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Banking
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June 26, 2024
A Picture Of Office Sector Distress
This five-part series from Law360 Real Estate Authority explores distressed office buildings in Chicago, San Francisco, Miami, Dallas and New York City in an illustration of how the stressors facing the asset class are playing out across the country.
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June 26, 2024
Archegos Duo Won't Testify In $36B Market Distortion Trial
The founder of Archegos and its former chief financial officer will not take the stand in their trial on charges they orchestrated a massive campaign to manipulate Wall Street stock prices, the pair told a Manhattan federal judge Wednesday.
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June 26, 2024
Crypto ATM Co. Coinme Taps MoneyGram Atty As Legal Head
Crypto exchange and kiosk operator Coinme has brought on the former general counsel at payments firm MoneyGram to head its legal and compliance departments, the firm said on Wednesday.
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June 25, 2024
Bank Groups Rip CFPB Stance On Wire Rules In NY's Citi Suit
Banking trade groups have slammed the Consumer Financial Protection Bureau for backing the New York attorney general's office in a lawsuit over Citibank's handling of online wire fraud claims, arguing the agency's support for a key legal position in the case marks a "complete reversal" from its past views.
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June 25, 2024
Warhol, Monet Artwork Forfeited To US In 1MDB Clawback
Andy Warhol and Claude Monet paintings are among the items that will be forfeited to the United States as part of a deal resolving the government's civil complaints looking to recover assets allegedly related to money laundering by a Malaysian state-owned investment fund, according to a consent judgment entered Monday.
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June 25, 2024
2 Federal Judges Stall Biden's Student Loan Debt Relief
Federal judges in Kansas and Missouri on Monday partially blocked the Biden administration from implementing its latest student debt relief program, with both finding that Congress did not give clear authorization through the Higher Education Act for the loan forgiveness plan, as argued by the federal government.
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June 25, 2024
Adviser, Firm Owe SEC $425K For Mishandling Crypto Assets
A Florida federal judge on Tuesday approved approximately $425,000 in settlements in a suit by the U.S. Securities and Exchange Commission against an investment adviser and its owner, alleging they hid investment strategies and lost control of the firm's recordkeeping, preventing them from accessing crypto assets possibly worth $10 million.
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June 25, 2024
CFPB Delays Start Of Small-Biz Loan Rule Deadlines Until '25
The Consumer Financial Protection Bureau on Tuesday formally pushed back the compliance deadlines for its contested rule that establishes reporting requirements for the small-business lending market, putting nearly 10 more months on the clock for banks and other lenders after a court-ordered stay.
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June 25, 2024
FTX Gets OK To Seek Creditor Votes On Ch. 11 Plan
Bankrupt cryptocurrency exchange FTX Trading Ltd. can seek creditor votes for its Chapter 11 plan after a Delaware bankruptcy judge said he would approve the debtor's disclosures after overruling several objections.
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June 25, 2024
Broker's Lax ACH Monitoring Led To $330K Theft, FINRA Says
A broker-dealer that was once a unit of Oregon-headquartered Umpqua Bank has agreed to pay $225,000 to the Financial Industry Regulatory Authority after self-reporting supervisory oversights that enabled unauthorized parties to siphon over $330,000 out of a customer's account.
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June 25, 2024
NY Judge Rejects Visa, Mastercard Fee Deal
A New York federal judge handling multidistrict litigation over Visa and Mastercard merchant fees rejected a proposed settlement for equitable relief and recommended a case from Grubhub be sent back to Illinois, making good on a suggestion she shared at a previous hearing.
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June 25, 2024
FTC Suit Merely 'Publicity Stunt,' Seattle Bill Pay Biz Says
A Seattle-based online bill pay platform has accused the Federal Trade Commission of filing a baseless consumer protection suit against it, telling a Washington federal court the company has already gone above and beyond its legal obligations to satisfy regulators' concerns about misleading ads and hidden fees.
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June 25, 2024
Hedge Fund Exec Avoids Prison After Forex-Rigging Trial
The founder of U.K.-based Glen Point Capital on Tuesday was spared prison time following his conviction at trial for unlawfully manipulating the foreign exchange market in order to secure a $20 million payout for the hedge fund.
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June 25, 2024
American Airlines Can't Move Frequent Flyers' Suit To Texas
American Airlines lost its bid to transfer to Texas a proposed class action alleging it improperly terminated frequent flyer accounts and erased accrued airline miles, as a California federal judge ruled Monday the airline hadn't shown convenience and justice required moving it from the Golden State.
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June 24, 2024
SEC Official Urges Banks To Report Commercial RE Risks
The U.S. Securities and Exchange Commission is closely monitoring the way banks with significant commercial real estate portfolios are communicating with investors about their exposure to the struggling market, the agency's director of its Division of Corporation Finance said in remarks posted online Monday.
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June 24, 2024
GM Financial Pulls FDIC Industrial Bank Application, For Now
General Motors' financing arm said Monday that it has withdrawn its long-gestating bid for Federal Deposit Insurance Corp. approval to open an insured industrial bank, tabling its plans just days after the agency signed off on another such application for the first time in years.
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June 24, 2024
JPMorgan Should Save Data Sob Story For Feds, Argus Says
TransUnion and its data unit Argus Information & Advisory Services have told a Delaware federal judge that they plan to seek dismissal of a JPMorgan Chase & Co. lawsuit tied to their recent $37 million settlement with the government over claims that Argus misused credit card data it was collecting from banks on regulators' behalf.
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June 24, 2024
Mortgage Co. Fights To End Borrowers' RICO 'Smear' Suit
United Wholesale Mortgage has urged a Michigan federal judge to toss a putative class action claiming it violated the Racketeer Influenced and Corrupt Organizations Act by forcing brokers to originate loans through UWM, arguing the suit is an illegitimate "smear" attempt to tarnish UWM's reputation to benefit hedge fund short-sellers.
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June 24, 2024
Julie Chrisley To Be Resentenced, But Convictions Stand
The Eleventh Circuit on Friday upheld the tax evasion and fraud convictions of former reality TV stars Todd and Julie Chrisley, but ordered a Georgia federal judge to resentence Julie Chrisley after finding that the judge failed to fully explore her discrete role in the $36 million scheme.
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June 24, 2024
OCC Eyes Post-SVB Revamp To Recovery Planning Standards
The Office of the Comptroller of the Currency moved Monday to beef up its enforceable guidelines on recovery planning for large banks, issuing a set of proposed changes that would include extending them to banks in the same size range as Silicon Valley Bank and other lenders that failed last year.
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June 24, 2024
PNC Beats ERISA Suit After Class Expert Found Unreliable
PNC escaped a certified class action alleging it let employee retirement fund participants pay excessive fees after a Pennsylvania federal judge on Friday ruled that an expert witness who calculated $25 million in damages for the class of current and former employees wasn't reliable.
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June 24, 2024
Pa. Court OKs $3.65M Deal On Student Loan 'Pay-To-Pay' Fees
A Pennsylvania federal judge said Monday that she would give her final approval to a $3.65 million settlement of claims that loan servicer Educational Computer Systems Inc. had improperly charged payment fees on hundreds of thousands of federally-backed student loans.
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June 24, 2024
Chase, Florida Law Firm Settle $100K Wire Theft Suit
JPMorganChase Bank NA and Florida-based law firm Frank A. Rubino Esq. PA have agreed to settle a suit accusing the financial services giant of negligence by failing to prevent a $100,000 payment that a client mistakenly sent a fraudster.
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June 24, 2024
3rd Circ. Seems Ready To Send Experian Row To Arbitration
A Third Circuit panel on Monday appeared poised to send a Fair Credit Reporting Act lawsuit against Experian to arbitration, questioning whether a plaintiff's dispute over applying an arbitration agreement with an Experian-related credit-monitoring service fell under the "scope" disputes that would also get decided by an arbitrator.
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June 21, 2024
4 Big Banks Cited For 'Living Will' Weaknesses By Fed, FDIC
Federal regulators said Friday that half of the nation's largest U.S. banks will need to shore up weaknesses identified in their most recent "living wills," plans that detail how they could be resolved quickly and safely in the event of severe distress or failure.
Expert Analysis
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Opinion
Judicial Independence Is Imperative This Election Year
As the next election nears, the judges involved in the upcoming trials against former President Donald Trump increasingly face political pressures and threats of violence — revealing the urgent need to safeguard judicial independence and uphold the rule of law, says Benes Aldana at the National Judicial College.
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How Harsher Penalties For AI Crimes May Work In Practice
With recent pronouncements from the U.S. Department of Justice that prosecutors may seek sentencing enhancements for crimes committed using artificial intelligence, defense counsel should understand how the sentencing guidelines and statutory factors will come into play, says Jennie VonCannon at Crowell & Moring.
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2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.
The Second Circuit’s recent use of the irrevocable liability test to rule a class action may proceed against decentralized crypto exchange Binance heightens the possibility that other blockchain-based businesses with domestic customers and digital infrastructure will find themselves subject to U.S. securities laws, say attorneys at Holland & Knight.
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Protested CFPB Supervisory Order Reveals Process, Priorities
The Consumer Financial Protection Bureau’s order announcing its first use of special oversight power to place installment lender World Acceptance Corp. under supervision despite resistance from the company provides valuable insight into which products and practices may draw bureau scrutiny, and illuminates important nuances of the risk assessment procedures, say Josh Kotin and Michelle Rogers at Cooley.
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Document Retention Best Practices To Lower Litigation Risks
As new technologies emerge and terabytes of data can be within the purview of a single discovery request, businesses small and large should take four document management steps to effectively minimize risks of litigation and discovery sanctions long before litigation ensues, says Kimbrilee Weber at Norris McLaughlin.
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Series
Riding My Peloton Bike Makes Me A Better Lawyer
Using the Peloton platform for cycling, running, rowing and more taught me that fostering a mind-body connection will not only benefit you physically and emotionally, but also inspire stamina, focus, discipline and empathy in your legal career, says Christopher Ward at Polsinelli.
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The Challenges SEC's Climate Disclosure Rule May Face
Attorneys at Debevoise examine potential legal challenges to the U.S. Securities and Exchange Commission's new climate-related disclosure rule — against which nine suits have already been filed — including arguments under the Administrative Procedure Act, the major questions doctrine, the First Amendment and the nondelegation doctrine.
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Class Actions At The Circuit Courts: March Lessons
In this month's review of class action appeals, Mitchell Engel at Shook Hardy discusses four notable circuit court decisions on topics from consumer fraud to employment — and provides key takeaways for counsel on issues including coercive communications with putative class members and Article III standing at the class certification stage.
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Compliance Steps After ABA White Collar Crime Conference
Senior law enforcement officials’ statements this month at the American Bar Association's white collar crime conference suggest government enforcement efforts this year will increasingly focus on whistleblower incentives, artificial intelligence and data protection, and companies will need to update their compliance programs accordingly, say attorneys at Baker McKenzie.
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Investment Advisers Should Prep For Money Laundering Regs
Investment advisers should prepare for a Financial Crimes Enforcement Network proposed rule that would significantly expand anti-money laundering and counter-financing of terrorism obligations by assessing illicit financing risks, and expect examiners to scrutinize unregistered advisers and those with certain foreign clients, say attorneys at Paul Weiss.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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How Private Funds Can Navigate New FinCEN Reporting Rules
In light of the Financial Crimes Enforcement Network's new regulations implementing beneficial ownership reporting requirements, private fund managers must assess whether certain obligations apply to entities within their structures and whether potential structural changes could simplify those obligations, say attorneys at Winston & Strawn.
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What 2 Years Of Ukraine-Russia Conflict Can Teach Cos.
A few key legal lessons for the global business community since Russia's invasion of Ukraine could help protect global commerce in times of future conflict, including how to respond to disparate trade restrictions and sanctions, navigate war-related contract disputes, and protect against heightened cybersecurity risks, say attorneys at Morgan Lewis.
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CSA Case Could Shift Intrastate Commercial Cannabis
In Canna Provisions v. Merrick Garland, cannabis companies argue that the Controlled Substances Act is unconstitutional as applied to intrastate commercial cannabis activity; the Massachusetts federal court's eventual decision will be important to the cannabis industry for several reasons, including that the threat of federal enforcement would disappear overnight, says Hilary Bricken at Husch Blackwell.
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How AI May Be Used In Fintech Fraud — And Fraud Detection
Recent enforcement actions in the fintech and finance industries show that the government is increasingly pursuing fraud enabled by artificial intelligence — at the same time it’s using AI innovations to enforce regulations and investigate fraud, say attorneys at ArentFox Schiff.