Try our Advanced Search for more refined results
Banking
-
April 24, 2024
Sanction Bank Workers Who Hid IP Grab, Branding Firm Says
An architectural and marketing firm has asked a Philadelphia federal judge for sanctions against two of its former employees who jumped ship for Republic Bank, saying that texts between the ex-employees show the "nadir of bad faith" about evidence destruction in their trade secrets misappropriation suit.
-
April 24, 2024
Investors Say Macquarie No Magic Bullet For Citi In Fraud Suit
Citigroup investors fighting for another chance to sue the bank over allegations that it concealed risk management failures that led to a $400 million regulatory fine told a New York federal judge Tuesday that the U.S. Supreme Court's recent decision to limit corporate disclosure lawsuits is not terminal to their case.
-
April 24, 2024
Boston Pension Doubles Down On Bid To Lead NYCB Suit
Boston's municipal pension plan and its attorneys from Labaton Keller Sucharow LLP stood firm on their bid to lead a proposed securities class action against New York Community Bancorp, saying their chief rival for lead status bought their shares too late and is too sketchy to be a potential plaintiff.
-
April 24, 2024
Private Equity Lag Continues To Stunt M&A Growth
Large leveraged buyout activity remained muted in the first quarter as the refinancing of old private equity loans took precedence over new loans, contributing to a slower-than-anticipated rebound in overall mergers and acquisitions, according to a new report from data provider PitchBook.
-
April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
-
April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
-
April 23, 2024
Feds Ask 30 Years For Ex-FDIC Atty In Child Exploitation Case
A former attorney with the Federal Deposit Insurance Corp. who admitted to participating in online groups aimed at sexually exploiting children should be sentenced to 30 years behind bars, prosecutors told a Virginia federal judge Tuesday, saying he "treated the online enticement of children like a sport."
-
April 23, 2024
SEC Critics Preview Future Challenges To Agency Action
The U.S. Securities and Exchange Commission may face new challenges to its enforcement authority from the way it imposes industry bars to the burden of proof needed to bring its civil cases, two frequent legal opponents of the agency said Tuesday.
-
April 23, 2024
CFTC Formalizes Policy On Uncleared Swaps Recordkeeping
The U.S. Commodity Futures Trading Commission adopted a rule Tuesday that codifies its longstanding practice of not requiring swap execution facilities to maintain written copies of every uncleared swap agreement, a move some commissioners argued was long overdue.
-
April 23, 2024
Seller Fights Lender Over First Dibs On $3 Million Property
A lender that took possession of a $3 million property in Haslet, Texas, seems to have negotiated the sale of the tract to an unaffiliated party, Texas appeals court justices said during oral arguments in Fort Worth on Tuesday, in a fight over whether the original seller gets right of first refusal after the land went into foreclosure.
-
April 23, 2024
Citi Says 401(k) Suit No Different From Others That Were Axed
Citigroup Inc. has urged a Connecticut federal judge to permanently toss a proposed class action brought by former employees who claim the company mismanaged their 401(k) plans, arguing that decisions made in other courts dismissing similar challenges support the suit's dismissal.
-
April 23, 2024
Ex-Banker Says HSBC Can't Blame Wage Policy On Manager
A former HSBC Bank employee accusing the company of violating the federal wage and hour law by making employees work through lunch told a New York federal court the company's attorneys are trying to offload responsibility for their client's actions to a former manager.
-
April 23, 2024
Biz Ownership Law Constitutional, Lawmakers Tell 11th Circ.
The Corporate Transparency Act is a garden-variety exercise of Congress' powers to address threats to national security, foreign affairs, commerce and tax collection, five Democratic lawmakers told the Eleventh Circuit, disputing a ruling that the law is unconstitutional.
-
April 23, 2024
BofA Nears Deal Over 'Hidden' Wire Transfer Junk Fees
Bank of America has agreed to resolve a proposed class action accusing it of tacking on $15 "junk fees" for incoming wire transfers, and a North Carolina federal judge on Monday gave the parties until May 24 to submit a motion for preliminary approval of the settlement.
-
April 23, 2024
Boies Schiller Attys For Epstein Victims Beat Sanctions Bid
A New York federal judge on Tuesday evening rejected a request by associates of Jeffrey Epstein to sanction Boies Schiller Flexner LLP's chair and a co-managing partner, while also denying the Boies Schiller attorneys' subsequent motion to sanction the Epstein associates' counsel.
-
April 23, 2024
Feds Want About 3 Years In Prison For LA Bank Embezzler
The former chief financial officer at a community bank in Los Angeles should spend nearly three years in prison after admitting he embezzled more than $700,000 and used employee identities in a life insurance scheme, the government told a California federal court.
-
April 23, 2024
DOL's Final Investment Advice Regs Expand ERISA's Reach
The U.S. Department of Labor issued final regulations Tuesday broadening who qualifies as a fiduciary under the Employee Retirement Income Security Act, backing off some changes included in a proposal the agency released in October.
-
April 22, 2024
PacWest Wants Suit Over Alleged Rate Hike Exposure Axed
PacWest Bancorp has urged a California federal judge to toss a proposed class action from an investor who alleges the California regional bank ignored warning signs posed by last year's collapse of Silicon Valley Bank, saying the fact that it did not anticipate the "unprecedented turmoil in the banking industry" is not a violation of federal securities laws.
-
April 22, 2024
NY's 'Buy-Now, Pay-Later' Oversight Bill Delayed But Not Dead
A New York state proposal to start licensing and supervising buy-now, pay-later providers didn't make the final cut in lawmakers' just-approved $237 billion budget, but a version being advanced through standalone legislation could still make it into law.
-
April 22, 2024
Kansas Gov. Signs Earned Wage Access License Bill Into Law
Kansas has become the fourth state to approve new laws governing so-called earned wage access products, joining Nevada, Missouri and Wisconsin in regulating services for workers seeking cash advances.
-
April 22, 2024
Scotiabank Fights To Keep Peru VAT Claim Alive
The Bank of Nova Scotia urged the World Bank's international arbitration institution in recently released documents not to dismiss the arbitration of its value-added tax dispute against Peru, saying the case raises issues of fact.
-
April 22, 2024
Congress Can Enact Corp. Transparency, Orgs Tell 11th Circ.
Congress is empowered to require American companies to report their beneficial owners to the federal government because there is ample evidence they've previously been used to fund hostile foreign actors, evade sanctions and traffic drugs, two think tanks told the Eleventh Circuit in an amici brief.
-
April 22, 2024
Catching Up With Delaware's Chancery Court
Last week, Delaware's Chancery Court news included a Tesla announcement about moving to Texas, a midcase appeal of Tripadvisor's move to Nevada, and United Airlines' escape from a stockholder suit. Disputes about board entrenchment, squeeze-out mergers, co-founder fallouts and deadly ice cream moved ahead.
-
April 22, 2024
Trump, NY AG Reach Deal To OK $175M Fraud Appeal Bond
Donald Trump's lawyers agreed Monday to bond conditions requiring the former president to give up control of his $175 million cash deposit pending appeal of a $465 million civil fraud judgment, staving off scrutiny from both the New York attorney general and the judge who entered the award.
-
April 22, 2024
PE-Backed Cruise Operator Viking Sets Sights On $1B IPO
Private equity-backed cruise operator Viking Holdings Ltd. on Monday set a price range on an estimated $1 billion initial public offering, represented by Skadden Arps Slate Meagher & Flom LLP and underwriters counsel Latham & Watkins LLP, marking the latest test of the IPO market's nascent recovery.
Expert Analysis
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
SEC's Final Climate Disclosure Rules: What Cos. Must Know
While the U.S. Securities and Exchange Commission's scaled-back final rules requiring public companies to disclose certain climate-related information still face challenges in court, companies should begin preparing now to comply with the rules, say Celia Soehner and Erin Martin at Morgan Lewis.
-
3 Notification Pitfalls To Avoid With Arbitration Provisions
In Lipsett v. Popular Bank, the Second Circuit found that a bank's arbitration provision was unenforceable due to insufficient notice to a customer that he was bound by the agreement, highlighting the importance of adequate communication of arbitration provisions, and customers' options for opting out, say attorneys at Covington.