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Banking
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June 07, 2024
Carhartt Heir's Atty Cleared On 2 Counts; Deadlock On Rest
A Michigan state jury in Detroit on Friday partially cleared a Michigan attorney accused of stealing millions of dollars from his wealthy client, the late Carhartt company heiress Gretchen Valade, but jurors could not agree on two of four charges.
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June 07, 2024
Shein's Pursuit Of London IPO Proves US-China Rift Persists
Online fashion giant Shein's expected pivot to London rather than the United States for its initial public offering — triggered by persistent tensions between China and the U.S. — will be closely watched by IPO prospects mulling where to list their shares in a dicey geopolitical climate, experts say.
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June 07, 2024
Ex-Director In NYC Mayor's Office Charged With Bank Fraud
A former director in the New York City Mayor's Office during the Bill de Blasio administration has been indicted on charges that he schemed to defraud over a dozen banks out of about $10 million using illegitimate fraud reports to induce reimbursements.
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June 07, 2024
UK Litigation Roundup: Here's What You Missed In London
The past week in London has seen British broadcaster GB News hit with a libel claim by climate activist Dale Vince, MGM take aim at an immersive events company over intellectual property rights to the James Bond franchise, and law firms Stephenson Harwood and Bowen-Morris & Partners tackle a contracts claim by investment adviser Yieldstreet. Here, Law360 looks at these and other new claims in the U.K.
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June 06, 2024
Treasury Eyes AI As OCC Chief Calls For More 'Accountability'
The U.S. Department of the Treasury on Thursday launched an inquiry into the rollout of artificial intelligence in financial services, a move that came as the Office of the Comptroller of the Currency's acting chief cautioned that a Wall Street "nightmare" scenario involving the technology "seems uncomfortably plausible."
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June 06, 2024
Calif. Judge Pauses Wells Fargo Investor Row Over State Case
A California federal judge has paused a pension system's proposed class action accusing top Wells Fargo & Co. officers of enabling a "culture of lawlessness," making way for a state court suit that alleges similar wrongdoing.
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June 06, 2024
Ameriprise Says Father-Son Ex-Reps Stole Client Info
Ameriprise Financial seeks a restraining order against two former employees, a father-son duo, and their new employer, saying the men took boxes of confidential documents "in the dark of the night" to transfer to their new roles.
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June 06, 2024
Fintech Lender Ran 'Bait & Switch' With Borrowers, Suit Says
Fintech company Figure Lending LLC faces a proposed class action alleging its home equity lines of credit are actually intentionally mislabeled home equity loans with higher interest rates and fees.
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June 06, 2024
PNC Settles Former Worker's Race Bias Suit
PNC National Bank has reached an agreement to end a former employee's racial discrimination suit in a federal court in Pittsburgh, the parties said Wednesday.
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June 06, 2024
Investors Say Fund Preyed On Alums For RICO Scheme
A group of Chinese and American investors alleged this week that they were ripped off to the tune of millions of dollars by a group of fraudsters who, through a series of fraudulent bank loans, bogus tax filings and false advertising, induced them into putting their money into a Los Angeles real estate project.
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June 06, 2024
FCC Could Change Credit Rules To Qualify For Broadband Aid
The Federal Communications Commission is considering easing some letter of credit requirements for Universal Service Fund recipients, saying the current mandates may have become too onerous and could be slowing broadband deployment.
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June 06, 2024
Lewis Brisbois Adds Corporate Pro In DC From Womble Bond
Lewis Brisbois Bisgaard & Smith LLP announced Thursday that it has hired a partner for its corporate practice group who previously worked at Womble Bond Dickinson and also has prior in-house experience.
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June 06, 2024
'Brussels Effect' Of EU's AI Act Is Uncertain, Legal Pros Say
BigLaw attorneys advising international clients on the European Union's AI Act tell Law360 there are significant uncertainties over vague terms in the 458-page statute, how its steep eight-figure fines will be enforced, and whether it will set a new standard globally as part of the "Brussels effect."
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June 05, 2024
Tokenizing Real Assets Touches Crypto Concerns, Reps Say
Putting stocks and other real-world assets on the blockchain is markedly different from issuing cryptocurrencies, but federal lawmakers on Wednesday showed that the debate about how to regulate so-called tokenization is decidedly similar when it comes to weighing its potential efficiencies against threats to privacy and consumer protection.
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June 05, 2024
Adviser Can't Unfreeze Assets To Pay Atty Fees
A Connecticut federal judge is standing by his earlier decision refusing to release $50,000 in frozen assets to pay the attorneys of an investment adviser and his wife, who face a $5.9 million fraud suit from the U.S. Securities and Exchange Commission.
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June 05, 2024
Bank Shareholders Say Venezuelan Takeover Cost Them $27M
Shareholders in a small Miami bank told jurors Wednesday that board members working for the Venezuelan government had taken control of the bank and cost shareholders $27 million by engaging with the sanctioned Venezuelan government.
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June 05, 2024
Bank Group Takes Fight Over FDIC Fee Letter To 8th Circ.
A Minnesota bank industry group is appealing its federal district court loss in litigation over Federal Deposit Insurance Corporation guidance proscribing non-sufficient funds fees, or NSF fees, the organization said Wednesday.
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June 05, 2024
Citibank Can't Avoid Paying $6M Wash. Biz Tax
Washington's high court won't spare Citibank from a $6 million business tax bill, declining to revisit a ruling that the bank's money-making activities amounted to a physical presence in the state despite not having any local branches open at the time.
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June 05, 2024
Axos Says Money Market Account Suit Should Be Arbitrated
Axos Bank has urged a California federal judge to either toss or force into arbitration a proposed class action alleging it reclassified customers' high-yield money market accounts into lower-yield investment accounts without informing them, saying federal law allows banks to offer accounts with variable rates that the bank can change at its discretion.
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June 05, 2024
Wells Fargo Sued For Allegedly Aiding $300M Ponzi Scheme
Wells Fargo Bank NA has been hit with a proposed class action in Florida federal court alleging that it aided and abetted a $300 million Ponzi scheme that duped more than 1,000 investors, most of whom were elderly and lost substantial life savings due to the scheme.
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June 05, 2024
NY Judge Says Block, Intuit Are Part Of Visa Antitrust Deal
Intuit and the company behind Square payment technology may be blocked from most swipe-fee antitrust claims against Visa and Mastercard under a newly unsealed New York federal court decision holding that the companies can't have opted out of a merchant settlement because they were never part of that class.
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June 05, 2024
Synchrony Charges Were Unlawful 'Veteran Penalty,' Suit Says
Synchrony Bank was hit with a proposed class action accusing it of promoting a misleading 0% interest rate for veterans and failing to disclose that the bank applies retroactive high interest rates on service members' outstanding balances when they leave duty.
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June 05, 2024
Feds Sue To Recover $5.3M Stolen From Union In Email Scam
Boston federal prosecutors said Wednesday they are helping a union recover about $5.3 million stolen through a complex business email compromise scheme.
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June 05, 2024
Attys Get Third Of $1.4M Webster Bank Breach Deal
A New Jersey federal judge on Wednesday granted final approval to a $1.4 million settlement, including $476,000 in fees for class counsel, in a suit from a class of account holders that sought to hold Webster Bank and its fraud detection services provider liable for a ransomware attack.
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June 05, 2024
CFPB Opens Door To Open Banking 'Standard Setters'
The Consumer Financial Protection Bureau made more progress Wednesday in its efforts to lay the groundwork for open banking in the U.S., adopting a mechanism that will allow "open" and "balanced" organizations to begin setting official, industry-wide technical standards for financial data sharing.
Expert Analysis
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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.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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An NYDFS-Regulated Bank's Guide To Proper Internal Audits
As certification deadlines for compliance with the New York State Department of Financial Services’ transaction monitoring and cybersecurity regulations loom, lawyers should remember that the NYDFS offers no leeway for best efforts — and should ensure robust auditing and recordkeeping processes for clients, say attorneys at Arnall Golden.
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Opinion
Post-Moelis Del. Corp. Law Proposal Would Hurt Stockholders
The proposed Delaware General Corporation Law amendment in response to the Court of Chancery's recent opinion in West Palm Beach Firefighters' Pension Fund v. Moelis would upend the foundational principle of corporate law holding that directors govern corporations in the interest of stockholders — and the potential harm would be substantial, say attorneys at Block & Leviton.
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Roundup
Illinois Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Illinois banking regulation, litigation and policymaking.
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Roundup
Florida Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in Florida banking regulation, litigation and policymaking.