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Banking
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October 23, 2024
Patent Owner Fed Up With Fed. Circ's 1-Word Decisions
A patent owner has urged the U.S. Supreme Court to review the Federal Circuit's one-word decision affirming summary judgment in favor of TD Ameritrade in a high-stakes patent fight, saying the appellate court is routinely and summarily affirming orders that ignore factual disputes in patent cases, without explanation.
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October 23, 2024
CFPB's Chopra Touts Open Banking Rule After Industry Rips It
Consumer Financial Protection Bureau Director Rohit Chopra on Wednesday promoted his agency's new open banking rule to a fintech audience amid stiff opposition from banks, saying "incumbents" can't be allowed to box out the competition that expanded financial data-sharing will enable.
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October 23, 2024
CFPB, Chicago-Area Lender Say Redlining Suit Deal Is 'Likely'
The Consumer Financial Protection Bureau and a Chicago-area mortgage lender have said in a filing that they could be close to settling claims that the lender illegally disparaged majority-Black neighborhoods.
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October 23, 2024
TD Bank Faces Investor Suit Over $3B AML Failures Fine
TD Bank and four of its executives have been hit with a shareholder class action suit over stock price drops the Canadian bank suffered after U.S. authorities announced a $3 billion settlement over vast compliance failures in TD's anti-money laundering controls.
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October 23, 2024
Ameriprise, Ex-Worker Duo To Arbitrate Stolen Docs Claims
Financial services company Ameriprise will arbitrate claims that a father-son pair of ex-employees took confidential records "in the dark of the night" on their way out the door to work for a competitor, the Financial Industry Regulatory Authority has determined.
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October 23, 2024
Investor Tied To Texas AG Seeks Investigation Info From Feds
Real estate investor Nate Paul is looking to get more information from federal prosecutors about their investigation into federal fraud charges he's facing — topics that featured prominently during the failed impeachment of Texas Attorney General Ken Paxton — according to court filings from U.S. Attorney's Office employees.
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October 23, 2024
Judge Says $85M Signature Bank Lawsuit Came Too Late
A New York federal judge has permanently tossed a lawsuit brought by a developer and its affiliates alleging that a former Signature Bank employee fraudulently misled them into unfavorable financial transactions, saying the claims are time-barred under the bank's one-year statute of limitations and not adequately pled.
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October 23, 2024
NY AG Probes Capital One's Planned $35B Discover Merger
New York Attorney General Letitia James has joined federal regulators in investigating Capital One Financial Corp.'s proposed $35 billion acquisition of Discover Financial Services, according to a Wednesday subpoena petition alleging the deal might violate Empire State antitrust laws.
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October 23, 2024
UBS Wins $192M Award Confirmation In Eurobond Dispute
An Egyptian businessman has lost his years-old bid in New York federal court to vacate an approximately $192 million arbitral award favoring UBS and other lenders in a dispute over a $100 million Eurobond default.
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October 23, 2024
9th Circ. Judge Suggests Equity Pact Counts As Wash. Loan
A Ninth Circuit judge said Wednesday he was "struggling with" a company's stance that its equity-sharing agreement with two homeowners in Washington state doesn't amount to a loan covered by state laws regulating reverse mortgages, saying the arrangement appears to check the boxes of the statutory definition.
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October 23, 2024
Veteran Boies Schiller Atty Starts Next Chapter At Sterlington
After nearly a quarter of a century at Boies Schiller Flexner LLP, litigation attorney Jonathan Sherman says he is ready to begin his third act helping Sterlington PLLC build out a competitive litigation department.
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October 23, 2024
Ex-SEC Atty, Fintech GC Joins Stradling's Securities Team
Stradling Yocca Carlson & Rauth PC has added a former fintech general counsel and U.S. Securities and Exchange Commission attorney, reinforcing the firm's offerings for companies facing enforcement investigations or grappling with other compliance issues.
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October 23, 2024
Kirkland Adds Freshfields Atty To Boost Private Credit Bench
Kirkland & Ellis LLP has welcomed an expert in leveraged finance from Freshfields Bruckhaus Deringer LLP, saying Wednesday that his diverse practice will strengthen the firm's liability management and opportunistic credit practices and support its position in the growing private credit sector.
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October 23, 2024
2nd Circ. Backs Early Wells Fargo Win In $100M RMBS Case
The Second Circuit on Wednesday approved an early win for Wells Fargo in a lawsuit brought by Commerzbank AG alleging it lost $100 million investing in residential mortgage-backed securities, saying the German lender didn't have standing to sue.
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October 23, 2024
CFPB Says Goldman, Apple To Pay $89.8M Over Card Program
The Consumer Financial Protection Bureau said Wednesday that it has ordered Goldman Sachs and Apple to pay more than $89 million for alleged violations tied to their Apple-branded credit card partnership, including claims of mishandled customer disputes, misleading marketing and wrongful charges.
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October 22, 2024
Fraud Detector Inks $500K Deal In Webster Bank Breach Probe
A fraud detection vendor servicing Webster Bank NA will pay $500,000 to settle an investigation into a data breach that exposed the personal information of nearly 158,000 Connecticut residents, the state attorney general's office has announced.
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October 22, 2024
Big Banks Say Yearslong Libor Suit Still Lacks Evidence
Bank of America, Merrill Lynch and more than a dozen other large banks have urged a federal judge to dismiss the remaining claims in multidistrict litigation accusing them of manipulating Libor, arguing that the plaintiffs have failed to bring sufficient evidence in the 13 years since they filed suit over the once-critical benchmark interest rate.
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October 22, 2024
Crypto Bills Have Lame Duck Potential, Rep. Hill Says
The chair of the U.S. House's digital asset subcommittee said Tuesday he is "still optimistic" a market structure bill for crypto and a framework for so-called stablecoins might move forward in some way during the upcoming lame duck session of Congress.
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October 22, 2024
BofA, Others Say Bond-Rigging Suit Still Can't Prove Conspiracy
Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and others have argued the amended complaint in a recently revived securities suit accusing them of conspiring to rig corporate bonds fails to adequately allege a "farfetched" antitrust conspiracy.
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October 22, 2024
Halkbank Not Immune In Sanctions Case, 2nd Circ. Says
The Second Circuit ruled Tuesday that Turkish state-owned bank Halkbank doesn't have common-law foreign sovereign immunity from charges that it laundered about $1 billion in sanctioned Iranian oil proceeds if the U.S. government's executive branch says it doesn't.
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October 22, 2024
SunTrust Argues Overdraft Fees Didn't Violate Ga. Usury Law
SunTrust Bank urged the Georgia Court of Appeals on Tuesday to overturn a trial court's denial of summary judgment in a decade-long class action alleging the bank's overdraft fees were unlawful interest charges that violated the state's usury laws, arguing courts overwhelmingly agree that the fees are not interest.
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October 22, 2024
Ex-Atty Charged With Stealing Settlement Funds From Clients
A former attorney who practiced in Oklahoma and gave up his law license in 2020 amid a disciplinary investigation has been charged in federal court with stealing money his then-clients were owed from settlements between 2015 and 2020.
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October 22, 2024
Winston & Strawn Finance Pro Joins Mayer Brown In New York
Mayer Brown LLP announced that a longtime finance attorney at Winston & Strawn LLP has joined the firm's New York office as a partner in what it said is part of a strategic priority to expand its global leveraged finance and private credit platform.
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October 22, 2024
Ex-Trucking Worker Nabs Class Status In 401(k) Fee Suit
A South Carolina federal judge approved a nearly 10,000-member class in a suit claiming a trucking company failed to keep its employee 401(k) plan's fees in check, but refused to expand the class definition.
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October 22, 2024
How Law Firms Get And Keep Elite Status
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners and clients from one firm to the next has begun to shake things up and create opportunities for go-getters to ascend the ranks.
Expert Analysis
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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Navigating Complex Regulatory Terrain Amid State AG Races
This year's 10 attorney general elections could usher in a wave of new enforcement priorities and regulatory uncertainty, but companies can stay ahead of the shifts by building strong relationships with AG offices, participating in industry coalitions and more, say Ketan Bhirud and Dustin McDaniel at Cozen O’Connor.
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Challenge To Ill. Card Fee Law Explores Compliance Hurdles
A recent federal lawsuit challenging an Illinois law that will soon forbid electronic payment networks from charging fees for processing the tax and tip portions of card transactions, fleshes out the glaring compliance challenges and exposure risks financial institutions must be ready to face next summer, says Martin Kiernan at Amundsen Davis.
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Opinion
This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Series
Playing Diplomacy Makes Us Better Lawyers
Similar to the practice of law, the rules of Diplomacy — a strategic board game set in pre-World War I Europe — are neither concise nor without ambiguity, and weekly gameplay with our colleagues has revealed the game's practical applications to our work as attorneys, say Jason Osborn and Ben Bevilacqua at Winston & Strawn.
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Proposed Mortgage Assistance Rule: Tips For Servicers
The Consumer Financial Protection Bureau's recent proposal to alter Regulation X mortgage servicing procedures to broadly construe requests for assistance, and stay foreclosure proceedings during loss mitigation review, will, if finalized, require mortgage servicers to make notable procedural changes to comply, says Louis Manetti at Locke Lord.
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Antitrust In Retail: Why FTC Is Studying 'Surveillance Pricing'
The Federal Trade Commission's decision to study targeted "surveillance pricing" should provide greater clarity into the nature of the data aggregation industry, but also raises several issues, including whether these practices are in fact illegal under any established interpretations of U.S. antitrust law, say attorneys at Holland & Knight.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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Series
Calif. Banking Brief: All The Notable Legal Updates In Q3
In the third quarter of the year, California continued to be at the forefront of banking regulation as it enacted legislation on unfair banking practices and junk fees, and the state Department of Financial Protection and Innovation notably initiated enforcement actions focused on crypto-assets and student loan debt relief, say Stuart Richter and Eric Hail at Katten.
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What 2 Key Rulings Mean For Solicitation Under TCPA
Two recent rulings from federal district courts in New York and California — each of which came to a different conclusion — bring to light courts' continued focus on and analysis of when an alleged communication constitutes a solicitation under the Telephone Consumer Protection Act, say Felix Shipkevich and Jessica Livingston at Shipkevich.
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Series
NY Banking Brief: All The Notable Legal Updates In Q3
In a relatively light few months for banking legal updates in New York, the state Department of Financial Services previewed its views on banking sector artificial intelligence use via insurer guidance, and an anti-money laundering enforcement action underscored the importance of international monitoring processes, say Eric McLaughlin and Dana Bayersdorfer at Davis Polk.
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Series
Collecting Art Makes Me A Better Lawyer
The therapeutic aspects of appreciating and collecting art improve my legal practice by enhancing my observation skills, empathy, creativity and cultural awareness, says attorney Michael McCready.
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A Look At Recent Case Law On Expedited Judgment In NY
A number of recent New York state court decisions clarify and refine the contours surrounding Civil Practice Law and Rule 3213, providing landlords, lenders and other payees guidance on how to seek accelerated judgment in certain litigation, says Alexander Lycoyannis at Holland & Knight.
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Series
A Day In The In-House Life: Best Egg CLO Talks Power Of Prep
On a typical Monday in her life, Best Egg Chief Legal Officer Amy Thoreson Long chronicles a remote workday in which she makes time for everything from getting ahead on regulatory issues and researching recent Supreme Court decisions to dog walks and podcast breaks.
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Secret Service Failures Offer Lessons For Private Sector GCs
The Secret Service’s problematic response to two assassination attempts against former President Donald Trump this summer provides a crash course for general counsel on how not to handle crisis communications, says Keith Nahigian at Nahigian Strategies.