Banking

  • June 03, 2024

    Epoch Times CFO Charged With $67M Laundering Scheme

    The chief financial officer of the Epoch Times was charged with orchestrating a scheme to launder about $67 million of illicit proceeds to benefit himself and the newspaper, according to an indictment unsealed in New York federal court Monday.

  • June 03, 2024

    Equifax Judge OKs $1.1M Atty Fees In Debt Reporting Deal

    Attorneys will recover $1.1 million in fees for securing $500 payments for class members in litigation alleging Equifax reported unenforceable debts, a decision that comes several months after a California federal judge warned he would likely hold a portion of the fees until he learned the ultimate settlement payout.

  • June 03, 2024

    Lawyer Sues Ex, Attys After $30K Law School Loan Judgment

    A Florida employment lawyer's onetime romantic partner and her attorneys conspired with a Wells Fargo consultant to concoct a phony and vexatious lawsuit against him amid a fight over his student loan payments and child visitation rights, according to a lawsuit filed in Connecticut federal court.

  • June 03, 2024

    African Gov'ts Made Big Gains From Data Swaps In 2023

    African tax authorities made huge headway last year in using the international standard for exchange of information on request to find additional revenues of €2.2 billion ($2.4 billion), which is more than over the past 13 years combined, the OECD reported Monday.

  • June 03, 2024

    Archegos Bets Moved Stock Prices Like A 'Magnet,' Jury Told

    An economist on Monday told the Manhattan federal jury hearing charges that Archegos founder Bill Hwang perpetrated a $36 billion market distortion that his big-dollar market moves at the fallen hedge fund pulled share prices like a "magnet."

  • June 03, 2024

    Atty May Face Suspension In State Street Billing Row

    A Massachusetts disciplinary committee has recommended a six-month suspension for the former managing partner of Thornton Law Firm LLP for his alleged neglect in signing an inflated attorney fees declaration in a class action against State Street.

  • June 03, 2024

    CFPB Unveils Registry To Track Nonbank 'Repeat Offenders'

    The Consumer Financial Protection Bureau on Monday finalized plans to begin centrally tracking court and regulatory enforcement orders against nonbank financial firms, issuing a rule that will create a public registry intended to help shine a light on companies that have recurring run-ins with authorities.

  • June 03, 2024

    High Court Won't Hear Arguments On Madoff Clawback Math

    The U.S. Supreme Court on Monday declined to hear arguments by an investor in Bernie Madoff's Ponzi scheme for overturning a Second Circuit decision on how to calculate the amount of investor withdrawals that can be clawed back to the Madoff bankruptcy estate.

  • June 01, 2024

    Blockbuster Summer: 10 Big Issues Justices Still Must Decide

    As the calendar flips over to June, the U.S. Supreme Court still has heaps of cases to decide on issues ranging from trademark registration rules to judicial deference and presidential immunity. Here, Law360 looks at 10 of the most important topics the court has yet to decide.

  • May 31, 2024

    Thrivent Unit To Pay FINRA $325K Over Lax Forgery Controls

    Financial services company Thrivent Investment Management Inc. has agreed to pay $325,000 to resolve Financial Industry Regulatory Authority allegations that it failed to have adequate controls in place to prevent its registered representatives from forging customer signatures over a seven-year period.

  • May 31, 2024

    Colo. AI Bias Law Lays 'Foundation' For New State Patchwork

    Colorado's trailblazing legislation for regulating high-risk uses of artificial intelligence is likely to inspire other states to act, although a host of "reservations" about the measure from advocates and even Colorado's governor are likely to result in a fragmented national landscape as other states' legislatures use the measure as a launching point rather than a model they'd want to fully replicate. 

  • May 31, 2024

    Biden Vetoes Bid To Nix SEC Crypto Accounting Guidance

    President Joe Biden on Friday blocked a Congressional resolution to overturn the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, saying the measure would "inappropriately constrain" the agency's ability to address future issues.

  • May 31, 2024

    Frank Execs Must Keep Fighting JPMorgan Fraud Indictment

    A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.

  • May 31, 2024

    Online Lenders Invoked Calif. Tribe As Usury Cover, Suit Says

    Two online lenders that purport to be run by a Native American tribe in California face claims they violated both federal law barring racketeering and Illinois consumer financial protection laws by lending to the state's residents at excessive rates.

  • May 31, 2024

    Judge Axes Class Claims In Navy Federal Discrimination Suit

    A Virginia federal judge has cut claims and denied class certification in a suit accusing Navy Federal Credit Union of racial lending discrimination, saying the statistical evidence from media reports does not establish intentional discrimination.

  • May 31, 2024

    Fla. Judge Won't Nix SEC Suit Over $112M Ponzi Scheme

    A Florida federal judge declined on Friday to let the owner of a Florida trucking and logistics company escape allegations by the U.S. Securities and Exchange Commission that he scammed more than 1,500 investors out of about $112 million in a Ponzi scheme aimed at Haitian Americans.

  • May 31, 2024

    Mich. Atty Used Carhartt Heiress As 'ATM,' Jury Told

    A Michigan attorney never intended to pay back millions of dollars that he lent himself from his wealthy client's irrevocable trust, state prosecutors told a Detroit jury Friday, and instead used the Carhartt heiress's failing health to create his own business empire.

  • May 31, 2024

    2 Estonians Charged In $575M Crypto, Laundering Schemes

    Two Estonian nationals have been extradited to Seattle to face charges that they operated a pair of schemes that brought in $575 million, including a fraud on investors that touted fake cryptocurrency mining capacity.

  • May 31, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.

  • May 31, 2024

    NJ Judge Says Mortgage Lender's Counterclaim Falls Flat

    A New Jersey federal judge tossed an unfair competition counterclaim brought by Nationwide Mortgage Bankers Inc. in a trade secrets suit by its rival Paramount Residential Mortgage Group, ruling that Nationwide Mortgage's counterclaim allegations do not actually count as unfair competition under Garden State law.

  • May 31, 2024

    CFPB Sues PHEAA For Discharged Student Loan Collections

    For the second time in a month, the Consumer Financial Protection Bureau has filed an enforcement action against the Pennsylvania Higher Education Assistance Agency, a major student loan servicer, this time suing it in Pennsylvania federal court for allegedly pursuing unlawful collections on loans discharged in bankruptcy.

  • May 30, 2024

    CFPB To Probe 'Junk Fees' In Mortgage Closing Costs

    The Consumer Financial Protection Bureau said Thursday that it will scrutinize how "junk fees" may be making it more expensive to purchase a home, kicking off a broad inquiry that could presage a crackdown on rising mortgage closing costs.

  • May 30, 2024

    Kalshi Says Elections Aren't Games In Voting Wager Hearing

    A D.C. federal judge on Thursday tried to weigh whether gambling on elections can be considered "gaming" in predictions market Kalshi's challenge to a U.S. Commodity Futures Trading Commission order blocking it from offering election-based futures contracts.

  • May 30, 2024

    Morgan Stanley Helped Musk's Stealth Twitter Buys, Suit Says​​​​​​​

    Elon Musk and his wealth manager tapped Morgan Stanley to help the Tesla CEO quietly acquire billions of dollars in Twitter securities without tipping off the market before he announced plans to take over the social media company, according to an amended complaint filed in New York federal court.

  • May 30, 2024

    Fed. Circ. Revives Contract Breach Claim Against The US Mint

    The Federal Circuit on Thursday revived a coin processor's contention that the U.S. Mint breached a contract to pay for mutilated coins the agency redeemed, saying the U.S. Court of Federal Claims incorrectly concluded the processor failed to state a claim.

Expert Analysis

  • How CFPB Credit Card Rules Slot Into Broader Considerations

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    Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.

  • Novel Applications May Fizzle After Fed Master Account Wins

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    Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.

  • Exploring An Alternative Model Of Litigation Finance

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    A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.

  • Devil's In The Details On FDCPA, Article III Standing

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    The Third Circuit’s recent decision in Barclift v. Keystone Credit Services concerning the alleged harm needed to support a class action under the Fair Debt Collection Practices Act is in line with other circuits' interpretations of Article III of the Constitution, notwithstanding disagreement over the minutiae of a proper Article III analysis, says Nick Agnello at Burr & Forman.

  • Global Bribery Probes Are Complicating FCPA Compliance

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    The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.

  • Series

    Teaching Yoga Makes Me A Better Lawyer

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    Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.

  • A Vision For Economic Clerkships In The Legal System

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    As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.

  • Opinion

    State-Regulated Cannabis Can Thrive Without Section 280E

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    Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.

  • 4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule

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    If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.

  • What Lies Behind Diverging US And UK Insolvency Trends

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    Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.

  • Liquidity Risk Management Tops NCUA Exam Priorities

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    As credit unions map their regulatory initiatives and audit plans, they should look to the National Credit Union Administration’s annual supervisory priorities, which include five important examination areas, including liquidity management and interest rate risk, say Juan Arciniegas and Judy Chen at Chapman and Cutler.

  • Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures

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    The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.

  • Key Antitrust Class Certification Questions Remain Unclear

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    The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.

  • Action Steps To Address New Restrictions On Outbound Data

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    Companies should immediately assess all their data-based operations so they can consider strategies to effectively mitigate new compliance risks brought on by recently implemented transaction restrictions, including a Justice Department proposal and landmark data legislation, say attorneys at Wiley.

  • E-Discovery Quarterly: Recent Rulings On Text Message Data

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    Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.

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