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Banking
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July 15, 2024
No Sanctions For Milberg In Visa, Mastercard MDL
A New York federal judge on Friday declined to order sanctions against Milberg Coleman Bryson Phillips Grossman LLC after the firm admitted to mistakenly registering fraudulent clients in long-running multidistrict litigation that accused Visa and Mastercard of charging improper merchant fees.
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July 15, 2024
Rising Star: Davis Polk's Sanders Witkow
Sanders Witkow of Davis Polk & Wardwell LLP is getting used to steering highly complicated banking transactions, including as lead counsel for a group of banks that put up $13.2 billion in financing for Elon Musk's $44 billion hostile takeover of Twitter, earning him a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
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July 12, 2024
Law360 Names 2024's Top Attorneys Under 40
Law360 is pleased to announce the Rising Stars of 2024, our list of 158 attorneys under 40 whose legal accomplishments belie their age.
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July 12, 2024
Rising Star: Cahill Gordon's John MacGregor
John MacGregor of Cahill Gordon & Reindel LLP has successfully defended Credit Suisse in litigation over a complex financial product alleging more than $2 billion in losses, and secured dismissal in a claim alleging losses of $1 billion over its financial adviser work. These matters and others have earned him a spot among the banking law practitioners under age 40 honored by Law360 as Rising Stars.
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July 12, 2024
Loper Bright Is Shaking Up Dozens Of Regulatory Fights
In the two weeks since the U.S. Supreme Court overturned Chevron deference, the landmark decision has emerged as a live issue in dozens of administrative challenges, with federal courts already pausing agency regulations expanding LGBTQ+ rights in education and healthcare and with a wave of parties seeking to use the new decision to win their cases.
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July 12, 2024
CFPB Takes Its 5th Circ. Lumps To Advance Late Fee Rule Suit
The Consumer Financial Protection Bureau has told the Fifth Circuit that it won't appeal a three-judge panel's decision forcing it defend its $8 credit card late fee rule in Texas rather than Washington, D.C., a move that could expedite the agency's efforts to free the rule from a lower-court injunction.
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July 12, 2024
Ramey Says 'Any Competent' Atty Wouldn't Seek Sanctions Yet
Ramey LLP, counsel for mobile payment company AuthWallet LLC, has urged a Texas federal judge to reject a bank's attempt to sanction the company's attorney, saying the request is premature since the case doesn't have a prevailing party yet.
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July 12, 2024
MoneyLion Cites High Court Rulings In Bid To Toss CFPB Suit
MoneyLion Technologies Inc. told a New York federal judge on Friday that two recent U.S. Supreme Court rulings, including the reversal of the so-called Chevron deference doctrine, support the challenge to military lending regulations it is accused of violating in a lawsuit by the Consumer Financial Protection Bureau.
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July 12, 2024
FINRA's Remote Inspection Pilot Met With Praise, Caution
The Financial Industry Regulatory Authority's new pilot program for remote inspections of broker-dealers has earned praise from attorneys, who say the measures accommodate the reality of remote work routines, but they're waiting to see how the chips fall on questions including the adequacy of the regulator's data security measures.
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July 12, 2024
Taxation With Representation: Ropes & Gray, Cravath, Latham
In this Week's Taxation with Representation, Paramount Global merges with Skydance Media, Devon Energy acquires Grayson Mill Energy's Williston Basin oil and gas business, Ryan acquires Altus Group Ltd.'s property tax business, and Bain Capital buys Envestnet Inc.
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July 12, 2024
Former City Treasurer Gets 30 Months In $1M Embezzlement
A former city treasurer in Alaska was sentenced to two and a half years in prison after having admitted to tax evasion and fraud in connection with a $1 million embezzlement scheme, according to Alaska federal court documents.
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July 12, 2024
BofA, Goldman Get First OK For $46M Deal In Rate-Swap Suit
A New York federal judge has granted the first green light to a $46 million settlement in long-running multidistrict litigation over an alleged plot by several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, to limit market competition over interest rate swaps.
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July 12, 2024
CFTC, DOJ Convene 'Pig Butchering' Working Group
The U.S. Commodity Futures Trading Commission and a U.S. Department of Justice cryptocurrency enforcement team have convened a working group focused on crypto fraud scams known as "pig butchering" schemes, joining forces with officials from more than 15 federal agencies.
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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.
Expert Analysis
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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Unpacking The Latest Tranche Of Sanctions Targeting Russia
Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.
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How Associates Can Build A Professional Image
As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.
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Considerations For Cooperation Contracts In Loan Trades
Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.
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Firms Must Rethink How They Train New Lawyers In AI Age
As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.
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High Court's BofA Ruling Leaves State Preemption Questions
A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.
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Cyber Takeaways For Cos. From Verizon Data Breach Report
Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.
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Think Like A Lawyer: Always Be Closing
When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.
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Expected Developments From Upcoming Basel Capital Rules
With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.
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Takeaways From Nat'l Security Division's Historic Declination
The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.
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Deciphering SEC Disgorgement 4 Years After Liu
Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.
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Updates To CFTC Large Trader Report Rules Leave Questions
The U.S. Commodity Futures Trading Commission's updated large trader position reporting rules for futures and options is a much-needed change that modernizes a rule that had gone largely untouched since the 1980s, but the updates leave important questions unanswered, say Katherine Cooper and Maggie DePoy at BCLP.
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Risks And Promises Of AI In The Financial Services Industry
Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.
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Playing The Odds: Criminal Charges Related To Sports Betting
In light of recent sports betting scandals involving MLB player Shohei Ohtani and NBA player Jontay Porter, institutions and individuals involved in athletics should be aware of and prepared to address the legal issues, including potential criminal charges, that sports gambling may bring to their door, say attorneys at Steptoe.
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Series
Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.