Try our Advanced Search for more refined results
Banking
-
June 21, 2024
9/11 Firm Consultant Acted Alone In Depo Leak, 2nd Circ. Told
A New York law firm representing victims of the 9/11 terrorist attacks in a multidistrict litigation told the Second Circuit that a consultant who leaked a deposition transcript to the press acted by himself, asking an appellate panel to reverse millions of dollars in sanctions.
-
June 21, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.
-
June 21, 2024
Attys Eye $1.4M Slice Of State Street Retirement Plan Deal
Class counsel are requesting a one-third cut from a $4.3 million settlement with State Street Corp. to resolve claims the bank stocked its employees' 401(k) plan with imprudent funds that it managed or that were run by its subsidiaries or affiliates.
-
June 20, 2024
5th Circ. Starts Clock For Redo Bid In CFPB Payday Rule Case
The Fifth Circuit said Wednesday that payday lender trade groups will have an opportunity to ask for another shot at litigating the validity of the Consumer Financial Protection Bureau's payday lending rule after their constitutional challenge fell flat at the U.S. Supreme Court.
-
June 20, 2024
Trump Calls For Engoron's Recusal In Civil Fraud Case
Former President Donald Trump and other defendants fighting a $465 million civil fraud judgment called on New York Supreme Court Justice Arthur Engoron to recuse himself Thursday in light of a once-suspended real estate attorney's recent judicial misconduct claims, which have since sparked a judicial investigation.
-
June 20, 2024
FDIC Expands Requirements For Big-Bank Resolution Plans
The Federal Deposit Insurance Corp. on Thursday adopted expanded resolution-planning requirements for large banks and approved a measure intended to cut down on delays in the agency's handling of bank merger applications.
-
June 20, 2024
Colo.'s Opt-Out Interest Rate Law Halted In Trade Group Suit
A Colorado federal judge has temporarily barred the state from imposing more restrictive interest rate caps on consumer loans made by banks located outside of Colorado, siding with a coalition of lending groups seeking to invalidate a 2023 law aimed at reining in high-cost online loans.
-
June 20, 2024
Oprah Special Hiked Viacom Price, Archegos Trader Concedes
An attorney for Archegos Capital Management LP founder Bill Hwang attempted Thursday to undercut testimony that the hedge fund boss had total control over his portfolio companies, getting a key cooperator to agree that ViacomCBS Inc.'s share price was at one point boosted by Oprah Winfrey's interview with Prince Harry and Meghan Markle.
-
June 20, 2024
Finance Co. Asks Fed. Circ. To Read Its 1.4K Pages Of Evidence
A patent outfit connected to a man behind one of the world's first money market funds says that a Texas court's decision to throw out a patent case against online stockbroker TD Ameritrade went against the weight of some "1,400 pages of credible evidence," and is something that the full Federal Circuit should look into.
-
June 20, 2024
Ex-ITT Students Net $12M Win In Predatory Lending Scheme
A California federal judge has ordered loan servicer Vervent Inc. to pay $12 million to ex-students of bankrupt for-profit college ITT Education Services Inc. for Vervent's role in an alleged predatory lending scheme for ITT's benefit, finding it was appropriate to triple a $4 million jury award.
-
June 20, 2024
Walmart, Capital One Settle Credit Card Agreement Spat
Capital One NA has reached a settlement with Walmart Inc. resolving the retailer's claims that its credit card partner wasn't meeting the customer service standards laid out in their agreement, according to a joint letter filed in New York federal court.
-
June 20, 2024
Ex-Popular Bank VP Convicted Of COVID Aid Fraud
A former vice president and manager of a New York branch of Popular Bank was convicted by a Brooklyn federal jury of fraudulently obtaining money from two pandemic-era aid programs.
-
June 20, 2024
Deals Rumor Mill: Carlyle-KKR, Didi IPO, Open AI
The deals rumor mill is often overflowing with transactions that are reportedly close to being signed, so it can be hard to know which ones to stay on top of.
-
June 20, 2024
New Navajo Law Expected To Double Infrastructure Funds
Navajo Nation President Buu Nygren signed into law legislation that will create a new mechanism allowing the federally recognized tribe to transfer $522 million in American Rescue Plan Act funding into a revenue reserve that's expected to nearly double the tribe's infrastructure financing.
-
June 20, 2024
AssetMark To Buy $12B In Assets From Financial Services Biz
Davis Polk & Wardwell LLP-advised wealth management platform AssetMark Inc. on Thursday announced a strategic partnership with Morningstar Wealth under which AssetMark will acquire roughly $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platform.
-
June 20, 2024
Tax Preparer With $38M In Refunds Cops To S-Corp. Scam
The owner of a tax preparation business that secured $38 million in federal refunds for customers pled guilty to helping prepare false returns and admitted he required clients to establish empty corporations to lower their tax bills illegally, according to his plea agreement in a California federal court.
-
June 18, 2024
Fed Should Vote Now On Basel Capital Hike Plan, Warren Says
U.S. Sen. Elizabeth Warren has accused Federal Reserve Chair Jerome Powell of "doing the bank industry's bidding" as federal regulators look to back off of significant proposed increases to big-bank capital requirements, saying he should instead put those increases to a board vote by the end of June.
-
June 18, 2024
4th Circ. Says Filmmaker Has Right To Sealed Court Docs
The Fourth Circuit on Tuesday revived a documentary filmmaker's bid to access sealed documents from a False Claims Act suit against student loan providers, finding he has a First Amendment right to the material and the parties must prove if the seal is warranted.
-
June 18, 2024
Sterling Bank Ex-CEO Won't Face Charges Over Loan Program
The founder and former CEO of Sterling Bank and Trust, who has been investigated in connection with a fraud-plagued loan program, will not face criminal charges from the U.S. Department of Justice, according to Michigan federal court documents filed Monday.
-
June 18, 2024
5th Circ. Keeps Suit Over CFPB's Card Late Fee Rule In Texas
The Fifth Circuit on Tuesday ordered a banking industry lawsuit against the Consumer Financial Protection Bureau's credit card late fee rule to remain in Texas federal court, rejecting a second attempted transfer of the case to Washington, D.C.
-
June 18, 2024
Lender Sues To Recoup $1M From Renowned Boston Chef
A small Massachusetts bank is taking an award-winning Boston chef and restaurateur to court in an effort to recover more than $1 million in loans intended to start what turned out to be a short-lived eatery just outside the city in 2023.
-
June 18, 2024
Archegos Trader Doubles Down On Hwang Accusations
A former protégé of Archegos founder Bill Hwang told New York federal jurors Tuesday that the hedge fund boss directed manipulative and improper trading, pushing back on insinuations by Hwang's counsel that the trades were above-board.
-
June 18, 2024
Noncustomers Cinch Settlement In Citibank Robocall Suit
Citibank has reached a deal with a class of noncustomers who accused the bank of bombarding them with unauthorized robocalls, according to a notice filed in Arizona federal court, ending six years of litigation alleging Citibank had violated the Telephone Consumer Protection Act.
-
June 18, 2024
Mich. AG To Pursue Deadlocked Charges In Carhartt Atty Case
Prosecutors will continue pursuing embezzlement charges against a Michigan attorney accused of stealing from his client, a former leader of the Carhartt workwear company, after a Wayne County jury couldn't reach a decision on those claims but acquitted the attorney on other charges.
-
June 17, 2024
CFPB Reaches $7M Deal In Suit Over Ex-Exec's Money Moves
The Consumer Financial Protection Bureau said Monday that it will accept $7 million from a former online loan executive and his wife to resolve a Kansas federal court lawsuit in which the agency accuses them of trying to keep millions more dollars out of the agency's reach.
Expert Analysis
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.