Banking

  • March 21, 2024

    CFPB Wants Late-Fee Suit In DC As Judge Notes Busy Docket

    The Consumer Financial Protection Bureau on Thursday asked a Texas federal judge to move a challenge to its new credit card late-fee rule to a Washington, D.C., federal court, a day after the court denied a bid for an immediate injunction brought by a trade group coalition suing to overturn the rule.

  • March 21, 2024

    Navy Federal Wants Racial Lending Discrimination Suit Axed

    Navy Federal Credit Union on Thursday urged a Virginia federal court to toss a consolidated proposed class action accusing it of racial lending discrimination following a CNN report last year, arguing the plaintiffs have not shown that they were qualified for the loans they applied for, or that the credit union considered race when denying their applications.

  • March 21, 2024

    Chief Of Bogus PE Firm Gets 6 Years For $10M Affinity Fraud

    The Colorado-based CEO of a purported investment firm faces nearly six years in prison after pleading guilty to securities fraud in connection with a $10.4 million scheme targeting West Point grads and involving claims he planned to invest in a trio of Italian cycling companies.

  • March 21, 2024

    Conn. Judge Awards $59M Damages Payment In Crypto Feud

    A Connecticut state court judge has ordered an overseas business partner and his companies to pay $59.4 million to a bitcoin mining venture after he allegedly lied about both his criminal history and the legal woes of several other companies he controls while siphoning revenue and causing lost profits.

  • March 21, 2024

    Wells Fargo Overcharged Military Members, Suit Says

    Wells Fargo was hit with a potential class action Wednesday alleging that the bank violated federal law and broke a program's promises by overcharging active duty military members in fees and interest while trying to hide the indiscretion.

  • March 21, 2024

    Unabomber Prosecutor To Probe FTX's Sullivan & Cromwell Ties

    The Delaware bankruptcy court overseeing the Chapter 11 case of FTX Trading Ltd. has approved the appointment of a former federal prosecutor, whose experience includes work on the Unabomber case, to delve into accusations Sullivan & Cromwell is conflicted as debtor's counsel.

  • March 21, 2024

    Barings' Exec Helped Raid Employees To Join Rival, Suit Says

    A former executive of the investment firm Barings LLC is accused of joining a rival firm who together conspired to hire away 21 Barings employees and then offered to buy the decimated Barings unit for "on the dollar" in "one of the largest corporate raids at an asset manager in years," a suit alleges.

  • March 21, 2024

    CFPB Head Sees Flaws In Capital One-Discover Deal Rationale

    The head of the Consumer Financial Protection Bureau pushed back on Thursday against the notion that an industry's biggest firms must be put in check through mergers between other large players in that sector, offering an indirect rebuttal to the reasoning floated by Capital One in its bid to buy Discover Financial for $35.3 billion.

  • March 21, 2024

    The LA Boutique Repping MLB's Ohtani Amid Betting Scandal

    An unfolding sports betting scandal has prompted Los Angeles Dodgers superstar Shohei Ohtani to lawyer up, enlisting the West Hollywood boutique Berk Brettler LLP to advise him in a saga that has already led the club to fire his longtime interpreter.

  • March 21, 2024

    8th Circ. Wins SEC Climate Rule Litigation Lottery

    The wave of cases against the U.S. Securities and Exchange Commission's recently finalized climate disclosure rules will be consolidated and proceed in the Eighth Circuit, the U.S. Judicial Panel on Multidistrict Litigation ordered Thursday, after the agency requested a random draw.

  • March 21, 2024

    Shumaker Hires Kass Shuler Atty In Tampa As Partner

    A 13-year Kass Shuler PA attorney and one-time Florida assistant state's attorney, has joined Shumaker Loop & Kendrick LLP in Tampa as a partner, the firm announced Thursday.

  • March 21, 2024

    Wyden Probes Swiss Bank's Ties To Billionaire Under Scrutiny

    The Senate Finance Committee's Democratic majority launched an inquiry into Swiss bank Pictet Group's involvement with a U.S. billionaire under criminal investigation, raising questions about the bank's deferred prosecution agreement and $123 million fine by the U.S. Justice Department, committee Chairman Ron Wyden announced Thursday.

  • March 21, 2024

    6th Circ. Judge Doubts Challenge To $39B Student Debt Relief

    A Sixth Circuit judge was skeptical Thursday that two libertarian think tanks had shown the Biden administration's plan to wipe out billions of dollars in student loan debt puts them at a disadvantage to recruit indebted lawyers, saying the groups didn't fully explain who they were competing against.

  • March 21, 2024

    FDIC To Target Deals Creating Cos. With $100B-Plus In Assets

    The Federal Deposit Insurance Corp. on Thursday approved a policy proposal that floats new ways the agency would assess the "financial stability" of proposed mergers between insured depository institutions, for the first time identifying $100 billion in assets as the threshold for deals that would get "added scrutiny."

  • March 20, 2024

    RBC Top Atty Sees Role Expand As Strategy Officer Exits

    Royal Bank of Canada confirmed Wednesday that its top attorney has taken on an expanded role as a key strategy executive with the financial institution prepares to leave.

  • March 20, 2024

    Spanish Investment Co. Beats Slovak TM Opposition In EU

    A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.

  • March 20, 2024

    NY AG Scoffs At Trump's Claim Of 'Impossible' $465M Bond

    The New York Attorney General's office on Wednesday disputed Donald Trump's claim that posting bond while he appeals a $465 million civil fraud judgment is a "practical impossibility," arguing the former president and his business empire haven't exhausted all avenues.

  • March 20, 2024

    Health And Safety Top Risk For Directors, Global Survey Says

    Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.

  • March 20, 2024

    Bank of Cyprus Eyes €137M Investor Return After ECB Nod

    The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.

  • March 20, 2024

    Swiss Watchdog To Inspect UBS Closely For Merger Impact

    The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.

  • March 20, 2024

    Russian Exec Argues Jailed Biz Partner Can't Escape Judgment

    A Russian businessman has pressed a California federal court not to vacate a default entered against his former business partner as the businessman attempts to collect an award of more than $92 million, saying it "strains credulity" to believe that his ex-partner couldn't answer the litigation while jailed in France.

  • March 20, 2024

    SEC Proxy Roundup: Verizon, UPS Escape ESG Proposals

    Verizon and UPS may exclude from their proxy statements shareholder proposals on social policy and climate change matters, according to U.S. Securities and Exchange Commission staff, who also denied various other requests from corporations looking to escape separate social and politics-related proposals.

  • March 20, 2024

    British Bank CEOs Shift Blame For Pay Fraud To Social Media

    Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.

  • March 20, 2024

    How The Supreme Court Could Narrow Chevron

    After hours of oral argument in a closely watched administrative law case, it appeared that some U.S. Supreme Court justices could be open to limiting the opportunities for lower courts to defer to federal agencies' legal interpretations in disputes over rulemaking — and legal experts said there are a number of ways they could do it.

  • March 20, 2024

    Ex-LC&F Chief Says SFO And FCA 'Wrecked' His Career

    A former director of London Capital & Finance had his career "wrecked" by the finance regulator and fraud investigation agency when they forced the investment company into administration without reason, his lawyers said at his trial Wednesday.

Expert Analysis

  • How Breach Reporting Is Changing For Financial Institutions

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    In May, the Federal Trade Commission's amended Safeguards Rule will extend the data protections that apply to information held by banks to information held by nonbanking financial institutions — and sweep even more broadly in some critical aspects, say Evan Yahng and Kurt Hunt at Dinsmore.

  • Practical Steps For Navigating New Sanctions On Russia

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    After the latest round of U.S. sanctions against Russia – the largest to date since the Ukraine war began – companies will need to continue to strengthen due diligence and compliance measures to navigate the related complexities, say James Min and Chelsea Ellis at Rimon.

  • Opinion

    UK Whistleblowers Flock To The US For Good Reason

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    The U.K. Serious Fraud Office director recently brought renewed attention to the differences between the U.K. and U.S. whistleblower regimes — differences that may make reporting to U.S. agencies a better and safer option for U.K. whistleblowers, and show why U.K. whistleblower laws need to be improved, say Benjamin Calitri and Kate Reeves at Kohn Kohn.

  • Think Like A Lawyer: Forget Everything You Know About IRAC

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    The mode of legal reasoning most students learn in law school, often called “Issue, Rule, Application, Conclusion,” or IRAC, erroneously frames analysis as a separate, discrete step, resulting in disorganized briefs and untold obfuscation — but the fix is pretty simple, says Luke Andrews at Poole Huffman.

  • The Corporate Transparency Act Isn't Dead Yet

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    After an Alabama federal court's ruling last week rendering the Corporate Transparency Act unconstitutional, changes to the law may ultimately be required, but ongoing compliance is still the best course of action for most, says George Singer at Holland & Hart.

  • Employers, Prep For Shorter Stock Awards Settlement Cycle

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    Companies that provide equity compensation in the form of publicly traded stock will soon have one less day to complete such transactions under U.S. Securities and Exchange Commission and Nasdaq rules — so employers should implement expedited equity compensation stock settlement and payroll tax deposit procedures now, say attorneys at Morgan Lewis.

  • New FinCEN Guide Provides Useful BOI Context For Banks

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    Financial institutions should review a new Financial Crimes Enforcement Network compliance guide for helpful details about how the agency's beneficial ownership information database should be used, though questions remain about the access rule and whether it will truly streamline bank borrowers' Corporate Transparency Act due diligence, says George Singer at Holland & Hart.

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • Regulatory Trends Offer 4 Lessons For Debt Relief Providers

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    A string of enforcement actions, including a New York lawsuit filed last month by seven states and the Consumer Financial Protection Bureau, underscore the regulatory scrutiny that debt relief and credit repair companies face and offer important lessons on telemarketing and deceptive practices compliance, say attorneys at Sheppard Mullin.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • 2 Emerging Defenses For Website Tracking Class Actions

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    Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

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