Banking

  • February 02, 2024

    Atty Says Feds Duped Grand Jury In $12M Somali Fraud Case

    Newly disclosed evidence of prosecutorial misconduct should end charges against a Maryland lawyer headed to trial in March over the alleged misappropriation of over $12 million in Somali state assets, his legal team told a federal judge Friday.

  • February 02, 2024

    Wells Fargo Gets Elder Abuse Suit Dismissed, For Now

    A California federal judge on Thursday dismissed a lawsuit accusing Wells Fargo of facilitating a financial scam against a senior, saying that while the bank's employees should have known something was suspicious about the victim's transactions, the bank's alleged actions did not inherently constitute elder abuse.

  • February 02, 2024

    FDIC Going 'Backwards' On Innovation, GOP Lawmakers Say

    Republican lawmakers on Friday called out the Federal Deposit Insurance Corp. over a move last year to scale back a Trump-era innovation unit at the agency, saying they are concerned about a shift in regulatory posture chilling banks' engagement with fintech. 

  • February 02, 2024

    NYC Sues FDIC For $7M Of First Republic's Back Taxes

    New York City sued the Federal Deposit Insurance Corp. in D.C. federal court in the agency's capacity as receiver for failed First Republic Bank, alleging the bank understated its rent and income taxes it owed to the city for several years and now owes more than $7 million.

  • February 02, 2024

    Feds Charge 9 With Trafficking Sanctioned Iranian Oil

    Nine foreign nationals have been charged with running an oil trafficking network to sell sanctioned fuel that helped finance the Iranian Islamic Revolutionary Guard Corps, which the U.S. government considers a terrorist organization, the Department of Justice said Friday.

  • February 02, 2024

    Russian Bank Chasing $900M Judgment Wins Conn. Appeal

    Connecticut's intermediate appeals court handed a Russian bank a win Friday as it pursues a $900 million damages award against a former majority owner who engaged in a Ponzi-like fraud scheme, refusing to order a lower court to open the U.K. judgment.

  • February 02, 2024

    New Claims Emerge Over Mortgage Biz Cyberattacks

    Mortgage lenders LoanDepot Inc. and Planet Home Lending LLC are facing new proposed class claims in federal court over cyberattacks that follow a spree of recent incidents visiting the mortgage-servicing industry.

  • February 02, 2024

    Gazprom Subsidiary Told To Halt Claim Proceedings In Russia

    A London appeals court on Friday granted an anti-suit injunction against a Gazprom joint venture, putting a halt to its €450 million ($488 million) claim in the Russian courts against UniCredit Bank AG for allegedly refusing to pay out under seven bond contracts.

  • February 02, 2024

    6th Circ. Revives Bank's $32M Ponzi Settlement Coverage Suit

    A bank can seek coverage for a $32 million settlement it paid to resolve a bankruptcy suit alleging it allowed a Ponzi scheme to continue so it could recover loans to the company running the scheme, the Sixth Circuit ruled, reversing a win for a pair of AIG insurers.

  • February 02, 2024

    FTX Looks To Sell $175M Crypto Claim Against Genesis

    Defunct cryptocurrency giant FTX has asked Delaware's bankruptcy court for permission to sell a $175 million claim it was granted against Genesis Global through a settlement last year with the also-insolvent virtual assets business.

  • February 01, 2024

    Binance Enabled Hamas Fundraising, Oct. 7 Survivors Say

    A mother and daughter taken by Hamas during the Oct. 7 attack in Israel as well as the family of two victims sued crypto-exchange Binance for allegedly allowing Hamas-linked accounts to transact on its platform and hiding that activity from U.S. regulators.

  • February 01, 2024

    Ex-Worldpay Exec Loses Bid To Revive Discrimination Suit

    An Ohio state appeals court refused to reverse a trial defeat for a fired Worldpay executive who alleged he endured retaliation for complaining about discrimination, among other things, rejecting his assertion that the company inappropriately wielded attorney-client privilege as both a "sword and a shield."

  • February 01, 2024

    NC, SC Banks To Merge, Form Entity With $2.2B In Assets

    North Carolina-based Dogwood State Bank and South Carolina-based Community First Bancorporation said on Thursday that they planned to merge, with Dogwood acquiring Community First and its subsidiary Community First Bank in a deal guided by Williams Mullen and Brooks Pierce.

  • February 01, 2024

    FTX Customers Sue Over Digital Asset Ownership In Ch. 11

    Customers of defunct crypto exchange FTX Trading Ltd. filed a Chapter 11 adversary suit in Delaware bankruptcy court seeking a decision on whether the exchange or the customer owns digital assets in customer accounts.

  • February 01, 2024

    5 Mass. Rulings You Might Have Missed In January

    Massachusetts justices in Suffolk County's Business Litigation Session weighed in on the impact of a major ruling involving Robinhood Financial, a proposed class action on overdraft fees charged by a credit union, and two pandemic-related cases. Here are five January decisions that might have flown under the radar.

  • February 01, 2024

    Genesis Strikes $21M Deal In SEC Crypto Enforcement Action

    Bankrupt cryptocurrency company Genesis Global asked a New York judge to approve a settlement it has reached with the U.S. Securities and Exchange Commission that would end the agency's enforcement action by granting it a subordinated claim for a $21 million civil penalty.

  • February 01, 2024

    Fired Ohio Megachurch Pastor Can't Revive Suit Against Bank

    An Ohio appellate court has affirmed Union Bank & Trust Co.'s win against a former megachurch pastor who claimed the bank wrongfully pushed for his firing, ruling the bank was justified in urging the church to remove the pastor after his extramarital affairs were revealed in 2018.

  • February 01, 2024

    Biden Admin. Sanctions Israeli Settlers In West Bank

    President Joe Biden signed an executive order on Thursday imposing financial and visa restrictions on "extremist" actors in the West Bank, with the first round of sanctions being levied against four Israeli settlers found to have assaulted Palestinian civilians and Israeli activists. 

  • February 01, 2024

    Judge OKs SVB Atty Fees In Ch. 11 Despite 'Sticker Shock'

    A New York bankruptcy judge gave initial approval on Thursday to millions of dollars in fees requested by professionals working on the bankruptcy case of Silicon Valley Bank's former parent company, despite his "sticker shock" at Sullivan & Cromwell's $1,500 hourly rate.

  • February 01, 2024

    Ex-Trump Org. CFO Faces Possible Perjury Charge, Mulls Plea

    Donald Trump's longtime top financial officer Allen Weisselberg is in plea negotiations related to potential perjury charges stemming from his testimony in the New York attorney general's civil fraud trial, according to a source familiar with the matter.

  • February 01, 2024

    Barnes & Thornburg Expands Atlanta Finance Practice

    A commercial finance team from an Atlanta-based AmLaw 200 law firm has joined Barnes & Thornburg corporate department, the firm announced on Wednesday.

  • February 01, 2024

    Kirkland Adds 5 Goodwin Investment Fund Attys In DC

    Kirkland & Ellis LLP said Thursday it is growing its investment funds group with the addition of five attorneys from Goodwin Procter LLP.

  • February 01, 2024

    Real Estate Rumors: Fortinet, Kayne Anderson, Northwind

    Fortinet has reportedly bought a Santa Clara campus for $192 million, Kayne Anderson is believed to be associated with the buyer of a $55.8 million apartment complex near Ohio State University and Northwind Group is said to be the lender behind a $70 million mortgage for a property in Jersey City.

  • February 01, 2024

    Greenberg Traurig Hires Ballard Spahr's Ex-Fintech Leader

    Greenberg Traurig LLP announced the addition of the former co-leader of Ballard Spahr LLP's financial technology and payment solutions team on Wednesday, touting its new shareholder's experience helping consumer finance industry clients get approval to put new fintech products on the market.

  • February 01, 2024

    NY Strip Club Loses PPP Suit Despite 'Discriminatory' Claim

    A New York federal judge tossed a suit brought by a Buffalo-area strip club that was denied Paycheck Protection Program loans during the COVID-19 pandemic, agreeing with a magistrate judge's reasoning that the government was within its rights to exclude adult entertainment businesses from the program.

Expert Analysis

  • Fed's New Swipe At Debit Fees Stirs Up Dilemma For Banks

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    The Federal Reserve's proposal to reduce the cap on debit card interchange fees charged or received by card issuers and payment networks comes as other bank account fees are taking regulatory hits, which could all culminate in an overall decline in access to banking products and services, says Kristen Larson at Ballard Spahr.

  • SEC, NY Cybersecurity Rules Create Complexity For Insurers

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    Two separate cybersecurity rules recently adopted by the New York Department of Financial Services and the U.S. Securities and Exchange Commission pose distinct challenges for insurance industry participants, with important interactions, and potential tensions, for those required to comply with both frameworks, say attorneys at Debevoise.

  • How Attorneys Can Be More Efficient This Holiday Season

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    Attorneys should consider a few key tips to speed up their work during the holidays so they can join the festivities — from streamlining the document review process to creating similar folder structures, says Bennett Rawicki at Hilgers Graben.

  • Top 10 Whistleblowing And Retaliation Events Of 2023

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    The U.S. Securities and Exchange Commission and federal and state courts made 2023 another groundbreaking year for whistleblower litigation and retaliation developments, including the SEC’s massive whistleblower awards, which are likely to continue into 2024 and further incentivize individuals to submit tips, say attorneys at Proskauer.

  • A Look At FedNow Liability Allocation And A 4th Circ. Toss-Up

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    Dsu-Wei Yuen and Andrew Lorentz at Davis Wright break down the current legal requirements that are directly applicable to common electronic payment systems like FedNow and Automated Clearing House and how they could be affected by a decision in Studco v. 1st Advantage Credit Union, currently on appeal in the Fourth Circuit.

  • Series

    Children's Book Writing Makes Me A Better Lawyer

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    Becoming a children's book author has opened doors to incredible new experiences of which I barely dared to dream, but the process has also changed my life by serving as a reminder that strong writing, networking and public speaking skills are hugely beneficial to a legal career, says Shaunna Bailey at Sheppard Mullin.

  • The State Of CFPB Focus On Credit Reporting Of Medical Debt

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    An increase in credit reporting complaints and the Consumer Financial Protection Bureau's recent annual report on the Fair Debt Collection Practices Act — which focuses on medical debt in credit reporting — are both evidence of the fact that the bureau will continue to prioritize oversight of credit reporting of medical debt, says Kristen Watson at Burr & Forman.

  • Parsing 2023's Energy Markets Enforcement

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    A review of the Federal Energy Regulatory Commission's and Commodity Futures Trading Commission's recently released fiscal year 2023 enforcement reports highlight the significant energy market enforcement activities, litigation pursued and settlements reached by both agencies, as well as their respective strategic goals and focus areas, say attorneys at Morgan Lewis.

  • A Review Of 2023's Most Notable Securities Litigation

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    There is much to be learned from the most prominent private securities cases of 2023, specifically the Tesla trial, the U.S. Supreme Court's Slack decision and the resolution of Goldman Sachs litigation, but one lesson running through all of them is that there can be rewards at the end of the line for defendants willing to go the distance, say attorneys at Fried Frank.

  • ESG Investing Caught In Culture War Crosshairs In 2023

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    As 2023 draws to a close, ESG investing remains a raging battleground in the U.S. culture wars, as illustrated by the array of legislative efforts across the country aimed variously at restricting or promoting the use of ESG investing — but it remains to be seen what practical impact, if any, these laws will have, say Amy Roy and Robert Skinner at Ropes & Gray.

  • 4 Key Ways CFIUS Affected Private Equity In 2023

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    Sponsors and investment professionals should note how escalated enforcement by the Committee on Foreign Investment in the United States in 2023 affected private equity deal making and evaluate their CFIUS-related procedures in preparation for the regulator's reach to expand further next year, say attorneys at Kirkland.

  • 3 FinCEN Fraud Alerts To Remember In 2024

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    With financial fraud now the largest source of illicit proceeds in the U.S., banks should review this year's key Financial Crimes Enforcement Network alerts to ensure their employees know the warning signs of three types of rising scams and understand how to effectively report suspicious activity, says Memrie Fortenberry at Jones Walker.

  • How Clients May Use AI To Monitor Attorneys

    Excerpt from Practical Guidance
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    Artificial intelligence tools will increasingly enable clients to monitor and evaluate their counsel’s activities, so attorneys must clearly define the terms of engagement and likewise take advantage of the efficiencies offered by AI, says Ronald Levine at Herrick Feinstein.

  • What Banks Should Know About TCPA Exam Policy Updates

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    As banking organizations consider revisions to their automated communications policies in light of the Office of the Comptroller of the Currency's recent updates to its Telephone Consumer Protection Act examination procedures, they should also consider conducting a full review of their TCPA compliance practices, say attorneys at Debevoise.

  • 7 Enforcement Predictions For US Export Controls, Sanctions

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    Federal agencies' assertions of coming increases in export-control and sanctions-violations enforcement are not new, but recent improvements in resources and inter-agency cooperation allow for certain predictions about how the administration’s latest approach to enforcement may be applied going forward, say attorneys at Akin.

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