Banking

  • March 07, 2024

    NJ Appeals Court Revives Sex Bias Suit Against Mortgage Co.

    A trial court jumped the gun when it threw out a former mortgage company employee's lawsuit alleging she was subjected to sexist comments and then forced to quit, a New Jersey state appeals court ruled, concluding she had not waited too long to file her suit.

  • March 07, 2024

    Paul Hastings Lands NY Real Estate Pro From McDermott

    Paul Hastings LLP announced Thursday that it has hired a leader in complex real estate transactions as a partner in New York.

  • March 06, 2024

    Red State AGs Sue SEC Over 'Illegal' Climate Disclosure Regs

    The attorneys general of West Virginia and Georgia are heading a coalition of 10 Republican-led states in asking the Eleventh Circuit to review the U.S. Securities and Exchange Commission's adoption Wednesday of climate reporting standards requiring some of the nation's largest companies to publicly disclose their greenhouse gas emissions.

  • March 06, 2024

    Garland On AI Crime, And A Taylor Swift Tune For DOJ

    U.S. Attorney General Merrick Garland on Wednesday told a group of lawyers gathered in San Francisco that the U.S. Department of Justice is ramping up its hiring of computer scientists to fight artificial intelligence-driven crime and also revealed which Taylor Swift song he thought should be the department's anthem.

  • March 06, 2024

    DOJ Says Docs Exempt From Release In Ex-JPM Trader Case

    The U.S. Department of Justice has asked a D.C. federal court to shut down a former JPMorgan forex trader's latest bid for allegedly exculpatory material from the government's failed market manipulation case against him, arguing the records are properly considered protected from public disclosure.  

  • March 06, 2024

    Latham Passes Skadden As Busiest Securities Defense Firm

    Despite a downward trend in securities case filings over the past three years, Latham & Watkins LLP has remained one of the most active law firms on the defense side, taking over the top spot from Skadden Arps Slate Meagher & Flom LLP, according to reports released by Lex Machina.

  • March 06, 2024

    Citibank Sued Over Surprise Fee For Bounced Checks

    Citibank blindsides customers with an undisclosed fee for deposited checks that ultimately bounce, according to proposed class claims filed in South Dakota federal court.

  • March 06, 2024

    SVB Parent Co. Sues Receivers Over $1.9B In Withheld Funds

    Silicon Valley Bank's former parent company has sued the Federal Deposit Insurance Corp. in its capacity as receiver for its defunct subsidiary and Silicon Valley Bridge Bank in California federal court, alleging it was wrongfully denied its administrative claims to recover approximately $1.9 billion in account funds and other deposit claims.

  • March 06, 2024

    CFPB Faces Call To Close Deposit Rate Disclosure 'Loophole'

    A rulemaking petition filed with the Consumer Financial Protection Bureau said the agency should close a regulatory "loophole" allowing banks to quietly lower the savings rate they pay on certain deposit accounts.

  • March 06, 2024

    Co. Says Chubb Unit Must Cover $5M Merger Dispute Defense

    A holding company subsidiary of Banco Santander told a Delaware federal court that a Chubb unit must contribute to $5 million in legal expenses the company has incurred in defending itself in an underlying class action brought by minority shareholders who objected to a merger with another subsidiary.

  • March 06, 2024

    M&A Values Getting Boost Amid Election-Year Scramble

    The value of U.S. mergers and acquisitions as of Wednesday has doubled year over year, as economic concerns subside and deal-makers scramble to get deals done in an election year, but middle-market transaction activity isn't panning out as some had hoped. 

  • March 06, 2024

    NYCB Gets $1B Infusion, Names Ex-OCC Chief As CEO

    New York Community Bancorp Inc. has lined up a $1 billion investment from several institutional investors, including former U.S. Secretary of the Treasury Steve Mnuchin's firm, in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Sullivan & Cromwell LLP.

  • March 06, 2024

    Startup Investors' Attys Want $1.5M In Fees On Disclosure Suit

    Lawyers for a class of investors have asked a New York federal court to approve their attorney fees of $1.5 million for a $4.5 million settlement with a Chinese analytics startup over claims the company misrepresented its tax liability before its initial public offering. 

  • March 06, 2024

    Most States Allow Abusive Debt Collection, Report Says

    A majority of states lack legal guardrails preventing people burdened by debt from facing legal jeopardy and even jail time, the National Center for Access to Justice at Fordham University School of Law recently found.

  • March 06, 2024

    Sidley Adds 11-Year Wiley Rein Leaders To DC Group

    Sidley Austin LLP has hired two members of Wiley Rein LLP's leadership, one of whom joins to help co-lead its global arbitration, trade and advocacy practice, the firm announced Wednesday.

  • March 06, 2024

    CFPB Rebuffs Bid By MV Realty To End Investigation

    The Consumer Financial Protection Bureau has denied a plea from MV Realty to set aside the agency's investigation of the Florida-based company's use of 40-year exclusive listing agreements to force homeowners to pay thousands of dollars in junk fees.

  • March 06, 2024

    Fed's Powell Expects 'Material Changes' For Capital Hike Plan

    Federal regulators' so-called Basel III endgame proposal to raise large bank capital requirements will likely undergo "broad and material changes," Federal Reserve Chair Jerome Powell told House lawmakers Wednesday.

  • March 06, 2024

    Divided SEC Adopts Scaled-Back Climate Reporting Regs

    The U.S. Securities and Exchange Commission on Wednesday adopted climate reporting standards that will require some of the nation's largest companies to publicly disclose their greenhouse gas emissions, and it was met almost immediately with a lawsuit despite the final rule scrapping a controversial proposal to mandate so-called Scope 3 disclosures.

  • March 05, 2024

    NY Targets Yellowstone Capital In $1.4B Suit Over Lending

    New York Attorney General Letitia James on Tuesday slapped Yellowstone Capital and dozens of other lenders with a suit seeking at least $1.4 billion for allegedly predatory lending practices that James said exploit small businesses through fraudulent loans at "sky-high interest rates."

  • March 05, 2024

    Wells Fargo Accused Of Enabling Ex-Texas Atty's Fraud

    Victims of a former San Antonio lawyer's multimillion-dollar fraud scheme claim his theft was enabled by Wells Fargo willfully turning a blind eye to the lawyer's misuse of trust accounts holding client funds, according to a lawsuit in Texas federal court that alleges the bank profited from this scheme.

  • March 05, 2024

    5 Things To Know About CFPB's Cut To Credit Card Late Fees

    The Consumer Financial Protection Bureau's new rule to cut credit card late fees has ignited a banking industry firestorm, with at least one trade group warning it will "imminently" sue. Here are five things to know as the fallout from the rule begins to take shape. 

  • March 05, 2024

    White House To Crack Down On Illegal, Unfair Pricing

    President Joe Biden launched a new "strike force" Tuesday to stop companies from imposing unfair price hikes on consumers amid a rash of measures supporting the administration's push to boost competition and lower prices across the economy.

  • March 05, 2024

    Rochester, NY, Denied Early Win In SEC's $119M Bond Suit

    A New York federal judge has declined to grant early wins to the city of Rochester, New York; its former finance director; and an advisory firm named in a suit by the U.S. Securities and Exchange Commission alleging they misled investors in a $119 million bond offering.

  • March 05, 2024

    Philly, Dallas Feds Name New Top Attys

    The Federal Reserve Bank of Philadelphia on Tuesday announced it has promoted its deputy general counsel to senior vice president and general counsel, following a similar announcement from the Federal Reserve Bank of Dallas about its former interim general counsel.

  • March 05, 2024

    UPS, AT&T Can't Avoid ESG Proxy Proposals, But BofA Can

    U.S. Securities and Exchange Commission staff have indicated they won't let UPS and AT&T get out of including shareholder proposals on environmental and social matters from their upcoming proxy statements, while letting Bank of America exclude two ESG-related proposals.

Expert Analysis

  • Series

    ESG Around The World: Canada

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    In Canada, multiple statutes, regulations, common law and industry guidance address environmental, social and governance considerations, with debate over ESG in the business realm potentially growing on the horizon, say attorneys at Blakes.

  • Bank M&A Considerations Amid 2024's Regulatory Uncertainty

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    Following the decline in banking mergers to the lowest level in more than a decade last year, receptiveness to community bank combinations and positive macroeconomic factors may help banks with less than $50 billion in assets see increased deal-making opportunities this year, despite regulatory uncertainty, say Robert Azarow and Amber Hay at Arnold & Porter.

  • Lessons From Country Singer's Personal Service Saga

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    Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.

  • What To Expect From High Court In Corp. Disclosure Case

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    Oral argument in Macquarie v. Moab Partners — a case with the potential to significantly alter corporate disclosures and private securities litigation liability — suggests that the U.S. Supreme Court is focused on answering the narrow question presented, say Elizabeth Gingold Clark and Madeleine Juszynski Davidson at Alston & Bird.

  • 11 Noteworthy CFPB Developments From 2023

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    Under Rohit Chopra’s leadership, 2023 was an industrious year for the Consumer Financial Protection Bureau, with developments including the release of the proposed personal financial data rights rule, publication of proposed rules involving public registries for nonbanks and the bureau's continuous battle against junk fees, all of which are sure to further progress in 2024, say attorneys at Husch Blackwell.

  • Unpacking PCAOB's Sanctions Against China-Based Auditors

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    Following the Public Company Accounting Oversight Board's first major enforcement actions against audit firms located in China and Hong Kong for violating quality control standards, China-based U.S. issuers should be prepared for more rigorous audits in the upcoming cycle, and for continuing strict scrutiny from the regulator, say attorneys at Debevoise.

  • NC Banking Brief: All The Notable Legal Updates In Q4

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    Two new North Carolina financial services laws went into effect in the fourth quarter of 2023 that amended the state's Retail Installment Sales Act and Consumer Finance Act, increasing the maximum interest rates and default late charges that may be assessed for loans, says Gursharon Shergill at Wagner Hicks.

  • 3 Areas Of Focus In Congressional Crosshairs This Year

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    Companies must prepare for Congress to build on its 2023 oversight priorities this year, continuing its vigorous inquiries into Chinese company-related investments, workplace safety and labor relations issues, and generative artificial intelligence, say attorneys at Morgan Lewis.

  • NY CRE Lenders Need Clarity On Foreclosure Standing

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    Recent contradictory New York case law regarding issues of standing in commercial real estate litigation creates confusion for borrowers and lenders alike, and should be addressed by courts in advance of the anticipated onslaught of commercial mortgage-backed securities foreclosures, say Christopher Gorman and John Muldoon at Rosenberg & Estis.

  • Series

    Baking Bread Makes Me A Better Lawyer

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    After many years practicing law, and a few years baking bread, I have learned that there are a few keys to success in both endeavors, including the assembly of a nourishing and resilient culture, and the ability to learn from failure and exercise patience, says Rick Robinson at Reed Smith.

  • 3 Key Class Action Trends To Use As Guidance In 2024

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    Telephone Consumer Protection Act, privacy and false advertising class actions saw significant shifts last year — including a trend toward expanding the application of preexisting laws to current technologies — that businesses should keep in mind to navigate the class action landscape in 2024, say attorneys at Mintz.

  • Federal Courts And AI Standing Orders: Safety Or Overkill?

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    Several district court judges have issued standing orders regulating the use of artificial intelligence in their courts, but courts should consider following ordinary notice and comment procedures before implementing sweeping mandates that could be unnecessarily burdensome and counterproductive, say attorneys at Curtis.

  • Time To Step Up PFAS Due Diligence In Cross-Border M&A

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    Regulations in the U.S. and EU governing per- and polyfluoroalkyl substances will likely evolve to become global standards out of necessity and scale, so PFAS due diligence — particularly for buyers, sellers, and lenders and investors involved in multijurisdictional mergers and acquisitions — will be essential in 2024, say attorneys at Shipman & Goodwin.

  • Series

    NY Banking Brief: All The Notable Legal Updates In Q4

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    New York's banking and financial sector saw a number of notable regulatory and legislative changes in the final quarter of 2023, including guidance on climate risks and heightened cybersecurity protocols issued by the New York State Department of Financial Services, as well as final revisions to virtual currency listings in the state, say attorneys at WilmerHale.

  • What FTC CARS Rule Means For Auto Dealers And Lenders

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    A newly finalized Federal Trade Commission rule is aimed at changing how auto dealers interact with customers in the financing process, but will likely also affect banks and finance companies — and consequences for lenders and servicers have been amplified by recent Consumer Financial Protection Bureau enforcement actions, say attorneys at Morgan Lewis.

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