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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.
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July 19, 2024
House AI Report Is 'Blueprint' For Coming Committee Action
The House Financial Services Committee is poised to take on a "leading role" in regulating the use of artificial intelligence in financial services, according to a new congressional report highlighting the importance of antidiscrimination and data privacy guardrails.
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July 19, 2024
Co. Says La. Utility Ditched Millions In Restitution Claims
A Louisiana utility company wrongfully refused to accept $42.3 million in restitution for deficiencies found by a consulting company in meter technology that collects energy usage data, the consulting company alleged in Louisiana federal court.
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July 19, 2024
Evolve Bank Leaked 7.6M Customers' Private Info, Suit Says
Evolve Bank & Trust has been hit with a proposed class action in Tennessee federal court alleging it failed to adequately protect the personal information of 7.6 million individuals from a cyberattack and failed to conduct reasonable data security practices.
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July 19, 2024
Fed Fines Green Dot $44M Over Lax Compliance Program
The Federal Reserve Board on Friday fined prepaid debit card issuer Green Dot $44 million, accusing it of violating consumer protection law through several unfair and deceptive practices and maintaining a "deficient" consumer compliance risk management program.
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July 19, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a libel clash between comedian Paul Currie and the Soho Theatre Company over allegations of anti-semitism, technology giant Huawei face a patents claim by Mediatek, Westfield Europe pursue action against Clearpay Finance for contract breaches and tour operating company Carnival hit chartered airline Maleth Aero for significant flight delays. Here, Law360 looks at these and other new claims in the U.K.
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July 18, 2024
Bizlato Founder Avoids More Time For Illicit Crypto Deals
The founder of Bitzlato Ltd. on Thursday was spared further incarceration for using the cryptocurrency exchange to process what prosecutors say was over $700 million in criminal proceeds, the latest case among many where judges factor in the vile conditions at Brooklyn's notorious federal jail, the Metropolitan Detention Center, as a reason for leniency.
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July 18, 2024
'Dreamer' Sues California Credit Union Alleging Loan Bias
University Credit Union violated both federal and California antidiscrimination laws by withdrawing a woman's auto loan because she was a Deferred Action for Childhood Arrivals program recipient, the woman alleged in a proposed class action filed Thursday in California federal court.
Expert Analysis
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Breaking Down DOJ's Individual Self-Disclosure Pilot Program
The U.S. Department of Justice’s recently announced pilot program aims to incentivize individuals to voluntarily self-disclose corporate misconduct they were personally involved in, complementing a new whistleblower pilot program for individuals not involved in misconduct as well as the government's broader corporate enforcement approach, say attorneys at Paul Weiss.
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Reverse Veil-Piercing Ruling Will Help Judgment Creditors
A New York federal court’s recent decision in Citibank v. Aralpa Holdings, finding two corporate entities liable for a judgment issued against a Mexican businessman, shows the value of reverse veil piercing as a remedy for judgment creditors to go after sophisticated debtors who squirrel away assets, says Gabe Bluestone at Omni Bridgeway.
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Address Complainants Before They Become Whistleblowers
A New York federal court's dismissal of a whistleblower retaliation claim against HSBC Securities last month indicates that ignored complaints to management combined with financial incentives from regulators create the perfect conditions for a concerned and disgruntled employee to make the jump to federal whistleblower, say attorneys at Cooley.
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Ensuring Nonpublic Info Stays Private Amid SEC Crackdown
Companies and individuals must take steps to ensure material nonpublic information remains confidential while working outside the office, as the U.S. Securities and Exchange Commission continues to take enforcement actions against those who trade on MNPI and don't comply with new off-channel communications rules in the remote work era, say attorneys at BakerHostetler.
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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What's In OCC's Proposed Freedom Of Information Act Update
In this article, Christine Docherty at Goodwin discusses the Office of the Comptroller of the Currency's proposed amendments to its regulations implementing the Freedom of Information Act, and how these changes might align with guidance from other regulators.
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Binance Ruling Spotlights Muddled Post-Morrison Landscape
The Second Circuit's recent decision in Williams v. Binance highlights the judiciary's struggle to apply the U.S. Supreme Court's Morrison v. National Australia Bank ruling to digital assets, and illustrates how Morrison's territorial limits on the federal securities laws have become convoluted, say Andrew Rhys Davies and Jessica Lewis at WilmerHale.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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FDIC Bank Merger Reviews Could Get More Burdensome
Recently proposed changes to the Federal Deposit Insurance Corp. bank merger review process would expand the agency's administrative processes, impose new evidentiary burdens on parties around competitive effects and other statutory approval factors, and continue the trend of long and unpredictable processing periods, say attorneys at Simpson Thacher.
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Series
Whitewater Kayaking Makes Me A Better Lawyer
Whether it's seeing clients and their issues from a new perspective, or staying nimble in a moment of intense challenge, the lessons learned from whitewater kayaking transcend the rapids of a river and prepare attorneys for the courtroom and beyond, says Matthew Kent at Alston & Bird.
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A Key Pitfall Of Restricted Subsidiaries In Loan Agreements
In loan agreements, the treatment afforded to non-loan party restricted subsidiaries' EBITDA presents subtle, but serious threats to lenders that require thoughtful attention in underwriting and drafting, say David Ebroon at JPMorgan Chase and Jared Zajac at Cadwalader.
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This Earth Day, Consider How Your Firm Can Go Greener
As Earth Day approaches, law firms and attorneys should consider adopting more sustainable practices to reduce their carbon footprint — from minimizing single-use plastics to purchasing carbon offsets for air travel — which ultimately can also reduce costs for clients, say M’Lynn Phillips and Lisa Walters at IMS Legal Strategies.
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New Proposal Signals Sharper Enforcement Focus At CFIUS
Last week's proposed rule aimed at broadening the Committee on Foreign Investment in the United States' enforcement authority over foreign investments and increasing penalties for violations signals that CFIUS intends to continue expanding its aggressive monitoring of national security issues, say attorneys at Kirkland.
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What FinCEN Proposed Customer ID Number Change Means
The Financial Crimes Enforcement Network's recent request for comment on changing a requirement for banks to collect full Social Security numbers at account sign-up represents an important opportunity for banks to express their preferability, as communicating sensitive information online may carry fraud or cybersecurity risks, say attorneys at Crowell & Moring.