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Banking
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July 08, 2024
2nd Circ. Lets Rail Co. Retool Suit Against Big Banks
The Second Circuit on Monday restored Eddystone Rail Co. LLC's lawsuit targeting Bank of America NA and other banks for their alleged roles helping an oil transportation and logistics company evade liability in a roughly $140 million contract dispute, reasoning that the rail company still has time to amend its complaint.
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July 08, 2024
3rd Circ. Doubts SEC Properly Served Ponzi Scheme Suspect
The Third Circuit on Monday appeared skeptical of the U.S. Securities and Exchange Commission's bid to maintain a default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, peppering the agency with questions about how the complaint was served.
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July 08, 2024
FDIC Downgrades Green-Focused Bank On CRA Exam
The Federal Deposit Insurance Corp. has dinged Forbright Bank, a sustainability minded bank started by former Democratic presidential candidate John Delaney, over an allegedly "illegal credit practice" tied to a since-discontinued third-party partnership, lowering its latest community lending exam grade.
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July 08, 2024
Credit Repair Law Firm Only Made Problems Worse, Suit Says
A purported credit repair organization faces a Michigan customer's allegations that the company further damaged her credit at a price of "tens of thousands of dollars" over months in violation of state and federal law.
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July 08, 2024
Archegos Jury To Mull If $100B Flop A Crime Or Just Failure
Archegos founder Bill Hwang's disastrous hedge fund trading was legal, his lawyer argued in closing to a Manhattan federal jury Monday, after prosecutors claimed "undeniable proof" that Hwang and a co-defendant criminally distorted Wall Street to the tune of $100 billion.
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July 08, 2024
Milbank Taps Ex-CFTC Senior Official From Jones Day
A former U.S. Commodity Futures Trading Commission division director has joined Milbank LLP as a partner in the firm's Washington office, where he will focus on regulatory and enforcement matters related to derivatives, financial market infrastructure and digital assets.
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July 08, 2024
Patent Holder Drops VoIP Suits Against Capital One, Fidelity
A small company that owns a voice recognition technology patent has agreed to drop its lawsuits in Texas federal court against Capital One and Fidelity.
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July 08, 2024
The Biggest Patent Rulings Of 2024: A Midyear Report
The Federal Circuit issued its first en banc patent decision since 2018, a circuit judge's suspension was solidified and courts shed further light on foreign damages and skinny labels. Here's a look back at these rulings and other top patent decisions from the first half of 2024.
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July 05, 2024
Calif. Privacy Agency Floats Data Broker Registry Rules
California's privacy agency on Friday kick-started the process for formalizing rules to guide data brokers on how to properly register under a groundbreaking state law that imposes significant new data deletion and disclosure obligations on these companies.
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July 05, 2024
How Reshaped Circuit Courts Are Faring At The High Court
Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.
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July 05, 2024
Breaking Down The Vote: The High Court Term In Review
The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.
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July 05, 2024
High Court Flexes Muscle To Limit Administrative State
The U.S. Supreme Court's dismantling of a 40-year-old judicial deference doctrine, coupled with rulings stripping federal agencies of certain enforcement powers and exposing them to additional litigation, has established the October 2023 term as likely the most consequential in administrative law history.
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July 05, 2024
The Sharpest Dissents From The Supreme Court Term
The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.
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July 05, 2024
5 Moments That Shaped The Supreme Court's Jan. 6 Decision
When the high court limited the scope of a federal obstruction statute used to charge hundreds of rioters who stormed the Capitol, the justices did not vote along ideological lines. In a year marked by 6-3 splits, what accounts for the departure? Here are some moments from oral arguments that may have swayed the justices.
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July 05, 2024
The Funniest Moments Of The Supreme Court's Term
In a U.S. Supreme Court term teeming with serious showdowns, the august air at oral arguments filled with laughter after an attorney mentioned her plastic surgeon and a justice seemed to diss his colleagues, to cite just two of the term's mirthful moments. Here, we look at the funniest moments of the term.
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July 05, 2024
Walmart Again Gets FTC's Money Transfer Suit Trimmed
An Illinois federal judge has again pared down the Federal Trade Commission's allegations that Walmart violated consumer protection laws by knowingly processing more than $200 million in fraudulent money transfers, dismissing the FTC's Telemarketing Sales Rule allegations but keeping intact other claims under the FTC Act.
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July 05, 2024
11th Circ. Affirms Wells Fargo's Win Over Bitcoin Fraud Suit
The Eleventh Circuit ruled Friday that a Georgia federal judge correctly tossed a digital trading firm's negligence claims against Wells Fargo over the bank's role in an alleged bitcoin fraud perpetrated through Wells Fargo-held accounts, saying the company failed to show the bank owed noncustomers a duty of care.
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July 05, 2024
NYC Developer To Pay $272M To Settle SEC Investment Suit
A New York City developer and his wife agreed on Friday to pay $272 million to settle claims brought by the U.S. Securities and Exchange Commission that they'd schemed to raise money from hundreds of Chinese investors using false statements.
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July 05, 2024
Full 5th Circ. Urged To Revisit Fight Over CFPB Payday Rule
Payday lender trade groups have formally asked the Fifth Circuit to take another look at parts of their long-running challenge to a payday loan regulation issued by the Consumer Financial Protection Bureau, filing a petition that seeks to reopen the case after the U.S. Supreme Court overturned their prior win.
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July 05, 2024
2024 Global M&A, Mega-Deal Values Outpacing 2023
Dealmakers and the attorneys who represent them came into 2024 with a sense of cautious optimism about the mergers and acquisitions market.
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed sports television company Arena Television hit Bank of Scotland and Lloyds Bank with a claim, James Vorley, the Deutsche Bank metals trader convicted of fraud, sue his former employer, and journalist John Ware file a defamation claim against Pink Floyd band member Roger Waters and Al Jazeera Media Network. Here, Law360 looks at these and other new claims in the U.K.
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July 05, 2024
Top Federal Tax Cases To Watch In The 2nd Half Of 2024
In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.
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July 05, 2024
CFTC's Pham Says CCOs Must Be Careful With Agency
U.S. Commodity Futures Trading Commission member Caroline Pham warns that chief compliance officers at CFTC-registered firms may face individual liability for noncompliance matters at their firms, telling Law360 that this shows the need for compliance heads to carefully document their actions to potentially avoid liability.
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July 03, 2024
6 Things To Know About The Post-Chevron Finreg Impact
The U.S. Supreme Court's decision to overturn the Chevron deference last week may make it tougher for financial regulators to defend a range of rules and regulations pursued by the Biden administration, although experts anticipate the ruling will have an uneven impact across the financial services industry.
Expert Analysis
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Expect CFPB Enforcement To Continue Ramping Up
From hiring and structural changes to continuous external pressure from a variety of sources, all signs indicate that the recent rise of the Consumer Financial Protection Bureau's public enforcement activity will continue throughout the rest of the year, despite ongoing litigation that could upend everything, say attorneys at Paul Hastings.
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ESG Challenges In Focus After Sierra Club Opposes SEC Rule
The Sierra Club's recent objection to the U.S. Securities and Exchange Commission's climate-related disclosures for investors presents an unusual — pro-disclosure — legal challenge and an opportunity to take a close look at the varying critiques of ESG regulations, say Colin Pohlman, and Jane Luxton and Paul Kisslinger at Lewis Brisbois.
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For Lawyers, Pessimism Should Be A Job Skill, Not A Life Skill
A pessimistic mindset allows attorneys to be effective advocates for their clients, but it can come with serious costs for their personal well-being, so it’s crucial to exercise strategies that produce flexible optimism and connect lawyers with their core values, says Krista Larson at Stinson.
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Bankruptcy Courts' Role In Shaping Crypto's Legal Framework
Massive financial and criminal liability has led to the recent collapse of major cryptocurrency companies and put bankruptcy courts in the spotlight, underscoring the urgent need for a comprehensive regulatory framework, say Tara Pakrouh and Eric Monzo at Morris James.
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Private Capital Considerations Amid Market Revival
As improved market conditions position traditional financing to regain lost market share, it's also worth considering the pace and structure of private credit and other forms of private capital, especially when seeking to set unique terms or build new corporate relationships, say attorneys at Skadden.
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Handling Customer Complaints In Bank-Fintech Partnerships
As regulators mine consumer complaint databases for their next investigative targets, it is critical that fintech and bank partners adopt a well-defined and monitored process for ensuring proper complaint handling, including by demonstrating proficiency and following interagency guidance, say attorneys at Jenner & Block.
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Trump's NY Civil Fraud Trial Spotlights Long-Criticized Law
A New York court’s recent decision holding former President Donald Trump liable for fraud brought old criticisms of the state law used against him back into the limelight — including its strikingly broad scope and its major departures from the traditional elements of common law fraud, say Mark Kelley and Lois Ahn at MoloLamken.
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Intent-Based Theory Of Liability In Hwang Creates Ambiguity
A case against Archegos Capital founder Bill Hwang alleging that he participated in a securities manipulation scheme, which goes to trial next month in New York federal court, highlights the need for courts to clarify the legal standard defining "market manipulation," says Edward Imperatore at MoFo.
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Opinion
$175M Bond Refiled By Trump Is Still Substantively Flawed
The corrected $175 million bond posted by former President Donald Trump on Thursday to stave off enforcement of the New York attorney general's fraud judgment against him remains substantively and procedurally flawed, as well as inadequately secured, says Adam Pollock of Pollock Cohen.
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Opinion
Requiring Leave To File Amicus Briefs Is A Bad Idea
A proposal to amend the Federal Rules of Appellate Procedure that would require parties to get court permission before filing federal amicus briefs would eliminate the long-standing practice of consent filing and thereby make the process less open and democratic, says Lawrence Ebner at the Atlantic Legal Foundation and DRI Center.
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NJ Ruling Offers Road Map To Fight Dishonored Check Claims
As ATM and mobile check deposits become more common, a New Jersey state appellate court’s recent ruling in Triffin v. Neptune shows that issuers can rely on copies of checks to defend against claims that checks were wrongfully dishonored after being electronically deposited, say attorneys at Sherman Atlas.
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4 Ways To Motivate Junior Attorneys To Bring Their Best
As Gen Z and younger millennial attorneys increasingly express dissatisfaction with their work and head for the exits, the lawyers who manage them must understand and attend to their needs and priorities to boost engagement and increase retention, says Stacey Schwartz at Katten.
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A Look At Recent Challenges To SEC's Settlement 'Gag Rule'
Though they have been unsuccessful so far, opponents of the U.S. Securities and Exchange Commission's so-called gag rule, which prevents defendants from denying allegations when settling with the SEC, are becoming increasingly vocal and filing more challenges in recent years, say Mike Blankenship and Regina Maze at Winston & Strawn.
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Series
Illinois Banking Brief: All The Notable Legal Updates In Q1
In the first quarter of 2024, Illinois lawmakers proposed a stack of bills aimed at modernizing money transmission, digital assets and banking laws, with a particular focus on improving consumer protections and better defining the state’s authority to regulate digital services, say James Morrissey and Mark Svalina at Vedder Price.
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Defense Attys Must Prep For Imminent AI Crime Enforcement
Given recent statements by U.S. Department of Justice officials, white collar practitioners should expect to encounter artificial intelligence in federal criminal enforcement in the near term, even in pending cases, say Jarrod Schaeffer and Scott Glicksman at Abell Eskew.