Banking

  • August 23, 2024

    Western Union Seeks To Toss Most Claims In $8M Breach Suit

    Western Union looks to shake off the bulk of a point-of-sales device manufacturer's $8.1 million breach of contract case, telling a Colorado federal court that much of the suit arose from purchase orders to which the financial services company hadn't been party.

  • August 23, 2024

    JPMorgan's $26K Atty Fee Award Overturned By Conn. Panel

    A Connecticut appeals court on Friday reversed JPMorgan's nearly $26,000 attorney fee-shift and cost award in a case involving a $250,000 promissory note, holding a trial judge improperly awarded the recovery because the bank waited "more than one year" to seek it after scoring summary judgment.

  • August 23, 2024

    Patent Case Against USPTO Mimics Failed Suit, Feds Say

    The federal government has moved to toss a suit alleging that the U.S. Patent and Trademark Office's website infringes patents covering the idea of two-factor authorization, arguing that a patent in the same "family" was thrown out in 2016 by a different court that said it contained "nothing inventive."

  • August 23, 2024

    Cape Cod Bookkeeper To Cop To $1.3M Embezzlement

    The longtime bookkeeper of a Cape Cod flooring business has agreed to plead guilty to embezzling more than $1.3 million from the company, Massachusetts federal prosecutors announced.

  • August 22, 2024

    10th Circ. Pauses Debt Relief Appeal After 8th Circ. Ruling

    The Tenth Circuit on Thursday paused several states' appeal challenging a Kansas federal judge's injunction that partially barred the Biden administration's latest student debt relief plan, citing a broader injunction the Eighth Circuit issued earlier this month.

  • August 22, 2024

    3rd Circ. Denies Liberian Bank Whistleblower's Asylum Bid

    The Third Circuit ruled Thursday that a Liberian man can't claim asylum despite having "suffered horrors" after unearthing a fraud scheme involving Liberian government officials' relatives and refusing a politician's bribe, saying he did not show evidence that his alleged perpetrators targeted him for having an anti-corruption political opinion.

  • August 22, 2024

    State Bank Coalition Establishes AI Advisory Group

    The Conference of State Bank Supervisors has created a new advisory group to guide it on the development and use of artificial intelligence in the financial services sector, according to a Thursday statement.

  • August 22, 2024

    Texas Court Backs Nate Paul's Co. In Real Estate Receiver Row

    A Texas state appeals court on Thursday reversed a decision allowing a receiver to settle a lawsuit on behalf of a company owned by real estate investor Nate Paul, relying largely on a dispute from an El Paso appeals court involving Paul's companies with "nearly identical" facts.

  • August 22, 2024

    Ex-Morgan Stanley Representative Concedes SEC Suit

    A former Morgan Stanley representative who was criminally convicted in a $4.8 million Ponzi scheme has conceded in a suit brought by the U.S. Securities and Exchange Commission, saying he agrees with the agency that judgment should be issued against him.

  • August 22, 2024

    Ameriprise Benefits Most From Cash Sweeps, Customer Says

    Ameriprise was hit with a proposed class action in Minnesota federal court by a customer over its cash sweep program that allegedly yields low interest for customers and high fees for the bank, adding to a growing list of customer and regulatory scrutiny financial institutions are facing over the account type.

  • August 22, 2024

    Big Deals Boost M&A Values As Transaction Numbers Dip

    Large global deals and mega-mergers continued to boost global mergers and acquisitions values through the first half of 2024, compensating for record lows in the total number of deals announced, according to a recent report from S&P Global Intelligence.

  • August 22, 2024

    NY AG Tells Appeals Court To Uphold $465M Trump Judgment

    Donald Trump has barely challenged the extensive proof of financial statement lies undergirding a $465 million civil fraud judgment against him and his co-defendants, New York's attorney general said in an appeals brief looking to preserve the bench verdict.

  • August 22, 2024

    Bank, Fintech Groups Say FDIC Should Ice 'Hot Money' Plan

    A broad coalition of bank and fintech trade groups has called for the Federal Deposit Insurance Corp. to back off from a recently proposed revamp of its rules on "hot money," or brokered deposits, arguing the plan was put forward "without sufficient or transparent data or robust policy rationale."

  • August 22, 2024

    Insurer, Atty Drop Case Linked To Bogus Check Scheme

    An insurance firm has agreed to drop its claim seeking a declaration from a Washington federal court that it is not on the hook to cover a Seattle-area solo practitioner over an alleged counterfeit check scheme, after the bank and attorney settled their underlying dispute.

  • August 22, 2024

    Deals Rumor Mill: Saudi Fund, Disney-Reliance, Repligen

    Saudi Arabia’s sovereign wealth fund wants to launch a new cargo airline, India’s antitrust regulators worry about power over cricket rights if the $8.5 billion merger of Walt Disney’s Indian business with Reliance Entertainment is allowed, and drug manufacturing provider Repligen is eyeing Maravai LifeSciences. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • August 22, 2024

    Crypto Lobbyist Hit With FTX Campaign Finance Charges

    Manhattan federal prosecutors announced Thursday that Michelle Bond, a crypto industry lobbyist and the girlfriend of convicted former FTX executive Ryan Salame, has been charged with getting the now-defunct digital asset exchange to illegally finance her unsuccessful 2022 congressional campaign.

  • August 21, 2024

    FTX's Salame Says Feds Broke Deal Not To Probe Girlfriend

    Former FTX executive Ryan Salame urged a New York federal judge Wednesday to either vacate his May conviction or stop federal prosecutors from investigating his domestic partner Michelle Bond for related political campaign-finance offenses, saying prosecutors induced his guilty plea by promising not to probe Bond.

  • August 21, 2024

    FDIC Taps MoFo Atty To Monitor Workplace Transformation

    The Federal Deposit Insurance Corp. announced Wednesday that it has appointed a former prosecutor and veteran Morrison & Foerster LLP partner to serve as an independent monitor during the agency's efforts to revamp its workplace culture.

  • August 21, 2024

    Ga. Justices Look Ready To Kill $20M Garnished Judgment

    The Supreme Court of Georgia appeared inclined Wednesday to toss a $20 million default judgment that a state court judge slapped on a financial advisory after the firm failed to respond to a summons in an underlying case it claims it had zero stake in.

  • August 21, 2024

    Fla. Co. To Pay $5M To End CFPB's Illegal Foreclosure Claims

    Florida-based mortgage servicer Fay Servicing agreed Wednesday to pay a total of $5 million and its founder and CEO Edward Fay faces potential pay restrictions to resolve the Consumer Financial Protection Bureau's claims the company violated a prior 2017 agreement and multiple federal laws that protect borrowers against illegal foreclosure practices.

  • August 21, 2024

    TD Bank Designates $2.6B For Anti-Money Laundering Fines

    A U.S. subsidiary of Canada's Toronto-Dominion Bank said Wednesday that it has designated an additional $2.6 billion to cover the fines it expects to pay by the end of the year to resolve civil and criminal investigations into its compliance with anti-money laundering regulations.

  • August 21, 2024

    8th Circ. Reboots Fed Swipe Fee Suit After High Court Ruling

    An Eighth Circuit panel on Wednesday remanded a suit challenging Federal Reserve debit card swipe fee rules, ordering new proceedings in the case after the U.S. Supreme Court ruled that it was not untimely after all.

  • August 21, 2024

    Student Loan Trusts Rip 'Aggressive' CFPB In High Court Bid

    Fifteen Delaware student loan trusts have petitioned the U.S. Supreme Court to rescue them from a long-running Consumer Financial Protection Bureau enforcement lawsuit, asking to appeal a Third Circuit decision that said the securitization vehicles were subject to the agency's authority.

  • August 21, 2024

    Western Asset Exec Takes Leave Of Absence Amid SEC Probe

    Western Asset Management's co-chief investment officer, Ken Leech, has taken an immediate leave of absence from the global fixed-income manager after receiving a so-called Wells notice from the U.S. Securities and Exchange Commission and as the company faces parallel government investigations.

  • August 21, 2024

    NC Biz Court Bulletin: Wrinkle In Textile Family's $17M Fight

    The fate of a $17 million trust battled over by its trustees and Atrium Health, as well as attorney fees in a $1.1 million data breach settlement were cemented by the North Carolina Business Court in the first half of August. In case you missed those and others, here are the highlights.

Expert Analysis

  • Recruitment Trends In Emerging Law Firm Frontiers

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    BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.

  • What Companies Should Consider Amid Multistate AG Actions

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    The rise of multistate attorney general actions is characterized by increased collaboration and heightened scrutiny across various industries — including Big Tech and gaming — and though coalitions present challenges for targeted companies, they also offer opportunities for streamlined resolutions and coordinated public relations efforts, say attorneys at Cozen O'Connor.

  • Series

    Glassblowing Makes Me A Better Lawyer

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    I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.

  • What DOL Fiduciary Rule Means For Private Fund Managers

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    Attorneys at Ropes & Gray discuss how the U.S. Department of Labor's recently released final fiduciary rule, which revises the agency's 1975 regulation, could potentially cause private fund managers' current marketing practices and communications to be considered fiduciary advice, and therefore subject them to strict prohibitions.

  • Money, Money, Money: Limiting White Collar Wealth Evidence

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    As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.

  • Unpacking The Latest Tranche Of Sanctions Targeting Russia

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    Hundreds of new U.S. sanctions and export-control measures targeting trade with Russia, issued last week in connection with the G7 summit, illustrate the fluidity of trade-focused restrictions and the need to constantly refresh compliance analyses, say attorneys at Ropes & Gray.

  • How Associates Can Build A Professional Image

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    As hybrid work arrangements become the norm in the legal industry, early-career attorneys must be proactive in building and maintaining a professional presence in both physical and digital settings, ensuring that their image aligns with their long-term career goals, say Lana Manganiello at Equinox Strategy Partners and Estelle Winsett at Estelle Winsett Professional Image Consulting.

  • Considerations For Cooperation Contracts In Loan Trades

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    Significant challenges to settling trades can arise when lenders of syndicated bank loans enter into defense-oriented cooperation agreements, which are growing in popularity, but working through these issues on the front end of a trade can save hours down the road, says Robert Waldner at Crowell & Moring.

  • Firms Must Rethink How They Train New Lawyers In AI Age

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    As law firms begin to use generative artificial intelligence to complete lower-level legal tasks, they’ll need to consider new ways to train summer associates and early-career attorneys, keeping in mind the five stages of skill acquisition, says Liisa Thomas at Sheppard Mullin.

  • High Court's BofA Ruling Leaves State Preemption Questions

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    A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.

  • Cyber Takeaways For Cos. From Verizon Data Breach Report

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    Camilo Artiga-Purcell at Kiteworks analyzes the key findings of the 2024 Verizon Data Breach Investigations Report from a legal perspective, examining the implications for organizations' cybersecurity strategies and compliance efforts.

  • Think Like A Lawyer: Always Be Closing

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    When a lawyer presents their case with the right propulsive structure throughout trial, there is little need for further argument after the close of evidence — and in fact, rehashing it all may test jurors’ patience — so attorneys should consider other strategies for closing arguments, says Luke Andrews at Poole Huffman.

  • Expected Developments From Upcoming Basel Capital Rules

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    With U.S. federal banking regulators preparing to finalize the Basel IV regulatory framework as early as this fall, banks and private investment funds are expected to look to uncommitted facilities as one method to address key changes, including tighter capital requirements, say attorneys at Mayer Brown.

  • Takeaways From Nat'l Security Division's Historic Declination

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    The Justice Department National Security Division's recent decision not to prosecute a biochemical company for an employee's export control violation marks its first declination under a new corporate enforcement policy, sending a clear message to companies that self-disclosure of misconduct may confer material benefits, say attorneys at Perkins Coie.

  • Deciphering SEC Disgorgement 4 Years After Liu

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    Since the U.S. Supreme Court’s 2020 decision in Liu v. U.S. Securities and Exchange Commission to preserve SEC disgorgement with limits, courts have continued to rule largely in the agency’s favor, but a recent circuit split over the National Defense Authorization Act's import may create hurdles for the SEC, say attorneys at Ropes & Gray.

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