Banking

  • May 13, 2021

    Ex-CEO Must Face Charges In NJ Bank Fraud Scheme

    A New Jersey federal judge has refused to toss criminal charges that the onetime head of the now-defunct First State Bank took part in creating sham documents as part of an alleged scheme to deceive regulators and the bank about its financial health, finding that the records fell under a federal fraud statute.

  • May 13, 2021

    Mortgage Insurer Pauses $496M IPO, Citing 'Trading Volatility'

    Citing "significant trading volatility" in its sector, the parent company of mortgage insurance business Enact Holdings said Thursday it was postponing the unit's $496 million initial public offering.

  • May 13, 2021

    Workers For Lender Want $3.9M Deal To End OT Wages Suit

    A Kansas federal judge should approve a $3.9 million settlement between Mortgage Lenders of America LLC and a collective of loan officers and team leads to resolve claims that the company failed to properly pay overtime, the workers urged in a filing.

  • May 12, 2021

    SEC Fines Broker $1.5M For Failure To Report Cybercrimes

    A broker-dealer of Empower Retirement must pay $1.5 million to the U.S. Securities and Exchange Commission for failing to file hundreds of suspicious-activity reports despite knowing that bad actors were hacking, or attempting to hack, customer accounts, the agency announced Wednesday.

  • May 12, 2021

    Feds Say Private Equity CEO Forged Docs To Get $95M Loan

    The CEO of a private equity fund lied about his investors and used bogus financial documents to obtain a $95 million loan from a California bank, according to an indictment handed up in Manhattan federal court Wednesday.

  • May 12, 2021

    Bankrupt NHL Player's Creditors Say He Can Pay His Debts

    A creditor of San Jose Sharks forward Evander Kane is appealing a California bankruptcy judge's denial of its motion to convert Kane's Chapter 7 bankruptcy to a Chapter 11 while another is pressing to dismiss the case entirely, arguing he has the income to pay his debts.

  • May 12, 2021

    GOP Reps. Pitch Bill To Federally Decriminalize Cannabis

    Republican congressmen on Wednesday introduced a bill that would decriminalize cannabis federally, direct federal regulators to develop rules overseeing its sale and grant safe harbor to financial institutions that bank with the industry.

  • May 12, 2021

    Wawa Gets Employee Pay Claims Trimmed In Data Breach Suit

    Convenience store chain Wawa Inc. can't duck employees' claims that their payment and personal information were stolen in a data breach, but claims the company also shorted them on overtime and made them work off-the-clock were tossed by a Pennsylvania federal judge Wednesday.

  • May 12, 2021

    Texas Panel Revives TitleMax's Payday Loan Rules Challenge

    A Texas appellate court has revived TitleMax of Texas Inc.'s lawsuit against the city of Austin challenging ordinances that place restrictions on payday loans and repayment plans, pointing to a recent Texas Supreme Court decision it said cleared the way for the suit to proceed.

  • May 12, 2021

    Wells Fargo Can't Escape ERISA Self-Dealing Suit

    Wells Fargo must face a proposed class action accusing it of wrongly including proprietary investment options in its employee 401(k) plan and engaging in prohibited party-in-interest and self-dealing transactions, a Minnesota federal judge ruled Wednesday.

  • May 12, 2021

    Citi Denied $500M Freeze Extension In Revlon Transfer Fight

    A New York federal judge ruled Wednesday that a group of Revlon lenders that were accidentally wired more than $500 million by Citibank NA last summer should be able to have access to that money while the bank takes its clawback effort to the Second Circuit, though he won't be unfreezing the funds just yet.

  • May 12, 2021

    Firms Can't Shake RICO Suit Over Loan Scheme, Court Told

    A now-defunct investment partnership urged an Illinois federal judge not to let two law firms escape civil racketeering claims it launched over their alleged roles in a fraudulent loan scheme, arguing the attorneys should be forced to answer for their conduct.

  • May 12, 2021

    DC Judge Sanctions Paul Weiss, Alex Oh In Exxon Case

    A D.C. federal judge opted Wednesday to admonish Paul Weiss Rifkind Wharton & Garrison LLP and former firm partner Alex Oh in connection with the Exxon human rights case that appears to have led Oh to resign prematurely from her new post as enforcement head of the U.S. Securities and Exchange Commission.

  • May 11, 2021

    Senate Backs Repeal Of 'True Lender' Rule

    The U.S. Senate passed a Democratic-backed measure Tuesday to nullify the Office of the Comptroller of the Currency's "true lender" rule, delivering a win for consumer advocates in their campaign against the Trump-era regulation on bank lending partnerships.

  • May 11, 2021

    FTC To Lean On State AGs After High Court Ruling, Head Says

    The Federal Trade Commission is planning to partner "more frequently and more enthusiastically" with state attorneys general to press consumer protection and privacy enforcement actions in the wake of a recent U.S. Supreme Court ruling that slashed the FTC's ability to pursue monetary relief from lawbreakers, the agency's acting chair said Tuesday. 

  • May 11, 2021

    Eviction Disclosure Rule OK With 1st Amendment, CFPB Says

    The U.S. Consumer Financial Protection Bureau has urged a federal judge in Tennessee to deny a request for a temporary injunction of a CFPB rule requiring landlords to inform tenants about federal protections for tenants put in place amid the COVID-19 pandemic, saying the rule does not require false speech and therefore passes First Amendment muster.

  • May 11, 2021

    Payment Tech Biz Touts Largest Series B For A Brazilian Co.

    Payment technology business CloudWalk said Tuesday it raised $190 million from investors in what it called the largest Series B financing for a Brazil-based company.

  • May 11, 2021

    BitMEX Anti-Money Laundering Trial Set For March

    A New York federal judge on Tuesday set a trial date next spring for the founders of BitMEX on charges that the offshore cryptocurrency derivatives exchange evaded U.S. anti-money laundering rules.

  • May 11, 2021

    Arent Fox Adds Ex-Cooley Atty To Partnership In DC

    Arent Fox LLP has continued to grow its partnership with the addition of an alumnus of both Cooley LLP and the U.S. Securities and Exchange Commission.

  • May 11, 2021

    Navient Can't Shake NJ Fraud Suit With Preemption Argument

    Student loan servicer Navient Corp. came up short Tuesday in trying to escape New Jersey's consumer fraud suit after a state judge knocked down the company's argument that federal law barred claims that it directed borrowers into costly forbearances and deceived others who entered into more affordable repayment plans.

  • May 11, 2021

    JPMorgan Whistleblower's Rigging Suit Axed By Mass. Court

    A whistleblower can't use the Massachusetts False Claims Act to accuse JPMorgan Chase Bank NA of rigging bond interest rates because information related to the supposed scheme was already available on a public website, the state's top court ruled Tuesday.

  • May 11, 2021

    Gibson Dunn, Davis Polk Steer Amazon's $18.5B Debt Sale

    Amazon said on Tuesday it sold bonds totaling $18.5 billion, joining droves of companies borrowing at robust clips this year with a massive debt offering that includes environmentally friendly notes, steered by Gibson Dunn and underwriters' counsel Davis Polk.

  • May 11, 2021

    FDIC Wants Crypto Info From Banks Amid Global Digital Push

    The head of the Federal Deposit Insurance Corp. said Tuesday that the agency will issue a request for information on banks' progress in the digital assets space, part of a speech that called for fintech innovation while warning that the U.S. could be left behind as countries like China develop their own centralized digital currencies.

  • May 11, 2021

    Caribbean Banks Ask To Leave Ch. 11 Behind

    The U.S. subsidiary of an Anguillan bank has asked a New York bankruptcy judge to wind down its nearly five-year-old Chapter 11 case, saying a litigation trust will take over its claims against the bank regulator it claims used it as a "piggy bank."

  • May 11, 2021

    Nigeria Wins JPMorgan US Docs Disclosure In $875M Suit

    JPMorgan must disclose documents from five senior U.S. executives and compliance officers at the bank who were involved in the decision to transfer $875 million in government funds to Nigeria's corrupt former energy minister, a judge said on Tuesday.

Expert Analysis

  • Assessing SPAC Risk After SEC Pumps Brakes On Market

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    The current lull in special purpose acquisition company activity following the U.S. Securities and Exchange Commission's recent risk advisories offers SPAC parties an opportunity to ramp up due diligence on targets and to evaluate prior accounting of warrants to ensure regulatory compliance, say Julie Copeland and Ellen Graper at StoneTurn.

  • Judge's Rebuke Of Mass. AG Has Lessons For All Attorneys

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    A Massachusetts federal judge’s recent rebuke of the state Attorney General’s Office for refusing to respond to discovery requests in Alliance for Automotive Innovation v. Healey highlights six important considerations for attorneys who want to avoid the dreaded benchslap, say Alison Eggers and Dallin Wilson at Seyfarth.  

  • Font Considerations To Give Your Legal Briefs An Edge

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    Following the D.C. Circuit’s recent notice discouraging use of the font Garamond in legal briefs, Jason Steed at Kilpatrick looks at typeface requirements and preferences in appellate courts across the country, and how practitioners can score a few extra brief-writing points with typography.

  • Make Profitability Management Part Of Your Law Firm Culture

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    As the legal industry continues to change in the post-pandemic world, law firms should adapt to client demands by constantly measuring and managing the profitability of their services, says Joseph Altonji at LawVision.

  • CFPB's First 100 Days Lay Foundation To Maximize Authority

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    Former Consumer Financial Protection Bureau general counsel Quyen Truong, now at Stroock, analyzes how developments in the first 100 days under new CFPB leadership reclaim the agency's activist mission and authority, redirect resources toward forceful action, and open the door to change the regulatory framework.

  • 4 Trends In Discoverability Of Litigation Funding Documents

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    Recent rulings shed light on how courts and international arbitration tribunals decide if litigation funding materials are discoverable and reaffirm best practices that attorneys should follow when communicating with funders, say Justin Maleson at Longford Capital and Michele Slachetka and Christian Plummer at Jenner & Block.

  • W.Va. Consumer Law Changes Offer Help For Finance Cos.

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    New amendments to the West Virginia Consumer Credit and Protection Act will help businesses in the state, particularly in the financial services industry, by better defining the process for presuit notice and opportunity to cure, and by making it easier to recover attorney fees, say Andrew Narod and Jared Searls at Bradley Arant.

  • Enabling Nonsecurity Fractional Ownership Of NFTs

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    Distributed ledger and smart contracts may make fractional ownership of nonfungible tokens possible without the complications of traditional securities sales, and market participants stand to benefit from the associated innovation and efficiencies, say Mack Legal principal Thomas Mack and Google product counsel Richard Widmann.

  • 7 Lessons For Young Lawyers Starting Their Careers

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    This year's law graduates and other young attorneys must recognize that the practice of law tests and rewards different skills and characteristics than law school, and that what makes a lawyer valuable changes over time, says Vernon Winters, retired partner at Sidley.

  • How Justices' AMG Ruling Affects Privacy And Cybersecurity

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    The U.S. Supreme Court's recent ruling in AMG Capital Management v. Federal Trade Commission removes the regulator's ability to seek monetary damages that discouraged privacy and cybersecurity breaches, and as a result, companies should reassess their exposure in these areas, say attorneys at Orrick.

  • Archegos Fallout Is A Wake-Up Call For Banks

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    Billions in bank losses related to the recent collapse of Archegos Capital Management point to bank risk management and compliance deficiencies, and highlight several steps brokerages should take to avoid exposure next time a family office customer blows up, say consultants at StoneTurn.

  • New Money Laundering Regs Will Aid Art Market Transparency

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    The privacy and anonymity of art and antiquities transactions can enable criminal activity to go undetected — so recent updates to the Anti-Money Laundering Act covering art market participants are an important step forward, says Andrea Perez at Carrington Coleman.

  • Opinion

    Justices Should Clarify Securities Fraud Loss Causation

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    At its May conference, the U.S. Supreme Court should agree to review BofI Securities Litigation, to clear up a circuit split on how to assess loss causation in securities fraud cases, as shareholder class actions increasingly focus on external events that led to a stock drop, says Lyle Roberts at Shearman & Sterling.

  • How Gov't FCPA Hiring Practices Theory May Pan Out In Court

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    In recent settlements with banks, U.S. authorities have taken the position that providing a job or even an unpaid internship to relatives or friends of foreign officials is a violation of the Foreign Corrupt Practices Act, but it is worth assessing how this theory would fare in individual prosecutions, say attorneys at Debevoise.

  • New Markets Credit Will Aid Recovery In Low-Income Areas

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    The recently extended New Markets Tax Credit is a critical tool for economic development in low-income communities, which have been hit especially hard by the pandemic, so public finance attorneys should consider its benefits when advising clients on projects, says Julia Fendler at Butler Snow.

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