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Banking
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July 02, 2024
Chevron Loss Is BofA's Gain In $1.1B FDIC Premiums Suit
Bank of America and the Federal Deposit Insurance Corp. must hit reset on summary judgment briefing in litigation over the bank's alleged underpayment of its deposit insurance premiums following the U.S. Supreme Court's decision overturning the long-standing precedent of deference to federal agency interpretation of law in rulemaking.
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July 02, 2024
CFPB's Founding Fair Lending Chief Heads For Exit
Patrice Ficklin, the longtime top fair lending official at the Consumer Financial Protection Bureau, is leaving the agency later this month after more than a decade leading its efforts to oversee the financial industry's compliance with federal laws banning credit discrimination.
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July 02, 2024
Amway Parent Inks $1.5M Deal To End Retirees' 401(k) Suit
Amway's parent company will pay over $1.5 million to resolve a class action claiming it loaded its employee 401(k) plan with shoddy investments and excessive fees, plan participants leading the suit told a Michigan federal court.
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July 02, 2024
Gov. Says Ky. Tower's Sale Didn't Cancel Ties To Laundering
Prosecutors and a pair of Miami businessmen have traded briefs over preserving the government's case in Florida federal court to seize $9.1 million from the sale of a Louisville, Kentucky, tower over alleged ties to a Ukrainian money laundering operation.
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July 02, 2024
Bond-Rigging Suit Revived Over Judge's Wife's Stock Conflict
The Second Circuit on Tuesday revived a proposed class action accusing big banks of rigging corporate bonds, ruling that the New York federal judge who previously dismissed the suit should have recused himself due to his wife's ownership of Bank of America stock.
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July 01, 2024
High Court's 1-2 Punch Sets Up Long-Standing Regs For KO
By ending its term with a stinging combination against federal agencies, the U.S. Supreme Court's conservative bloc left behind a bruised bureaucracy and a regulatory system that's now vulnerable to a barrage of incoming attacks.
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July 01, 2024
Ex-Ozy Media CEO Carlos Watson Takes Stand, Denies Fraud
Former Ozy Media CEO Carlos Watson on Monday testified that he is not guilty of charges that he deceived financial backers of the media and entertainment company about its allegedly dire financial state, while casting himself as the founder of an idealistic and scrappy startup that had more value than the government claims.
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July 01, 2024
TurboTax User Alleges Intuit Failed To Prevent Data Breaches
A former TurboTax customer hit Intuit Inc. with a proposed privacy class action in California federal court on Monday, accusing the maker of TurboTax and Credit Karma software of not doing enough to prevent an alleged data breach earlier this year that allegedly exposed thousands of users' personal identifying information.
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July 01, 2024
SEC's High Court Loss May Sting For Banking Enforcement
The U.S. Supreme Court's latest rebuke to the U.S. Securities and Exchange Commission is poised to complicate enforcement for the federal banking agencies, providing new ammunition for challenges to the validity of their administrative proceedings, attorneys say.
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July 01, 2024
Visa, Mastercard Judge Says Apple Fee Case Should Exit MDL
The Brooklyn federal judge handling multidistrict litigation over Visa and Mastercard merchant fees on Monday suggested that a case alleging the credit card companies had agreements with Apple that violated antitrust law should be sent back to Illinois federal court, saying the facts in the case are not similar enough.
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July 01, 2024
TCPA Needs Update To Fight Scam Texts, FCC Chair Says
If Congress wants the Federal Communications Commission to do more about scam texts, it should consider updating the Telephone Consumer Protection Act for the first time in more than 30 years to account for the changing times, the head of the agency has told members of the House.
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July 01, 2024
CFPB, Loan Trusts Push Back On PIMCO Deal Objections
The U.S. Consumer Financial Protection Bureau and multiple student loan trusts have urged a Pennsylvania federal judge to ignore objections from investment giant PIMCO to a proposed $5 million settlement of claims tied to alleged servicing violations by Pennsylvania's Higher Education Assistance Agency.
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July 01, 2024
Silvergate To Pay $63M Over Internal Monitoring 'Deficiencies'
The business behind now-defunct crypto-focused bank Silvergate has agreed to pay $63 million in combined penalties from regulators to settle claims its internal transaction monitoring and risk assessment of its customers, including of collapsed crypto exchange FTX, weren't up to par, regulators announced Monday.
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July 01, 2024
VC Co.'s Ex-Marketing Chief Wins $1.4M Damages In Retrial
A jury awarded $1.4 million in damages for unpaid bonuses to a former marketing director for a biotechnology-focused venture capital company after a retrial on the damages award, unanimously granting the ex-executive almost the same amount as an earlier award that a New York federal judge opposed.
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July 01, 2024
Binance, Ex-CEO Must Face 'Bulk' Of SEC Case
A Washington, D.C., federal judge has ruled that Binance, its former CEO and its U.S. arm will have to face the "bulk" of a lawsuit from the U.S. Securities and Exchange Commission, but claims surrounding the crypto exchange's stablecoin and certain secondary sales of its proprietary token won't move forward.
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July 01, 2024
Pa. Man Gets 12 Years For $2M COVID-19 Funds Fraud
A Pennsylvania man was sentenced to approximately 12 years in prison following his convictions for bank fraud, aggravated identity theft and unlawful monetary transactions related to theft of federal COVID-19 pandemic relief funds, according to the U.S. Attorney's Office for the Middle District of Pennsylvania.
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July 01, 2024
JPMorgan Can't Collect Atty Fees, Oil Company Says
An oil and gas company says JPMorgan Chase Bank is not entitled to attorney fees because the company did not assert any violations of the trust code, asking the Texas Supreme Court to overturn an appeals court decision to award about $2.4 million to the bank.
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July 01, 2024
Ardian Raises $3.2B For 6th Co-Investment Fund
French private equity firm Ardian said Monday it has raised $3.2 billion for the sixth generation of its global co-investment platform, Ardian Co-Investment Fund VI.
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July 01, 2024
Judge Chips Away At BofA COVID Card Fraud Claims
Bank of America can't escape a proposed class action over its allegedly insufficient security measures affecting prepaid debit cards for unemployment benefits amid the COVID-19 pandemic, though a New Jersey federal judge has, for now, tossed some of the suit's allegations.
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July 01, 2024
Morgan Lewis Hires CFPB, FTC Pro In DC Office
Morgan Lewis & Bockius LLP has hired a public servant with more than 30 years of experience working in federal agencies that have oversight of financial services and consumer protection issues, the firm announced Monday.
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July 01, 2024
Supreme Court Widens Window To Challenge Federal Regs
Legal challenges to federal regulations can be brought outside the normal statute of limitations if someone isn't adversely affected until after the six-year window of time to file suit, the U.S. Supreme Court ruled Monday.
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June 28, 2024
Cahill Hires SDNY Vet Who Prosecuted 'Real Housewives' Star
Cahill Gordon & Reindel LLP has hired an eight-year veteran of the U.S. Attorney's Office for Southern District of New York who was a senior member of the office's Securities and Commodities Fraud Task Force and prosecuted a former U.S. congressional representative and a star of one of "The Real Housewives" TV series.
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June 28, 2024
Chevron's End Is Just The Start For Energized Agency Foes
By knocking down a powerful precedent that has towered over administrative law for 40 years, the U.S. Supreme Court's right wing Friday gave a crowning achievement to anti-agency attorneys. But for those attorneys, the achievement is merely a means to an end, and experts expect a litigation blitzkrieg to materialize quickly in the aftermath.
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June 28, 2024
Visa, Mastercard Can Manage 'Greater' Fee Deal, Judge Says
Visa and Mastercard could likely tolerate a "substantially greater judgment" than the proposed settlement valued at about $30 billion in multidistrict litigation over the credit card companies' merchant fees, a New York federal judge ruled in an order unsealed Friday evening, rejecting the parties deal.
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June 28, 2024
Citi Wants Termination Suit Over Alleged Lies To OCC Tossed
Citibank has urged a New York federal judge to toss a suit by a former managing director of the bank who claims she was fired for not reporting false information to compliance authorities, arguing that even if her claims are true, she hasn't plausibly alleged a cause of action under the Sarbanes-Oxley Act.
Expert Analysis
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Fears About The End Of Chevron Deference Are Overblown
While some are concerned about repercussions if the U.S. Supreme Court brings an end to Chevron deference in the Loper and Relentless cases this term, agencies and attorneys would survive just fine under the doctrines that have already begun to replace it, say Daniel Wolff and Henry Leung at Crowell & Moring.
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Series
NJ Banking Brief: All The Notable Legal Updates In Q1
Early 2024 developments in New Jersey financial regulations include new bills that propose regulating some cryptocurrency as securities and protecting banks that serve the cannabis industry, as well as the signing of a data privacy law that could change banks’ responsibility to vet vendors and borrowers, say attorneys at Chiesa Shahinian.
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Former Minn. Chief Justice Instructs On Writing Better Briefs
Former Minnesota Supreme Court Chief Justice Lorie Gildea, now at Greenberg Traurig, offers strategies on writing more effective appellate briefs from her time on the bench.
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Stay Interviews Are Key To Retaining Legal Talent
Even as the economy shifts and layoffs continue, law firms still want to retain their top attorneys, and so-called stay interviews — informal conversations with employees to identify potential issues before they lead to turnover — can be a crucial tool for improving retention and morale, say Tina Cohen Nicol and Kate Reder Sheikh at Major Lindsey.
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Overdraft Opt-In Practices Hold Risks For Banks
A recent Consumer Financial Protection Bureau action against Atlantic Union Bank regarding overdraft opt-in sales practices highlights compliance risks that financial institutions must be aware of, especially when enrolling customers by phone, says Kristen Larson at Ballard Spahr.
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AI In Accounting Raises OT Exemption Questions
A recent surge in the use of artificial intelligence in accounting work calls into question whether professionals in the industry can argue they are no longer overtime exempt under the Fair Labor Standards Act, highlighting how technology could test the limits of the law for a variety of professions, say Bradford Kelley at Littler and Stephen Malone at Peloton Interactive.
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New Concerns, Same Tune At This Year's SIFMA Conference
At this year's Securities Industry and Financial Markets Association conference on legal developments affecting the financial services industry, government regulators’ emphasis on whistleblowing and AI washing represented a new refrain in an increasingly familiar chorus calling for prompt and thorough corporate cooperation, say attorneys at Fried Frank.
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8 Tips As GCs Prep For New SEC Climate Disclosure Rules
The U.S. Securities and Exchange Commission's recently adopted rules governing climate-related disclosures represent a major change to the existing public company disclosure regime, so in-house counsel should begin to evaluate existing systems and resources related to emissions data, and identify the changes that will need to be made, say attorneys at Bracewell.
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How Experian, Apple Aid CFPB's 'Buy Now, Pay Later' Goals
Experian’s recent voluntary addition of Apple's “buy now, pay later” loans to consumer credit reports makes now a useful occasion to reflect on past Consumer Financial Protection Bureau calls for wider transparency around these products, and to analyze how its stated priorities for regulating them may shape coming bureau guidance and rules, says Tom Witherspoon at Stinson.
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An Overview Of Key Financing Documents In Venture Capital
The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead.
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Ready Or Not, Big Tech Should Expect CFPB Surveillance
In light of the Consumer Financial Protection Bureau's proposed plan to supervise large companies providing the vast majority of digital money transfers, not only will Big Tech have to prepare for regulation previously reserved for traditional banks, but the CFPB will also likely face some difficult decisions and obstacles, says Meredith Osborn at Arnold & Porter.
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Series
Spray Painting Makes Me A Better Lawyer
My experiences as an abstract spray paint artist have made me a better litigator, demonstrating — in more ways than one — how fluidity and flexibility are necessary parts of a successful legal practice, says Erick Sandlin at Bracewell.
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Conn. Loan Law Tweaks May Have 3 Major Effects On Lenders
Recently proposed minor amendments to Connecticut’s consumer protection laws could nonetheless mean major and unexpected changes to state consumer financial services regulations that dictate how lenders and their customer-facing service providers handle fee payments, mortgage servicer licensing and private student loans, says Jonathan Joshua at Joshua Law Firm.
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7 Takeaways From CFPB Circular On Digital Comparison Tools
The Consumer Financial Protection Bureau's new guidance regarding digital comparison-shopping platforms for financial services products and services offers fresh insights into the bureau's interpretation of the abusiveness standard and expands on principles underlying its previous guidance on the topic, say attorneys at Husch Blackwell.
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Why Individual Officers Are BSA-AML Enforcement Targets
Banking compliance professionals should use recent enforcement actions against individual officers at both Sterling Bank and the New York State Employees Credit Union to assess whether they are equipped with the tools and authority necessary to avert deficient Bank Secrecy Act and anti-money laundering compliance, says Sam Finkelstein at Volkov Group.