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Banking
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July 25, 2024
Bank-Fintech Risks Put In Spotlight As Agencies Urge Caution
Federal regulators urged banks on Thursday to be mindful of a host of potential risks when partnering with outside firms to provide deposit products and services, guidance that comes in the wake of a high-profile fintech bankruptcy that has cast a pall over the banking-as-a-service business model.
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July 25, 2024
NY Jury Convicts Int'l Bank Safe Deposit Box Scammer
Following a seven-day trial, a New York federal jury in Brooklyn found a member of an alleged organized crime group guilty of stealing millions in cash and goods from European banks.
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July 25, 2024
Wells Fargo Says Sham Enrollment Claims Are Too Old
A proposed class's claims accusing Wells Fargo of attempting to shortchange customers after surreptitiously signing them up for unwanted financial products are time-barred, vague and "implausible," and therefore cannot proceed, the bank told a California federal court.
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July 25, 2024
Trump Judge Won't Exit Over 'Nothingburger' Atty Encounter
The New York judge who ordered Donald Trump to pay $465 million in penalties in his civil fraud case Thursday rejected the former president's demand that he step down from the case, saying a brief hallway encounter with an attorney acquaintance was a "nothingburger" that did not influence his decision.
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July 25, 2024
11th Circ. Asked To Toss Execs' Dinar Fraud Convictions
Three executives of an Atlanta-based dinar exchange convicted of fraud after an advertising partner hyped the Iraqi currency by claiming its price could soar urged the Eleventh Circuit to toss their convictions Thursday, arguing jurors should have been told the difference between fraud and deceit.
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July 25, 2024
Mr. Cooper Picks Up Flagstar Resi Mortgage Unit For $1.4B
Flagstar Bank NA announced Thursday that it has inked a $1.4 billion deal to sell its residential mortgage servicing business to nonbank mortgage originator Mr. Cooper, as Flagstar and parent New York Community Bancorp eye a turnaround.
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July 25, 2024
Warren Slams Fed Chief For Inaction On Bank Exec Pay
Sen. Elizabeth Warren, D-Mass., urged the Federal Reserve's top official to support rulemaking that would restrict incentive-based pay for executives at big banks, a long-overdue policy change that Congress required in the 2010 Dodd-Frank Act.
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July 25, 2024
Hedge Fund Manager Ordered To Disgorge $67M In Profits
A hedge fund manager who copped to running a $100 million securities fraud scheme has been ordered by a New Jersey federal court to pay back the $67 million in profits she earned through misleading 40 investors about the fund's performance.
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July 25, 2024
CFPB Wary Of 'Junk Fees' As Lunch Money Goes Digital
The Consumer Financial Protection Bureau on Thursday flagged concerns about "junk fees" that school-contracted payment processors are charging parents to put money on their children's cafeteria accounts, casting it as part of a broader trend toward more digital payments in school settings.
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July 25, 2024
3rd Circ. Says Service Flub Sinks SEC's Ponzi Scheme Win
The Third Circuit on Wednesday vacated a $500,000 default judgment against a Swiss resident accused of operating a $1.4 million Ponzi scheme, finding email service used by the U.S. Securities and Exchange Commission was improper under the Hague Service Convention.
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July 25, 2024
Longtime GrayRobinson Atty Joins Lewis Brisbois In Tampa
Lewis Brisbois Bisgaard & Smith LLP announced that a longtime GrayRobinson PA attorney who founded and chaired the firm's banking practice joined its Tampa, Florida, office as a partner.
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July 25, 2024
Deals Rumor Mill: Wiz-Google, Daily Telegraph, Medline IPO
Cybersecurity startup Wiz has rebuffed a buyout offer from Google, former British finance minister Nadhim Zahawi is preparing a $773 million bid for the Daily Telegraph, and medical supplies giant Medline is preparing an initial public offering for 2025. Here, Law360 breaks down these and other notable deal rumors from the past week.
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July 25, 2024
Belgium Taken To EU Court Over Deposit Exemption Rules
The European Union's executive branch said Thursday that it is taking Belgium to court alleging that the country's system of exempting remuneration of savings deposits from tax violates EU law.
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July 24, 2024
Texas Judge Prods MoneyGram Worker's Retaliation Claims
A Texas federal judge told an ex-MoneyGram International worker that she needed to establish more evidence to show why her employer fired her in retaliation for taking medical leave, saying during a Wednesday hearing that the proximity between the leave and her termination couldn't clear summary judgment.
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July 24, 2024
FDIC's Hill Says Basel Plan Needs New Draft With All Aboard
The Federal Deposit Insurance Corp.'s second-in-command called Wednesday for federal regulators to move in unison as they revise their controversial Basel III endgame plan for tougher big-bank capital requirements, saying any next draft should be comprehensive and backed by all the agencies involved.
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July 24, 2024
Failed Bank, FDIC Continue Fight Over $1.9B Account Claims
A New York bankruptcy judge on Wednesday heard arguments on the Chapter 11 plan of the parent company of the failed Silicon Valley Bank, alongside separate arguments on the fate of $1.9 billion in funds currently in the hands of federal banking regulators.
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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.
Expert Analysis
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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.
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How Attys Can Avoid Pitfalls When Withdrawing From A Case
The Trump campaign's recent scuffle over its bid to replace its counsel in a pregnancy retaliation suit offers a chance to remind attorneys that many troubles inherent in withdrawing from a case can be mitigated or entirely avoided by communicating with clients openly and frequently, says Christopher Konneker at Orsinger Nelson.
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The Effects Of New 10-Year Limitation On Key Sanctions Laws
Recently enacted emergency appropriations legislation, doubling the statute of limitations for civil and criminal economic sanctions violations, has significant implications for internal records retention, corporate transaction due diligence and government investigations, say attorneys at Greenberg Traurig.