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Banking
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July 31, 2024
Fifth Third Seeks Exit From Bounced Check Fee Suit
Cincinnati-based Fifth Third Bank NA has asked a federal judge to toss a proposed class action alleging it charges consumers unlawful fees when they try to deposit a check that bounces, saying the customers agreed to a contract that contains fee clauses for depositing returned items.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
Attys Can Seek Security Clearance In Cuellar Bribery Case
Attorneys for U.S. Rep. Henry Cuellar can apply for a security clearance to facilitate potential discussions of classified information in connection with bribery charges against the congressman, a Texas federal judge said Wednesday, remarking multiple times that federal prosecutors had taken "inconsistent" positions on classified material connected to the case.
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July 31, 2024
5 Trials To Watch In The 2nd Half Of 2024
Upcoming high-profile trials over star lawyer Tom Girardi's alleged fraud, Hunter Biden's taxes and Washington state's "patent troll" law are among the cases to watch in the latter half of the year.
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July 31, 2024
White & Case Hires Ex-Latham IP Partner In DC
White & Case LLP has hired a Latham & Watkins LLP partner, who spent the majority of his career with his prior firm, representing clients in a range of intellectual property-related matters, the firm announced Wednesday.
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July 31, 2024
BakerHostetler, Dechert Steer $2.3B CBIZ-Marcum Deal
Cleveland-based accounting firm CBIZ Inc. said Wednesday it has agreed to buy competitor Marcum in a $2.3 billion deal that will create the seventh-largest accounting services provider in the U.S.
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July 30, 2024
Ameriprise Says LPL Uses Recruits To Harvest Rivals' Secrets
LPL Financial should be barred from using any trade secrets and confidential client information it has harvested from Ameriprise Financial through the recruitment of its competitors' financial advisers, Ameriprise told a California federal judge Tuesday in alleging LPL has violated legal, regulatory and industry rules.
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July 30, 2024
FDIC Moves To Revamp Brokered Deposit Regs In Policy Push
The Federal Deposit Insurance Corp. on Tuesday unveiled a proposal that would subject more bank deposits to heightened regulation as "brokered" funds, outlining new rules that the agency pitched as addressing risks highlighted by failures of firms like First Republic Bank and Voyager, a crypto lender.
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July 30, 2024
FTX Users Say Sullivan & Cromwell Must Face Abetting Claims
FTX customers told a Florida federal judge on Tuesday that Sullivan & Cromwell LLP can't dismiss customer claims it aided and abetted the defunct cryptocurrency exchange's fraud as "speculative allegations" when the customers' complaint "paints a much more detailed and nefarious picture."
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July 30, 2024
FTX Exec Gets Prison Report Date Delayed After Dog Attack
A New York federal judge on Tuesday allowed ex-FTX executive Ryan Salame to delay his surrender date to begin his prison term from August to October, as he was forced to undergo medical treatment and surgery after being mauled by a German shepherd while visiting a friend's house last month.
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July 30, 2024
FINRA Says Jarkesy Doesn't Apply To Its Internal Proceedings
The Financial Industry Regulatory Authority is opposing a broker's attempt to get the regulator's internal proceedings against him tossed, saying that he has no case under the U.S. Supreme Court's recent Jarkesy decision because FINRA is not a government regulator subject to the same constitutional challenges as the U.S. Securities and Exchange Commission.
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July 30, 2024
Chancery Rejects Forte-Camac Deal As 'Not Fair' To Class
A Delaware Chancery Court judge on Tuesday rejected a settlement between Forte Biosciences Inc. and Camac Partners LLC that would have ended the activist investor's class action over Forte's alleged board entrenchment, finding that the proposed deal gave Camac "unique and personal benefits" that weren't shared with the rest of the class.
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July 30, 2024
Student Loan Borrower Takes Debt Fight To High Court
A borrower is seeking the U.S. Supreme Court's review of the dismissal of his lawsuit alleging a state student-loan-servicing agency's misrepresentations ended a loan forgiveness opportunity, arguing a circuit court decision that shielded the agency from the suit conflicts with the prior rulings.
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July 30, 2024
SF Fed Tells 9th Circ. Banks Not Entitled To Master Accounts
The San Francisco Federal Reserve Bank told the Ninth Circuit that it was not obligated to give a master account to an Idaho trade finance fintech, arguing federal law does not make these payment system gateways available to everyone regardless of risk.
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July 30, 2024
Justices Urged To Certify Class Over Firm's Illegal Faxes
A Georgia-based recruiting agency is asking the U.S. Supreme Court to toss a Fourth Circuit ruling that the Telephone Consumer Protection Act's fax machine definition is limited to standalone fax machines and does not include online fax services, saying the January decision creates a circuit split that needs settling.
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July 30, 2024
AI Dominance In Startup Funding Has Small Biz Concerned
Except for funding for artificial-intelligence startups, early-stage companies are struggling to raise capital amid higher interest rates and lean markets for initial public offerings and mergers and acquisitions, members of a small business-focused panel advising the U.S. Securities and Exchange Commission said Tuesday.
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July 30, 2024
Husch Blackwell Hires UB Greensfelder Partner In St. Louis
Several years after Husch Blackwell LLP's newest partner, Garrett Reuter Jr., graduated from law school, he joined Greensfelder Hemker & Gale PC to work alongside his late father. Now, he's bringing clients he grew up watching his father work with, to a new platform.
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July 30, 2024
Katten Adds Mayer Brown Practice Group Co-Chair In Chicago
Katten Muchin Rosenman LLP has added to its financial markets litigation and enforcement practice group an attorney who formerly co-chaired a similar practice at Mayer Brown LLP and also has previous in-house experience.
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July 30, 2024
Financial Co. To Pay $20M To Resolve DOL Embezzlement Suit
A financial planner agreed to pay $20 million to 17 retirement plans it manages to resolve a lawsuit from the U.S. Department of Labor accusing it of improperly shuffling money between accounts and embezzling at least $5 million in plan assets, a filing in Pennsylvania federal court said.
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July 29, 2024
9th Circ. Partly Revives BofA Customers' ATM Fee Suit
The Ninth Circuit on Monday partially reinstated a proposed class action alleging Bank of America charged out-of-network fees for balance inquiries customers said they didn't know they authorized on ATMs, finding customers can be charged under their contract only if it's clear they sought the information and initiated the transaction.
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July 29, 2024
CFPB Cites Thomas In New Bid To Transfer Late Fee Rule Suit
The Consumer Financial Protection Bureau on Monday took another whack at getting an industry-backed legal challenge to its $8 credit card late fee rule transferred from Texas federal court to Washington, D.C., this time drawing on U.S. Supreme Court Justice Clarence Thomas for a little rhetorical help.
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July 29, 2024
8th Circ. Urged To Ax FDIC's Multiple NSF Fee Guidance
Minnesota state bankers have urged the Eighth Circuit to uphold their challenge to Federal Deposit Insurance Corp. guidance conscribing the use of non-sufficient funds fees, arguing a Minnesota federal judge was wrong to reject their case as premature.
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July 29, 2024
Wells Fargo Can't Escape Investors' Sham Diverse Hiring Suit
A California federal judge refused to throw out a proposed securities class action against Wells Fargo alleging it conducted sham interviews to meet diversity targets that triggered a stock drop when the truth came to light, finding Monday that the investors had plausibly alleged the bank's ill-will.
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July 29, 2024
Ky. Tower Sale Laundering Case Should Proceed, Judge Told
A Florida magistrate judge has recommended denying a bid by two Miami businessmen to toss litigation filed by the U.S. government looking to seize about $9.1 million from the sale of a Kentucky office tower over alleged ties to a Ukrainian money laundering scheme.
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July 29, 2024
BofA, Citi Among Banks In $80M Deal To End Bond-Rig Suit
Units of Bank of America, Citigroup and other banking giants have agreed to pay $80 million to settle investor claims accusing them of conspiring to fix European government bond prices.
Expert Analysis
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Series
Solving Puzzles Makes Me A Better Lawyer
Tackling daily puzzles — like Wordle, KenKen and Connections — has bolstered my intellectual property litigation practice by helping me to exercise different mental skills, acknowledge minor but important details, and build and reinforce good habits, says Roy Wepner at Kaplan Breyer.
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CFPB's New Registration Rule Will Intensify Nonbank Scrutiny
The Consumer Financial Protection Bureau's recently finalized nonbank registration rule aimed at cracking down on repeat offenders poses significant compliance challenges and enforcement risks for nonbank financial firms, and may be particularly onerous for smaller firms, say Ketan Bhirud and Emily Yu at Cozen O'Connor.
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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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Navigating The New Rise Of Greenwashing Litigation
As greenwashing lawsuits continue to gain momentum with a shift in focus to carbon-neutrality claims, businesses must exercise caution and ensure transparency in their environmental marketing practices, taking cues from recent legal challenges in the airline industry, say attorneys at Baker McKenzie.
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In Memoriam: The Modern Administrative State
On June 28, the modern administrative state, where courts deferred to agency interpretations of ambiguous statutes, died when the U.S. Supreme Court overruled its previous decision in Chevron v. Natural Resources Defense Council — but it is survived by many cases decided under the Chevron framework, say Joseph Schaeffer and Jessica Deyoe at Babst Calland.
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Preparing For CFPB 'Junk Fee' Push Into Mortgage Industry
As the Consumer Financial Protection Bureau considers expanding its "junk fee" initiative into mortgage closing costs, mortgage lenders and third parties must develop plans now that anticipate potential rulemaking or enforcement activity in this space, say attorneys at Morgan Lewis.
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How High Court Approached Time Limit On Reg Challenges
The U.S. Supreme Court's decision in Corner Post v. Federal Reserve Board effectively gives new entities their own personal statute of limitations to challenge rules and regulations, and Justice Brett Kavanaugh's concurrence may portend the court's view that those entities do not need to be directly regulated, say attorneys at Snell & Wilmer.
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Series
Florida Banking Brief: All The Notable Legal Updates In Q2
The second quarter of 2024 brought two notable bills that will affect Florida's banking and finance community across many issues, including virtual currency abandonment, cancellation of financial services on the basis of political opinions, and the exemption amount of motor vehicles, say Joshua Prever and Andrew Balthazor at Holland & Knight.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Series
After Chevron: Opportunities For Change In FHFA Practices
The U.S. Supreme Court's overturning of the Chevron doctrine should lead to better cooperation between the Federal Housing Finance Agency and Congress, and may give the FHFA a chance to embrace transparency and innovation and promote sustainable housing practices, says Mehdi Sinaki at Michelman & Robinson.
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Supreme Court's ALJ Ruling Carries Implications Beyond SEC
In its recent Jarkesy opinion, the U.S. Supreme Court limited the types of cases that can be tried before the U.S. Securities and Exchange Commission's in-house administrative law judges, setting the stage for challenges to the constitutionality of ALJs across other agencies, say Robert Robertson and Kimberley Church at Dechert.
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Roundup
North Carolina Banking Brief
In this Expert Analysis series, attorneys provide quarterly recaps discussing the biggest developments in North Carolina banking regulation, litigation and policymaking.
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Series
NC Banking Brief: All The Notable Legal Updates In Q2
After federal banking agencies last quarter released a supplemental final rule updating the Community Reinvestment Act, North Carolina banks involved in community development should consider how the new rule might open up opportunities for investment and services that can benefit underserved areas, says Adam Goldblatt at Michael Best.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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The Often Overlooked NY Foreclosure Notice Requirements
As multifamily real estate defaults mount, New York foreclosing parties should be aware of pitfalls and perils that can await the litigant who is not prepared to ensure adherence with tenant notice requirements under the Real Property Actions and Proceedings Law, say Christopher Gorman and John Muldoon at Rosenberg & Estis.