Banking

  • June 29, 2022

    CFPB Warns Debt Collectors About 'Pay-To-Pay' Fees

    The Consumer Financial Protection Bureau on Wednesday moved to curb the use of so-called convenience fees in the debt collection industry, issuing an advisory opinion that says debt collectors are generally prohibited from charging extra fees for payments made online or over the phone.

  • June 29, 2022

    Lowenstein Sandler Finds No Impropriety In FINRA Arbitration

    Lowenstein Sandler LLP's independent review of the Financial Industry Regulatory Authority's arbitration system has found no evidence of an improper agreement to remove certain arbitrators from cases, contradicting the findings of a Georgia state judge earlier this year.

  • June 28, 2022

    SL Green Wants Assets Pinned Down In $185M Award Fight

    An affiliate of New York commercial office space giant SL Green Realty Corp. on Tuesday filed an urgent motion asking a federal court in New York to freeze assets belonging to HNA Group as it looks to enforce a $185.4 million arbitral award against the failing Chinese conglomerate.

  • June 28, 2022

    CFPB Urged To Scrap Anti-Bias Revamp Of Exam Manual

    Major banking trade groups and the U.S. Chamber of Commerce called Tuesday for the Consumer Financial Protection Bureau to scrap new examination policies that broaden the scope of the agency's anti-discrimination policing, hinting at a potential for legal action if the agency doesn't reverse course.  

  • June 28, 2022

    FTC Claims Walmart Facilitated $197M Money Transfer Fraud

    The Federal Trade Commission sued Walmart in Illinois federal court on Tuesday, claiming the retail giant allowed its money transfer services to be used by fraudsters who cheated customers out of hundreds of millions of dollars.

  • June 28, 2022

    Wells Fargo Escapes Suit Over Alleged Zelle Scams, For Now

    A Seattle resident who filed a class action suit accusing Wells Fargo and Zelle of failing to protect customers from scammers, who can use Zelle's mobile payment app to potentially steal thousands of dollars from accounts, has dropped his claims.

  • June 28, 2022

    Davis Polk Brings On Ex-Cooley Capital Markets Partner

    Corporate firm Davis Polk & Wardwell LLP said Monday it has hired former Cooley LLP partner and capital markets veteran Nicole Brookshire, bolstering its New York practice.

  • June 28, 2022

    Tribal Lending Biz's RICO Claims Are Overblown, Fintech Says

    A Lac Courte Oreilles Band of Lake Superior Chippewa Indians company is trying to turn a dispute with a fintech partner into a RICO claim when it's really just a "garden variety" contract dispute, the fintech told a Wisconsin federal court Tuesday.

  • June 28, 2022

    Payroll Firm Flexible Funding OK'd For Ch. 11 Liquidation

    Trucking and staffing industry payroll financing firm Flexible Funding Ltd. received bankruptcy court approval on Tuesday in Texas for its Chapter 11 liquidation plan that calls for the distribution of proceeds from a sale that closed in late 2021.

  • June 28, 2022

    CFPB Says States Can Write Stricter Credit Reporting Laws

    The Consumer Financial Protection Bureau said Tuesday that states can enact tougher credit reporting restrictions than are provided for under federal law, endorsing a limited federal preemption view favored by consumer advocates.

  • June 28, 2022

    WilmerHale Recruits NY Fed's Legal Chief

    Amid a string of high-profile revolving-door hires, WilmerHale has hired the New York Federal Reserve Bank's legal chief to join the firm's securities and financial services practice.

  • June 28, 2022

    Feds Ask For Vigilance On Russian Export Sanctions

    Bureaus of the U.S. Treasury Department and U.S. Commerce Department urged financial institutions Tuesday to monitor for efforts of Russia and Belarus to evade export sanctions related to the invasion of Ukraine, providing some pointers that could help keep certain equipment out of the hands of Russia's military. 

  • June 28, 2022

    Citi Beats UN Fund Manager's 'Fanciful' €10B Suit

    A judge dismissed a €10 billion ($10.5 billion) lawsuit on Tuesday filed by a money manager with purported ties to the United Nations against Citibank, finding the basis of his claims to be "entirely fanciful." 

  • June 28, 2022

    Paul Hastings Leads $2.4B Blackstone, Sixth Street Sale

    Paul Hastings LLP said Tuesday it represented investment firms Blackstone Tactical Opportunities and Sixth Street Partners on the finance and mortgage aspects of their €2.3 billion ($2.42 billion) sale of residential mortgage lender Kensington Mortgage Co. and a portfolio of U.K. mortgage loans to Barclays Bank UK PLC.

  • June 27, 2022

    Fla. Consumer Tells Jury Experian Ran Afoul Of FCRA

    A Florida consumer whose Experian credit report falsely stated he was delinquent on a mortgage told jurors Monday that the credit reporting giant failed in its statutory duty under the Fair Credit Reporting Act to ensure "maximum possible accuracy" of the information in its reports.

  • June 27, 2022

    Gold Price-Fixing Deal Could Imperil Other Claims, Court Told

    An investor suing Scotiabank for alleged precious metals futures spoofing is objecting to a proposed $50 million settlement that would end a separate gold price-fixing case against the bank and other financial institutions, telling a New York federal judge that the deal's release of claims should be narrowed.

  • June 27, 2022

    Ex-Trump Official, Philadelphia Atty Must Face Fraud Claims

    A Trump-era State Department official and a Philadelphia attorney on Monday lost bids to escape claims they fraudulently induced an investor to pour millions into Greek medical cannabis companies, with a Pennsylvania federal judge finding a revised suit backed up the allegations.

  • June 27, 2022

    Stanford International Chairman Seeks Ax Of SEC Ponzi Suit

    The chairman of the Stanford International Bank has asked a federal judge in Dallas to toss the U.S. Securities and Exchange Commission's long-running litigation accusing him of using companies under his control to run a $7.2 billion Ponzi scheme.

  • June 27, 2022

    Justices Reject Suits Over Banks' Onus In Terror Funding

    The U.S. Supreme Court on Monday declined a consolidated case seeking to hold National Westminster Bank PLC and Credit Lyonnais SA responsible for a series of terrorist attacks in Israel after a Hamas-linked charity obtained their banking services.

  • June 27, 2022

    Sustainability Group Sees 'Clear' US Progress On Climate Risk

    U.S. financial regulators have made big strides over the past year in moving to monitor and mitigate the risks that climate change poses to the financial system, but they're still way behind some of their peers internationally, according to a report released Monday by an influential sustainability group.

  • June 27, 2022

    Fed Bans Golden Pacific Bancorp Affiliate From Bank Industry

    The Federal Reserve Board of Governors has prohibited an individual from future participation in the banking industry after he allegedly lied in his application to acquire control of Golden Pacific Bancorp Inc., a former bank holding company in California.

  • June 27, 2022

    2nd Circuit Backs $100M Loan Default Ruling In UBS Suit

    The Second Circuit has sided with a lower court's ruling that energy holding company Greka Integrated Inc. must pay $100 million to UBS AG's London branch following Greka's failure to repay loans it owes to the bank.

  • June 27, 2022

    Ex-Consumer Financial Protection Bureau Atty Joins Orrick

    A former senior policy and strategy counsel with the Consumer Financial Protection Bureau's Office of Enforcement has moved to Orrick Herrington & Sutcliffe LLP after a brief stint with O'Melveny & Myers LLP.

  • June 21, 2022

    NY AG Says Trump Satisfied Order That Prompted Contempt

    New York Attorney General Letitia James is "prepared to agree" that former President Donald Trump has satisfied a court order, which had led to his being found in contempt, in her probe into his business practices, an attorney from her office told the state court Tuesday.

  • June 24, 2022

    Calif. Bank & Trust To Pay $14M To End Claims It Aided Scam

    California Bank & Trust has agreed to pay $14 million to end a putative class action accusing the bank of assisting a Ponzi scheme, the scam's victims said in a bid for preliminary approval of the settlement filed in California federal court Friday.

Expert Analysis

  • NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

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    PMW Management's Chapter 11 filing, which recently received extra time to submit a restructuring plan, highlights courts' increasing skepticism of bankruptcy blocking provisions and favoritism toward leaving bankruptcy restructuring plans in the hands of the debtor, say Jeff Marwil and Ashley Weringa at Proskauer.

  • 5th Circ. Ruling Signals Judicial Shift On SEC Admin Process

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    The Fifth Circuit’s decision in Jarkesy v. U.S. Securities and Exchange Commission signals a growing discomfort in the judiciary with the SEC's administrative process, and those dealing with enforcement actions should bring their constitutional challenges early and often, say Benjamin Daniels and Trevor Bradley at Robinson & Cole.

  • Bankruptcy Case Is Reminder On Collateral Ownership Issue

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    The recent Northern District of Oklahoma bankruptcy ruling in Rudick shows why it is critical that a practitioner understands who owns its client's proposed collateral, especially if the collateral is material to the underwriting and credit profile of a loan, say attorneys at Troutman Pepper.

  • Advising A Cannabis Business Amid Patchwork Of Regs

    Excerpt from Practical Guidance
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    As the cannabis industry continues to grow, so does its widely varied patchwork of local, state and federal regulation, and practitioners should familiarize themselves with the specific rules on tax, real estate, intellectual property and banking applicable in the jurisdictions where their clients operate, say Patrick Hines and Fallon Martin at Hodgson Russ.

  • Opinion

    Now's The Time To Address Archaic Law School Curricula

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    With law school enrollments jumping significantly ahead of a potential recession and more students graduating than the market can absorb, law schools should turn to creative solutions to teach students how to negotiate, work with clients, specialize and use technology to practice their craft more efficiently, says University of Colorado adjunct professor Jason Mendelson.

  • Determining Interest Rate Floors With Transition To SOFR

    Excerpt from Practical Guidance
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    As commercial loans shift from Libor to Secured Overnight Financing Rate term rates, counsel should review existing credit agreements and any amendments, and pay close attention to whether any floors are transitioned or become applicable as a result of an agreement's transition, says Ann Dziuba at LexisNexis.

  • Lessons From Lawyer Fee-Sharing Agreements Gone Wrong

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    The recent fee-sharing dispute between Edelson and Girardi Keese is a reminder that lawyers who do not strictly follow the applicable rules may risk a disciplinary complaint, lose their share of the fee, or wind up in costly litigation with co-counsel, says David Grossbaum at Hinshaw.

  • LeClairRyan Bankruptcy Highlights Pass-Through Tax Issue

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    A Virginia bankruptcy court's recent ruling in the case of defunct law firm LeClairRyan shows there may be serious tax consequences for pass-through entity partners who give up their ownership interest without following operating agreement exit provisions and updating bankruptcy court filings, say Edward Schnitzer and Hannah Travaglini at Montgomery McCracken.

  • SEC Crypto Unit Expansion Is A Warning To Industry

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    The U.S. Securities and Exchange Commission’s recent decision to expand its Crypto Assets and Cyber Unit is a clear signal that federal regulators may increase enforcement against those violating securities laws in the digital asset space, say attorneys at BakerHostetler.

  • A Robust Tool For Defending Against Illinois Biometric Suits

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    Many defendants in class actions brought under the Illinois Biometric Information Privacy Act may be able to avail themselves of the law's financial institution exemption, which, as two recent cases demonstrate, covers a range of entities beyond traditional banks — but parties must be able to establish their entitlement to this defense, says David Oberly at Squire Patton.

  • 8 Steps To Creating A Legal Ops Technology Road Map

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    Legal departments struggling to find and implement the right technologies for their operations should consider creating a road map that summarizes their approach to technology changes, provides clearly defined metrics for success, and serves as the single source of truth for stakeholders, says Melanie Shafer at SimpleLegal.

  • 2 Years Since Liu, Disgorgement Case Law Is Favoring SEC

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    In the two years since the U.S. Supreme Court’s decision in Liu v. the U.S. Securities and Exchange Commission, circuit courts have weighed in to answer the decision's open questions, and recent cases suggest that courts are unwilling to disrupt disgorgement orders, even where the awards would not survive Liu scrutiny, say attorneys at Ropes & Gray.

  • Latest SPAC Trends Point To Risk Of Negative Outcomes

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    Interest in initial public offerings of special purpose acquisition companies has reached its apex, and in the second half of this year we anticipate sustained levels of SPAC shareholder redemptions, increased liquidations for those unable to consummate an initial business combination and increased litigation risk, say attorneys at The Brattle Group.

  • An Early Step Toward Regulation Of Carbon Offset Market

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    A recent convening held by the Commodity Futures Trading Commission highlighted a need for greater transparency in voluntary carbon markets and for standardization of what constitutes a good or high-quality carbon offset, as well as the CFTC's potential role in regulating the market, say Levi McAllister and Pamela Tsang Wu at Morgan Lewis.

  • The Importance Of Data And Data Analysis In Litigation

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    Understanding, analyzing and effectively presenting large data sets is an increasingly important skill in litigation as it allows plaintiffs to dramatically scale up the scope of cases and is often critical to defeating motions to dismiss and motions for summary judgment, says David Burnett at Motley Rice.

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