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June 28, 2024
Texas Bank Wants Ramey Sanctioned For 'Incoherent' IP Suit
A Texas-based bank has asked a federal judge to sanction Ramey LLP in a patent infringement case the firm's client filed against it, saying the litigation is frivolous and should be tossed.
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June 28, 2024
Bitcoin Device Seller Sues Ex-CEO, Alleging $5.3M Fraud
A California-based crypto mining-farm builder and equipment seller has sued its former CEO in California federal court, alleging that he embezzled roughly $5.3 million, leading to the company's failure to pay multiple vendors in a timely manner.
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June 28, 2024
IRS Finalizes Broker Rules For Digital Asset Sales
Brokers of digital assets such as cryptocurrency and non-fungible tokens will face tax reporting requirements for the first time similar to those for brokers of securities and other financial instruments under final regulations issued Friday by the Internal Revenue Service.
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June 28, 2024
Shearman Veteran To Step Down After 47 Years
Allen Overy Shearman Sterling of counsel Henry Weisburg, an international arbitration specialist and veteran of Shearman & Sterling LLP for nearly five decades, will be stepping back from the firm on Monday in a move that he says will enable him to accept appointments as an arbitrator with fewer conflicts.
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June 28, 2024
4 Things To Know As New SPAC Rules Take Effect
The U.S. Securities and Exchange Commission's new rules governing special-purpose acquisition companies take effect on Monday, marking an expansive attempt to strengthen oversight of SPAC deals. Here, Law360 examines what to expect as the agency's 581-page rule package goes live.
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June 28, 2024
Bank Shareholders Win $800K In Venezuelan Takeover Suit
Shareholders in a small Miami bank won an $800,000 award Thursday after a federal jury found two of the five board members accused of working for the Venezuelan government liable for the bank's financial difficulties.
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June 28, 2024
High Court Enters July With 3 Rulings To Go
In a rare move, the U.S. Supreme Court will issue opinions into the beginning of July as the court tries to clear its merits docket of three remaining cases dealing with presidential immunity, whether governments can control social media platforms' content moderation policies and the appropriate deadline to challenge agency action.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Supreme Court Strikes Down Chevron Deference
The U.S. Supreme Court on Friday overturned a decades-old precedent that instructed judges about when they could defer to federal agencies' interpretations of law in rulemaking, depriving courts of a commonly used analytic tool and leaving lots of questions about what comes next.
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June 27, 2024
Texas Bank Moves For Partial Win In Ginnie Mae Loan Suit
Texas Capital Bank told a federal judge that it's entitled to tens of millions of dollars in collateral on which it has a first-priority lien that it said Ginnie Mae wrongfully diverted to itself, and that the court has already addressed the issue that warrants partial summary judgment in its favor.
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June 27, 2024
High Court Liberals Warn Jarkesy's Reach Will Be Widespread
The U.S. Supreme Court's decision to limit the U.S. Securities and Exchange Commission's use of its in-house courts will have "momentous consequences" for dozens of agencies tasked with overseeing the electric grid, environmental regulations and consumer protection laws, the court's liberal wing has warned.
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June 27, 2024
BofA, JPMorgan, Others To Pay $46M To End Rate-Swaps Suit
Several major U.S. and European banks, including Bank of America, JPMorgan Chase & Co. and Deutsche Bank AG, reached a $46 million deal on Thursday to resolve a long-running multidistrict litigation over an alleged plot by the banks to limit market competition over interest rate swaps.
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June 27, 2024
AG Says Trump Recusal Bid Relies On 'Distortion Of Facts'
New York's attorney general says Donald Trump is relying on a "distortion of facts" in seeking to oust the judge who ordered the former president to pay $465 million in penalties in his civil fraud case.
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June 27, 2024
Coinbase Says SEC, FDIC 'Stonewalled' Crypto Info Requests
Crypto exchange Coinbase filed suits against both the U.S. Securities and Exchange Commission and the Federal Deposit Insurance Corporation on Thursday after it said the agencies "stonewalled" information requests for documents that could shed light on agencies' internal views on digital assets.
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June 27, 2024
CFPB Urged To Set Standards On Rooting Out AI Lending Bias
The Consumer Financial Protection Bureau should give the financial industry more explicit instructions to minimize discrimination risk when harnessing artificial intelligence and other algorithmic technology for lending, a pair of prominent consumer advocacy groups told the agency.
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June 27, 2024
Conn. Banking Dept. Defends $25K Fine Against Legal Funder
The Connecticut Department of Banking is urging a state judge to affirm a $25,000 fine levied on a legal funding business, saying the court should reject the company's contention that it has no authority over transactions at issue in the penalty.
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June 27, 2024
Bradley Arant Adds Former Wells Fargo Associate GC In DC
Bradley Arant Boult Cummings LLP has hired a former associate general counsel for both Wells Fargo and Bank of America, who previously served as a U.S. attorney in the Central District of California and most recently as a Nelson Mullins Riley & Scarborough LLP partner.
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June 27, 2024
Justices Limit SEC's Use Of In-House Courts
The U.S. Supreme Court on Thursday curtailed the U.S. Securities and Exchange Commission's use of its in-house court system, saying the accused have a right to a jury trial when financial penalties are on the table.
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June 26, 2024
BofA COVID Benefit Card Suit Trimmed After Prior Order Axed
A California federal judge has trimmed a suit brought against Bank of America NA by a proposed class of unemployment and disability benefits card recipients while also agreeing with them that a federal magistrate judge erred in holding that the bank's top brass lacked "uniquely relevant information" concerning discovery in the suit.
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June 26, 2024
Umpqua Bank Can't Undo Class Cert. In $300M Ponzi Suit
Oregon-headquartered Umpqua Bank has lost its bid to partially decertify a class of investors suing it over claims that it aided and abetted a $300 million Ponzi scheme, and it also can't block those same investors from later seeking prejudgment interest in the case, a San Francisco federal judge has determined.
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June 26, 2024
Ex-Ameriprise Father-Son Duo Agree To Return Biz Info
A father and son and their former employer, financial services company Ameriprise, have reached an agreement that will see the two men return confidential records they allegedly took "in the dark of the night" as they exited the company for jobs with a competitor.
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June 26, 2024
Crypto App Pledges More Refunds In Multistate Settlement
Cryptocurrency platform Abra has agreed to return millions of dollars in digital assets to U.S. customers after getting busted for running a mobile application for crypto transactions without the required money transmitting licenses, a coalition of state financial regulators announced on Wednesday, with Washington state taking the lead.
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June 26, 2024
After Covering For Ex, Man Gets 53 Months For PPP Scheme
A Georgia man who pled guilty to being a key player in an $11 million pandemic loan fraud ring was hit with a 53-month prison term Wednesday, a sentence that wasn't helped after a federal judge found he lied on the stand testifying for his ex-wife and co-conspirator at her trial earlier this year.
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June 26, 2024
Italian Co. To Pay Feds $538K Over N. Korean Animation Job
Mondo TV has agreed to pay $538,000 to resolve allegations by the U.S. Department of the Treasury's Office of Foreign Assets Control that the Italy-based animation studio violated American sanctions regulations by paying an animation studio tied to the North Korean government through U.S. financial institutions, OFAC announced Wednesday.
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June 26, 2024
Fed. Circ. Says No Fees For HID Global In Patent Suit
The Federal Circuit has backed a U.S. Court of Federal Claims finding that HID Global Corp. can't have attorney fees after being let out of patent litigation brought by Giesecke & Devrient, but it affirmed on different grounds.
Expert Analysis
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An Overview Of Key Financing Documents In Venture Capital
The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.
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Ready Or Not, Big Tech Should Expect CFPB Surveillance
In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Conn. Loan Law Tweaks May Have 3 Major Effects On Lenders
Recently proposed minor amendments to Connecticut’s consumer protection laws could nonetheless mean major and unexpected changes to state consumer financial services regulations that dictate how lenders and their customer-facing service providers handle fee payments, mortgage servicer licensing and private student loans, says Jonathan Joshua at Joshua Law Firm.
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7 Takeaways From CFPB Circular On Digital Comparison Tools
The Consumer Financial Protection Bureau's new guidance regarding digital comparison-shopping platforms for financial services products and services offers fresh insights into the bureau's interpretation of the abusiveness standard and expands on principles underlying its previous guidance on the topic, say attorneys at Husch Blackwell.
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Why Individual Officers Are BSA-AML Enforcement Targets
Banking compliance professionals should use recent enforcement actions against individual officers at both Sterling Bank and the New York State Employees Credit Union to assess whether they are equipped with the tools and authority necessary to avert deficient Bank Secrecy Act and anti-money laundering compliance, says Sam Finkelstein at Volkov Group.
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How New SEC Rule May Turn DeFi Participants Into 'Dealers'
The U.S. Securities and Exchange Commission recently announced a new rule to amend its definition of a securities "dealer," but the change could have concerning implications for decentralized finance and blockchain, as the SEC has suggested it may subject DeFi participants to registration requirements and other regulations, say attorneys at DLA Piper.
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.
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2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.
The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.
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Protested CFPB Supervisory Order Reveals Process, Priorities
The Consumer Financial Protection Bureau’s order announcing its first use of special oversight power to place installment lender World Acceptance Corp. under supervision despite resistance from the company provides valuable insight into which products and practices may draw bureau scrutiny, and illuminates important nuances of the risk assessment procedures, say Josh Kotin and Michelle Rogers at Cooley.
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Document Retention Best Practices To Lower Litigation Risks
As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
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Class Actions At The Circuit Courts: March Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses four notable circuit court decisions on topics from consumer fraud to employment — and provides key takeaways for counsel on issues including coercive communications with putative class members and Article III standing at the class certification stage.