Banking

  • October 04, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen GMB Union sued by the makers of Tetley Tea after a staff walkout in September, boxer Mike Tyson hit with legal action from a marketing company and the Met Police face a misuse of private data claim from a woman who had a relationship with an undercover police officer. Here, Law360 looks at these and other new claims in the U.K.

  • October 03, 2024

    Swizz Beatz Received Millions From 1MDB Scheme, Suit Says

    Hip-hop producer and rapper Kasseem Dean, known professionally as Swizz Beatz, received $7.3 million in funds that were stolen from Malaysia residents in the multibillion-dollar 1 Malaysia Development Berhad fraud, a lawsuit filed in New York federal court alleges.

  • October 03, 2024

    Biden Admin's Latest Debt Relief Plan Blocked In Missouri

    A Missouri federal judge Thursday blocked the Biden administration's latest student debt relief proposal, finding that the six Republican-led states leading the challenge will likely show the plan is unlawful, just a day after a Georgia federal judge knocked the Peach State out and punted the case to St. Louis.

  • October 03, 2024

    Fifth Third Bank Solar Panel Loan MDL Centralized In Minn.

    A collection of proposed class actions accusing Fifth Third Bank NA of hiding loan costs from customers will be consolidated in Minnesota, the Judicial Panel on Multidistrict Litigation ruled Thursday, noting that the judge assigned hasn't presided over an MDL yet.

  • October 03, 2024

    3rd Circ. Backs Added Payout For Late Royal Bank CEO

    The Third Circuit on Thursday backed a lower court's decision that Royal Bank of America's retirement plan must add another $368,000 onto the roughly $4 million lump-sum payment already given to the financial institution's late former chief executive officer, calling the plan's arguments it need not pay that amount "nonsensical."

  • October 03, 2024

    GOP Senators Slam NY Fed Over Iraq Money-Laundering Report

    Two Republican senators, including the ranking member of the Senate banking committee, have slammed the Federal Reserve Bank of New York for allegedly failing to act on money-laundering concerns with the Central Bank of Iraq, allowing funds to flow to Iran as a result.

  • October 03, 2024

    Citibank Blunders May Warrant Breakup, Warren Tells OCC

    Sen. Elizabeth Warren, D-Mass., urged the acting head of the Office of the Comptroller of the Currency on Thursday to impose growth restrictions on Citibank for becoming "too big to manage" and committing various blunders over the years, saying breaking up the fourth-largest bank in the U.S. may be appropriate if conditions don't improve.

  • October 03, 2024

    Ex-Hedge Fund Star Won't Get Additional $14.4M

    A former D.E. Shaw & Co. managing director isn't owed an additional $14.4 million in deferred compensation after winning a $52 million award for defamation from a Financial Industry Regulatory Authority arbitration panel, a New York appeals court affirmed Thursday.

  • October 03, 2024

    12 Lawyers Who Are The Future Of The Supreme Court Bar

    One attorney hasn't lost a single U.S. Supreme Court case she's argued, or even a single justice's vote. One attorney is perhaps "the preeminent SCOTUS advocate." And one may soon become U.S. solicitor general, despite acknowledging there are "judges out there who don't like me." All three are among a dozen lawyers in the vanguard of the Supreme Court bar's next generation, poised to follow in the footsteps of the bar's current icons.

  • October 03, 2024

    Swiss Man Should Fight Sanctions Case In DC, Judge Says

    A D.C. federal judge said a Swiss man accused of skirting sanctions in connection with a 255-foot luxury yacht owned by Russian tycoon Viktor Vekselberg should be required to come to Washington, D.C., to fight the charges.

  • October 03, 2024

    OCC Backs Bid To Block 'Unworkable' Ill. Swipe Fee Law

    The banking industry's bid to block a new Illinois law that bans swipe fees on tax and tip payments received a big boost from the Office of the Comptroller of the Currency, which has slammed the law for being an "ill-conceived" threat to the "efficient and effective" banking system.

  • October 03, 2024

    Conn. Justices OK Bar Input On Banking Probe Into Lawyers

    The Connecticut Supreme Court will allow the National Creditors Bar Association and the Connecticut Creditors Bar Association to weigh in on a case that questions whether the state banking commissioner violated the constitution's separation of powers doctrine by launching a probe into a law firm and its associated debt negotiation group.

  • October 03, 2024

    Hecla Avoids Investor Suit Over $462M Gold Mine Buy

    A gold mining operation secured the permanent dismissal of an investor suit alleging that $462 million in new mines the company bought in Nevada that were supposed to be lucrative turned out to be duds, with a New York federal judge finding the investors failed to plead any actionable false or misleading statements.

  • October 03, 2024

    Sham Law Firm Employee Gets 5 Years For Foreclosure Fraud

    A Virginia man was sentenced to five years in prison and hit with a $159,000 fine for what a D.C. federal judge called Thursday the "horrendous" crime of using a Manassas law firm to defraud homeowners facing foreclosure.

  • October 03, 2024

    Calif. Can't Delay Bank's $20.7M Tax Refund, FDIC Tells Court

    A California tax collection agency shouldn't be allowed to delay a $20.7 million tax refund it owes the shuttered Signature Bank, the Federal Deposit Insurance Corp. told a New York federal court, saying that as the bank's receiver, it's entitled to the money now.

  • October 03, 2024

    CVS Pushed To Unwind Aetna Megadeal, And Other Rumors

    CVS is exploring strategic options that could break up the business, Kleenex's owner explores a sale at a potential $4 billion value, and Ares is in talks to buy 10% of the Miami Dolphins’ parent. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • October 03, 2024

    Ex-Credit Union Controller Gets 60 Months For $1.2M Scam

    The former controller of a Georgia state credit union has been sentenced to 60 months in prison and ordered to pay more than $1.2 million in restitution for allegedly using her job at the bank to take out loans in the names of relatives before using the proceeds for herself.

  • October 03, 2024

    King & Spalding RE Pro Rejoins Barnes & Thornburg In Dallas

    Barnes & Thornburg LLP announced that a former partner has rejoined the firm's real estate department from King & Spalding LLP, adding that the returning attorney's practice centers on commercial real estate and real estate finance.

  • October 03, 2024

    Loan Servicer Settles With Mass. AG Over 'Zombie' Mortgages

    A mortgage servicing company has agreed to walk away from approximately $10 million worth of "zombie" mortgages in Massachusetts and pay $300,000 to resolve allegations that it violated multiple consumer protection laws, the state's attorney general said Thursday.

  • October 02, 2024

    Colony Ridge Seeks Quick Appeal In 'Reverse Redlining' Suit

    A Texas real estate developer that recently lost a bid to exit a lending discrimination suit brought by the U.S. government and the Consumer Financial Protection Bureau has moved to begin a Fifth Circuit appeal, arguing the "novelty" of the case's reverse redlining theory warrants immediate appellate review.

  • October 02, 2024

    Former C-Quest Capital CEO Indicted For Carbon Credit Fraud

    Federal prosecutors in New York on Wednesday announced criminal charges against Kenneth Newcombe, the former chief executive officer of carbon project developer C-Quest Capital, accusing him of scheming to submit altered data relating to cookstove projects abroad to obtain millions of dollars worth of carbon credits.

  • October 02, 2024

    Credit Repair Co. Owes $50M In CFPB, Mass. AG Case

    The Consumer Financial Protection Bureau and Massachusetts' attorney general scored a $50 million win in their suit against a credit repair service and its owner after a Bay State federal judge determined that they violated federal and state consumer protection laws by falsely promising credit score improvements and illegally charging advance fees.

  • October 02, 2024

    Convicted Judge Owes Feds Retirement Funds, 7th Circ. Says

    A former Illinois judge convicted of running a $1.4 million mortgage fraud scheme must cough up assets from her retirement accounts to cover her restitution obligations, the Seventh Circuit ruled Wednesday, agreeing with a Chicago district court that the government can access her retirement savings to satisfy that debt.

  • October 02, 2024

    CFPB's $5M Student Loan Deal Gets OK Over PIMCO Objections

    A Pennsylvania federal judge has finalized a proposed $5 million settlement of a Consumer Financial Protection Bureau case that alleged pandemic-era servicing failures involving securitized student loans, overruling objections that money manager PIMCO raised on behalf of loan investors.

  • October 02, 2024

    2nd Circ. Prods NY Appeals Court To Weigh Foreclosure Law

    The Second Circuit has urged a state appeals court to provide input on a ruling retroactively canceling U.S. Bank's attempt to foreclose on a Queens condo in 2016 by applying a six-year statute of limitations in the state's 2022 Foreclosure Abuse Prevention Act.

Expert Analysis

  • Series

    Florida Banking Brief: All The Notable Legal Updates In Q2

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    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.

  • How To Clean Up Your Generative AI-Produced Legal Drafts

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    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.

  • Series

    After Chevron: Opportunities For Change In FHFA Practices

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    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.

  • Supreme Court's ALJ Ruling Carries Implications Beyond SEC

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    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.

  • Roundup

    North Carolina Banking Brief

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    In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.

  • Series

    NC Banking Brief: All The Notable Legal Updates In Q2

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    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.

  • Series

    Boxing Makes Me A Better Lawyer

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    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.

  • The Often Overlooked NY Foreclosure Notice Requirements

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    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.

  • Series

    After Chevron: No Deference, No Difference For SEC Or CFTC

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    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.

  • Opinion

    Industry Self-Regulation Will Shine Post-Chevron

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    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.

  • When Patents As Loan Collateral Can Cost You Standing

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    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.

  • 3 Ways Agencies Will Keep Making Law After Chevron

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    The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.

  • Roundup

    After Chevron

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    Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 36 different rulemaking and litigation areas.

  • Series

    Calif. Banking Brief: All The Notable Legal Updates In Q2

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    The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.

  • Opinion

    Atty Well-Being Efforts Ignore Root Causes Of The Problem

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    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.

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