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August 16, 2024
PE Firm's SpaceX Suit Belongs In Delaware, HK Co. Says
A Hong Kong company that sued a California-based private equity firm for refusing to invest the company's $50 million into SpaceX says the firm has now sued the company's Chinese parent in California, creating "duplicative proceedings" that ought to be brought in Delaware's Chancery Court.
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August 16, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Barry Manilow sued by music rights company Hipgnosis, a struck-off immigration lawyer take on the Solicitor's Disciplinary Tribunal and the former CEO of a collapsed bridging loan firm start proceedings against the FCA. Here, Law360 looks at these and other new claims in the U.K.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 16, 2024
Connecticut Litigation Highlights Of 2024: A Midyear Report
Several high-stakes Connecticut cases came to a close in the first half of 2024, resulting in the resolution of Frontier Communications' $21.8 million feud with its ex-CEO and a $26.5 million deal for RTX Corp. subcontractors and employees who alleged that anticompetitive no-poach agreements prevented them from advancing their careers.
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August 15, 2024
Colo. Atty Sues Bank, Opposing Counsel Over Hack Attack
A Colorado attorney and conservative radio personality is suing Wells Fargo and opposing counsel in a divorce proceeding over their alleged role in a hacking incident that apparently caused him to wire $375,000 for a client's divorce settlement to Hong Kong.
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August 15, 2024
Treasury's Sanctions Unit Slaps Penalties On Houthi Network
An office of the U.S. Treasury said it has sanctioned a group of companies, people and vessels for shipping Iranian commodities to Yemen and the United Arab Emirates on behalf of their network led by an Iran-based financier viewed as a leading enabler of Yemen's Houthi rebels.
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August 15, 2024
Zymergen Investors Can't Beat Suit Over Pre-IPO Statements
Three of the largest investors of biotechnology company Zymergen cannot escape a suit accusing them of misleading shareholders ahead of the company's initial public offering by approving misstatements about the company's commercial product pipeline.
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August 15, 2024
Shift4 Beats Suit Over 'Questionable' Accounting Practices
A Pennsylvania federal judge has dismissed a proposed class action accusing payment processing company Shift4 Payments Inc. of engaging in questionable accounting practices to keep its stock price afloat, ruling that the plaintiffs had not proven that the company knowingly lied, among other things.
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August 15, 2024
Discover Can't Arbitrate Fraud Risk Claims, But Amex Can
A New York federal judge has refused to allow Discover Financial Services to arbitrate claims that it and other credit card networks conspired to dump fraud risk on retailers, but granted a similar motion from American Express.
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August 15, 2024
SEC Defendants Fight Ex-Latham Atty For Whistleblower Docs
A credit reporting agency at the center of a $73 million U.S. Securities and Exchange Commission lawsuit is seeking to force a retired Latham & Watkins LLP partner to hand over his discussions with a pair of SEC whistleblowers, arguing that the attorney's work for the tipsters isn't privileged.
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August 15, 2024
Startup's Cannabis Payment Deal Dispute Can Move Ahead
An Illinois federal judge has preserved the bulk of a now-defunct cannabis payment startup's suit alleging Fidelity National Information Services drove it out of business by backing out of a partnership deal, saying that while there wasn't an enforceable contract, the startup sufficiently pled that FIS was misleading in its promises.
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August 15, 2024
Banking Groups Sue To Thwart New Ill. Swipe Fee Restrictions
The nation's largest bank trade association and other industry groups sued Thursday to block Illinois from implementing a new state law that prohibits financial intermediaries from charging so-called swipe fees on the sales tax and tip portions of payment card transactions, arguing it conflicts with federal law and risks broader "chaos."
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August 15, 2024
Ga. Man Accused Of Trying To Steal $1.9M In COVID Funds
A Georgia man was indicted in a scheme to steal $1.9 million in pandemic relief money and accused of wire fraud, submitting fraudulent federal tax returns and stealing dozens of Social Security numbers, the U.S. Department of Justice announced Wednesday.
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August 14, 2024
SEC, CFTC To Collect $474M In Latest Texting Probe Fines
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission on Wednesday announced settlements totaling nearly $474 million with several broker-dealers, investment advisers and other registered firms over failures to maintain and preserve text messages and other electronic communications as required under federal law.
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August 14, 2024
CFPB Faces Call To Treat Housing Rental Leases As 'Credit'
A major consumer advocacy group has formally petitioned the Consumer Financial Protection Bureau to write new rules that would require landlords to provide "adverse action" explanations when rejecting prospective renters who have applied for an apartment or other housing lease.
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August 14, 2024
New York Sues Lease-To-Own Fintech For 'Cheating' Users
New York state sued lease-to-own fintech company Acima on Wednesday, accusing the firm of taking advantage of consumers with deceptive practices around its lease agreements and interest rates that go far beyond the state's standard for usury.
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August 14, 2024
FINRA Fines Morgan Stanley $400K Over Transaction Records
A Morgan Stanley wealth management unit will pay the Financial Industry Regulatory Authority $400,000 to settle claims it left required information off of approximately 550,000 trade confirmations for certain municipal securities.
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August 14, 2024
4th Circ. Says Credit Card 'Offset' Ban Applies To HELOCs
Creditors are prohibited from withdrawing funds from a cardholder's deposit account to cover outstanding payments on a home equity line of credit without the borrower's consent, a divided Fourth Circuit panel ruled Wednesday.
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August 14, 2024
CFPB Probe Draws Bead On Sporting Goods BNPL Firm
Credova, a fintech firm that specializes in buy-now, pay-later loans and other financing options for firearms and outdoor recreational goods purchases, is facing scrutiny from the Consumer Financial Protection Bureau and a potential enforcement action, its parent company said Wednesday.
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August 14, 2024
Treasury Says $82M Will Boost Tribal Small Business Growth
An investment by the U.S. Treasury in a consortium of Alaskan tribes is expected to infuse as much as $830 million in additional private sector investments throughout the state and in Indigenous-owned companies as part of the most expansive backing of small-business financing for tribal governments in history.
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August 14, 2024
Del. Justices Affirm $266M Atty Fee Award In Dell Class Suit
Delaware's Supreme Court on Wednesday backed a Chancery Court decision awarding an almost record-breaking $266.7 million fee for stockholder attorneys who settled a class action against Dell Technologies Inc. for $1 billion, saying the Chancery "did not exceed its discretion in setting the fee percentage."
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August 14, 2024
Ukrainian Bank In $1.1B Russia Case Points To Nigeria Ruling
A Ukrainian bank looking to enforce a $1.1 billion arbitral award against Russia has asked a Washington, D.C., federal judge to consider a decision issued last week by the D.C. Circuit rejecting Nigeria's sovereign immunity defense in another litigation over an arbitral award.
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August 14, 2024
Philly Art School Hit With Students' Suit Over Abrupt Closure
Two former students at the University of the Arts claimed the school's sudden shutdown in June was without proper heads-up or guidance, according to a potential class action in Pennsylvania federal court.
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August 14, 2024
Ex-Allied Wallet Execs Plead Guilty In $150M Fraud Scheme
Two former executives of payment processing company Allied Wallet have admitted to their roles in a $150 million bank fraud conspiracy that tricked financial institutions into allowing otherwise restricted merchants to access the card payment networks of Visa, Mastercard, American Express and Discover.
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August 14, 2024
SC Justices Agree To Hear Murdaugh's Jury Tampering Claim
South Carolina's Supreme Court has agreed to hear disgraced lawyer Alex Murdaugh's appeal claiming a clerk of court tampered with the jury that convicted him of murder, invoking a rule that bypasses intermediate appeals when "significant public interest or a legal principle of major importance" hangs in the balance.
Expert Analysis
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The Effects Of New 10-Year Limitation On Key Sanctions Laws
Recently enacted emergency appropriations legislation, doubling the statute of limitations for civil and criminal economic sanctions violations, has significant implications for internal records retention, corporate transaction due diligence and government investigations, say attorneys at Greenberg Traurig.
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What 11th Circ. FCRA Ruling Means For Credit Furnishers
Credit furnishers should revisit their internal investigation and verification procedures after the Eleventh Circuit declined last month in Holden v. Holiday to impose a bright-line rule that only purely factual or transcription errors are actionable under the Fair Credit Reporting Act, say Diana Eng and Michael Esposito at Blank Rome.
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FEPA Cases Are Natural Fit For DOJ's Fraud Section
The U.S. Department of Justice’s recent announcement that its Fraud Section would have exclusive jurisdiction over the Foreign Extortion Prevention Act — a new law that criminalizes “demand side” foreign bribery — makes sense, given its experience navigating the political and diplomatic sensitivities of related statutes, say James Koukios and Rachel Davidson Raycraft at MoFo.
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Using A Children's Book Approach In Firm Marketing Content
From “The Giving Tree” to “Where the Wild Things Are,” most children’s books are easy to remember because they use simple words and numbers to tell stories with a human impact — a formula law firms should emulate in their marketing content to stay front of mind for potential clients, says Seema Desai Maglio at The Found Word.
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CFPB Poised To Up The Ante After Supreme Court Victory
When the U.S. Supreme Court emphatically ruled last week that the Consumer Financial Protection Bureau's funding structure did not violate the Constitution, the agency boasted that it was "here to stay," signaling that it is moving full steam ahead with its regulatory, enforcement and supervisory agenda, says Jim Sandy at McGlinchey Stafford.
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2nd Circ. Ruling Affirms NY Law's Creditor-Friendly Approach
The Second Circuit’s recent ruling in 245 Park Member v. HNA International provides creditors with some reason for optimism that debtors in New York may face rejection in court for aiming to keep creditors at arm’s length by transferring personal assets into an LLC, says Jeff Newton at Omni Bridgeway.
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2 Oil Trader FCPA Pleas Highlight Fine-Reduction Factors
Recent Foreign Corrupt Practices Act settlements with Gunvor and Trafigura — the latest actions in a yearslong sweep of the commodities trading industry — reveal useful data points related to U.S. Department of Justice policies on cooperation credit and past misconduct, say Michael DeBernardis and Laura Perkins at Hughes Hubbard.
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Diving Deep Into Sweeping NY Financing Bill — And Its Pitfalls
A New York bill seeking to impose state usury limits onto a broader variety of financing arrangements and apply lender licensing requirements to more diverse entities would present near-insurmountable compliance challenges for lenders and retailers, say Kate Fisher and Tom Quinn at Hudson Cook.
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New Crypto Reporting Will Require Rigorous Recordkeeping
The release of a form for reporting digital asset transactions is a pivotal moment in the Internal Revenue Service's efforts to track cryptocurrency activities that increases oversight by requiring brokers to report investor sales and exchanges, say Shaina Kamen and Max Angel at Holland & Knight.
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Colo. Lending Law Could Empower State-Chartered Banks
Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.