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Banking
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August 08, 2024
Deals Rumor Mill: Roche, Thoma Bravo, Klarna
Roche is considering divesting cancer data specialist Flatiron Health, Thoma Bravo is exploring a sale of compliance software maker Cority, and fintech startup Klarna is preparing a secondary-share sale ahead of a planned IPO. Here, Law360 breaks down these and other notable deal rumors from the past week.
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August 07, 2024
FTC, CFPB Turn Up Scrutiny On Solar Energy Sales Practices
The federal government on Wednesday stepped up efforts to police shady solar energy sales and financing practices, with the Federal Trade Commission, Consumer Financial Protection Bureau and other agencies releasing consumer advisories and announcing a new partnership to better monitor the industry.
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August 07, 2024
TD Bank Shared Customer Data With Meta, Suit Claims
A new proposed class action in New Jersey federal court alleges TD Bank wrongfully shared customers' personal information with Meta Platforms Inc. without consent for marketing purposes.
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August 07, 2024
Fintech Firm Says Plaintiff Is 'Forum Shopping' With NC Suit
Fintech company Figure Lending is urging a North Carolina federal judge to toss a proposed class action over its home equity lines of credit, saying the plaintiff who brought the case is forum shopping with insufficient claims that have been dismissed in other courts.
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August 07, 2024
Judge Says PNC's TM Suit Against Plaid Must Go To Trial
A Pennsylvania federal judge has ruled that PNC Financial Services Group's trademark infringement complaint against third-party software broker Plaid Inc. will proceed to trial after he denied each party's summary judgment motion on Wednesday, saying jurors must decide claims that "could reasonably come out either way."
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August 07, 2024
NC Biz Court Bulletin: The Battles Making Summer Sizzle
A 1983 championship basketball team's intellectual property rights and a public feud between Cadwalader Wickersham & Taft LLP and its insurer are among the legal battles that have kept North Carolina Business Court judges and Tar Heel state private practice attorneys busy this summer. In case you missed those and others, here are the highlights.
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August 07, 2024
Fla. Bank Shareholders Lose Bid To Stop Recapitalization Deal
A Florida federal judge has denied a post-trial bid by Eastern National Bank NA shareholders to halt a recapitalization deal and stop the bank's board from implementing an equity compensation plan following claims that the bank didn't have proper authorization from the U.S. government to implement the plan.
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August 07, 2024
Weak Link Doomed $690M Whistleblower Claim, DC Circ. Says
A whistleblower could not get up to $690 million, or 30% of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program, because the connection between his actions and the program was weak, the D.C. Circuit said Wednesday.
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August 07, 2024
Lender Says Mogul's Privacy Concerns Stymying Trial Prep
Attorneys for a lending agent pursuing a $127 million judgment from an auto parts mogul asked a Michigan federal judge Tuesday to deny the mogul and his bankrupt company's attempts to keep key documents private, saying the inability to share relevant information with their clients is hindering their ability to prepare for trial.
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August 07, 2024
6 Swipe Fee Plaintiffs 'Arbitrarily' Picked For 2025 Trial
Six retailers including department store giant Target will go to trial in 2025 on claims that Visa and Mastercard overcharged them, a Manhattan federal judge said Wednesday, explaining that he arbitrarily chose from among 60 plaintiffs in a long-running, multibillion-dollar antitrust battle.
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August 07, 2024
Eversheds Sutherland Adds Kilpatrick Bankruptcy Atty In Atlanta
The former team leader of Kilpatrick Townsend & Stockton LLP's bankruptcy and financial restructuring practice has departed the firm after more than three decades to move to Eversheds Sutherland in Atlanta as co-leader of its U.S. restructuring and insolvency team.
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August 07, 2024
Mortgage Banker Says Experian Can't Tie Him To 'Sham' Suits
A New Jersey-based licensed mortgage banker is urging a California federal judge to let him escape Experian's suit alleging that he helped credit reporting law firms identify clients and created false evidence of a mortgage denial in a nationwide scheme to "extort" the credit reporting agency into settling "sham" lawsuits.
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August 07, 2024
Morgan Stanley Loses Bid To Arbitrate Background Check Suit
A Boston federal judge ruled Tuesday that Morgan Stanley & Co. LLC can't force arbitration in a proposed class action claiming the bank illegally used protected criminal history information to discriminate against job applicants.
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August 07, 2024
CFPB Backs Homeowners In Nationstar Mortgage Fee Suit
The Consumer Financial Protection Bureau asked a Washington federal court to allow it to file a brief in support of a proposed class action accusing Nationstar Mortgage of illegally charging fees whenever homeowners request payoff statements for their loans.
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August 06, 2024
2nd Circ. Says Citi Whistleblower Can't Get Cut Of $400M Fine
The Second Circuit on Tuesday upheld a lower court's dismissal of a Citibank executive's whistleblower lawsuit seeking a piece of a $400 million fine the bank paid, finding that she failed to allege a valid False Claims Act claim and therefore has no right to a portion of financial recovery.
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August 06, 2024
Zelle Fraud Victims Seek Class Cert. In BofA Refunds Suit
Consumers suing Bank of America NA for allegedly stiffing them on reimbursement for Zelle fraud and scam losses asked a California federal judge to grant class action status to their case, seeking certification for several classes of customers with denied refund claims from the past four years.
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August 06, 2024
Piper Sandler Says It Will Pay $16M In Recordkeeping Fines
Piper Sandler Cos. disclosed Tuesday that it has reached tentative agreements with the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission to end investigations into off-channel business communications for a total of $16 million.
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August 06, 2024
Fifth Third Bank Faces MDL Bid Over Allegedly Hidden Costs
A group of consumers is urging the Judicial Panel on Multidistrict Litigation to centralize in New Jersey five proposed class actions alleging Fifth Third Bank NA's solar panel financing business hid loan costs from consumers.
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August 06, 2024
CFPB Pans Bid For 5th Circ. To Reopen Payday Rule Fight
The Consumer Financial Protection Bureau has urged the Fifth Circuit to deny a rehearing bid for a payday loan industry rule challenge that previously foundered at the U.S. Supreme Court, arguing it's time to put the long-running case to bed.
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August 06, 2024
Finance Co. EasyKnock Scams Poor Homeowners, Suit Says
Home finance company EasyKnock Inc. has been sued on allegations it targeted a low-income Philadelphia resident in an "equity-theft" scheme designed to dupe homeowners with an upfront cash payment for a gradual sale of their home that secretly transfers the title to the company.
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August 06, 2024
DC Circ. Rules Russia Is Immune From Suit Over Jewish Texts
The D.C. Circuit ruled Tuesday that the federal court never had jurisdiction over a Jewish group's decades-old allegations that Russia is illegally holding on to its long-lost sacred texts, finding that the country has sovereign immunity and voiding nearly $200 million in fines levied against Russia.
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August 06, 2024
Atty Rips Lawyer's Suit Over $30K Law School Loan Judgment
A Florida employment lawyer's "absurdly long" federal complaint alleging his onetime romantic partner and her attorneys conspired with a Wells Fargo consultant to concoct a vexatious lawsuit against him should be trimmed, one defendant argued Tuesday, noting that an underlying judgment was entered against the plaintiff.
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August 06, 2024
Mich. Judge OKs FTC's Deal With Credit Repair Businesses
Several credit repair companies agreed to turn over about $12 million and either exit the credit repair industry or stop claiming their products can clean up negative credit histories to resolve Federal Trade Commission allegations that they scammed consumers.
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August 06, 2024
DC Circ. Urged To Revive Investor's Pandemic-Era Losses Suit
An investor vying to hold Bank of America liable for losses he sustained at the height of the COVID-19 pandemic told the D.C. Circuit that a trial court judge prematurely tossed his suit claiming that the bank failed to explain the risks of cashing out his investments.
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August 06, 2024
MoneyGram To Settle Fired Worker's FMLA Retaliation Suit
MoneyGram has agreed to settle a former employee's suit claiming she was fired for taking medical leave to treat a stomach illness, according to a Texas federal court filing.
Expert Analysis
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Series
A Day In The In-House Life: Block CLO Talks Problem-Solving
Amid the busy summer months, Block Inc. Chief Legal Officer Chrysty Esperanza chronicles a typical Wednesday where she conquered everything from unexpected fintech regulatory issues and team building to Bay Area commutes and school drop-off.
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7th Circ. Ruling Expands CFPB Power In Post-Chevron Era
The Seventh Circuit’s recent ruling in Consumer Financial Protection Bureau v. Townstone Financial interprets the Equal Credit Opportunity Act broadly, paving the way for increased CFPB enforcement and hinting at how federal courts may approach statutory interpretation in the post-Chevron world, say attorneys at Saul Ewing.
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Drip Pricing Exemption Isn't A Free Pass For Calif. Eateries
A new exemption relieves California bars and restaurants from the recently effective law banning prices that don't reflect mandatory fees and charges — but such establishments aren't entirely off the hook for drip pricing, due to uncertainty over disclosure requirements and pending federal junk fee regulations, say Alexandria Ruiz and Amy Lally at Sidley.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.
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Jarkesy's Impact On SEC Enforcement Will Be Modest
Though the U.S. Supreme Court’s recent U.S. Securities and Exchange Commission v. Jarkesy decision found that fraud defendants have a constitutional right to a jury trial, the ruling will have muted impact on the agency’s enforcement because it’s already bringing most of its cases in federal court, say Jeremiah Williams and Alyssa Fixsen at Ropes & Gray.
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Series
Rock Climbing Makes Me A Better Lawyer
Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.
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NY Ruling Offers A Foreclosure Road Map For Lenders
A New York appellate court recently upheld a summary judgment ruling in favor of a commercial lender's foreclosure in U.S. Bank v. 1226 Evergreen Bapaz, illustrating the proofs lenders will need to prosecute a foreclosure action, especially where the plaintiff is an assignee of the originating lender, say attorneys at Sherman Atlas.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.
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Takeaways From Tossed Deal In Visa, Mastercard Class Action
Given the rejection of a proposed deal in the long-running merchant antitrust class action against Visa and Mastercard in New York federal court, sweetening the proposed settlement pot likely will not be an option, leaving few possible outcomes including splitting the class and allowing opt-outs, say attorneys at Davis Wright.
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Opinion
OFAC Sanctions Deserve To Be Challenged Post-Chevron
The U.S. Supreme Court's Loper Bright decision opens the door to challenges against the Office of Foreign Assets Control's sanctions regime, the unintended consequences of which raise serious questions about the wisdom of what appears to be a scorched-earth approach, says Solomon Shinerock at Lewis Baach.
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Tips For Lenders Offering Texas Home Equity Lines Of Credit
As interest in home equity lines of credit increases, lenders seeking to utilize such products in Texas must be aware of state-specific requirements and limitations that can make it challenging to originate open-end lines of credit on homestead property, says Tye McWhorter at Polunsky Beitel.
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Opinion
After Jarkesy, IRS Must Course-Correct On Captive Insurance
The U.S. Supreme Court’s recent Securities and Exchange Commission v. Jarkesy decision has profound implications for other agencies, including the IRS, which must stop ignoring due process and curtailing congressional intent in its policing of captive insurance arrangements, says Peter Dawson at the 831(b) Institute.
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Why FDIC Banks May Want To Consider Fed Membership
With the Federal Deposit Insurance Corp. recently ratcheting up bank supervision and proposing idiosyncratic new policies, state-chartered nonmember banks may want to explore the benefits of becoming Federal Reserve members and consider practical steps to make the switch, say Max Bonici and Connor Webb at Venable.
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Dissecting Treasury's Call For Input On AI In Financial Sector
The U.S. Department of the Treasury's request for comments on the potential benefits and challenges AI may pose to the financial services sector, which asks how stakeholders are addressing and mitigating increased fraud risks, reflects the federal government's continued interest in AI's effects across the economy, say attorneys at Hogan Lovells.
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NYSE Delisting May Be The Cost Of FCPA Compliance
ABB’s recent decision to delist its U.S. depository receipts from the New York Stock Exchange, coupled with having settled three Foreign Corrupt Practices Act enforcement actions, begs the question of whether the cost of FCPA compliance should factor into a company's decision to remain listed in the U.S., says John Joy at FTI Law.