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July 12, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the owner of the Lambretta scooter brand Innocenti SA embroiled in a trademark dispute with a property developer, a clash between two art dealers over a collection of tapestries, Telecom Italia pursue a debt claim against a competing telecommunications company, and performing arts trade union Equity hit a casting directory for charging unfair subscription fees on actors. Here, Law360 looks at these and other new claims in the U.K.
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July 12, 2024
First Republic Settles $7M Scholarship Fund Loss Suit
A philanthropist couple have reached an agreement to resolve their $7 million breach of fiduciary duty allegations against the now-failed First Republic Bank, telling a California federal judge that they reached a deal during a private mediation session.
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July 11, 2024
Biden's FDIC Pick Hangs Tough Amid GOP Doubts On Record
President Joe Biden's candidate for Federal Deposit Insurance Corp. chair faced scrutiny Thursday as Republican senators at her nomination hearing expressed their skepticism about her readiness to lead the agency, but her critics nevertheless appeared unlikely to derail her prospects for confirmation outright.
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July 11, 2024
Biden Taps Warren Protege, Ex-CFPB Atty For CFTC Seat
President Joe Biden on Thursday nominated a senior Office of Management and Budget official and former Consumer Financial Protection Bureau attorney to the U.S. Commodity Futures Trading Commission to replace one of two current CFTC members who themselves have been nominated for other offices.
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July 11, 2024
Broker Says FINRA Owes Him Jury Trial After Jarkesy Ruling
The Financial Industry Regulatory Authority has been hit with a suit from a member who says the regulator's allegations in an internal proceeding to sanction and expel him are assertions of common law fraud and therefore must be brought before a court and jury under the U.S. Supreme Court's recent Jarkesy decision.
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July 11, 2024
Ozy Media CEO Urges Jury To Reject 'Shady' Fraud Case
Counsel for Carlos Watson on Thursday told a Brooklyn federal jury not to trust prosecutors' "shady" claims that the Ozy Media founder and CEO defrauded lenders and investors by falsely inflating the news and entertainment startup's bottom line.
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July 11, 2024
Western Union Owes $8M For Soured Deal, Vendor Says
A Taiwan-based manufacturer of point-of-sale devices launched a lawsuit against Western Union in Colorado federal court, accusing it of ordering about 25,000 POS terminals worth roughly $8 million and then backing out of the transaction and refusing to pay after the vendor had already started making the devices.
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July 11, 2024
SF Fed Sues Troubled PPP Lender, Founder For Nearly $67M
The San Francisco arm of the Federal Reserve has sued one of the largest Paycheck Protection Program lenders in Puerto Rico federal court seeking to recover nearly $67 million, alleging the lender has defaulted on the terms of roughly $4.3 billion in credit it advanced for PPP loans.
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July 11, 2024
7th Circ. Revives CFPB's Lender Redlining Suit
The Consumer Financial Protection Bureau should be allowed to pursue claims that a mortgage lender illegally disparaged majority-Black neighborhoods, the Seventh Circuit said Thursday, finding the agency was empowered to enforce violations against prospective borrowers.
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July 11, 2024
Attys Say Milberg Must Pay For Fraud In Visa, Mastercard MDL
Class counsel representing plaintiffs in long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees have called for sanctions against Milberg Coleman Bryson Phillips Grossman LLC, laying out arguments for a fee reimbursement after the firm admitted to mistakenly registering fraudulent clients.
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July 11, 2024
DACA Recipient, Credit Union Settle Home Loan Bias Suit
A beneficiary of the Deferred Action for Childhood Arrivals program has reached a settlement with an Oregon credit union to end claims that he was unlawfully denied a home equity loan based on his immigration status.
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July 11, 2024
House Vote Fails To Quash Veto Of SEC Crypto Accounting Bill
The U.S. House on Thursday failed to override President Joe Biden's veto of a bill that sought to roll back controversial crypto accounting guidance from the U.S. Securities and Exchange Commission after Democrats urged members to stick by the president.
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July 11, 2024
Ropes & Gray, Paul Weiss Steer Bain's $4.5B Envestnet Buy
Ropes & Gray-led Bain Capital will buy Envestnet Inc., guided by Paul Weiss, in a take-private deal that values the financial technology company at $4.5 billion, Envestnet said in a statement Thursday.
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July 10, 2024
BitMEX Cops To Flouting Anti-Money Laundering Rules
Offshore crypto derivatives exchange BitMEX pled guilty in New York federal court on Wednesday to a charge alleging it violated the Bank Secrecy Act by knowingly failing to maintain adequate anti-money laundering and customer identification programs, according to the U.S. Attorney's Office for the Southern District of New York.
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July 10, 2024
Pledging 'Accountability,' Biden's FDIC Pick Faces Senate Test
President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. plans to stress her regulatory credentials and determination to fix the agency's troubled work culture when she goes before a U.S. Senate panel on Thursday for a confirmation hearing.
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July 10, 2024
Synapse Credit's Finance Lending License Pulled In California
The California Department of Financial Protection and Innovation on Wednesday revoked the financing lending license of Synapse Credit LLC, a subsidiary of Synapse Financial Technologies, whose April bankruptcy resulted in thousands of customers losing access to their accounts and funds.
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July 10, 2024
CFTC Says Internal Criticism 'Not Relevant' To Sanctions Bid
The U.S. Commodity Futures Trading Commission says that criticism leveled against it by one of its own members is "not relevant" to the agency's case against a foreign exchange firm accused of a $300 million fraud and has asked a New Jersey federal court not to consider the comments in deciding whether to issue sanctions against the regulator.
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July 10, 2024
Top Banks Accused Of Infringing Authentication IP With Zelle
Intellectual property licensing outfit Factor2 Multimedia Systems has sued Bank of America, Capital One and others in Texas federal court for allegedly infringing authentication patents with Zelle and other money-transfer apparatuses.
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July 10, 2024
BofA Trims But Can't Beat Autopay Cancellation Suit
A California federal judge trimmed a proposed class action against Bank of America, alleging it failed to tell consumers their autopay settings would be canceled if they did not continuously use their credit cards, agreeing with the bank that the Consumers Legal Remedies Act does not apply to credit cards.
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July 10, 2024
GOP Bombards Agencies With Demands After Chevron's End
Republican leaders of major congressional committees Wednesday demanded details from dozens of agencies on policies suddenly shrouded in uncertainty after U.S. Supreme Court conservatives overturned the so-called Chevron doctrine, which for 40 years gave regulators flexibility in rulemaking and advantages in related litigation.
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July 10, 2024
Proof Of Ozy Media CEO's Fraud Is Overwhelming, Jury Told
A New York federal prosecutor on Wednesday told the jury weighing the fate of Carlos Watson that the evidence presented at trial clearly shows that the former Ozy Media CEO was at the helm of a scheme to deceive investors into backing the struggling news and entertainment startup, by falsely inflating its financials and lying about the company's prospects in order to keep it afloat.
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July 10, 2024
Citi Fined $136M As OCC, Fed Cite Slow Remedial Progress
The Office of the Comptroller of the Currency and the Federal Reserve on Wednesday leveled nearly $136 million in penalties against Citigroup Inc. and its national bank subsidiary Citibank for failing to meet risk management remediation milestones laid out in 2020 consent orders with the regulators.
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July 10, 2024
Wells Fargo Knew of 'Free Trial' Marketing Scam, Plaintiffs Say
A California federal judge was asked to keep alive a lawsuit alleging that through its problematic sales practices, Wells Fargo played a supporting role in two "free trial" marketing scams that pulled $200 million from consumers, with the plaintiffs arguing evidence shows Wells Fargo knew about the alleged fraud.
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July 10, 2024
Deutsche Bank Settles Ex-Trader's Malicious Prosecution Suit
Deutsche Bank has settled a lawsuit brought by a former trader who claimed the bank scapegoated him when the U.S. Department of Justice began an investigation into suspected interest rate rigging, according to a Wednesday filing in New York federal court.
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July 10, 2024
UMB Fired VP After Denying Further Cancer Leave, Suit Says
UMB Financial Corp. fired an executive for requesting more time to recover from chemotherapy treatments, according to a suit filed in Colorado federal court, after she was made to work 12-hour days in preparation for her leave to complete the work she would miss while she was out.
Expert Analysis
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Roundup
Illinois Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.
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Roundup
Florida Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.