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Banking
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May 10, 2024
Texas Couple Must Sell $2.3M In Assets To Satisfy Tax Claim
A disbarred accountant and his wife must sell $2.27 million worth of their assets to satisfy her unpaid federal tax liabilities, a Texas federal judge ruled, handing an early win to the government.
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May 10, 2024
CFPB's Credit Card Late Fee Rule Halted By Texas Judge
A Texas federal judge on Friday stayed the Consumer Financial Protection Bureau's $8 credit card late fee standard, granting a preliminary injunction sought by the U.S. Chamber of Commerce and other industry groups that are challenging the legality of the agency rule.
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May 10, 2024
Capital One Accused Of Not Fully Investigating Fraud Claims
Capital One has been hit with a proposed class action in California federal court accusing it of breaching contract terms by refusing to sufficiently investigate consumers' fraud claims.
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May 10, 2024
FINRA Fines Merrill Lynch $825K Over Supervisory Failures
Merrill Lynch has agreed to be censured and pay an $825,000 fine to the Financial Industry Regulatory Authority to resolve claims that it failed to establish and maintain certain supervisory procedures and comply with recordkeeping requirements.
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May 10, 2024
Off The Bench: Ohtani Translator's Plea, NBA Star Tops Agent
In this week's Off The Bench, Shohei Ohtani's ex-interpreter will plead guilty, an NBA star wins in his clash with the agent who sought to represent him, and a tennis player who was abused by her former coach is awarded $9 million.
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May 10, 2024
Dem Lawmakers Call For 5th Circ. Judge To Exit CFPB Case
Six Democratic lawmakers sent a letter admonishing the Judicial Conference, saying Friday it was "undermining the integrity of the judiciary" by allowing a Fifth Circuit judge to participate in a matter in which he has a significant conflict of interest.
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May 10, 2024
Prudential Investor Attys Seek $9M Fees For Settlement
Attorneys representing investors in a settlement with Prudential Financial Inc. over claims that the insurer misrepresented certain trends affecting its life insurance reserves have asked a New Jersey federal judge to grant final approval of the deal and nearly $9 million in fees.
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May 10, 2024
5th Circ. Upholds SEC Proxy Rule On ESG Disclosures
The Fifth Circuit on Friday threw out a legal challenge to a U.S. Securities and Exchange Commission requirement that will make it easier for investors to identify ESG issues on corporate ballots, saying that suing states like Texas haven't proven that they'll be financially harmed by the measure.
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May 10, 2024
Nationstar Mortgage Wants To Escape 'Junk Fee' Suit
Nationstar Mortgage LLC has asked a Washington federal judge to toss a proposed class action alleging it illegally charged homeowners a "junk fee" for written payoff quotes, saying the suit's claims fail because expedited payoff fees are not unlawful and do not breach the terms of the relevant loan agreements.
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May 10, 2024
2 Firms Guide United Bankshares On $267M Piedmont Buy
Bowles Rice LLP and Sullivan & Cromwell LLP are representing United Bankshares Inc. on a $267 million agreement to buy Georgia-based Piedmont Bancorp Inc., which the lenders disclosed Friday and said marks United's 34th acquisition.
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May 09, 2024
FTC Urges High Court To Reject Challenge To $5.2M Award
The Federal Trade Commission has urged the U.S. Supreme Court to reject a credit monitoring company's challenge to a $5.2 million refund award the federal agency won on behalf of a class of consumers, arguing the award is authorized under the Federal Trade Commission Act.
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May 09, 2024
Amazon, Walmart Face Dem Questions Over 'Dynamic Pricing'
Senate Banking Committee Chair Sherrod Brown on Thursday raised concerns to Amazon and Walmart about corporations hiking prices by exploiting customer data and pricing algorithms, saying it undermines consumers' ability to comparison shop and save money.
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May 09, 2024
SeaWorld Workers Nab Class Cert. In 401(k) Fees Suit
A California federal judge agreed to certify a class of 10,000 current and former workers suing SeaWorld for keeping high-cost funds in their retirement accounts and retaining expensive record-keepers.
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May 09, 2024
Fed. Circ. Wary Of Undoing Gilstrap's Toss Of Banking IP Suit
The Federal Circuit didn't seem convinced Thursday morning that a patent case against online stockbroker TD Ameritrade had been wrongly tossed out of court, with a judge at one point telling banking patent owner Island Intellectual Property that "this is all abstract."
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May 09, 2024
Attys Want $102M In Fees In Stock Loan Antitrust Deal
Quinn Emanuel Urquhart & Sullivan LLP and Cohen Milstein Sellers & Toll PLLC attorneys asked for $102 million in fees for settling claims from investors that major banks colluded to avoid modernizing the stock loan market, saying the long and complex nature of the case warrants the payout.
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May 09, 2024
US Bank Sees Unauthorized Account Suit Tossed For Good
A New York federal judge has permanently thrown out a proposed class action against U.S. Bancorp alleging shareholders were harmed after the bank paid a $37.5 million fine to the Consumer Financial Protection Bureau in connection with allegations its bankers secretly opened accounts in customers' names.
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May 09, 2024
Making Borrower Contact Ex Was Reasonable, Court Told
A Connecticut woman's lawsuit accusing her mortgage servicer of forcing her to get in touch with an abusive ex-partner must be dismissed because it doesn't properly state a claim for violation of the Equal Credit Opportunity Act, the company told a federal court Thursday.
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May 09, 2024
CFPB's Chopra Trains Sights On Credit Card Rewards
Consumer Financial Protection Bureau Director Rohit Chopra said Thursday that his agency will be taking aim at what it is describing as "concerning patterns" in the credit card industry's rewards program practices, including stealthy changes to program benefits and manipulation of rewards point values.
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May 09, 2024
7 Fla. Men Indicted In Nationwide Skimming Device Operation
Seven Florida men have been indicted in Virginia federal court on racketeering conspiracy charges in connection to a decadelong operation to clone credit cards that involved placing skimming devices on gas pumps throughout the country, U.S. prosecutors said.
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May 09, 2024
FICO Blasts Discovery 'Sideshows' In VantageScore Suit
An Illinois federal judge handling antitrust claims targeting the credit-scoring market should disregard the "sideshows" customers lodged by requesting confidential settlement records and other documents that are too far removed from the case's core issues, Fair Isaac Corp. argued on Wednesday.
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May 08, 2024
High Court Ruling May Shake Up CFPB's Litigation Docket
A U.S. Supreme Court ruling that may come as soon as Thursday could decide the fate of not only the Consumer Financial Protection Bureau's funding structure but also numerous pending enforcement actions the agency has brought around the country. Here, Law360 surveys what's at stake and where.
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May 08, 2024
New Treasury Rule Amps Up Reporting Burden For Banks
The U.S. Department of the Treasury introduced an interim final rule Wednesday that refines and further expands recent increases in reporting requirements, including a new obligation for financial institutions to notify the federal government any time they unblock frozen assets.
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May 08, 2024
Citibank Sued By Atty Over Fake Client Cashier's Check Scam
An attorney conned by a fake client and a counterfeit cashier's check sued Citibank in state court Wednesday, alleging it knew of other law firms that were similarly scammed and should have caught the fake check before she wired the funds from her client trust account into the scammer's pocket.
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May 08, 2024
Credit Suisse Urges Mich. Panel To Reverse Biz Loss Denial
A Credit Suisse attorney pressed the Michigan Court of Appeals on Wednesday to clarify how the state's tax laws account for losses from real estate mortgage investment conduits, saying a lower court incorrectly denied its attempt to carry forward $21.3 million in losses.
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May 08, 2024
Digitex Founder Pleads Guilty To Bank Secrecy Act Violation
The founder of Digitex Futures Exchange has pled guilty to violating the Bank Secrecy Act by refusing to implement policies designed to prevent money laundering on his cryptocurrency futures platform.
Expert Analysis
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How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.
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2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.
The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.
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Protested CFPB Supervisory Order Reveals Process, Priorities
The Consumer Financial Protection Bureau’s order announcing its first use of special oversight power to place installment lender World Acceptance Corp. under supervision despite resistance from the company provides valuable insight into which products and practices may draw bureau scrutiny, and illuminates important nuances of the risk assessment procedures, say Josh Kotin and Michelle Rogers at Cooley.
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Document Retention Best Practices To Lower Litigation Risks
As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
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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.