Banking

  • April 04, 2024

    Wells Fargo Hit With Del. Suit Targeting Account Abuses

    Citing billions of dollars in regulatory agency sanctions, fines and judgments and allegedly chronic disregard of "red flag" reports and fake account investigations, a Wells Fargo & Co. stockholder has sued 23 current and former bank directors and officers in Delaware's Court of Chancery, seeking derivative recoveries for the losses.

  • April 04, 2024

    Ginnie Mae, HUD Must Face Bank's Vacated Lien Suit

    A Texas federal judge trimmed but declined to dismiss Texas Capital Bank's suit against the U.S. Department of Housing and Urban Development and its Government National Mortgage Association program over a vacated loan lien that the bank says was worth tens of millions of dollars.

  • April 04, 2024

    NY AG Wants Trump Insurer To Guarantee $175M Bond

    New York Attorney General Letitia James asked a Manhattan judge Thursday to make sure the California insurer that agreed to post Donald Trump's $175 million bond in his civil business fraud case can actually pay.

  • April 04, 2024

    Divided PTAB Invalidates RFID Claim It Previously Upheld

    A Patent Trial and Appeal Board panel has invalidated part of an AmaTech Group Ltd. smart card patent on rehearing, finding fault in its earlier decision to uphold the claim across two opinions and a dissent. 

  • April 04, 2024

    Citibank Can't Force Arbitration In Fees Suit, Veterans Say

    A proposed class of military members has told the Fourth Circuit that Citibank cannot force them to arbitrate claims the bank overcharged credit card fees, arguing federal laws on military-member lending negate arbitration agreements.

  • April 04, 2024

    Fifth Third Hit With Fee Suit Over Bounced Check Deposits

    Cincinnati-based Fifth Third Bank NA got hit with a proposed class action alleging it charges consumers unlawful fees when they try to deposit a check that bounces, with three customers arguing they got unfairly punished for someone else giving them a bad check without their knowledge.

  • April 04, 2024

    Real Estate Fraudster Wins 3rd Circ. Bid To Testify

    The real estate agent who helped ex-NFL player Irving Fryar in a scheme to defraud several banks out of $1 million in mortgages was wrongly denied the ability to testify on his own behalf at a hearing over alleged violations of his supervised release, the Third Circuit ruled in a precedential opinion Thursday.

  • April 04, 2024

    Attys Awarded $1.5M In Fees On Tax Disclosure Suit

    Attorneys who won a $4.5 million settlement for a class of investors claiming a Chinese startup misrepresented its tax liability will receive their requested $1.5 million in attorney fees, a New York federal judge ruled.

  • April 04, 2024

    SEC Voluntarily Puts Climate Regs On Ice During Court Battle

    The U.S. Securities and Exchange Commission announced Thursday that it is voluntarily delaying the implementation of climate disclosure regulations while it fights an Eighth Circuit challenge seeking to vacate the rules, with the regulator saying that it hopes the voluntary stay will speed resolution of the case. 

  • April 04, 2024

    Top M&A Advisers Of Q1 Include Kirkland, Skadden

    Global law firms Kirkland & Ellis LLP, Skadden Arps Slate Meagher & Flom LLP, Goodwin Procter LLP and Wachtell Lipton Rosen & Katz were among the most active legal counsel providers for global mergers and acquisitions in the first quarter of this year, according to a new report from the London Stock Exchange Group. 

  • April 04, 2024

    Deals Rumor Mill: Alphabet, Honeywell, Syngenta IPO

    Google parent Alphabet is exploring whether to make an offer to acquire software company HubSpot; Chinese regulators encouraged pesticides giant Syngenta to pull its $9 billion IPO over concerns it could unsettle China's volatile market, and Honeywell wants to sell its personal protective equipment unit. Here, Law360 breaks down these and other notable deal rumors from the past week.

  • April 03, 2024

    CFPB's Overdraft Plan Is Unlawful Price Control, Banks Say

    A Consumer Financial Protection Bureau proposal to curb overdraft fees at large banks is encountering stiff resistance from leading bank industry groups, which say the measure would amount to a backdoor usury cap and potentially unconstitutional price control.

  • April 03, 2024

    Winning Foreign Patent Damages Just Became A Lighter Lift

    The Federal Circuit has clarified that patent owners can ask for reasonable royalties when pursuing damages for foreign infringement and expanded what constitutes eligible infringement in those instances, a ruling attorneys say should make it easier to recover damages from abroad.

  • April 03, 2024

    Judge Consolidates Wells Fargo Unwanted Products Suits

    A San Francisco federal judge has consolidated five suits asserting proposed class claims that the bank sought to shortchange customers who deserved compensation after they were enrolled in financial products without their knowledge.

  • April 03, 2024

    OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud

    The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world.

  • April 03, 2024

    Nationstar Adds 'Junk Fee' For Loan Payoff Quote, Suit Says

    A proposed class hit Nationstar Mortgage LLC with a suit alleging the mortgage servicing firm illegally charges homeowners a "junk fee" for written payoff quotes in violation of the Fair Debt Collection Practices Act.

  • April 03, 2024

    Mortgage Co. Targeted In News Report Hit With RICO Suit

    United Wholesale Mortgage LLC, its parent company and its CEO were hit with a proposed class action Tuesday in Michigan federal court accusing them of scheming with mortgage brokers to steer borrowers into more expensive loans the same day that Hunterbrook Media, a new journalism and hedge fund outfit, published its first investigative piece focused on the company.

  • April 03, 2024

    SEC Atty Says Macquarie 'Overstated' High Court Case

    A leading attorney for the U.S. Securities and Exchange Commission said a U.S. Supreme Court ruling in favor of a Macquarie Infrastructure Corp. investor would be unlikely to open the "floodgates" to private disclosure litigation, as the company claims, reminding a Washington, D.C., audience Wednesday that the agency is backing the investor before the high court.

  • April 03, 2024

    Bank Wraps Up Ex-VP's Age Discrimination Suit

    A community bank reached an agreement with a former senior vice president to end his age bias lawsuit accusing the bank of forcing him into a rigorous interview process and then replacing him with someone 20 years his junior, the parties told a Florida federal court Wednesday.

  • April 03, 2024

    NY Bank, Investors Want Derivative Suits Merged, Paused

    New York Community Bancorp Inc. and several of its investors asked a New York federal judge to consolidate and stay the investors' derivative shareholder suits against the bank.

  • April 03, 2024

    Investors Want $1.5B Penalty Awarded After PE Buyout

    A group of investors is seeking to enforce a $1.5 billion judgment stemming from a 2005 private equity acquisition of Greece-based Tim Hellas Telecommunications SA that it claims ultimately enriched PE firms TPG Inc. and Apax Partners LLP to the detriment of other investors.

  • April 03, 2024

    Colo. Law Doesn't Account For Risky Borrowers, Court Told

    A trio of financial industry trade groups have asked a Colorado federal judge to block a state measure to rein in high-cost lending, arguing Tuesday that the law would make it "economically impracticable" for the groups' state-chartered bank members to offer certain credit products to risky borrowers and consumers in general.

  • April 03, 2024

    US Bank Beats $100M Suit Over Role As CDO Trustee

    A New York federal judge has freed U.S. Bank from a more than $100 million conflict-of-interest lawsuit brought by a group of mortgage-backed CDOs, which accused the bank of obstructing their efforts to sue over underlying mortgage bond losses tied to the 2008 financial crisis.

  • April 03, 2024

    SEC Investigators Say Attys Harm Clients By 'Behaving Badly'

    U.S. Securities and Exchange Commission staff warned attorneys at a Washington, D.C., conference Wednesday that delaying regulatory investigations destroys their credibility and could potentially harm their clients' chances of striking a favorable deal as the agency's Enforcement Division pushes for more cooperation from targeted businesses and individuals.

  • April 03, 2024

    Pharma Exec, Cousin Cop To Insider Trading On Kodak Loan

    A pharmaceutical company's executive and his cousin on Wednesday pled guilty to trading on information they acquired through the company's partnership with Eastman Kodak Co. about a government loan the photography giant was set to receive during the COVID-19 pandemic.

Expert Analysis

  • How Harsher Penalties For AI Crimes May Work In Practice

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    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.

  • 2nd Circ.'s Binance Locus Test Adds Risk For Blockchain Cos.

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    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.

  • Protested CFPB Supervisory Order Reveals Process, Priorities

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    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.

  • Document Retention Best Practices To Lower Litigation Risks

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    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.

  • Series

    Riding My Peloton Bike Makes Me A Better Lawyer

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    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.

  • The Challenges SEC's Climate Disclosure Rule May Face

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    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.

  • Class Actions At The Circuit Courts: March Lessons

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    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.

  • Compliance Steps After ABA White Collar Crime Conference

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    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.

  • Investment Advisers Should Prep For Money Laundering Regs

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    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.

  • Spartan Arbitration Tactics Against Well-Funded Opponents

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    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.

  • How Private Funds Can Navigate New FinCEN Reporting Rules

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    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.

  • What 2 Years Of Ukraine-Russia Conflict Can Teach Cos.

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    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.

  • CSA Case Could Shift Intrastate Commercial Cannabis

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    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.

  • How AI May Be Used In Fintech Fraud — And Fraud Detection

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    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.

  • Takeaways From Groundbreaking Data Transfer Order

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    A recent first-of-its-kind executive order and related proposed rulemaking lay the groundwork for important outbound U.S. data protections, but they may have unintended consequences related to the types of data and the subjects within their scope, say attorneys at Kirkland.

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