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October 25, 2024
Judge Chides Bid To Swap Credit Suisse Suit's Lead Plaintiff
A New York federal judge has rejected an investor's bid to supersede the current lead plaintiff in a securities fraud suit over Credit Suisse's 2023 collapse, saying the petitioning investor had "jumped at the opportunity to sell out his fellow class members" with the replacement motion and criticizing his lawyer too.
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October 25, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the Competition and Markets Authority take action against a mattress retailer after it was caught pressuring its customers with misleading discounts, Lenovo and Motorola target ZTE Corporation with a patents claim, Lloyds Bank hit by another claim relating to the collapse of Arena Television and U.K. tax authority HMRC sued by the director of an electronics company that evaded millions of pounds in VAT. Here, Law360 looks at these and other new claims in the U.K.
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October 25, 2024
Taxation With Representation: Davis Polk, Skadden, Kirkland
In this week's Taxation With Representation, Atlantic Union Bankshares Corp. absorbs Sandy Spring Bancorp, Sophos and Secureworks merge, Wendel Group takes a stake in Monroe Capital LLC, and Acuity Brands Inc. buys QSC LLC.
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October 25, 2024
Virgin Islands Looks To Recoup Ocwen's $8.6M Tax Refund
The U.S. Virgin Islands' revenue bureau mistakenly paid an $8.6 million tax refund to mortgage company Ocwen based on a 90% economic development credit that shouldn't have been allowed, the islands' government told a federal court as it seeks to take back the money.
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October 24, 2024
FTC Official Doubts Election Will Deter Antitrust 'New Era'
The Federal Trade Commission's Bureau of Competition director defended the agency's new guidelines and its track record during a wide-ranging discussion at the 34th annual Golden State Institute on Thursday, and he expressed confidence that whichever presidential candidate wins, a new administration won't deter this "new era" of FTC antitrust enforcement actions.
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October 24, 2024
Bank Groups Appeal Loss In Suit Over CFPB Small Biz Rules
Lender trade groups that sued the Consumer Financial Protection Bureau over its reporting requirements for small businesses have appealed to the Fifth Circuit after a Texas federal judge granted the bureau's request for summary judgment in August.
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October 24, 2024
IP Forecast: Inhibrx Co-Founder Faces Biotech Secrets Trial
A Wilmington federal jury next week will hear a trade secrets lawsuit that accuses a biotech executive of helping himself to confidential information about cancer treatment antibodies while being employed as an expert in an unrelated $200 million arbitration proceeding. Here's a spotlight on that case — plus all the other major intellectual property matters on deck in the coming week.
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October 24, 2024
CFPB Cautions Over 'Unchecked Surveillance' Of Workers
The Consumer Financial Protection Bureau said Thursday it is taking action to protect consumers from "unchecked surveillance" in the labor force, issuing guidance that warns companies to get consent from workers when using algorithmic hiring scores or other outside profiling data for employment purposes.
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October 24, 2024
Va. Judge Won't Block Feds' Nonprofit Disclosure Law
A Virginia federal judge on Oct. 24 refused to stop the U.S. Department of the Treasury from enforcing a law that requires nonprofits such as community associations to disclose personal identifying information about their beneficial owners and applicants to a Treasury agency that focuses on stopping financial crimes.
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October 24, 2024
Chancery Expedites Credit Card Fee Claim-Buyer Dispute
Litigation finance startup CoreStream Capital LLC has won Delaware Court of Chancery fast-tracking of its claims that another company breached an agreement to connect the LLC with merchants seeking shares of a $5.6 billion federal class antitrust settlement covering excessive credit card fees.
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October 24, 2024
Conn. High Court Snapshot: $13M Tax Appeals, Will Dispute
The Connecticut Supreme Court's second term of the 2024-2025 season will commence Monday with a dispute over whether an attorney bungled a will that sought to divide a $845,368 TD Ameritrade account among five beneficiaries, only one of whom received any cash.
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October 24, 2024
Feds Want Leniency For Key Witness At Bankman-Fried Trial
Prosecutors asked a Manhattan federal judge for leniency when sentencing a former FTX executive who they said provided "substantial" assistance and testimony in the successful prosecution of the bankrupt cryptocurrency exchange's founder Sam Bankman-Fried.
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October 23, 2024
Co. Misleads Claimants About Visa Mastercard MDL, Attys Say
Class counsel for plaintiffs in long-running multidistrict litigation accusing Visa and Mastercard of charging improper merchant fees asked a New York federal judge to demand explanations from a third-party company over misleading statements it allegedly made regarding the claims-submission process for recovering settlement payments.
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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.
Expert Analysis
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3 High Court Rulings May Shape Health Org. Litigation Tactics
Three separate decisions from the U.S. Supreme Court's most recent term — Loper Bright, Corner Post and Jarkesy — will likely strengthen healthcare organizations' ability to affirmatively sue executive agencies to challenge regulations governing operations and enforcement actions, say attorneys at McDermott.
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Opinion
The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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Opinion
It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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Why DOJ's Whistleblower Program May Have Limited Impact
The U.S. Department of Justice’s new whistleblower pilot program aims to incentivize individuals to report corporate misconduct, but the program's effectiveness may be undercut by its differences from other federal agencies’ whistleblower programs and its interplay with other DOJ policies, say attorneys at Milbank.
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CFPB's Earned Wage Access Rule Marks Regulatory Shift
The Consumer Financial Protection Bureau's newly issued interpretive rule on earned wage access products, classifying them as extensions of credit, marks a significant shift in their regulatory landscape and raises some important questions regarding potential fringe cases and legal challenges, say Erin Bryan and Courina Yulisa at Dorsey & Whitney.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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How Corner Post Affects Enviro Laws' Statutes Of Limitations
The U.S. Supreme Court's recent ruling in Corner Post v. Federal Reserve Board has helped to alter the fundamental underpinnings of administrative law — and its plaintiff-centric approach may have implications for some specific environmental laws' statutes of limitations, say Chris Leason and Liam Martin at Gallagher and Kennedy.
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Jarkesy May Thwart Consumer Agencies' Civil Penalty Power
The U.S. Supreme Court's ruling in U.S. Securities and Exchange Commission v. Jarkesy not only implicates future SEC administrative adjudications, but those of other agencies that operate similarly — and may stymie regulators' efforts to levy civil monetary penalties in a range of consumer protection enforcement actions, say attorneys at Holland & Knight.
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Lessons From Recent SEC Cyber Enforcement Actions
The recent guidance by the SEC's Division of Corporation Finance is helpful to any company facing a cybersecurity threat, but just as instructive are the warnings raised by the SEC's recent enforcement actions against SolarWinds, R.R. Donnelley and Intercontinental Exchange, say attorneys at O'Melveny.
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Inside OCC's Retail Nondeposit Investment Products Refresh
In addition to clarifying safe and sound risk management practices generally, the Office of the Comptroller of the Currency's revised booklet on retail nondeposit investment products updates its guidance around certain sales practices in light of the U.S. Securities and Exchange Commission's adoption of Regulation Best Interest, say attorneys at Debevoise.
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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Loper Fuels Debate Over Merchant Cash Advances As Credit
The U.S. Supreme Court's recent rejection of the Chevron doctrine in Loper Bright may escalate a Florida federal court dispute between the Revenue Based Finance Coalition and the Consumer Financial Protection Bureau over whether merchant cash advances should be considered credit under the Dodd-Frank Act, say attorneys at Sheppard Mullin.
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Insurance Lessons From 11th Circ. Ruling On Policy Grammar
The Eleventh Circuit's recent decision in ECB v. Chubb Insurance, holding that missing punctuation didn't change the clear meaning of a professional services policy, offers policyholder takeaways about the uncertainty that can arise when courts interpret insurance policy language based on obscure grammatical canons, say Hugh Lumpkin and Garrett Nemeroff at Reed Smith.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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Series
Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.