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Banking
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August 30, 2024
Whistleblower Seeks 2nd Bid At $690M Claim In DC Circ.
A whistleblower denied up to $690 million, or 30%, of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program asked for a D.C. Circuit panel to rehear his case Friday, saying its original opinion included numerous mistakes and misunderstandings.
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August 30, 2024
FINRA Dings Raymond James $2M Over Customer Complaints
Two Raymond James units will pay nearly $2 million to settle allegations from the Financial Industry Regulatory Authority that they didn't properly handle customer complaints or supervise mutual fund purchases.
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August 30, 2024
Conn. Mayor Says Scam Cost Town $208K, Finance Chief Out
The mayor of a Connecticut town has announced that it was the victim of a "social engineering scam" that cost it about $208,000, leading to the resignation of the town's finance director, although it has since recouped half the stolen funds.
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August 30, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.
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August 30, 2024
FTX Exec Drops Bid To Undo Plea Amid Partner's Indictment
Former FTX executive Ryan Salame is no longer seeking to vacate his guilty plea that he says Manhattan federal prosecutors induced with a false promise to halt a campaign finance probe into his partner Michelle Bond, though his claims that they broke their word will still be litigated before two different judges.
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August 30, 2024
Firm Accused Of Botching Arbitration In Tribal Lending Row
Bradley Arant Boult Cummings LLP and one of its former attorneys have been hit with a California federal court suit accusing them of negligence in their representation of a consulting business and its president in a 2018 arbitration they say caused them at least $17.5 million in damages.
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August 29, 2024
PNC Asks 4th Circ. To Reconsider HELOC 'Offset' Ban Ruling
PNC Bank has asked the Fourth Circuit to take another look at its ruling that extended the "offset" provision of the Truth in Lending Act, which prevents banks from using funds held in deposit accounts to offset credit card debt without the consumer's consent, to home equity lines of credit.
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August 29, 2024
Texas' Anti-ESG Law Is Unconstitutional, Green Biz Org Says
A sustainability-focused business group on Thursday sued Texas state officials in federal court seeking to block a law that restricts state investments with financial firms and businesses that want to reduce their reliance on fossil fuels.
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August 29, 2024
Show Your Work, 5th Circ. Tells Judge In Banks' Subpoena Fight
The Fifth Circuit has vacated a Texas federal court decision denying a businessman's bid to quash a subpoena requested by two financial institutions looking for evidence in a Mexican fraud case, sending the case back to the lower court to explain its reasoning for the denial.
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August 29, 2024
Schwab's 'Cash Sweep' Paid For TD Ameritrade Buy, Suit Says
The Charles Schwab Corp. has been hit with a proposed class action in California federal court by three customers alleging that the investment bank obtains "outsized benefits" from its cash sweep programs and used a significant amount of the cash to finance its $26 billion acquisition of TD Ameritrade Holding Corp. several years ago.
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August 29, 2024
CFPB Fines NewDay $2.25M Over VA Home Loan Practices
The Consumer Financial Protection Bureau levied a $2.25 million fine against NewDay Financial LLC on Thursday for allegedly deceiving active-duty service members and veterans seeking cash-out refinance loans on their home mortgages.
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August 29, 2024
CFPB Notches Default Win Against Ga. Auto Loan Servicer
The Consumer Financial Protection Bureau has scored a default judgment against a Georgia-based auto loan servicer accused of a slew of unlawful business practices, including using kill switches to shut off borrowers' cars and double charging them for insurance premiums.
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August 29, 2024
Class Attys Seek Chancery Doc Sanctions In Santander Suit
An attorney for Santander Consumer USA Holdings Inc. stockholders urged a Delaware vice chancellor Thursday to exercise the court's "common law" document retention enforcer role during arguments for sanctions against the big auto lender's board, controller and parent for deleting messages before a $2.5 billion minority squeeze-out merger.
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August 29, 2024
4th Circ. Won't Revive Whistleblower's Credit Suisse Tax Suit
The Fourth Circuit upheld the dismissal of a former Credit Suisse employee's whistleblower case that alleged the Swiss bank continued to help clients evade taxes after it made a related plea deal with the U.S., saying a 2023 U.S. Supreme Court decision on the False Claims Act could not save the case.
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August 29, 2024
Convicted Drexel Prof Says Records Would've Swayed Jury
A Drexel University accounting professor convicted on charges of tax evasion and filing false tax returns after the government accused him of failing to report $3.3 million in income from a Trenton pharmacy has asked a New Jersey federal judge for a new trial.
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August 29, 2024
Backpage Co-Founder Gets 5 Years In Prostitution Case
The co-founder of defunct classifieds service Backpage.com was sentenced in Phoenix federal court to five years behind bars after he was convicted for his role in a $500 million prostitution scheme, the U.S. Department of Justice said Wednesday.
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August 29, 2024
Aon Unit Accuses Chinese Bank Of $2.8B Reinsurance Fraud
An Aon PLC subsidiary has accused one of China's largest banks in New York state court of helping a now-bankrupt insurtech company engage in a multibillion-dollar scheme to defraud the subsidiary and cedent insurers in reinsurance transactions, seeking to recover at least $140 million in lost premiums from the bank.
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August 29, 2024
JPMorgan Says Ex-Adviser Poached Clients Worth $13M
JPMorgan Chase has accused a former adviser of attempting to solicit clients for Wells Fargo, an effort JPMorgan alleged has so far been successful in converting 16 clients worth $13 million to its competitor.
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August 28, 2024
Calif. Assembly OKs 1st-Of-Its-Kind AI Safety Bill
California lawmakers on Wednesday approved a groundbreaking proposal that would set safety and security standards for large artificial intelligence models.
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August 28, 2024
Telegram CEO Indicted In France Over Crimes On Platform
Paris prosecutors on Wednesday unveiled wide-ranging criminal charges against Pavel Durov, the founder and CEO of encrypted messaging-platform Telegram, accusing him of aiding illegal child-pornography, fraud and other crimes and obstructing investigations, and barring him from leaving the country.
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August 28, 2024
Raymond James Hit With Suit Over 'Cash Sweep' Programs
Financial services giant Raymond James faces a proposed class action in Florida federal court alleging its so-called cash sweep programs offer interest rates "significantly lower" than those offered by competitors, in violation of federal law.
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August 28, 2024
BofA Units Fined $3M Over Trade Surveillance Compliance
Two Bank of America units have agreed to pay $3 million to settle the Financial Industry Regulatory Authority's claims that they did not sufficiently safeguard against potentially manipulative trading by customers.
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August 28, 2024
Capital One Says Merger's Pending Approval Tanks Challenge
Capital One urged a Virginia federal judge to toss or pause a lawsuit challenging the bank's proposed $35 billion acquisition of Discover Financial Services, saying the suit's claims are too speculative and contingent on unknown future events since they depend entirely on the acquisition receiving regulatory and government approval.
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August 28, 2024
NJ Law Firm Sues TD Bank Over Bounced $149K Check
A New Jersey personal injury firm has sued TD Bank, alleging that it lost over $146,000 as a result of its bank's failure to give it timely notice about a bad six-figure cashier's check deposited to the firm's business account.
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August 28, 2024
SEC To Embattled NC Insurance Exec: Show Us The Money
The U.S. Securities and Exchange Commission is seeking to force a convicted insurance mogul at the center of an alleged $57 million fraud to tell it what happened to the money he's accused of stealing from the insurance companies he ran, arguing in a North Carolina federal court that his answers thus far don't add up and that he shouldn't be allowed to rely on them at his upcoming trial.
Expert Analysis
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Series
After Chevron: Creating New Hurdles For ESG Rulemaking
The U.S. Supreme Court's Loper Bright decision, limiting court deference to agencies' statutory interpretations, could have significant impacts on the future of ESG regulation, creating new hurdles for agency rulemaking around these emerging issues, and calling into question current administrative actions, says Leah Malone at Simpson Thacher.
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A Timeline Of Antisemitism Legislation And What It Means
What began as hearings in the House of Representatives Committee on Education and the Workforce has expanded to a House-wide effort to combat antisemitism and related issues, with wide-ranging implications for education, finance and nonprofit entities, say attorneys at Morgan Lewis.
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Opinion
States Should Loosen Law Firm Ownership Restrictions
Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.
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State Licensing Pitfalls Mortgage Servicers Must Beware
A recent enforcement action from the Washington Department of Financial Institutions demonstrates how subtle distinctions in state mortgage servicer licensing laws may come as a surprise to some companies, even if they never directly receive payments or interact with borrowers, says Clayton Swears at Hudson Cook.
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Best Text Practices In Light Of Terraform's $4.5B Fraud Deal
Text messages were extremely important in a recent civil trial against Terraform Labs, leading to a $4.5 billion settlement, so litigants in securities fraud cases need to have robust mobile data policies that address the content and retention of messages, and the obligations of employees to allow for collection, say Josh Sohn and Alicia Clausen at Crowell & Moring.
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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CFPB's New Registration Rule Will Intensify Nonbank Scrutiny
The Consumer Financial Protection Bureau's recently finalized nonbank registration rule aimed at cracking down on repeat offenders poses significant compliance challenges and enforcement risks for nonbank financial firms, and may be particularly onerous for smaller firms, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.