UPDATED June 16, 2020 | The COVID-19 pandemic has caused widespread economic hardship for businesses of all sizes, with stay-at-home orders just now starting to be lifted after months in effect. Among the bipartisan actions taken by the federal government to support the business community was a concerted effort to provide forgivable loans to small businesses.
The Office of the Comptroller of the Currency has urged a California federal court to reject an effort by California and two other states to block the agency's valid-when-made rule, arguing the rule was well within bounds as an attempt to mitigate legal uncertainty surrounding interest rate transferability.
The Consumer Financial Protection Bureau sued mortgage company 1st Alliance Lending in Connecticut federal court Friday for alleged violations of lending and consumer laws, including misleading consumers about whether they would qualify for refinances and not informing them of credit denials.
A California unemployment insurance recipient on Thursday filed a proposed class action against Bank of America NA in San Francisco federal court, accusing the bank — the Golden State's partner in unemployment benefits administration amid the pandemic-linked economic downturn — of failing to protect benefits recipients from fraudsters.
Investors suing Swiss blockchain technology company Status Research urged a New York federal judge Thursday not to toss their proposed class action, arguing U.S. securities laws apply to the foreign company's unregistered digital tokens.
The Western Union Co. lobbed a virus coverage suit at Chubb on Friday, telling a Colorado federal court that the Pennsylvania-based insurer has unlawfully refused to cover the company's losses stemming from pandemic-related business interruptions.
The Seventh Circuit on Friday seemed skeptical of a commercial financing company's argument that a lower court should not have dismissed its claim that former legal counsel gave self-serving advice that led to penalties against the company's founder.
Delaware's Chancery Court issued a temporary restraining order Friday limiting California-based Ripple Labs Inc.'s cryptocurrency transactions and equity redemptions after investor Tetragon sued to halt any Ripple virtual currency purchases until Tetragon can sell back its stock.
In this week's Taxation With Representation, New Fortress Energy snaps up two liquefied natural gas firms for $5 billion, health care products company Steris buys Cantel Medical Corp. for $3.6 billion, and cryptocurrency platform Bakkt goes public.
An officer of Electronic Payment Solutions of America Inc. facing Federal Trade Commission claims that he took part in a $7 million scam told an Arizona federal judge Thursday that he has agreed to permanently stop engaging in payment processing and telemarketing in order to resolve the case.
The subscription-based stock trade advice website Raging Bull is staunchly denying claims from the Federal Trade Commission that its stock experts are actually market losers who have defrauded their customers out of $137 million.
Online broker ThinkMarkets sued an ex-employee in Illinois federal court Wednesday, alleging that the former information technology worker now works for a competitor that's suing the company and that he refuses to return proprietary information.
Consumer and small business-focused company LendingPoint said Thursday it landed a $125 million investment from Warburg Pincus to help it continue growing and working with its e-commerce and financial institution partners, in a fundraising led by Paul Hastings LLP and Wachtell Lipton Rosen & Katz.
Traders who accused the cryptocurrency exchange BitMEX and its founders of "myriad" illegal activities told a federal judge in San Francisco on Wednesday that the key facts of their lengthy suit are "simple and easy to understand," and so the suit should not be tossed.
The Office of the Comptroller of the Currency said Thursday it has finalized its "fair access" rule limiting the ability of bigger national banks to stop lending to fossil fuel companies, gun makers and other politically controversial businesses, a move that's already being condemned by bankers and consumer advocates as midnight rulemaking.
The Office of the Comptroller of the Currency said Wednesday that Brian Brooks is stepping down as acting head of the agency, bringing to a close the brief, but active, tenure of the former cryptocurrency executive-turned-bank regulator just days before the end of the Trump administration.
The Office of the Comptroller of the Currency said Wednesday that it has conditionally approved cryptocurrency custody provider Anchorage for a national trust bank charter, positioning the new Anchorage Digital Bank NA to become what the startup is calling the first-ever federally chartered digital asset bank.
Coinbase's former compliance chief, who has decades of experience in the traditional banking sector, is headed to digital financial services firm BitGo as its chief compliance officer, the company announced Wednesday.
Just five months after its previous financing, digital lending platform Blend said Wednesday it raised $300 million in a funding round that nearly doubles its valuation to $3.3 billion and was led by Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP and Wilson Sonsini Goodrich & Rosati PC.
An attorney for investors in outsourcing company SourceHOV Holdings urged Delaware's justices on Wednesday to uphold a $47.3 million post-merger share appraisal 2.8 times higher than the company's, saying the business "ran from its own expert" while pressing indefensibly low values.
Alibaba investors competing to lead a proposed class in three suits against the Chinese e-commerce giant urged a New York federal judge Tuesday to consolidate the actions, which accuse the company of hiding details that led to regulators in China stopping affiliated payment provider Ant Group's estimated $34 billion initial public offering.
Technology-focused private equity firm Silver Lake, working with Simpson Thacher & Bartlett LLP, announced Wednesday it landed $20 billion for its latest flagship fund.
Fintech startup Affirm, which bills itself as a flexible alternative to credit cards, saw shares soar Wednesday after pricing an above-range $1.2 billion initial public offering guided by Skadden and underwriters counsel Davis Polk.
The European Commission said on Wednesday that it has given the green light to the high-profile, $27 billion acquisition by the London Stock Exchange of U.S. financial data provider Refinitiv, imposing a series of conditions to allay competition concerns.
The Senate Banking Committee's top Democrat said Tuesday he'll prioritize workers over Wall Street as the next chairman of the powerful panel, pledging to pursue an ambitious progressive policy agenda that includes providing more coronavirus aid, installing more "pro-consumer" agency heads and expanding banking system access.
Blockchain startup SolidX Management accused asset manager VanEck Securities Corporation of breach of contract in a suit filed in New York state court Tuesday, saying VanEck cut ties with the crypto firm only to create its own bitcoin exchange-traded fund using SolidX's technology.
As the Biden administration prepares to take office, financial regulators must resolve to collaborate with each other and industries to manage the financial risks from climate change after years of obstruction by the Trump administration, says New York Department of Financial Services Superintendent Linda Lacewell.
Some recent litigation developments demonstrate efforts by law firms and their clients to search for opportunities in the COVID-19 economic fallout, while others — such as the rise of contingency fee arrangements — reflect acceleration of tendencies that were already underway, says William Weisman at Therium Capital.
In the face of rising client demands due to the pandemic and the changing regulatory environment, and with remote work continuing for the foreseeable future, lawyers should invest in their well-being by establishing inspiring yet realistic goals for 2021 — one month at a time, says Krista Larson at Morgan Lewis.
"Confidential" and other search terms commonly used to locate privileged documents during e-discovery are pretty ineffective, so practitioners should consider including specific types of keywords that are demonstrably better at targeting privilege, say Robert Keeling at Sidley and Rishi Chhatwal at AT&T.
Lawyers working remotely during the pandemic while physically outside the jurisdictions in which they are licensed will find some comfort in a recent American Bar Association opinion sanctioning such practice, but there is ambiguity regarding the contours of what's allowed, say attorneys at Harris Wiltshire.
Although derivatives traders are permitted to trade on their own material, nonpublic information to hedge risk, recent U.S. Commodity Futures Trading Commission enforcement actions highlight the distinction between legal and illegal use of nonpublic information unique to these markets, says CFTC Chairman Heath Tarbert.
Whether geared toward a global audience or a particular client, a law firm's articles, blog posts and client alerts should strive to be original by harnessing a few editorial tools and following the right distribution sequence, say Steven Andersen and Tal Donahue at Infinite Global.
Derek Adams at Potomac Law, and Ellen London and Steven Deolus at Alto Litigation, examine the evolution of the Paycheck Protection Program, the impact of constant changes to eligibility and reporting rules, and enforcement developments to expect this year.
Judges should take into consideration the several points of law enforcement and prosecutorial discretion — from traffic stops to charging decisions and sentencing recommendations — that often lead to race-based disparate treatment before a criminal defendant even reaches the courthouse, say Judge Juan Villaseñor and Laurel Quinto at Colorado's Eighth Judicial District Court.
Lawyers should remember that the basics of interpersonal relationships have not changed despite the completely virtual environment caused by the pandemic, and should leverage the new year as an excuse to connect with clients in several ways, say Megan Senese and Courtney Hudson at Pillsbury.
Companies must prepare to navigate a storm of antitrust forces on the horizon, with the potential for more aggressive antitrust enforcement under the Biden administration, including agency focus on acquisitions of nascent competitors, the life sciences industry and monetary remedies, say attorneys at Cooley.
For law firms planning overhauls in their information technology infrastructures in light of hard lessons learned from pandemic-era transition to remote work, there are five ways to ensure even the biggest tech upgrade has minimal impact on client service, says Brad Paubel at Lexicon.
The U.S. Securities and Exchange Commission's enforcement priorities may shift under Democratic leadership, which could result in changes in resource allocation, case mix, remedies and procedure, says former SEC Division of Enforcement Co-Director Steven Peikin at Sullivan & Cromwell.
Careful construction of an amicus brief's essential elements — including the table of contents, which determines whether a brief gets studied or skimmed — and the order in which they are crafted are key to maximizing a party's hoped-for impact on a case before the U.S. Supreme Court or other appellate courts, say Mark Chopko and Karl Myers at Stradley Ronon.
Changes in the way people work and communicate — which the pandemic has accelerated — will continue to bring new e-discovery challenges and shifts in data recovery this year, says Brian Schrader at Business Intelligence Associates.