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Banking
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July 09, 2024
3 States Ask High Court To Freeze Biden's Debt Relief Plan
Three state attorneys general applied to the U.S. Supreme Court seeking to vacate the stay of a nationwide injunction in an effort to pause implementation of a $475 billion student loan debt forgiveness program, saying they are likely to succeed in their attempts to have the program invalidated by the high court.
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July 09, 2024
Fifth Third Fined $20M Over Fake Accounts, Auto Loan Issues
Fifth Third Bank will pay a total of $20 million to resolve claims from the Consumer Financial Protection Bureau that bank employees opened accounts for customers without authorization, and forced vehicle insurance onto borrowers who already had coverage.
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July 09, 2024
Feds Seek 37 Mos. For Tippee In JPMorgan Insider Case
California federal prosecutors are seeking a three-year prison sentence for a Los Angeles man who was found guilty of trading on privileged information supplied by a childhood friend who was an analyst at JPMorgan Securities LLC, saying that his repeated lies under oath suggest he does not fully understand the consequences of his actions.
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July 09, 2024
2 Cooperators In Bankman-Fried Case To Be Sentenced In Fall
Two former FTX executives who pled guilty and testified for the government at the trial of Sam Bankman-Fried, the collapsed cryptocurrency exchange's founder, will be sentenced this fall, a New York federal judge said Tuesday.
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July 09, 2024
McDermott Lands 22-Year Latham Securities Litigator In LA
McDermott Will & Emery has brought in the global co-chair of Latham & Watkins LLP's securities litigation and professional liability practice group to join its Los Angeles office.
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July 09, 2024
Jackson Lewis Snags Proskauer Atty In NYC Office
Nationwide employment law firm Jackson Lewis PC announced Tuesday that it has hired a former Proskauer Rose LLP associate as a principal in its New York City office.
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July 09, 2024
Fed's Powell Backs Do-Over For Basel Bank Capital Plan
Federal Reserve Chair Jerome Powell told senators on Tuesday that he supports a reproposal of federal regulators' Basel III endgame overhaul to big-bank capital requirements, suggesting the package is being rethought significantly enough to merit a whole new draft before it can be finalized.
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July 09, 2024
Estate Atty Settles Claims She Stole From Incarcerated Man
A previously incarcerated man has dismissed malpractice claims he filed in Michigan federal court against an attorney, alleging she skimmed money he received from his mother's estate.
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July 08, 2024
Paxful Co-Founder Admits Anti-Money Laundering Failures
Paxful co-founder Artur Schaback faces a maximum penalty of five years in prison after he pled guilty in California federal court Monday to conspiring to do without effective anti-money laundering policies for the cryptocurrency exchange platform, the U.S. Department of Justice announced.
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July 08, 2024
CFPB Backs Bank In Ill. Customer's 'Schumer Box' Suit
The Consumer Financial Protection Bureau has thrown its support behind an Illinois bank in litigation over allegedly lacking repayment disclosures in its customer credit statements, saying the regulation at issue does not apply to the plaintiff's form of credit.
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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.
Expert Analysis
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Roundup
Illinois Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.
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Roundup
Florida Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.
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At 'SEC Speaks,' A Focus On Rebuilding Trust Amid Criticism
At the Practising Law Institute's SEC Speaks conference last week, U.S. Securities and Exchange Commission leadership highlighted efforts to rebuild and restore trust in the U.S. capital markets by addressing investor concerns through regulatory measures and enforcement actions, emphasizing the need for cooperation from market participants, say attorneys at Perkins Coie.
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Series
Fla. Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments that could have a notable impact on Florida's finance community include progress on a bill that would substantially revise the state Securities and Investor Protection Act, and the Consumer Financial Protection Bureau's final rule capping late fees for larger credit card issuers, say Benjamin Weinberg and Megan Riley at Leon Cosgrove.
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Series
NY Banking Brief: All The Notable Legal Updates In Q1
The first quarter of 2024 saw a number of notable legal and regulatory developments that will significantly affect New York's financial services industry, including the New York Department of Financial Services' finalized novel guidance directing banks to continuously monitor the character and fitness of key personnel, say Brian Montgomery and Nathan Lewko at Pillsbury.
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Weisselberg's Perjury At Trial Spotlights Atty Ethics Issues
Former Trump Organization executive Allen Weisselberg’s recent guilty plea for perjury in the New York attorney general's civil fraud trial should serve as a reminder to attorneys of their ethical duties when they know a client has lied or plans to lie in court, and the potential penalties for not fulfilling those obligations, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Practicing Law With Parkinson's Disease
This Parkinson’s Awareness Month, Adam Siegler at Greenberg Traurig discusses his experience working as a lawyer with Parkinson’s disease, sharing both lessons on how to cope with a diagnosis and advice for supporting colleagues who live with the disease.