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Banking
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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August 21, 2024
TransUnion Bid For CFPB Docs In Settlement Case Tossed
A magistrate judge has ruled that TransUnion will not be able to access documents relating to a Consumer Financial Protection Bureau enforcement action against the credit bureau, reasoning that TransUnion was not able to prove that the documents should not be protected by privilege.
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August 21, 2024
Wells Fargo Hires Jones Day After $22M ADA Trial Loss In NC
Wells Fargo has beefed up its legal representation with a powerhouse appellate litigator and an employer-side labor lawyer, both from Jones Day, following a jury's decision last month to enter more than $22 million in damages against it in a former director's disability discrimination case in North Carolina federal court.
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August 21, 2024
BofA Gag Clause Suit Heads For 9th Circ. After 2nd Dismissal
A group of consumers who sued Bank of America for allegedly using improper nondisparagement clauses in its online service agreements moved Tuesday to take their case to the Ninth Circuit after a California federal judge threw it out for a second time last month.
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August 20, 2024
FDIC Challenged Over 'Kafkaesque' Enforcement Proceeding
A former small business financier battling Federal Deposit Insurance Corp. enforcement claims has asked a D.C. federal court to issue an emergency order staying the agency's "Kafkaesque" administrative proceeding against him, arguing that it deprives him of his constitutional right to a jury trial.
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August 20, 2024
Houston Medical Group Sued Over Unpaid $20M Bank Loan
A doctor, a Texas-based healthcare system and its subsidiaries were sued this week by Gulf Capital Bank over a $19 million loan they have allegedly failed to repay that has since grown to more than $20 million.
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August 20, 2024
Ex-Goldman Analyst's Stepbro Ducks Prison For Inside Trades
A Long Island man on Tuesday was spared time in prison for his role in an insider scheme in which he traded on tips gleaned from his stepbrother and ex-Goldman Sachs analyst, largely due to his prompt cooperation with the FBI.
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August 20, 2024
Credit Union, 'Dreamers' Get Final OK To Settle Loan Bias Suit
A California federal judge gave the final stamp of approval to a class settlement offering cash to Deferred Action for Childhood Arrivals recipients and other immigrants who alleged a Chicago-based credit union denied them loans due to their immigration status.
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August 20, 2024
Mich. Man To Face Loan, Wire Fraud Charges Despite Mistrial
A Michigan business owner already accused of COVID-19 loan fraud cannot have a superseding wire fraud charge tossed even though a mistrial was declared in the loan fraud case, a Michigan federal judge has ruled.
Expert Analysis
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Enron Law Is Still Threat To Execs After Justices' Jan. 6 Ruling
While the U.S. Supreme Court’s recent Fischer v. U.S. decision is a setback for prosecutors’ obstruction charges against Jan. 6 defendants, it also represents a strong endorsement of the post-Enron Sarbanes-Oxley Act’s original purpose, serving as a corporate compliance reminder for executives, say Michael Peregrine and Ashley Hoff at McDermott.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.
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How 3 Recent High Court Rulings Could Shape Fintech Policy
The U.S. Supreme Court's recent decisions in Jarkesy, Loper Bright and Corner Post provide fintech companies with new legal strategies to challenge regulatory actions, but agency reactions to these rulings and inconsistent judicial interpretations could bring compliance challenges and uncertainties, says Amy Whitsel at FS Vector.
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What Cos. Should Note In DOJ's New Whistleblower Pilot
After the U.S. Department of Justice unveiled a new whistleblower pilot program last week — continuing its efforts to incentivize individual reporting of misconduct — companies should review the eligibility criteria, update their compliance programs and consider the risks and benefits of making their own self-disclosures, say attorneys at Skadden.
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CFPB's Medical Debt Proposal May Have Side Effects
The Consumer Financial Protection Bureau’s recent proposal to prevent medical debt information from appearing on consumer reports and creditors from basing lending decisions on such information may have initial benefits for some consumers, but there are potential negative consequences that should also be considered, say attorneys at Cooley.
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Series
Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Lawyers Can Take Action To Honor The Voting Rights Act
As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.
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Evolving Regulatory Oversight For AI And Asset Management
Attorneys at K&L Gates discuss the evolving regulatory and legislative landscape for artificial intelligence in the asset management industry, as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and Congress consider how to address potential investor protection and systemic risks associated with AI.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.
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New Russia Sanctions Law: Bank Compliance Insights
Financial institutions must familiarize themselves with the new reporting obligations imposed by the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act, a recent law that authorizes seizures of Russian sovereign assets under U.S. jurisdiction, say attorneys at Seward & Kissel.
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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.