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Banking
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August 07, 2024
CFPB Backs Homeowners In Nationstar Mortgage Fee Suit
The Consumer Financial Protection Bureau asked a Washington federal court to allow it to file a brief in support of a proposed class action accusing Nationstar Mortgage of illegally charging fees whenever homeowners request payoff statements for their loans.
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August 06, 2024
2nd Circ. Says Citi Whistleblower Can't Get Cut Of $400M Fine
The Second Circuit on Tuesday upheld a lower court's dismissal of a Citibank executive's whistleblower lawsuit seeking a piece of a $400 million fine the bank paid, finding that she failed to allege a valid False Claims Act claim and therefore has no right to a portion of financial recovery.
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August 06, 2024
Zelle Fraud Victims Seek Class Cert. In BofA Refunds Suit
Consumers suing Bank of America NA for allegedly stiffing them on reimbursement for Zelle fraud and scam losses asked a California federal judge to grant class action status to their case, seeking certification for several classes of customers with denied refund claims from the past four years.
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August 06, 2024
Piper Sandler Says It Will Pay $16M In Recordkeeping Fines
Piper Sandler Cos. disclosed Tuesday that it has reached tentative agreements with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to end investigations into off-channel business communications for a total of $16 million.
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August 06, 2024
Fifth Third Bank Faces MDL Bid Over Allegedly Hidden Costs
A group of consumers is urging the Judicial Panel on Multidistrict Litigation to centralize in New Jersey five proposed class actions alleging Fifth Third Bank NA's solar panel financing business hid loan costs from consumers.
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August 06, 2024
CFPB Pans Bid For 5th Circ. To Reopen Payday Rule Fight
The Consumer Financial Protection Bureau has urged the Fifth Circuit to deny a rehearing bid for a payday loan industry rule challenge that previously foundered at the U.S. Supreme Court, arguing it's time to put the long-running case to bed.
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August 06, 2024
Finance Co. EasyKnock Scams Poor Homeowners, Suit Says
Home finance company EasyKnock Inc. has been sued on allegations it targeted a low-income Philadelphia resident in an "equity-theft" scheme designed to dupe homeowners with an upfront cash payment for a gradual sale of their home that secretly transfers the title to the company.
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August 06, 2024
DC Circ. Rules Russia Is Immune From Suit Over Jewish Texts
The D.C. Circuit ruled Tuesday that the federal court never had jurisdiction over a Jewish group's decades-old allegations that Russia is illegally holding on to its long-lost sacred texts, finding that the country has sovereign immunity and voiding nearly $200 million in fines levied against Russia.
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August 06, 2024
Atty Rips Lawyer's Suit Over $30K Law School Loan Judgment
A Florida employment lawyer's "absurdly long" federal complaint alleging his onetime romantic partner and her attorneys conspired with a Wells Fargo consultant to concoct a vexatious lawsuit against him should be trimmed, one defendant argued Tuesday, noting that an underlying judgment was entered against the plaintiff.
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August 06, 2024
Mich. Judge OKs FTC's Deal With Credit Repair Businesses
Several credit repair companies agreed to turn over about $12 million and either exit the credit repair industry or stop claiming their products can clean up negative credit histories to resolve Federal Trade Commission allegations that they scammed consumers.
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August 06, 2024
DC Circ. Urged To Revive Investor's Pandemic-Era Losses Suit
An investor vying to hold Bank of America liable for losses he sustained at the height of the COVID-19 pandemic told the D.C. Circuit that a trial court judge prematurely tossed his suit claiming that the bank failed to explain the risks of cashing out his investments.
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August 06, 2024
MoneyGram To Settle Fired Worker's FMLA Retaliation Suit
MoneyGram has agreed to settle a former employee's suit claiming she was fired for taking medical leave to treat a stomach illness, according to a Texas federal court filing.
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August 05, 2024
Epstein's Advisers Must Face Victims' Proposed Class Action
A New York federal judge on Monday refused to throw out a putative class action against associates of Jeffrey Epstein, yet also held that one of the victims couldn't pursue her claims in a 2021 liability release that is "about as broad and categorical as it gets."
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August 05, 2024
CFPB's Buy-Now, Pay-Later Policy In House GOP Crosshairs
Republican members of Congress have taken aim again at the Consumer Financial Protection Bureau's recent guidance requiring that some of the protections provided to credit card users be applied to buy-now, pay-later loans, putting forward a new measure that would overturn what the lawmakers argue is a "destructive," overreaching policy.
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August 05, 2024
Payment Processor And Bank Defrauded Merchants, Suit Says
Payment processor Paynetworx LLC and its partner bank Pathward Financial Inc. have been hit with a suit by two merchants who say the payment company and the bank misrepresented fees and their compliance with card network rules, causing the merchants to make millions in unnecessary and improper payments.
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August 05, 2024
Coinbase Broke Campaign Finance Laws, Crypto Critics Say
Crypto exchange Coinbase violated campaign finance laws when it donated $25.5 million to political action committees while negotiating a federal contract, prominent crypto critics told a federal election watchdog — a claim the firm's legal chief has staunchly denied.
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August 05, 2024
Wis. Bank Settles Tribal Group's Bias Suit Over Peyote Use
A local Wisconsin bank and Native American company Medicine Fireplace have jointly told a federal judge they've resolved a lawsuit claiming that the financial institution denied service to the nonprofit firm, whose members use the hallucinogenic peyote plant in their religious ceremonies.
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August 05, 2024
Morgan Stanley Says SEC Eyeing Its Cash Sweep Policies
Morgan Stanley told investors on Monday that it is fielding enforcement inquiries from the U.S. Securities and Exchange Commission about its investment account cash sweep policies.
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August 05, 2024
Indivior Accused Of Overstating Prospects Of 3 Opioid Drugs
Drugmaker Indivior PLC has been hit with a proposed investor class action in Virginia federal court over claims it overstated the financial prospects of its drugs used to treat opioid use disorders and the company's ability to forecast such financial projections.
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August 05, 2024
EarnIn's Fees, Tips Are Usurious, Ga. Consumers Say
Pay advance app EarnIn has been hit with a proposed class action alleging its optional fees and tips are hidden interest payments that, on average, far exceed fair rates for consumer lending.
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August 05, 2024
SEC, Other Regulators Propose Joint Data Standards
The U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau and six other regulators are crafting joint standards required by bipartisan legislation aiming to modernize the collection and publication of those agencies' financial data, the SEC announced Friday.
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August 05, 2024
Full Fed. Circ. Won't Eye Ruling Clarifying Foreign Damages
The full Federal Circuit declined Monday to review a decision that clarified how to apply a 2018 U.S. Supreme Court ruling on foreign damages in patent cases while rejecting Trading Technologies' bid to increase a $6.6 million verdict it won against IBG LLC.
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August 05, 2024
BofA Can't Get 4th Circ. To Look At Collective Cert. Process
A collective of mortgage loan officers seeking unpaid overtime won't land in front of the Fourth Circuit, a North Carolina federal judge ruled Monday, turning down Bank of America's bid to sort out which method to use for certifying collectives.
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August 05, 2024
SVB Ex-Parent's Ch. 11 Plan OK'd With $1.9B FDIC Fight Alive
Silicon Valley Bank's former owner received a New York bankruptcy court's blessing to liquidate and emerge from Chapter 11, but the judge rejected portions of the plan that federal regulators argued would hamper their defense against SVB Financial Group's efforts to recoup some $1.9 billion seized by an FDIC receiver when the bank collapsed.
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August 05, 2024
Ex-Credit Union VP Sues Over Pot Compliance Firing
A former vice president of a Missouri credit union has hit the institution with a federal lawsuit claiming her former employer violated state whistleblower and federal money laundering laws after she refused to open accounts for her boss's friends in marijuana-related businesses despite pressure from the boss.
Expert Analysis
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.
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Series
After Chevron: No Deference, No Difference For SEC Or CFTC
The Chevron doctrine did not fundamentally alter the interplay between the courts and the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission in the development of the securities and commodities laws — and its demise will not do so either, says Dan Berkovitz at Millennium Management.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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When Patents As Loan Collateral Can Cost You Standing
The Federal Circuit's recent decision in Intellectual Tech v. Zebra Technologies shines a light on loan default provisions' implications for patent infringement litigation, as a default may inadvertently strip a patent owner of constitutional standing to sue over a patent pledged as collateral, say Joseph Marinelli and Suet L. Lee at Irwin IP.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Roundup
After Chevron
In the month since the U.S. Supreme Court overturned the Chevron deference standard, this Expert Analysis series has featured attorneys discussing the potential impact across 26 different rulemaking and litigation areas.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 in California, which saw efforts to expand consumer protection legislation and enforcement actions in areas of federal focus like medical debt and student loans, demonstrated that the state's role as a trendsetter in consumer financial protection will continue for the foreseeable future, say attorneys at Sheppard Mullin.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Parsing Justices' Toss Of Purdue's Controversial Ch. 11 Plan
The U.S. Supreme Court's recent nixing of OxyContin manufacturer Purdue Pharma's Chapter 11 proposal prevents the Sackler family from settling thousands of civil opioid lawsuits without the consent of all of the plaintiffs, and holds profound implications for bankruptcy cases, say attorneys at MoloLamken.
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Proposed Customer ID Rule Could Cost Investment Advisers
A rule recently proposed by FinCEN and the U.S. Securities and Exchange Commission to make financial advisers collect more customer information parallels an anti-money laundering and counterterrorism rule proposed this spring, but firms may face new compliance costs when implementing these screening programs, say attorneys at Lowenstein Sandler.
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What Passage Of House Crypto Bill Could Mean For Industry
While the prospects of the Financial Innovation and Technology for the 21st Century Act, which recently passed the House in a bipartisan fashion, becoming law remain murky, the manner of its passage may give crypto markets a real cause for hope, say Neel Maitra and Dale Beggs at Dechert.
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Series
NY Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 saw less enforcement activity in the realm of New York financial services, but brought substantial regulatory and legislative developments, including state regulators' guidance on cybersecurity compliance and customer service processes for virtual currency entities, say James Vivenzio and Andrew Lucas at Perkins Coie.
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4 Important Events In Bank Regulation: A Midyear Review
The first six months of 2024 have been fairly stable for the banking industry, though U.S. Supreme Court decisions and proposals from regulators have significantly affected the regulatory standards applicable to insured depository institutions, says Christina Grigorian at Katten.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.