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Banking
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July 24, 2024
Top Texas Real Estate News In 2024 So Far
Catch up on the hottest real estate news out of Texas so far this year, from data center construction and roadblocks in a major rail project to a Texas landowner's win in a takings suit and the U.S. Department of Justice's first predatory mortgage suit.
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July 24, 2024
NC Man Gets Prison, $4.4M Fine For Stealing From Customers
A North Carolina businessman who admitted to stealing customers' bank and credit account information and spending their funds at casinos has been ordered to serve almost three years in prison and to pay a penalty of more than $4.4 million, prosecutors announced this week.
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July 24, 2024
22% Of FINRA Member Firms Join Remote Inspection Program
The Financial Industry Regulatory Authority said Wednesday that 741 firms have opted to participate in a new pilot program for remote inspections of broker-dealers, representing a 22% share of the regulator's member firms.
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July 24, 2024
Ex-Wells Fargo Director Angles For $32M In ADA Trial
A former Wells Fargo managing director is seeking more than $32 million in economic damages after he said the bank laid him off to avoid dealing with his accommodation request, a North Carolina federal jury heard Wednesday on the third day of his Americans with Disabilities Act trial.
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July 24, 2024
Pawnshop Co. Says Military Law Doesn't Back CFPB's Suit
National pawnshop company FirstCash says the Consumer Financial Protection Bureau should drop certain claims in a suit accusing it of subjecting military families to predatory lending, arguing that the bureau has admitted it has no authority to bring certain claims under the law undergirding the allegations.
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July 24, 2024
Latham, Stevens & Lee Guide Bitcoin Co.'s $365M SPAC Deal
Bitcoin rewards provider Fold and a special purpose acquisition company announced Wednesday they agreed to merge through a transaction that will take Fold public at an estimated $365 million valuation, with attorneys from Stevens & Lee and Latham counseling the parties.
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July 24, 2024
CFPB Warns Of Anti-Whistleblower Risk In NDAs That 'Muzzle'
The Consumer Financial Protection Bureau cautioned Wednesday that banks and other financial firms risk violating federal law if they require their employees to sign broad nondisclosure agreements that don't clearly allow them to talk freely with regulators or law enforcement.
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July 24, 2024
Teachers Say Loan Servicer's 'Abuses' Thwarted Forgiveness
The Higher Education Loan Authority of the State of Missouri has been hit with a suit from a powerful teachers' union alleging it "deliberately ignores" its responsibilities to millions of borrowers, forcing them to forgo the savings or forgiveness to which they are entitled.
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July 24, 2024
Ex-Pharma Exec Gets Jail For Insider Trading On Kodak Loan
A Manhattan federal judge sentenced a former pharmaceutical executive from South Carolina to three months in prison Wednesday for taking over $500,000 of illegal trading profit based on his advance knowledge that Kodak would get a massive pandemic-era government loan.
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July 24, 2024
Chancery OKs $6M Deal Recovery After 'Voidness' Ruling
The Delaware Supreme Court's partial reversal last year of a vice chancellor's findings that upheld an investment company's foreclosure on $50 million in co-founder equity units cleared the way on Wednesday for the same company to recoup more than $6 million in damages and expenses.
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July 23, 2024
Knives Out For Another Pro-Agency Landmark After Chevron
Only weeks after U.S. Supreme Court conservatives took a hatchet to the judicial deference shown to federal agencies, right-leaning lawyers are imploring the justices to rock the administrative law realm again by gutting a New Deal-era precedent at the heart of the modern regulatory system.
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July 23, 2024
'Not Doing Enough': Banks Grilled Over Zelle Fraud, Scams
Senate Democrats on Tuesday confronted bank executives over a new staff report that found three of the nation's largest banks have declined to reimburse customers in recent years for close to $900 million in payments reported as fraudulent or scam-related that were sent on Zelle, the largest U.S. peer-to-peer payment platform.
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July 23, 2024
Cooperator In Cannabis Bank Fraud Case Dodges Prison
A U.K. national who testified against two businessmen accused of fooling banks into processing federally illicit transactions worth $150 million for California cannabis delivery company Eaze Technologies Inc. on Tuesday was spared from serving any time in prison.
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July 23, 2024
Nettled Exec Tells Jury Wells Fargo Doesn't Get His Disability
A former Wells Fargo managing director who claims he was terminated because of his disability wavered between being tearful and exasperated during four hours on the stand Tuesday as he tried to explain to a jury in Charlotte what workplace accommodations he was seeking and why.
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July 23, 2024
Cannabis Industry Stakeholders Weigh In On Rescheduling
As the period for public comment on the Biden administration's proposal to reclassify marijuana came to a close Monday, anti-legalization activists, marijuana industry advocates and state cannabis regulators each submitted their thoughts on the potential policy shift.
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July 23, 2024
Lawmakers Agree On Flexibility To Monitor AI In Finance
Lawmakers on the House Financial Services Committee agreed Tuesday that the stakes are high when it comes to regulating the use of generative artificial intelligence in financial and housing services, and appeared to agree with industry representatives that any regulation should prioritize flexibility to keep up with the fast-developing technology.
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July 23, 2024
CFPB Sued Over Its Probe Of Lease-To-Own Fintech Co.
Lease-to-own fintech company Acima has accused the Consumer Financial Protection Bureau of trying to overextend its authority with an unconstitutional investigation into the company's transactions that fall outside the bureau's purview.
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July 23, 2024
Indonesian National Admits To $23M Ponzi Scheme
An Indonesian national pled guilty in New York federal court on Tuesday to conspiring to defraud a group of investors out of $23 million through a Ponzi scheme, ultimately spending the money on luxury goods and real estate.
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July 23, 2024
Full Fed. Circ. Won't Undo TD Ameritrade's One-Word IP Win
The full Federal Circuit on Monday denied a patent owner's en banc rehearing petition challenging a one-word ruling in favor of stockbroker TD Ameritrade in a high-stakes patent fight and effectively rejected an amicus party's legal challenge to the court's rule allowing one-word affirmance decisions.
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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.
Expert Analysis
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To Make Your Legal Writing Clear, Emulate A Master Chef
To deliver clear and effective written advocacy, lawyers should follow the model of a fine dining chef — seasoning a foundation of pure facts with punchy descriptors, spicing it up with analogies, refining the recipe and trimming the fat — thus catering to a sophisticated audience of decision-makers, says Reuben Guttman at Guttman Buschner.
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What Junk Fee Law Means For Biz In California And Beyond
Come July 1, companies doing business in California must ensure that the price of any good or service as offered, displayed or advertised is inclusive of all mandatory fees and other charges in compliance with S.B. 478, which may have a far-reaching impact across the country due to wide applicability, say Alexandria Ruiz and Amy Lally at Sidley Austin.
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Circuit Judge Writes An Opinion, AI Helps: What Now?
Last week's Eleventh Circuit opinion in Snell v. United Specialty Insurance, notable for a concurrence outlining the use of artificial intelligence to evaluate a term's common meaning, is hopefully the first step toward developing a coherent basis for the judiciary's generative AI use, says David Zaslowsky at Baker McKenzie.
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Series
In The CFPB Playbook: Regulatory Aims Get High Court Assist
Newly emboldened after the U.S. Supreme Court last month found that the Consumer Financial Protection Bureau's funding is constitutional, the bureau has likely experienced a psychic boost, allowing its already robust enforcement agenda to continue expanding, say attorneys at Husch Blackwell.
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Novel Web Privacy Suits Under Calif. Credit Card Law From '71
A new surge in web-tracker litigation could make application of the California Song-Beverly Credit Card Act far more complex, despite the law far predating the rise of e-commerce, as plaintiffs continue to push the bounds of privacy litigation in the Golden State, say Matthew Pearson and Desirée Hunter-Reay at BakerHostetler.
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NY Ruling Paves A Court Payment Shortcut For More Creditors
A recent New York state appeals court ruling expands access to an expedited statutory procedure for court enforcement of promissory notes or unconditional guaranties, allowing more creditors to minimize the risk of potentially challenging litigation on threshold issues, says Alexander Levi at Friedman Kaplan.
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Opinion
Exec Liability Bill For Failed Banks Is Unnecessary, Unwise
A bill before the U.S. Senate, which would effectively empower the Federal Deposit Insurance Corp. to hold senior bank executives strictly liable for reasonable business decisions that lead to bank failures, needlessly overwrites the existing negligence standard and rewards counterproductive caution in management, say attorneys at Davis Polk.
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BF Borgers Clients Should Review Compliance, Liability
After the U.S. Securities and Exchange Commission's recently announced enforcement proceedings against audit firm BF Borgers for fabricating audit documentation for hundreds of public companies, those companies will need to follow special procedures for disclosure and reporting — and may need to prepare for litigation from the plaintiffs bar, say attorneys at Debevoise.
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Perspectives
Trauma-Informed Legal Approaches For Pro Bono Attorneys
As National Trauma Awareness Month ends, pro bono attorneys should nevertheless continue to acknowledge the mental and physical effects of trauma, allowing them to better represent clients, and protect themselves from compassion fatigue and burnout, say Katherine Cronin at Stinson and Katharine Manning at Blackbird.
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CFPB's Expanding Scope Evident In Coding Bootcamp Fine
The Consumer Financial Protection Bureau's recent penalty against a for-profit coding bootcamp that misrepresented its tuition financing plans is a sign that the bureau is seeking to wield its supervisory and enforcement powers in more industries that offer consumer financing, say Jason McElroy and Brandon Sherman at Saul Ewing.
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Fintech Compliance Amid Regulatory Focus On Sensitive Data
The Consumer Financial Protection Bureau's recent, expansive pursuit of financial services companies using sensitive personal information signals a move into the Federal Trade Commission's territory, and the path forward for fintech and financial service providers involves a balance between innovation and compliance, say attorneys at Wilson Sonsini.
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Opinion
Del. Needs To Urgently Pass Post-Moelis Corporate Law Bill
After the Delaware Chancery Court's decision in West Palm Beach Firefighters' Pension v. Moelis sparked confusion around governance rights, recently proposed amendments to the Delaware General Corporation Law would preserve the state's predictable corporate governance system, says Lawrence Hamermesh at Widener University Delaware Law School.
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Series
Playing Music Makes Me A Better Lawyer
My deep and passionate involvement in playing, writing and producing music equipped me with skills — like creativity, improvisation and problem-solving — that contribute to the success of my legal career, says attorney Kenneth Greene.
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Proposed Cannabis Reschedule Sidesteps State Law Effects
The U.S. Department of Justice's recent proposal to move cannabis to Schedule III of the Controlled Substances Act provides certain benefits, but its failure to address how the rescheduling would interact with existing state cannabis laws disappointed industry participants hoping for clarity on this crucial question, says Ian Stewart at Wilson Elser.
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What's New In Kentucky's Financial Services Overhaul
Kentucky's H.B. 726 will go into effect in July and brings with it some significant restructuring to the Kentucky Financial Services Code, including changes to mortgage loan license fees and repeals of provisions relating to installment term loans and savings associations, say attorneys at Frost Brown.