of state and city financial officials sent letters to some of the biggest banks and asset managers Tuesday urging them to vote against Exxon Mobil Corp.'s CEO and lead independent director at an upcoming annual meeting because of the company's lawsuit against a pair of environmentally minded activist investors.
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May 21, 2024
LoanDepot's $3.5M Deal In IPO Disclosure Suit Gets Final OK
A California federal judge has granted final approval to LoanDepot's $3.5 million settlement in a suit alleging it misled investors leading up to the company's initial public offering, despite a shareholder's objection that the settlement is insufficient.
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May 21, 2024
Bankrupt SVB Fights To Keep $1.9B Suit Against FDIC Alive
The bankrupt former parent company of Silicon Valley Bank urged a California federal judge on Tuesday not to toss its suit against the Financial Deposit Insurance Corp. that seeks to get the deposit insurer to return $1.93 billion, saying the FDIC has not fulfilled its obligation to turn over the company's account funds.
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May 21, 2024
PetroSaudi Says $380M Award Feud Close To Resolution
A PetroSaudi unit and the Biden administration are nearing a settlement to resolve a bitter dispute over the proceeds of a nearly $380 million arbitral award allegedly tied to embezzled 1Malaysia Development Berhad funds, which the government has been looking to seize for years, the parties said Monday.
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May 21, 2024
Conn. Bank Hit With Suit Over 'Crippling' Overdraft Fees
Connecticut-based Ion Bank is the latest financial institution to face a putative class action alleging it violated its agreements with customers by imposing overdraft fees on certain transactions.
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May 21, 2024
SEC Fines KeyBank Broker-Dealer Over Reg BI Failures
The U.S. Securities and Exchange Commission on Tuesday ordered Key Investment Services LLC to pay more than $200,000 for allegedly failing to address conflicts of interest with Regulation Best Interest.
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May 21, 2024
22 States Tell 11th Circ. Corp. Transparency Act Goes Too Far
The federal Corporate Transparency Act unconstitutionally displaces state authority and its enforcement would economically harm states and their residents, attorneys general from 22 states told the Eleventh Circuit, urging it to uphold a ruling that struck down the law.
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May 21, 2024
Disbarred Atty Gets 9 Years For $1.4M COVID Relief Fraud
A New York federal judge sentenced former attorney Douglas Arntsen to nine years in prison Tuesday for running a $1.4 million COVID-19 relief scheme, stating that the disbarred lawyer "has not gotten the message" that he should not steal from people despite his prior conviction for grand larceny.
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May 21, 2024
Sheppard Adds Mayer Brown Litigator In Latest Chicago Move
Sheppard Mullin Richter & Hampton LLP isn't done growing in Chicago this year, now adding a business litigator from Mayer Brown LLP whose resume includes leadership positions related to his work in the financial services arena.
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May 21, 2024
Strategic Hiring Was The New Normal For BigLaw In 2023
The 400 largest law firms by headcount in the U.S. grew more slowly in 2023 than in the previous two years, while Kirkland & Ellis LLP surpassed the 3,000-attorney threshold, according to the latest Law360 ranking.
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May 21, 2024
The Law360 400: Tracking The Largest US Law Firms
The legal market expanded more tentatively in 2023 than in previous years amid a slowdown in demand for legal services, especially in transactions, an area that has been sluggish but is expected to quicken in the near future.
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May 20, 2024
Ex-BlackRock VP Says He Was Fired After Whistleblowing
BlackRock Inc. has been sued in New York state court by a former vice president and purported whistleblower who alleged he faced retaliation and wrongful termination after raising concerns about self-dealing, corruption and conflicts of interest at the asset management firm.
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May 20, 2024
TD Bank Ex-Employees Ordered To Back Off Client Contacts
TD Bank NA and its subsidiary TD Private Client Wealth LLC scored a temporary restraining order in Connecticut federal court in a suit accusing two former employees of breaking nonsolicitation agreements and enticing $25 million in client assets to move with them to Raymond James Financial Services Inc.
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May 20, 2024
Colo. Gov. Voices 'Reservations' In Signing AI Bias Bill
Colorado's governor has approved the nation's first framework to clamp down on algorithmic discrimination in certain artificial intelligence technologies, although he expressed several "reservations" about the measure that he urged the Legislature to address before the law takes effect in 2026.
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May 20, 2024
TD Bank Customers' $32.2M Overdraft Fee Deal Gets Initial OK
A New Jersey federal judge has given the first green light to a nearly $22 million settlement, plus more than $10 million in overdraft forgiveness, in a suit alleging TD Bank charged improper overdraft fees in debit card transactions.
Expert Analysis
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Regulatory Trends Offer 4 Lessons For Debt Relief Providers
A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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Basics Of Bank Regulators' Push For Discount Window Use
As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.
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2 Emerging Defenses For Website Tracking Class Actions
Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.
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Series
Cheering In The NFL Makes Me A Better Lawyer
Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.
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Communication Is Key As CFPB Updates Appeals Process
Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.
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Unpacking The New Russia Sanctions And Export Controls
Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.
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Args In APA Case Amplify Justices' Focus On Agency Power
In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.
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Mitigating Whistleblower Risks After High Court UBS Ruling
While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.
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Series
ESG Around The World: Gulf Cooperation Council
The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.
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Steps For Companies New To Sanctions Compliance
Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.
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Bank Secrecy Act Lessons For Casinos After DOJ Settlements
The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.
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Setting The Stage For High Court BofA Escrow Interest Case
Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.
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What To Know About OCC Proposals For Bank Merger Review
The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.