Banking

  • February 29, 2024

    SVB Parent's Counsel Booted From Fraud Coverage Row

    The bankrupt parent company of Silicon Valley Bank cannot use Farella Braun & Martel LLP as counsel in litigation over the parent company's claims that it alone must be covered for a fraud scheme that caused over $73 million in losses, a North Carolina federal court ruled.

  • February 29, 2024

    Staples, Subway & More Targeted In App Patent Suits

    Numerous major retailers were sued in Texas federal court, with Communication Interface Technologies LLC alleging that their apps infringe patents on mobile device communications it owns.

  • February 29, 2024

    CFPB Takes Aim At 'Steering' In Credit Card Comparison Tools

    The Consumer Financial Protection Bureau on Thursday fired a shot across the bow of websites and apps that let consumers comparison-shop for credit cards, warning in new guidance that paid-placement rankings and other forms of preferential "steering" can run afoul of federal law.

  • February 28, 2024

    SEC Taps Agency Vet To Lead Adviser, Fund Rulemaking Unit

    The U.S. Securities and Exchange Commission announced Wednesday that an agency veteran currently serving as deputy director of the examinations division will be the new head of its investment management division, which oversees the regulation of investment advisers, mutual funds and certain private fund operators.

  • February 28, 2024

    Fla. Judge OKs $43.5M Deutsche Bank Deal In Ch. 15 Case

    A Florida bankruptcy judge on Wednesday approved a $43.5 million settlement between Deutsche Bank AG and liquidators for a group of Caribbean-based companies to resolve claims against the bank for its alleged role in a real estate Ponzi scheme targeting rich South Americans.

  • February 28, 2024

    Marcum CPA Sues To Stop SEC's 'Unprecedented' In-House Case

    A certified public accountant and Marcum LLP engagement partner has sued the U.S. Securities and Exchange Commission in New York federal court, seeking to block its administrative case against him by arguing his constitutional rights are being violated by an "entirely unprecedented" enforcement action.

  • February 28, 2024

    Wells Fargo Fired Teller For AML Whistleblowing, Suit Says

    Wells Fargo faces an ex-employee's suit alleging the bank fired her in retaliation after she raised concerns that the bank's "streamlined" online account opening process allowed customers to open accounts even if they'd previously failed screening aimed at preventing money laundering.

  • February 28, 2024

    Gemini To Pay $37M Fine, Vows To Make Customers Whole

    Crypto exchange Gemini Trust Co. has committed to making users of its now-shuttered Earn product whole through the bankruptcy of its former partner Genesis Global under a new settlement with a New York regulator that included a $37 million fine for additional alleged compliance failures.

  • February 28, 2024

    Binance Founder Against More Travel Limits, Floats UAE Trip

    Binance founder Changpeng Zhao has told a Washington federal judge he opposes prosecutors' motion for further travel restrictions and suggested, without explicitly asking, that he be allowed to see his family in the United Arab Emirates. 

  • February 28, 2024

    Objectors Want $1M Atty Fees In $5.6B Swipe Fees Settlement

    Class members who initially objected to a $5.6 billion settlement with Visa and Mastercard have told a New York federal judge they are seeking nearly $1 million in legal fees for "enhancing the adversary process, sharpening the debate, and pursuing meritorious appeals in this litigation over the past eleven years."

  • February 28, 2024

    CFPB, FTC Urge 11th Circ. To Rule Against 'Pay-To-Pay' Fees

    The Consumer Financial Protection Bureau and Federal Trade Commission have backed consumers battling mortgage servicer Ocwen over the legality of so-called convenience fees, urging the Eleventh Circuit to affirm that federal prohibitions apply to the charges.

  • February 28, 2024

    Texas Lender Says COVID Relief Fund Suit Doesn't Hold Water

    Capital Plus Financial LLC has asked a Texas federal judge to toss a Paycheck Protection Program suit brought by eight business owners who accuse the company of withholding their loans, saying Tuesday that their amended complaint upended subject matter jurisdiction in this case and that the plaintiffs' new fraud claims don't meet the threshold for federal jurisdiction.

  • February 28, 2024

    Embattled Philly Loan Biz Principals Hit With RICO Charges

    Legal troubles for the principals of Philadelphia's Par Funding cash advance company are mounting as federal prosecutors hit them with a new indictment adding Racketeer Influenced and Corrupt Organizations Act allegations on top of existing charges that the principals bilked investors out of hundreds of millions of dollars and threatened violence against borrowers.

  • February 28, 2024

    COVID Fraud Jury Can't Hear Of Gov't's Loan Error, Feds Say

    A jury shouldn't be shown evidence of the U.S. government's error in approving a Michigan business owner's application for a Paycheck Protection Program loan while he was under indictment, federal prosecutors have argued.

  • February 28, 2024

    MasterCard Loses Another Attempt To End Patent Case

    The Federal Circuit ruled Wednesday that MasterCard will have to continue litigating against a patent litigation outfit that the credit card company has been fighting for almost a decade over language in a 2005 patent licensing agreement, with one judge pointing out that the case "illustrates the importance of carefully reviewing the language in a covenant not to sue."

  • February 28, 2024

    Halkbank Immunity Gambit Doesn't Appear To Sway 2nd Circ.

    The Second Circuit did not appear keen Wednesday to dismiss criminal charges accusing Halkbank of laundering over $1 billion of Iran oil proceeds, after the U.S. Supreme Court directed arguments on the Turkish state-owned lender's assertion that common-law sovereign immunity protects it.

  • February 28, 2024

    Attys To Receive $291K After LendingTree Data Breach Deal

    Attorneys representing a proposed class of consumers in a data breach suit against online lending marketplace LendingTree will receive over $291,000 for their work brokering an $875,000 settlement, a North Carolina federal judge has decided.

  • February 28, 2024

    US Trustee Taps Ex-Prosecutor To Be FTX Examiner

    The U.S. Trustee's Office has urged a Delaware bankruptcy judge to allow Robert Cleary, a former U.S. attorney who is now with Patterson Belknap Webb & Tyler LLP, to investigate FTX's finances as an examiner in the defunct cryptocurrency company's Chapter 11 case.

  • February 28, 2024

    Trump Can't Freeze $465M Penalty But Can Seek Loans

    A New York state appellate judge on Wednesday refused to freeze the $465 million civil fraud judgment against Donald Trump while he appeals the award, but said the former president could take out loans to cover the cost of the judgment.  

  • February 28, 2024

    Draft EU Withholding Law Breezes Through EU Parliament

    The European Parliament gave a clear green light on Wednesday to a draft law intended to streamline refunds for withholding tax and prevent fraud in the European Union, completing a necessary procedural step in the legislative process.

  • February 28, 2024

    Biden Moves To Halt Flow Of American Data To China, Others

    The White House moved Wednesday to block data brokers and other companies from providing China, Russia and other foreign adversaries with troves of sensitive personal data about Americans that can be used to carry out nefarious activities such as surveillance and blackmail. 

  • February 27, 2024

    Bankman-Fried Urges No More Than 6.5 Years For FTX Fraud

    FTX founder Sam Bankman-Fried asked a Manhattan federal judge late Tuesday for a sentence that releases him "promptly" after his conviction for stealing billions from customers of the now-collapsed crypto exchange, arguing that federal sentencing guidelines recommend no more than six-and-a-half years in prison.

  • February 27, 2024

    Justices Skeptical Of Workability In BofA Preemption Fight

    The U.S. Supreme Court appeared hesitant Tuesday to side with consumers who say that Bank of America and other national banks can't claim exemption from state laws in court without first proving "significant" interference from them, signaling practical concerns about what reversing a contrary Second Circuit decision could entail.

  • February 27, 2024

    Fed's Barr Urges Careful Bank Counterparty Risk Practices

    The Federal Reserve's vice chair for supervision said Tuesday that banks should closely manage their exposure to counterparties, including by carefully measuring the credit risks they pose and using conservative margining practices.

  • February 27, 2024

    Chinese Real Estate Giant KE Holdings Gets IPO Suit Trimmed

    A New York federal judge tossed a swath of claims against Chinese real estate giant KE Holdings and its executives in an investor suit claiming they overstated the number of agents and stores on its platform, which a short seller later said was false, leading the stock price to drop.

Expert Analysis

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • Basics Of Bank Regulators' Push For Discount Window Use

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    As the Federal Reserve and Office of the Comptroller of the Currency emphasize short-term liquidity risk management as central to preventing spring 2023-style bank collapses, banks should carefully tune into regulators’ remarks encouraging use of the Fed’s discount window, which some policymakers identify as a key component in the evolution of liquidity regulation and backstop lending, say attorneys at Arnold & Porter.

  • 2 Emerging Defenses For Website Tracking Class Actions

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    Putative class actions premised on state wiretapping statutes that bar website activity tracking continue to be on the rise, but they are increasingly being dismissed on two procedural grounds, says Sheri Pan at ZwillGen.

  • Series

    Cheering In The NFL Makes Me A Better Lawyer

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    Balancing my time between a BigLaw career and my role as an NFL cheerleader has taught me that pursuing your passions outside of work is not a distraction, but rather an opportunity to harness important skills that can positively affect how you approach work and view success in your career, says Rachel Schuster at Sheppard Mullin.

  • Communication Is Key As CFPB Updates Appeals Process

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    Though a recently updated Consumer Financial Protection Bureau rule expands financial institutions' abilities to appeal supervisory decisions, creating strong relationships and open communication channels with CFPB examiners may help resolve disputes faster than the more cumbersome formal process, says Jason McElroy at Saul Ewing.

  • Unpacking The New Russia Sanctions And Export Controls

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    Although geographically broad new prohibitions the U.S., U.K. and EU issued last week are somewhat underwhelming in their efforts to target third-country facilitators of Russia sanctions evasion, companies with exposure to noncompliant jurisdictions should pay close attention to their potential impacts, say attorneys at Shearman.

  • Args In APA Case Amplify Justices' Focus On Agency Power

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    In arguments last week in Corner Post v. Federal Reserve, the U.S. Supreme Court justices paid particular importance to the possible ripple effects of their decision, which will address when a facial challenge to long-standing federal rules under the Administrative Procedure Act first accrues and could thus unleash a flood of new lawsuits, say attorneys at Snell & Wilmer.

  • Mitigating Whistleblower Risks After High Court UBS Ruling

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    While it is always good practice for companies to periodically review whistleblower trainings, policies and procedures, the U.S. Supreme Court’s recent whistleblower-friendly ruling in Murray v. UBS Securities helps demonstrate their importance in reducing litigation risk, say attorneys at Arnold & Porter.

  • Series

    ESG Around The World: Gulf Cooperation Council

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    The Gulf Cooperation Council is in the early stages of ESG policy implementation, but recent commitments by both states and corporations — including increases in sustainable finance transactions, environmental commitments, female representation on boards and human rights enforcement — show continuing progress toward broader ESG goals, say attorneys at Cleary.

  • Steps For Companies New To Sanctions Compliance

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    Businesses newly required to implement compliance programs due to the increased breadth of mandatory sanctions and export controls, including 500 additional Russia sanctions announced last Friday, should closely follow the guidance issued by the Office of Foreign Assets Control and other regulators, say Jennifer Schubert and Megan Church at MoloLamken.

  • Bank Secrecy Act Lessons For Casinos After DOJ Settlements

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    The U.S. Department of Justice's recent settlements with the MGM Grand and Cosmopolitan casinos, resolving an investigation into alleged violations of the Bank Secrecy Act, signal a shift in the DOJ's enforcement focus and provide insight into potential pitfalls in anti-money laundering compliance programs, say attorneys at Jenner & Block.

  • Setting The Stage For High Court BofA Escrow Interest Case

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    Dori Bailey and Curtis Johnson at Bond Schoeneck examine relevant legislation and case law dating back 200 years ahead of oral arguments at the U.S. Supreme Court on Tuesday in Cantero v. Bank of America, the outcome of which will determine whether state laws governing mortgage escrow accounts can be enforced against national banks.

  • What To Know About OCC Proposals For Bank Merger Review

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    The Office of the Comptroller of the Currency's proposed changes to the agency's bank merger review process could exacerbate industry concerns with long and unpredictable processing periods because the proposal is ambiguous with respect to how the OCC will view certain transactions, say attorneys at Simpson Thacher.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.

  • Cos. Must Know How NY, Federal LLC Disclosure Laws Differ

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    Though New York state's new LLC Transparency Act and the federal Corporate Transparency Act impose similar beneficial owner reporting obligations on limited liability companies, New York LLCs should study the important differences between the laws to ensure they are prepared to comply with both, say Abram Ellis, Olenka Burghardt and Jane Jho at Simpson Thacher.

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