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July 23, 2024
Capital One Card Holders Sue To Block Discover Merger
Capital One credit card holders launched a proposed class action seeking to block the company's $35 billion purchase of Discover Monday, claiming the acquisition will drive down competition and further consolidate the already-concentrated credit card market.
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July 23, 2024
No Victims, No Fraud, Trump Says In $465M Judgment Appeal
Donald Trump has appealed the $465 million judgment against him, arguing that the New York attorney general exceeded her authority in her civil fraud suit against the former president because the statute in question does not apply to victimless transactions.
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July 23, 2024
Senate Dems Roll Out Bill To Codify Chevron Deference
Sen. Elizabeth Warren, D-Mass., led a group of Democratic senators Tuesday in introducing a bill to codify the now-defunct doctrine of Chevron deference after it was struck down by the U.S. Supreme Court last month.
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July 23, 2024
Chase, McKinsey Get FTC Inquiry Over 'Surveillance Pricing'
The Federal Trade Commission has issued orders to eight companies — including Mastercard, Chase, Accenture and McKinsey & Co. — seeking more information about the potential impact their practices of "surveillance pricing" products and services have on privacy, competition and consumer protection, the FTC said Tuesday.
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July 22, 2024
State Street Sets Aside $4.2M To Address Wage Discrimination
Federal financial services provider State Street agreed to set aside $4.2 million to make wage adjustments in the future as part of a settlement to resolve allegations that it discriminated against some women managing directors with its base pay and bonuses, the U.S. Department of Labor announced Monday.
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July 22, 2024
Texas Man Cops To Laundering Nearly $8.5M In Scam Hauls
A Texas man has pled guilty to conspiring to launder funds totaling nearly $8.8 million obtained in schemes ranging from romance scams to a phishing attack on a Maryland County treasurer's office, prosecutors announced.
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July 22, 2024
Equifax Bracing For CFPB On Dispute-Handling, Coding Glitch
Equifax said Monday that the Consumer Financial Protection Bureau plans to pursue fines over the credit reporting giant's handling of consumer disputes and a separate, short-lived "coding issue" that affected some credit score calculations in 2022.
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July 22, 2024
Wells Fargo Flouted Director's Dignity, Jury Told In ADA Trial
Wells Fargo chose to lay off a longtime managing director to avoid dealing with his request to continue working from home to cope with his bladder and colon condition as the bank readied for a return to office after the pandemic, a federal jury in Charlotte heard Monday.
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July 22, 2024
What Attorneys Need To Know About JD Vance
Vice presidential nominee JD Vance's brief legislative record shows he is aligned with his fellow Republicans on hot-button issues like abortion and immigration, but it also indicates that the senator from Ohio may be willing to break with the GOP mainstream when it comes to regulating big business. Here's what attorneys should know about the vice presidential candidate.
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July 22, 2024
Insurer Says Bank Must Pay Its $1.1M Drawdown Request
A surety for an oil and gas operator that has recently sought Chapter 11 protection told a Washington federal court that a bank has repeatedly failed to hold up its end of an "irrevocable letter of credit," alleging the bank owes it over $1.1 million.
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July 22, 2024
Fifth Third Sued In $20M Escrow Dispute Over Dividend Solar
A private equity seller of a solar panel fintech lender that Fifth Third Bank bought in 2022 has sued the bank in New York federal court to free up $20 million in indemnity escrow funds that it alleges the bank has tried improperly to withhold over state investigations tied to the fintech.
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July 22, 2024
Merchants Seek Pause Of Visa, MasterCard Swipe-Fee Deal
A group of merchants who use payment company Square's services to accept cards has asked a New York federal judge to pause the settlement of a massive swipe-fee antitrust litigation against Visa and Mastercard while they pursue a Second Circuit appeal of her ruling that they're bound by the deal.
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July 22, 2024
9th Circ. Backs Arbitration In Former AmEx Workers' Bias Suit
The Ninth Circuit said Monday that a group of former American Express employees must arbitrate their suit claiming the company's diversity initiatives discriminated against white people, rejecting their argument that they were being unlawfully blocked from seeking relief that would benefit others.
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July 22, 2024
Catching Up With Delaware's Chancery Court
A $6 million bank fee, a $42.5 million shopping mall deal, some questionable Amazon deliveries and long-ago expired ketchup: it was all part of the comings and goings in Delaware's Court of Chancery last week. New cases involved mining and cybersecurity companies, board takeovers, "weaponized" director election provisions, and legal fees following a $3.1 billion telecom merger. In case you missed it, here's the latest from the Chancery Court.
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July 22, 2024
Litigation Funder Sues Wyoming Co. With Same Name
Litigation funding company Parabellum Capital LLC has filed a trademark lawsuit in Colorado federal court against a Wyoming company called Parabellum Capital Inc., but the Wyoming company appears to be backing down.
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July 22, 2024
US Bank Must Face Post-Stroke Disability Bias Suit
An Ohio appeals court revived a former U.S. Bank finance director's suit alleging he was denied a more flexible schedule and workspace modifications to help deal with post-stroke impairments, saying a lower court held his complaint to an overly strict standard.
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July 22, 2024
SEC Launches Multiagency Fraud Council
The U.S. Securities and Exchange Commission has announced that it is creating the Interagency Securities Council, which will bring together federal, state and local regulatory and law enforcement professionals quarterly to discuss the latest in "scams, trends, frauds, and mitigation strategies."
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July 19, 2024
Mich. Judge Axes Challenge To Student Loan Payment Freeze
A Michigan federal judge on Thursday tossed a challenge to the Biden administration's suspension of student loan payments during the COVID-19 pandemic, finding the think tank that brought the suit lacked standing.
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July 19, 2024
Class Seeks $1.5B Settlement In Payday Loan Dispute
A class of borrowers has urged a Virginia federal court to approve what would be the largest settlement ever obtained in a challenge to participants in the tribal lending industry, arguing that the agreement would give significant relief to hundreds of thousands in the form of debt cancellations and cash payments.
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July 19, 2024
Capital One Critics Lobby To Block 'No Good' Discover Deal
Critics of Capital One's planned $35 billion purchase of Discover Financial Services urged federal regulators on Friday to withhold approval for the tie-up, rejecting a landmark community benefits pledge for the merger as a fig leaf for what they said is really a "terrible, horrible, no good, very bad" megadeal.
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July 19, 2024
Heartland Investor Looks To Block $2B UMB Bank Takeover
A Heartland Financial USA investor sued the lender and several members of its top brass, along with UMB Financial Corp., in Colorado state court seeking to block UMB's $2 billion acquisition of Heartland, arguing that the deal undervalues Heartland by roughly $1.5 billion.
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July 19, 2024
Berkshire Bank Says It's Not At Fault For $90M Ponzi Scheme
Berkshire Bank asked a New York federal judge to toss a proposed class action seeking to hold it liable for providing financial services to a bankrupt local business person whom the investor accused of operating a $90 million Ponzi scheme, saying the investor does not show Berkshire did anything more than provide routine banking services.
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July 19, 2024
SEC Sues Brokers Linked To Alleged $112M Truck Co. Fraud
The U.S. Securities and Exchange Commission sued two Florida men connected to a Ponzi-like scheme involving a trucking and logistics business, saying the pair illegally sold most of the $112 million worth of unregistered company securities to victims in a fraud targeting the Haitian-American community.
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July 19, 2024
Bank Regulators Ask 5th Circ. To Unfreeze New Lending Rules
Federal banking regulators have urged the Fifth Circuit to rescind a Texas district court's injunction blocking implementation of new community lending rules, arguing in a filing that the district court's finding essentially rewrote the Community Reinvestment Act.
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July 19, 2024
Investors Want Merrill, UBS Back In $364M Libor-Rigging Suit
Investors who were allegedly harmed by the manipulation of a widely used interbank lending interest rate have appealed a final judgment that ended claims against major banks and financial services companies in protracted litigation that has garnered settlements totaling $364.5 million.
Expert Analysis
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Novel Applications May Fizzle After Fed Master Account Wins
Two recent federal court rulings that upheld decisions denying master account applications from two fintech-focused banks are noteworthy for depository institutions with novel charters that wish to have direct access to the Federal Reserve's payment channels and settle transactions in central bank money, say attorneys at Davis Polk.
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Exploring An Alternative Model Of Litigation Finance
A new model of litigation finance, most aptly described as insurance-backed litigation funding, differs from traditional funding in two key ways, and the process of securing it involves three primary steps, say Bob Koneck, Christopher Le Neve Foster and Richard Butters at Atlantic Global Risk LLC.
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Devil's In The Details On FDCPA, Article III Standing
The Third Circuit’s recent decision in Barclift v. Keystone Credit Services concerning the alleged harm needed to support a class action under the Fair Debt Collection Practices Act is in line with other circuits' interpretations of Article III of the Constitution, notwithstanding disagreement over the minutiae of a proper Article III analysis, says Nick Agnello at Burr & Forman.
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Global Bribery Probes Are Complicating FCPA Compliance
The recent rise in collaboration between the U.S. Department of Justice and foreign authorities in bribery enforcement can not only affect companies' legal exposure as resolution approaches vary by country, but also the decision of when and whether to disclose Foreign Corrupt Practices Act violations to the DOJ, say Samantha Badlam and Catherine Conroy at Ropes & Gray.
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Series
Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Vision For Economic Clerkships In The Legal System
As courts handle increasingly complex damages analyses involving vast amounts of data, an economic clerkship program — integrating early-career economists into the judicial system — could improve legal outcomes and provide essential training to clerks, say Mona Birjandi at Data for Decisions and Matt Farber at Secretariat.
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Opinion
State-Regulated Cannabis Can Thrive Without Section 280E
Marijauna's reclassification as a Schedule III-controlled substance comes at a critical juncture, as removing marijuana from being subjected to Section 280E of the Internal Revenue Code is the only path forward for the state-regulated cannabis industry to survive and thrive, say Andrew Kline at Perkins Coie and Sammy Markland at FTI Consulting.
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4 Sectors Will Likely Bear Initial Brunt Of FTC 'Junk Fees' Rule
If the Federal Trade Commission adopts its comprehensive proposed rule to ban unfair or deceptive fees across the U.S. economy, many businesses — including those in the lodging, event ticketing, dining and transportation sectors — will need to reexamine the way they market and price their products and services, say attorneys at Skadden.
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What Lies Behind Diverging US And UK Insolvency Trends
Contrasting U.K. and U.S. insolvency trends highlight the importance of policy interventions in shaping consumer financial outcomes and economic recovery, and while the U.K.'s approach seems to have mitigated issues, the U.S. faces challenges exacerbated by economic conditions and policy transitions, says Thomas Curran at Thomas H. Curran Associates.
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Liquidity Risk Management Tops NCUA Exam Priorities
As credit unions map their regulatory initiatives and audit plans, they should look to the National Credit Union Administration’s annual supervisory priorities, which include five important examination areas, including liquidity management and interest rate risk, say Juan Arciniegas and Judy Chen at Chapman and Cutler.
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Del. Ruling Highlights M&A Deal Adviser Conflict Disclosures
The Delaware Supreme Court recently reversed the Court of Chancery's dismissal of challenges to Nordic Capital's acquisition of Inovalon, demonstrating the importance of full disclosure of financial adviser conflicts when a going-private merger seeks business judgment rule review, say attorneys at Debevoise.
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Key Antitrust Class Certification Questions Remain Unclear
The U.S. Supreme Court, by recently rejecting certiorari in Visa v. National ATM, turned down the opportunity to clarify how to analyze disputed evidence bearing on the certification of antitrust class actions, leaving the applicable standards unclear instead of resolving this split of authority, says Jonathan Berman at Jones Day.
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Action Steps To Address New Restrictions On Outbound Data
Companies should immediately assess all their data-based operations so they can consider strategies to effectively mitigate new compliance risks brought on by recently implemented transaction restrictions, including a Justice Department proposal and landmark data legislation, say attorneys at Wiley.
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E-Discovery Quarterly: Recent Rulings On Text Message Data
Electronically stored information on cellphones, and in particular text messages, can present unique litigation challenges, and recent court decisions demonstrate that counsel must carefully balance what data should be preserved, collected, reviewed and produced, say attorneys at Sidley.
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CFPB Reality Check: Video Game Cash Is Still Money
The Consumer Financial Protection Bureau's recent report examining payments within online video games indicates that financial services offered within the game marketplace are quickly evolving to the point where they are indistinguishable from traditional financial services subject to regulation, say attorneys at Sheppard Mullin.