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Banking
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September 03, 2024
SEC Fines 6 Credit Rating Firms $49M Over Texting Records
The U.S. Securities and Exchange Commission announced Tuesday that six nationally recognized statistical rating organizations agreed to pay a combined $49 million for failing to preserve electronic communications, the latest wave of settlements in an ongoing crackdown that has yielded billions in fines.
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September 03, 2024
Kirkland Brings On Ex-Goldman Sachs Debt Finance Pro In NY
Kirkland & Ellis LLP said Tuesday it has added an experienced debt finance partner in New York who most recently worked as a managing director for Goldman Sachs, in the firm's latest move to bulk up its structured finance and structured private credit practice.
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September 03, 2024
Justices Urged To Revive Movie Site TM Suit Against BofA
The Tenth Circuit employed "an analysis devoid of context whose conclusions contradicted themselves" when it found Bank of America Corp. had not infringed a movie website owner's trademark with its virtual assistant "Erica," the site owner has told the U.S. Supreme Court.
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September 03, 2024
Catching Up With Delaware's Chancery Court
Last week in Delaware's court of equity, an iconic rock band got a new member, former President Donald Trump's social media company escaped a contempt ruling, and litigation grew over Illumina Inc.'s $8 billion reacquisition of cancer-testing company Grail Inc. New cases touched on intellectual property, mergers, share transfers and dump trucks. In case you missed it, here's the latest from Delaware's Court of Chancery.
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September 03, 2024
Former Aide To NY Gov. Indicted On Foreign Agent Charges
A former aide to New York Gov. Kathy Hochul and ex-Gov. Andrew Cuomo was arrested Tuesday on allegations of secretly acting as an agent of China's government in a yearslong political conspiracy to promote the interests of the Chinese Communist Party and reap millions of dollars.
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August 30, 2024
$100M Deal Finally Ends MoneyGram Unclaimed Property Fight
Delaware will be giving back more than $100 million from uncashed MoneyGram checks to the states where they were bought after finally reaching a settlement with 29 other states that took the matter all the way to the U.S. Supreme Court.
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August 30, 2024
Ex-Detainee Can't Be Forced To Arbitrate Card Fee Suit
A Washington federal judge will not force arbitration in a proposed class action accusing a bank of charging former jail detainees debit card fees to regain access to their own money postrelease, saying the plaintiff never consented to an arbitration clause because the card was issued to him already activated.
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August 30, 2024
Republic Bank Tells IP Lawsuit Judge It's Bankrupt
An embattled Pennsylvania-based bank has sought bankruptcy protection following its high-profile seizure by federal authorities as it grappled with $1.3 billion in debt, according to its latest filing in a trade secrets misappropriation suit.
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August 30, 2024
Whistleblower Seeks 2nd Bid At $690M Claim In DC Circ.
A whistleblower denied up to $690 million, or 30%, of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program asked for a D.C. Circuit panel to rehear his case Friday, saying its original opinion included numerous mistakes and misunderstandings.
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August 30, 2024
FINRA Dings Raymond James $2M Over Customer Complaints
Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.
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August 30, 2024
Conn. Mayor Says Scam Cost Town $208K, Finance Chief Out
The mayor of a Connecticut town has announced that it was the victim of a "social engineering scam" that cost it about $208,000, leading to the resignation of the town's finance director, although it has since recouped half the stolen funds.
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August 30, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.
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August 30, 2024
FTX Exec Drops Bid To Undo Plea Amid Partner's Indictment
Former FTX executive Ryan Salame is no longer seeking to vacate his guilty plea that he says Manhattan federal prosecutors induced with a false promise to halt a campaign finance probe into his partner Michelle Bond, though his claims that they broke their word will still be litigated before two different judges.
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August 30, 2024
Firm Accused Of Botching Arbitration In Tribal Lending Row
Bradley Arant Boult Cummings LLP and one of its former attorneys have been hit with a California federal court suit accusing them of negligence in their representation of a consulting business and its president in a 2018 arbitration they say caused them at least $17.5 million in damages.
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August 29, 2024
PNC Asks 4th Circ. To Reconsider HELOC 'Offset' Ban Ruling
PNC Bank has asked the Fourth Circuit to take another look at its ruling that extended the "offset" provision of the Truth in Lending Act, which prevents banks from using funds held in deposit accounts to offset credit card debt without the consumer's consent, to home equity lines of credit.
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August 29, 2024
Texas' Anti-ESG Law Is Unconstitutional, Green Biz Org Says
A sustainability-focused business group on Thursday sued Texas state officials in federal court seeking to block a law that restricts state investments with financial firms and businesses that want to reduce their reliance on fossil fuels.
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August 29, 2024
Show Your Work, 5th Circ. Tells Judge In Banks' Subpoena Fight
The Fifth Circuit has vacated a Texas federal court decision denying a businessman's bid to quash a subpoena requested by two financial institutions looking for evidence in a Mexican fraud case, sending the case back to the lower court to explain its reasoning for the denial.
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August 29, 2024
Schwab's 'Cash Sweep' Paid For TD Ameritrade Buy, Suit Says
The Charles Schwab Corp. has been hit with a proposed class action in California federal court by three customers alleging that the investment bank obtains "outsized benefits" from its cash sweep programs and used a significant amount of the cash to finance its $26 billion acquisition of TD Ameritrade Holding Corp. several years ago.
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August 29, 2024
CFPB Fines NewDay $2.25M Over VA Home Loan Practices
The Consumer Financial Protection Bureau levied a $2.25 million fine against NewDay Financial LLC on Thursday for allegedly deceiving active-duty service members and veterans seeking cash-out refinance loans on their home mortgages.
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August 29, 2024
CFPB Notches Default Win Against Ga. Auto Loan Servicer
The Consumer Financial Protection Bureau has scored a default judgment against a Georgia-based auto loan servicer accused of a slew of unlawful business practices, including using kill switches to shut off borrowers' cars and double charging them for insurance premiums.
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August 29, 2024
Class Attys Seek Chancery Doc Sanctions In Santander Suit
An attorney for Santander Consumer USA Holdings Inc. stockholders urged a Delaware vice chancellor Thursday to exercise the court's "common law" document retention enforcer role during arguments for sanctions against the big auto lender's board, controller and parent for deleting messages before a $2.5 billion minority squeeze-out merger.
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August 29, 2024
4th Circ. Won't Revive Whistleblower's Credit Suisse Tax Suit
The Fourth Circuit upheld the dismissal of a former Credit Suisse employee's whistleblower case that alleged the Swiss bank continued to help clients evade taxes after it made a related plea deal with the U.S., saying a 2023 U.S. Supreme Court decision on the False Claims Act could not save the case.
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August 29, 2024
Convicted Drexel Prof Says Records Would've Swayed Jury
A Drexel University accounting professor convicted on charges of tax evasion and filing false tax returns after the government accused him of failing to report $3.3 million in income from a Trenton pharmacy has asked a New Jersey federal judge for a new trial.
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August 29, 2024
Backpage Co-Founder Gets 5 Years In Prostitution Case
The co-founder of defunct classifieds service Backpage.com was sentenced in Phoenix federal court to five years behind bars after he was convicted for his role in a $500 million prostitution scheme, the U.S. Department of Justice said Wednesday.
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August 29, 2024
Aon Unit Accuses Chinese Bank Of $2.8B Reinsurance Fraud
An Aon PLC subsidiary has accused one of China's largest banks in New York state court of helping a now-bankrupt insurtech company engage in a multibillion-dollar scheme to defraud the subsidiary and cedent insurers in reinsurance transactions, seeking to recover at least $140 million in lost premiums from the bank.
Expert Analysis
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Roundup
North Carolina Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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When Patents As Loan Collateral Can Cost You Standing
The Federal Circuit's recent decision in Intellectual Tech v. Zebra Technologies shines a light on loan default provisions' implications for patent infringement litigation, as a default may inadvertently strip a patent owner of constitutional standing to sue over a patent pledged as collateral, say Joseph Marinelli and Suet L. Lee at Irwin IP.