Try our Advanced Search for more refined results
Banking
-
July 31, 2024
PayPal Alum Joins Forensic Consultancy As Crypto Leader
Compliance consultancy and investigations firm Forensic Risk Alliance said Wednesday that it's hired an alum of PayPal and Paxos to direct its global cryptocurrency investigations and compliance practice.
-
July 31, 2024
Fifth Third Seeks Exit From Bounced Check Fee Suit
Cincinnati-based Fifth Third Bank NA has asked a federal judge to toss a proposed class action alleging it charges consumers unlawful fees when they try to deposit a check that bounces, saying the customers agreed to a contract that contains fee clauses for depositing returned items.
-
July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
-
July 31, 2024
Attys Can Seek Security Clearance In Cuellar Bribery Case
Attorneys for U.S. Rep. Henry Cuellar can apply for a security clearance to facilitate potential discussions of classified information in connection with bribery charges against the congressman, a Texas federal judge said Wednesday, remarking multiple times that federal prosecutors had taken "inconsistent" positions on classified material connected to the case.
-
July 31, 2024
5 Trials To Watch In The 2nd Half Of 2024
Upcoming high-profile trials over star lawyer Tom Girardi's alleged fraud, Hunter Biden's taxes and Washington state's "patent troll" law are among the cases to watch in the latter half of the year.
-
July 31, 2024
White & Case Hires Ex-Latham IP Partner In DC
White & Case LLP has hired a Latham & Watkins LLP partner, who spent the majority of his career with his prior firm, representing clients in a range of intellectual property-related matters, the firm announced Wednesday.
-
July 31, 2024
BakerHostetler, Dechert Steer $2.3B CBIZ-Marcum Deal
Cleveland-based accounting firm CBIZ Inc. said Wednesday it has agreed to buy competitor Marcum in a $2.3 billion deal that will create the seventh-largest accounting services provider in the U.S.
-
July 30, 2024
Ameriprise Says LPL Uses Recruits To Harvest Rivals' Secrets
LPL Financial should be barred from using any trade secrets and confidential client information it has harvested from Ameriprise Financial through the recruitment of its competitors' financial advisers, Ameriprise told a California federal judge Tuesday in alleging LPL has violated legal, regulatory and industry rules.
-
July 30, 2024
FDIC Moves To Revamp Brokered Deposit Regs In Policy Push
The Federal Deposit Insurance Corp. on Tuesday unveiled a proposal that would subject more bank deposits to heightened regulation as "brokered" funds, outlining new rules that the agency pitched as addressing risks highlighted by failures of firms like First Republic Bank and Voyager, a crypto lender.
-
July 30, 2024
FTX Users Say Sullivan & Cromwell Must Face Abetting Claims
FTX customers told a Florida federal judge on Tuesday that Sullivan & Cromwell LLP can't dismiss customer claims it aided and abetted the defunct cryptocurrency exchange's fraud as "speculative allegations" when the customers' complaint "paints a much more detailed and nefarious picture."
-
July 30, 2024
FTX Exec Gets Prison Report Date Delayed After Dog Attack
A New York federal judge on Tuesday allowed ex-FTX executive Ryan Salame to delay his surrender date to begin his prison term from August to October, as he was forced to undergo medical treatment and surgery after being mauled by a German shepherd while visiting a friend's house last month.
-
July 30, 2024
FINRA Says Jarkesy Doesn't Apply To Its Internal Proceedings
The Financial Industry Regulatory Authority is opposing a broker's attempt to get the regulator's internal proceedings against him tossed, saying that he has no case under the U.S. Supreme Court's recent Jarkesy decision because FINRA is not a government regulator subject to the same constitutional challenges as the U.S. Securities and Exchange Commission.
-
July 30, 2024
Chancery Rejects Forte-Camac Deal As 'Not Fair' To Class
A Delaware Chancery Court judge on Tuesday rejected a settlement between Forte Biosciences Inc. and Camac Partners LLC that would have ended the activist investor's class action over Forte's alleged board entrenchment, finding that the proposed deal gave Camac "unique and personal benefits" that weren't shared with the rest of the class.
-
July 30, 2024
Student Loan Borrower Takes Debt Fight To High Court
A borrower is seeking the U.S. Supreme Court's review of the dismissal of his lawsuit alleging a state student-loan-servicing agency's misrepresentations ended a loan forgiveness opportunity, arguing a circuit court decision that shielded the agency from the suit conflicts with the prior rulings.
-
July 30, 2024
SF Fed Tells 9th Circ. Banks Not Entitled To Master Accounts
The San Francisco Federal Reserve Bank told the Ninth Circuit that it was not obligated to give a master account to an Idaho trade finance fintech, arguing federal law does not make these payment system gateways available to everyone regardless of risk.
-
July 30, 2024
Justices Urged To Certify Class Over Firm's Illegal Faxes
A Georgia-based recruiting agency is asking the U.S. Supreme Court to toss a Fourth Circuit ruling that the Telephone Consumer Protection Act's fax machine definition is limited to standalone fax machines and does not include online fax services, saying the January decision creates a circuit split that needs settling.
-
July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
-
July 30, 2024
Husch Blackwell Hires UB Greensfelder Partner In St. Louis
Several years after Husch Blackwell LLP's newest partner, Garrett Reuter Jr., graduated from law school, he joined Greensfelder Hemker & Gale PC to work alongside his late father. Now, he's bringing clients he grew up watching his father work with, to a new platform.
-
July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
-
July 30, 2024
Financial Co. To Pay $20M To Resolve DOL Embezzlement Suit
A financial planner agreed to pay $20 million to 17 retirement plans it manages to resolve a lawsuit from the U.S. Department of Labor accusing it of improperly shuffling money between accounts and embezzling at least $5 million in plan assets, a filing in Pennsylvania federal court said.
-
July 29, 2024
9th Circ. Partly Revives BofA Customers' ATM Fee Suit
The Ninth Circuit on Monday partially reinstated a proposed class action alleging Bank of America charged out-of-network fees for balance inquiries customers said they didn't know they authorized on ATMs, finding customers can be charged under their contract only if it's clear they sought the information and initiated the transaction.
-
July 29, 2024
CFPB Cites Thomas In New Bid To Transfer Late Fee Rule Suit
The Consumer Financial Protection Bureau on Monday took another whack at getting an industry-backed legal challenge to its $8 credit card late fee rule transferred from Texas federal court to Washington, D.C., this time drawing on U.S. Supreme Court Justice Clarence Thomas for a little rhetorical help.
-
July 29, 2024
8th Circ. Urged To Ax FDIC's Multiple NSF Fee Guidance
Minnesota state bankers have urged the Eighth Circuit to uphold their challenge to Federal Deposit Insurance Corp. guidance conscribing the use of non-sufficient funds fees, arguing a Minnesota federal judge was wrong to reject their case as premature.
-
July 29, 2024
Wells Fargo Can't Escape Investors' Sham Diverse Hiring Suit
A California federal judge refused to throw out a proposed securities class action against Wells Fargo alleging it conducted sham interviews to meet diversity targets that triggered a stock drop when the truth came to light, finding Monday that the investors had plausibly alleged the bank's ill-will.
-
July 29, 2024
Ky. Tower Sale Laundering Case Should Proceed, Judge Told
A Florida magistrate judge has recommended denying a bid by two Miami businessmen to toss litigation filed by the U.S. government looking to seize about $9.1 million from the sale of a Kentucky office tower over alleged ties to a Ukrainian money laundering scheme.
Expert Analysis
-
Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
-
Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.
-
Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
-
What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
-
Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
-
4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
-
Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
-
Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
-
In Biz Account Breaches, Look Beyond The Payment Platform
A business's legal path to recovering funds after bad actors access a payment platform account and engage in unauthorized transactions can lead into murky legal territory where liability is unclear, and pursuing the payment platform itself will be an uphill, if not insurmountable, struggle, say Edward Marshall and Morgan Harrison at Arnall Golden.
-
Making Plans For BNPL Consumer Protection Compliance
With an interpretive rule from the Consumer Financial Protection Bureau set to require buy-now, pay-later providers to implement credit card-like consumer safeguards by the end of July, loan providers must solidify their federally compliant customer dispute resolution and disclosure procedures before the newly emboldened bureau's deadline, say attorneys at Steptoe.
-
Banks As Crypto Custodians May Rest On SEC Bulletin's Fate
Banks' willingness to accept custody of cryptocurrency assets, like the exchange-traded funds approved by the U.S. Securities and Exchange Commission this spring, may hinge on whether a 2022 SEC accounting bulletin directing banks to track customers' digital assets on their balance sheets can survive Congress' attempts to strike it down, says Roger Chari at Duane Morris.
-
After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
-
Takeaways From Regulators' £61.6M Citigroup Trading Fine
Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.
-
Big Banks Face Potential Broader Recovery Plan Rules
The Office of the Comptroller of the Currency's recent call for potentially subjecting more banks to recovery planning standards would represent a significant expansion of the scope of the recovery guidelines, and banks that would be affected should assess whether they’re prepared, say attorneys at Debevoise.
-
A Framework For Investigating Commercial Loan Fraud
As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.