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Banking
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May 13, 2024
2nd Circ. Won't Revive UBS Suit Over Disclosed Account Info
The Second Circuit declined Monday to revive a couple's suit accusing UBS of fraudulently flagging an account to the Internal Revenue Service, finding that any alleged harm resulting from an audit would have been caused by the agency itself.
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May 13, 2024
Diaz Reus Attys Dodge Sanctions Over Last-Minute Dismissal Bid
Citing a lack of good cause for sanctions, a south Florida federal judge determined Monday that shareholders in a Venezuela-linked bank cannot penalize Miami-based Diaz Reus & Targ LLP lawyers over allegations they delayed an expected October 2023 trial in a suit alleging the bank's directors breached their fiduciary duty.
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May 13, 2024
BofA Says Suit By Commanders Ex-Partner Has Wrong Target
A former Washington Commanders minority owner's claim that Bank of America and others scammed him out of a bigger share of the eventual sale price of the NFL franchise is "implausible" and "incoherent,'' Bank of America told a Florida federal court in its motion to dismiss the minority owner's suit.
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May 13, 2024
Ex-Banker Tied To Murdaugh Says Juror Issue Merits Retrial
A former banker who was convicted of helping ex-attorney and convicted murderer Alex Murdaugh steal clients' money has urged the Fourth Circuit to give him a new trial, arguing two jurors were unconstitutionally removed.
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May 13, 2024
Investor Seeks Info On Visa Denied For Money Exchanger Use
A Vietnamese woman challenging U.S. Citizenship and Immigration Services' denial of her EB-5 petition hauled the agency into a D.C. federal court, accusing it of withholding information that may reveal why her use of a money exchanger doomed her petition.
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May 13, 2024
Archegos Boss Blew $36B, But It Was His To Lose, Jury Told
The founder of fallen hedge fund Archegos argued to a Manhattan federal jury Monday that charges of distorting markets and lying fall short because he believed in his $36 billion investment strategy but was upended by COVID-19 financial fallout.
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May 10, 2024
Ill. Residents Ask Court To Void Alaskan Tribal Co. Loans
Six borrowers accusing an Alaska-based tribal lending company of making usurious loans at annual rates of as much as 700% or more have filed suit in Illinois federal court, saying it violated racketeering laws and must void the already existing debt.
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May 10, 2024
Adviser's 'Rogue' Trading Cost Investor $700K, Suit Says
An attorney nearing retirement has filed suit against a former UBS investment adviser, alleging he lost over half of a $1.2 million nest egg after the adviser surrendered his broker licenses and started "rogue" trading in risky commodities investments.
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May 10, 2024
Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim
A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.
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May 10, 2024
CFPB's Credit Card Late Fee Rule Halted By Texas Judge
A Texas federal judge on Friday stayed the Consumer Financial Protection Bureau's $8 credit card late fee standard, granting a preliminary injunction sought by the U.S. Chamber of Commerce and other industry groups that are challenging the legality of the agency rule.
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May 10, 2024
Capital One Accused Of Not Fully Investigating Fraud Claims
Capital One has been hit with a proposed class action in California federal court accusing it of breaching contract terms by refusing to sufficiently investigate consumers' fraud claims.
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May 10, 2024
FINRA Fines Merrill Lynch $825K Over Supervisory Failures
Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.
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May 10, 2024
Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent
In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.
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May 10, 2024
Dem Lawmakers Call For 5th Circ. Judge To Exit CFPB Case
Six Democratic lawmakers sent a letter admonishing the Judicial Conference, saying Friday it was "undermining the integrity of the judiciary" by allowing a Fifth Circuit judge to participate in a matter in which he has a significant conflict of interest.
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May 10, 2024
Prudential Investor Attys Seek $9M Fees For Settlement
Attorneys representing investors in a settlement with Prudential Financial Inc. over claims that the insurer misrepresented certain trends affecting its life insurance reserves have asked a New Jersey federal judge to grant final approval of the deal and nearly $9 million in fees.
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May 10, 2024
5th Circ. Upholds SEC Proxy Rule On ESG Disclosures
The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.
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May 10, 2024
Nationstar Mortgage Wants To Escape 'Junk Fee' Suit
Nationstar Mortgage LLC has asked a Washington federal judge to toss a proposed class action alleging it illegally charged homeowners a "junk fee" for written payoff quotes, saying the suit's claims fail because expedited payoff fees are not unlawful and do not breach the terms of the relevant loan agreements.
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May 10, 2024
2 Firms Guide United Bankshares On $267M Piedmont Buy
Bowles Rice LLP and Sullivan & Cromwell LLP are representing United Bankshares Inc. on a $267 million agreement to buy Georgia-based Piedmont Bancorp Inc., which the lenders disclosed Friday and said marks United's 34th acquisition.
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May 09, 2024
FTC Urges High Court To Reject Challenge To $5.2M Award
The Federal Trade Commission has urged the U.S. Supreme Court to reject a credit monitoring company's challenge to a $5.2 million refund award the federal agency won on behalf of a class of consumers, arguing the award is authorized under the Federal Trade Commission Act.
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May 09, 2024
Amazon, Walmart Face Dem Questions Over 'Dynamic Pricing'
Senate Banking Committee Chair Sherrod Brown on Thursday raised concerns to Amazon and Walmart about corporations hiking prices by exploiting customer data and pricing algorithms, saying it undermines consumers' ability to comparison shop and save money.
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May 09, 2024
SeaWorld Workers Nab Class Cert. In 401(k) Fees Suit
A California federal judge agreed to certify a class of 10,000 current and former workers suing SeaWorld for keeping high-cost funds in their retirement accounts and retaining expensive record-keepers.
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May 09, 2024
Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit
The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."
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May 09, 2024
Attys Want $102M In Fees In Stock Loan Antitrust Deal
Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.
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May 09, 2024
US Bank Sees Unauthorized Account Suit Tossed For Good
A New York federal judge has permanently thrown out a proposed class action against U.S. Bancorp alleging shareholders were harmed after the bank paid a $37.5 million fine to the Consumer Financial Protection Bureau in connection with allegations its bankers secretly opened accounts in customers' names.
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May 09, 2024
Making Borrower Contact Ex Was Reasonable, Court Told
A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.
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.