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Banking
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November 12, 2024
Visa To Fight Market Definition In DOJ Antitrust Case
Attorneys for Visa told a New York federal judge on Tuesday that the company plans to argue the U.S. Department of Justice's debit card monopolization case should be tossed because it ignores a key payment method and attacks legitimate contracts.
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November 12, 2024
Fed Bans Ex-Bank Leaders Over Alleged COVID Relief Fraud
The Federal Reserve Board of Governors announced Tuesday that it has prohibited two former top brass with Nano Banc from future participation in the banking industry, alleging they fraudulently obtained loans and grants through the federal CARES Act.
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November 12, 2024
Comerica Sues CFPB To Stop 'Ultra Vires' Benefits Card Probe
Comerica Bank has sued the Consumer Financial Protection Bureau in a Texas federal court, accusing it of carrying out an overreaching and unlawful investigation into the bank's handling of a government program for distributing federal benefits via debit cards.
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November 12, 2024
Huawei Urges Judge To Toss US IP Theft, Fraud Charges
China's Huawei Technologies and its affiliates have asked a Brooklyn federal judge to dismiss the majority of a criminal indictment, slamming allegations that it tried to steal intellectual property from U.S. rivals and deceived banks and the U.S. government about its business dealings with sanctioned countries.
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November 12, 2024
Peru Agrees To Pay Hedge Fund $40M To Settle Bond Dispute
A D.C. federal judge held Tuesday that the Republic of Peru must pay Gramercy Funds Management LLC $40 million, following the parties' joint motion last week saying they have settled their dispute over enforcement of a $100 million arbitral award.
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November 12, 2024
Stop Bank Impersonation Scams 'Without Delay,' FCC Told
Several banking organizations and a consumer rights group urged the Federal Communications Commission to forge ahead on rules aimed at stamping out scam texts that fraudsters use to impersonate banks.
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November 12, 2024
Nationstar Gets COVID-19 Loan Aid Suit Tossed For Good
Nationstar Mortgage has beaten for good a lawsuit alleging it wrongly denied COVID-19 loss mitigation assistance for delinquent mortgages, with a Pennsylvania federal judge ruling homeowners did not amend their suit to prove the company violated the law.
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November 12, 2024
Fla. Man Guilty In $1M Cash-To-Bitcoin Laundering Scheme
A Boston federal jury has convicted a Florida resident of helping launder drug proceeds and enabling transfers of funds from fraud victims to romance scammers by converting more than $1 million in cash to bitcoin through his unlicensed "no questions asked" money transfer business.
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November 12, 2024
Former FTX Top Atty Joins Lowenstein Sandler In NY
Lowenstein Sandler LLP announced Tuesday that the former general counsel at crypto exchange FTX will join the firm's New York office as a partner and chair of its new commodities, futures and derivatives practice group.
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November 08, 2024
Payments Co. Never Returned $1.5M, Tribal Authority Claims
An Oklahoma tribal financial services authority has sued two owners of a payment processor, alleging that they defrauded the authority out of $1.5 million by confiscating funds purportedly held in reserve before the termination of their relationship.
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November 08, 2024
Pawn Shop Must Face CFPB's Military Law Claims, Judge Says
In a matter of first impression, a Texas federal judge has ruled that national pawn shop company FirstCash Inc. cannot use a "bona fide error" defense to argue that its alleged violation of the Military Lending Act was an unintentional mishap, saying the defense only applies to private borrower claims, not federal agency suits.
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November 08, 2024
SEC Sues Ex-Fed Examiner For Insider Trading On Bank Stocks
The U.S. Securities and Exchange Commission filed suit against a former senior banking supervisor with the Richmond Federal Reserve Bank, accusing him of insider trading on stocks of New York Community Bancorp and Capital One Financial Corp.
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November 08, 2024
NJ Appeals Panel Rejects Convicted Ex-Atty's Bid For Relief
The New Jersey Appellate Division turned down on Friday a former attorney's bid for review of her conviction on participating in an $873,000 mortgage fraud scheme, in which she claimed she was barred from the full range of cross-examination at trial that she should have had the right to.
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November 08, 2024
FTX Investment Firm Seeks Return Of $11M In Crypto Assets
Alameda Research, an investment arm of the now-bankrupt FTX digital asset empire, has filed a lawsuit against cryptocurrency exchange Crypto.com in Delaware bankruptcy court, seeking the return of $11.4 million in assets still held on the platform despite multiple requests from the debtor.
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November 08, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen collapsed German airline Air Berlin take action against its former auditor KPMG, the associate editor at The Spectator hit with a libel claim by a mosque over the far-right riots that took place in August and British licensing authority the Performing Right Society sue Parklife Manchester and four other festival organizers. Here, Law360 looks at these and other new claims in the U.K.
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November 08, 2024
Katten Adds Private Credit Partner From Weil In NY
Katten Muchin Rosenman LLP has added a former Weil Gotshal & Manges LLP banking and finance counsel, who joined the team in New York as a private credit partner.
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November 07, 2024
Ex-Celsius CEO OK'd To Seek Testimony From Abroad
A New York federal judge Thursday gave former Celsius Network CEO Alex Mashinsky the green light to seek deposition testimony from witnesses reading abroad that he claims is crucial to his defense, but declined to narrow the case against the founder of the now-bankrupt cryptocurrency-lending platform.
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November 07, 2024
Flagstar Customer Asks 6th Circ. To Revive Overdraft Fee Suit
A Flagstar Bank customer has urged the Sixth Circuit to revive her class claims alleging the bank charged surprise overdraft fees, arguing that a Michigan district court failed to follow the "settled rules" dictating that ambiguous contract terms should be interpreted against the drafter.
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November 07, 2024
Ill. Judge Anticipates 'Massive' Outcome Investor Restitution
An Illinois federal judge signaled Thursday that he anticipates three former Outcome Health executives will pay a "massive" amount in restitution to investors such as Goldman Sachs and CapitalG that were persuaded to give Outcome money in a fraudulent effort to grow the company.
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November 07, 2024
HSBC, Exec Agree To End Racial Bias Promotion Row
An HSBC executive has agreed to end her racial discrimination lawsuit against her employer over an allegedly denied promotion, the parties informed a Manhattan federal court Thursday.
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November 07, 2024
JPMorgan Sues Adviser Who Jumped To Morgan Stanley
The broker-dealer arm of JPMorgan has accused a former Michigan-based employee of using its confidential information to lure its customers at her new job at Morgan Stanley's wealth management unit, including a half a dozen clients with nearly $12 million in combined assets who have already jumped ship from JPMorgan.
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November 07, 2024
Ex-TD Branch Manager Gets 13 Months For Account Theft
A former New York-based branch manager of TD Bank was sentenced to 13 months in prison after pleading guilty to stealing over $200,000 from a customer's account, even after the customer had died.
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November 07, 2024
Ore. Judge Denies CBD Co's Bid To Freeze Bank Assets
An Oregon federal judge won't freeze accounts tied to the founders of a "neobank" that went belly up and failed to return nearly $127,000 in deposits made by a cannabis company, saying the accounts are operated by a bank that is not a party to the litigation.
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November 07, 2024
Fifth Third Takes Cash Advance Suit Verdict To 6th Circ.
Fifth Third Bank has notified an Ohio federal judge that it plans to appeal to the Sixth Circuit a jury's finding that it breached customer contracts with borrowers who participated in its Early Access loan program and the judge's order denying the bank a new trial.
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November 07, 2024
FINRA Orders Ga. Broker To Pay $2M Over Trading Strategy
A Georgia-based brokerage firm has agreed to pay $2 million in partial restitution to settle allegations from the Financial Industry Regulatory Authority that the firm recommended a trading strategy to customers without fully understanding it.
Expert Analysis
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Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'
The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.
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What 2 Key Rulings Mean For Solicitation Under TCPA
Two recent rulings from federal district courts in New York and California — each of which came to a different conclusion — bring to light courts' continued focus on and analysis of when an alleged communication constitutes a solicitation under the Telephone Consumer Protection Act, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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A Look At Recent Case Law On Expedited Judgment In NY
A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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Secret Service Failures Offer Lessons For Private Sector GCs
The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.
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Managing Sanctions Defense Across Multiple Jurisdictions
Companies called before multiple regulators to account for the same conduct in this era of increased global sanctions and import-control enforcement should consider national differences in law and policy, and proactively coordinate their responses in certain key areas, say attorneys at Baker McKenzie.
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Series
Colorado Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of 2024, Colorado's banking and financial services sector faced both regulatory updates and changes to state law due to recent federal court decisions — with consequences for local governments, mortgage lenders, state-chartered trust companies and federally chartered lenders serving Colorado consumers, says Sarah Auchterlonie at Brownstein Hyatt.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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Series
In The CFPB Playbook: No Lazy, Hazy Days Of Summer
The Consumer Financial Protection Bureau is headed for a brisk fall season, on the heels of a heated summer, which included the U.S. Supreme Court's ruling that the CFPB funding structure is constitutional, and in advance of the November election, says Eamonn Moran at Holland & Knight.
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Payward And The Secondary Crypto Transaction Confusion
Following orders in cases against Coinbase and Binance, the recent California federal court ruling in U.S. Securities and Exchange Commission v. Payward raises even more questions about regulation of secondary transactions involving crypto-assets, as it tries to sidestep fundamental flaws in the SEC's legal theories, say attorneys at Cahill Gordon.
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Opinion
AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.