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April 26, 2024
Law360 Reveals Titans Of The Plaintiffs Bar
In the past year, plaintiffs have won settlements and judgments for millions and billions of dollars from companies such as Wells Fargo, Goldman Sachs, Facebook and Fox News, with many high-profile cases finally wrapping up after years of fighting. Such cases — involving over-the-top compensation packages, chemical contamination, gender discrimination and data mining — were led by attorneys whose accomplishments earned them recognition as Law360's Titans of the Plaintiffs Bar for 2024.
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April 26, 2024
Binance Can Arbitrate Suit Over Terra Stablecoin Collapse
A California federal judge ruled Friday that Binance can arbitrate a proposed class action alleging the company misrepresented the stability of "algorithmic stablecoin" TerraUSD, rejecting the plaintiff's argument he is an "unsophisticated consumer" who could not "clearly and unmistakably" delegate the question of arbitrability to the arbitrator and not the court.
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April 26, 2024
CFTC Receives Competing Visions For AI's Regulatory Future
Business lobbyists have urged the U.S. Commodity Futures Trading Commission to lean on existing regulations to address the financial industry's use of artificial intelligence, while skeptics say those regulations don't go far enough to guard against the technology's potential to spur market crashes and data breaches.
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April 26, 2024
Custodia Balks At KC Fed's $25K Legal Bill After Account Suit
Custodia Bank on Friday urged a Wyoming federal judge not to award the Federal Reserve Bank of Kansas City's request for roughly $25,000 in attorney fees and litigation costs in a suit that the cryptocurrency-focused bank recently lost, saying the payout could deter others from pursuing "David and Goliath" lawsuits against the government.
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April 26, 2024
Wells Fargo Clients Seek Class Cert. In Race Bias Suit
Mortgage applicants accusing Wells Fargo of discriminating against borrowers from racial minorities with higher interest rates, worse terms and more scrutiny than white clients have asked a California federal judge to approve their class.
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April 26, 2024
Umpqua Bank Seeks Win On Investors' Ponzi Aiding Claims
Oregon-based Umpqua Bank has asked a San Francisco federal judge to toss claims that it aided and abetted a $250 million real estate Ponzi scheme, arguing the investors who brought the suit saw that their funds were put into "legitimate" investments.
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April 26, 2024
Republic First Bank Fails In Biggest Bust Since 2023 Turmoil
Republic First Bank, a roughly $6 billion bank based in Philadelphia, was shuttered Friday by Pennsylvania state banking regulators and sold to Fulton Bank NA, capping off a prolonged decline that only worsened in the wake of last spring's regional bank failures.
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April 26, 2024
Truist Unit Survives Early Dismissal Bid In NC Poaching Suit
Truist Financial Corp. and its real estate finance arm can move forward with the bulk of their suit accusing three former executives of absconding for a competitor with several dozen colleagues in tow, after North Carolina's business court judge largely denied the defendants an early exit.
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April 26, 2024
4 Goals For Gov'ts To Pursue In The UN Tax Convention
The United Nations' framework convention on international tax cooperation should resolve digital taxation, incorporate tax transparency conventions, seek consensus on tax allocation issues but adopt best practices by simple majority, and help fund development goals, officials and experts told Law360 as governments began negotiations Friday.
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April 26, 2024
DC Circ. Says Bomb Victims Can't Go After World Bank Or IMF
Victims of a 2016 terrorist bombing in Afghanistan who secured a $138.4 million judgment against the Taliban and other entities cannot attach assets held by the International Monetary Fund and World Bank that the victims alleged belong to the Taliban-controlled Afghan central bank, the D.C. Circuit ruled Friday.
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April 26, 2024
2 NC Sens. Seek Atty Fee Cap In Debt Collection Suits
Two Republican North Carolina lawmakers have proposed state legislation that would close a loophole for attorney fees in debt collection actions while giving courts more power to determine a reasonable charge.
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April 26, 2024
The Week In Trump: Tabloid Testimony, High Court Drama
Donald Trump and his attorneys have been fighting high-stakes legal battles on several fronts as they grappled with a criminal hush money trial in Manhattan, argued at the U.S. Supreme Court for presidential immunity and tried to quash criminal election interference-related charges in Georgia.
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April 26, 2024
Freshfields Guides PE Giant CVC Capital's Upsized $2.1B IPO
European private equity giant CVC Capital Partners PLC rose in debut trading Friday after the firm priced an upsized €2 billion ($2.1 billion) initial public offering, marking the latest high-profile listing in Europe, represented by Freshfields Bruckhaus Deringer LLP.
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April 26, 2024
JPMorgan Says Ex-Adviser Is Pilfering Clients For Wells Fargo
J.P. Morgan has accused a former investment management adviser of trying to poach clients for her new job at a competing Wells Fargo unit, saying she's been making unsolicited phone calls and sending emails to convince clients to leave in breach of her employment contract.
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April 26, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen budget airline Ryanair file a claim against NATS PLC after the air traffic controller's system collapsed, Mastercard and Visa Europe face group claims from Christian Dior and dozens of other beauty retailers, an intellectual property clash between the publisher of The Sun and ITV, and ISC Europe sue a former director for alleged money laundering. Here, Law360 looks at these and other new claims in the U.K.
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April 25, 2024
FDIC Tables Plans To Scrutinize Big 'Passive' Bank Investors
Federal Deposit Insurance Corp. leaders on Thursday debated two competing proposals intended to address concerns about asset managers and other investors amassing outsized influence over banks whose shares they own, ultimately taking the rare step of tabling the measures as neither garnered majority support.
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April 25, 2024
FTC Sues Bill-Payment Co. Over Misleading Ads, Junk Fees
The Federal Trade Commission on Thursday filed suit against a Seattle-based, third-party bill-paying company for allegedly tricking online consumers into using the company's service by disguising itself as consumers' billers' official payment channel and tacking on junk fees.
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April 25, 2024
Incarceration Can't Get Default Nixed In $92M Award Suit
A California federal court has refused to set aside an entry of default against a Russian businessman accused of engaging in a scheme to avoid paying a more than $92 million arbitral award, rejecting his defense that he couldn't respond because he was incarcerated in France.
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April 25, 2024
Mr. Cooper's $3.6M Convenience Fee Settlement Gets Final OK
A D.C. federal judge on Thursday gave the final nod to a nearly $3.6 million settlement to resolve class action claims that Mr. Cooper unlawfully charged processing fees to borrowers who made mortgage payments over the phone.
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April 25, 2024
Atty Slams Mogul's Fight For Bank Records As Waste Of Time
An attorney struck back against an airline mogul's attempt to acquire his bank records as part of a hacking lawsuit, telling a federal court that a subpoena was invalid because it was sent under an improper bank name.
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April 25, 2024
Quinn Emanuel, Morgan Lewis Make Strides In Saudi Arabia
Quinn Emanuel Urquhart & Sullivan LLP and Morgan Lewis & Bockius LLP have set their sights on Saudi Arabia, announcing steps toward establishing themselves in its capital city of Riyadh on Thursday.
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April 24, 2024
FDIC Pushes Back On Lender Groups Suing Over Colo. Law
The Federal Deposit Insurance Corp. has weighed in on a legal challenge to a Colorado law aimed at curbing higher-cost online lending in the state, arguing that the lender trade groups behind the challenge are misconstruing the agency's past words to support their case.
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April 24, 2024
Hedge Fund Says Credit Suisse Misled On Bonds' Health
U.S.-based hedge fund Appaloosa LP is accusing the former Credit Suisse in New Jersey federal court of misleading investors about its financial health before $17 billion of its bonds were wiped out in a merger with its Swiss competitor UBS.
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April 24, 2024
Crypto Mixer Execs Arrested Over $2B In Illicit Transactions
New York federal prosecutors announced Wednesday that they have arrested the co-founders of crypto mixing service Samourai Wallet over their operation of a crypto service that authorities say executed over $2 billion in unlawful transactions.
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April 24, 2024
Backpage Execs Win Partial Acquittal In Prostitution Ad Retrial
An Arizona federal judge has partially overturned jury retrial convictions against two former Backpage.com executives and the now-defunct classifieds website's co-founder, but she refused to acquit the trio of all charges or grant a second retrial in a sprawling criminal case alleging they facilitated Backpage's $500 million prostitution scheme.
Expert Analysis
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Class Actions At The Circuit Courts: March Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses four notable circuit court decisions on topics from consumer fraud to employment — and provides key takeaways for counsel on issues including coercive communications with putative class members and Article III standing at the class certification stage.
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Compliance Steps After ABA White Collar Crime Conference
Senior law enforcement officials’ statements this month at the American Bar Association's white collar crime conference suggest government enforcement efforts this year will increasingly focus on whistleblower incentives, artificial intelligence and data protection, and companies will need to update their compliance programs accordingly, say attorneys at Baker McKenzie.
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Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
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What 2 Years Of Ukraine-Russia Conflict Can Teach Cos.
A few key legal lessons for the global business community since Russia's invasion of Ukraine could help protect global commerce in times of future conflict, including how to respond to disparate trade restrictions and sanctions, navigate war-related contract disputes, and protect against heightened cybersecurity risks, say attorneys at Morgan Lewis.
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CSA Case Could Shift Intrastate Commercial Cannabis
In Canna Provisions v. Merrick Garland, cannabis companies argue that the Controlled Substances Act is unconstitutional as applied to intrastate commercial cannabis activity; the Massachusetts federal court's eventual decision will be important to the cannabis industry for several reasons, including that the threat of federal enforcement would disappear overnight, says Hilary Bricken at Husch Blackwell.
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How AI May Be Used In Fintech Fraud — And Fraud Detection
Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.
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Takeaways From Groundbreaking Data Transfer Order
A recent first-of-its-kind executive order and related proposed rulemaking lay the groundwork for important outbound U.S. data protections, but they may have unintended consequences related to the types of data and the subjects within their scope, say attorneys at Kirkland.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.
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What Recent Study Shows About AI's Promise For Legal Tasks
Amid both skepticism and excitement about the promise of generative artificial intelligence in legal contexts, the first randomized controlled trial studying its impact on basic lawyering tasks shows mixed but promising results, and underscores the need for attorneys to proactively engage with AI, says Daniel Schwarcz at University of Minnesota Law School.
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Banks Should Continue To Prep For CFPB Data Rule Rollout
Consumer Financial Protection Bureau-supervised banks should not expect industry pressure to delay the rollout of proposed Section 1033 open banking rules, which regulate how consumer financial information flows between financial institutions, and prepare their required data access portals and compliance procedures now, say attorneys at Troutman Pepper.
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Tips For CCOs Submitting Annual Compliance Reports
Recent settlement actions by the U.S. Commodity Futures Trading Commission, coupled with statements made by both CFTC and U.S. Securities and Exchange Commission leadership, demonstrate why this year's chief compliance officer annual report filing is no ordinary exercise, and highlight the increasing importance of the report and its usage, say attorneys at Steptoe.
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Avoiding Jurisdictional Risks From Execs' Remote Work
Following a California federal court's recent decision in Evans v. Cardlytics — where the case was remanded to state court because the company’s executives worked remotely in California — there are several steps employers can take to ensure they will not be exposed to unfavored jurisdictions, says Eric Fox at Quarles & Brady.
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Fintech 'Prenups': Planning For A Card Program Breakup
After a year of economic downturns, some banks and their fintech partners are realizing they may have rushed to the altar without a good prenup, but planning ahead can curb both foreseeable and unexpected issues in the event of a termination of a bank-fintech card-issuing agreement, say Andrew Grant at Ketsal and Richard Malish at Community Federal Savings Bank.